Leading clean energy developer First Gen Corporation is lining up 9,000 megawatts of renewable energy (RE) investments to concretize its well-calculated journey to net zero – and this business decision is out to prove that sustainability and profitability can go hand in hand without frying the planet that will be passed on to the next generations.

During the 2024 Conference of the Net Zero Carbon Alliance (NZCA), First Gen Chairman and CEO Federico R. Lopez highlighted that as aligned with the Philippine Energy Plan (PEP) “we’ve set our target to grow our low carbon energy portfolio to 13,000 MW by 2030 -- of which 9,000 MW will be from renewable energy.”

In the evolutionary phase of the country’s power system, the Lopez group will be leaning on gas as the transition fuel, a technology deployment with carbon emissions that is lower by 50% compared to coal.

“Our diverse portfolio of clean and renewable energy sources allows us the best opportunity to shepherd our country’s energy transition to net zero,” Lopez vouched.

He expounded that the company has strategically lined up “expansion and growth projects in hydro, solar and wind that we will be pursuing in the next few years.”

For its Energy Development Corporation (EDC) subsidiary, in particular, Lopez cited their ongoing “multi-year well-drilling operation to expand output for our various geothermal power plants to ensure a more steady and reliable supply from one of the few renewable energy sources capable of delivering power on a 24/7 basis.”

EDC is the country’s biggest geothermal power producer; and its investment expansion forays could reinforce the country’s grip to regain its stature as one of the top three producers of such clean energy within this technology sphere.

To date, geothermal is the ‘standout green energy choice’ for many commercial and industrial (C&I) end-users that have been pursuing their net zero ambitions because this is an energy source that can assure them of round-the-clock electricity service.

Beyond the blueprinted RE ventures, Lopez similarly stated that they recognize “the importance to keep the lights on during this energy transition, more so with the imminent depletion of our Malampaya natural gas reserves.”

To respond to that challenging facet of the energy transition, he qualified that First Gen has completed its floating storage and regasification facility for imported liquefied natural gas (LNG) so the company can augment its gas requirements from offshore sources in times of Malampaya’s production shortfall.

“Our LNG facility is ready to make up for any shortfall in Malampaya production and to continue to power our natural gas plants,” he asserted.

And given the intensity of the race to net zero, Lopez indicated that they are also placing bets on  “new technologies and alternative fuels to repower our natural gas plants, consistent with our own commitment to net zero by 2050.”

He noted  “we’ve been developing our own arsenal of solutions such as rooftop solar, remote energy monitoring systems that allows consumers real-time updates of energy consumption, energy efficiency audits and energy solutions for commercial and industrial establishments, and distributed microgrids and resilient power solutions that can deliver reliable electricity, all with the view to address the many pain points experienced by consumers.”

Additionally, Lopez has specified the immense potential of energy efficiency as a core pillar to decarbonization, hence, this must be propelled as a strategy by companies and all end-users in lowering carbon footprints.

“As we clean up our energy grid, we are also working to scale up energy efficiency as the ‘first fuel’ and encourage its use everywhere. Today these efforts are still sparse and fragmented but have great potential to reduce carbon emissions and bring real cost savings and enhance the bottom lines of our customers,” he stressed.