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Manila Bulletin devider Business devider The Stock Market devider From coal to clean: ACEN's ambitious plan earns 'A-' climate rating

From coal to clean: ACEN's ambitious plan earns 'A-' climate rating

Published Feb 12, 2025 09:48 am

Ayala-led ACEN Corporation has received an "A-" rating for its climate actions from the global non-profit Carbon Disclosure Project (CDP).

The CDP assessment evaluates corporate environmental transparency and performance related to climate change, deforestation, and water security.

Jonathan Back, ACEN Group chief financial officer (CFO) and chief strategy officer (CSO), said this achievement, following the company's initial participation in 2022, reflects its approach to integrating sustainability into its business strategy.

“Transparency and strong climate governance are key to ensuring long-term value for our stakeholders while accelerating the energy transition. Our improved rating reinforces our commitment to responsible growth and scaling renewable energy investments that drive both financial and environmental impact.” ACEN received a "B" rating last year.

To achieve Leadership status, companies must demonstrate best practices in climate action, environmental governance, transparency, risk management, and target setting.

CDP scores organizations from A (highest) to D- (lowest) based on the comprehensiveness of their disclosures, awareness of environmental issues, management strategies, and progress toward sustainability goals, ACEN explained.

The company's ongoing sustainability efforts include the Energy Transition Mechanism (ETM) project, which involves divesting 246 megawatts (MW) of coal capacity in Batangas and committing to its early retirement by 2040. This initiative is projected to reduce up to 50 million tons of carbon emissions, ACEN added.

The ETM project is considered a pioneer for transition credits, which ACEN said will accelerate the plant’s retirement by ten years, to 2030. Transition credits are high-integrity carbon credits that manage coal plant phaseouts and integrate renewable energy.

ACEN is developing the initiative with the Monetary Authority of Singapore (MAS) and the Rockefeller Foundation under Article 6 of the Paris Agreement. The Philippine and Singaporean governments have expressed their support, with a Memorandum of Understanding signed in August 2024 and an Implementation Agreement targeted for completion this year, ACEN said.

ACEN also launched the first comprehensive net-zero roadmap among Southeast Asian energy companies, which includes emission reduction targets and long-term decarbonization goals.

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