China Banking Corporation (Chinabank) has partnered with ACEN Renewable Energy Solutions (ACEN RES), a subsidiary of the Ayala Group, to transition its two main facilities to clean energy.
In a statement, the bank said the move is intended to reduce its carbon emissions and contribute to the development and utilization of renewable energy in the Philippines.
Chinabank entered into a retail supply contract with ACEN RES under the Green Energy Option Program (GEOP). ACEN RES now supplies the Chinabank Head Office in Makati City and Binondo Business Center in Manila with energy generated from renewable sources, including solar, wind, and geothermal, while retaining Meralco as its electricity distributor.
“As part of our sustainability initiatives, it is essential that we consider the environmental impact of our operations and actions,” Chinabank President and CEO Romeo D. Uyan said.
He added that, “This switch marks a significant milestone in CBC’s transition to renewable energy as we endeavor to reduce not only our carbon footprint but also contribute towards the country’s transition away from imported energy.”
The facilities’ shift to 100 percent renewable energy from ACEN RES is expected to reduce Chinabank’s indirect Greenhouse Gas Emission by almost 20 percent or roughly about 3,300 metric tons of CO2 equivalent.
GEOP is a voluntary policy mechanism under the Renewable Energy Act of 2008, which aims to contribute to energy sustainability and promote further competition in the electricity sector.
The program provides electricity end-users with an average peak demand of at least 100 kilowatts for the past 12 months, the option to switch to renewable energy sources and choose their own renewable energy supplier. Under the GEOP, electricity end-users are provided with tax incentives.
ACEN RES is the retail arm of ACEN Corp., the energy platform of the Ayala Group, which has around 4,800 megawatts of attributable capacity across its facilities in the Philippines, Vietnam, Indonesia, India, and Australia.