Meralco bares green energy targets; find out what they are

 Published May 2, 2021, 2:39 AM by Ellson Quismorio

https://mb.com.ph/2021/05/02/meralco-bares-green-energy-targets-find-out-what-they-are/

 

The Manila Electric Company (Meralco)–the local power distribution giant that has been linked by environmentalists to coal–is apparently pivoting toward a “greener” future.

This was learned during a recent virtual forum on multi-sector integration of so-called environment, social, and governance (ESG) principles in order to achieve green economic recovery amid the coronavirus disease (COVID-19) pandemic.

“We are starting to gain momentum in our shift towards cleaner and greener energy,” declared Meralco Vice President and Chief Sustainability Officer Raymond Ravelo during the forum, which was attended by representatives of major corporations and pro-environment groups.

“In the next five years we look to ‘greenify’ our supply portfolio by securing 1,500 megawatts (MW) of clean energy contracts,” Ravelo said.

Incidentally, a subsidiary of Meralco in Atimonan One Energy (A1E) is behind the proposed 1,200-MW coal-fired plant in Quezon province which environmental activists have been blocking for years. Coal is considered by many as a dirty energy source.

But Ravelo’s remarks seem to promote the company’s serious foray into clean energy projects. “Through our company MGreen, which is our platform for investments in the renewable energy space, we will build 1,500 MW also in renewable energy projects through 2027,” he added.

Meralco says it provides electricity to more than 5.5 million customers in Metro Manila, representing approximately 55 percent of the country’s total power requirements.

The online event, organized by Stratbase Albert del Rosario Institute (ADRi) in partnership with the Philippine Business for Environmental Stewardship (PBEST), also saw investment and management firm Metro Pacific Investments Corporation (MPIC) articulate its commitment to the environment.

“It is our responsibility to restore and manage the natural resources that we have,” said June Cheryl Cabal-Revilla, chief finance and chief sustainability officer of MPIC.

“In terms of carbon footprint, we’ve stayed flat at 460 metric tons. For PLDT, we’ve done marine protection, mangroves preservation, and reforestation as nature is the foundation for economic growth,” she noted.

ADRi President, Professor Dindo Manhit recognized in a statement Sunday, May 2, the significance of the direction the two companies were treading.

“The millions of stakeholders in the strategic industries where MPIC and Meralco operate will clearly benefit from their interventions and will drive all sectors to transition towards a green economic recovery,” he said.

“The lead being demonstrated by the private sector in bolstering sustainable development under environment, social, and governance principles will need responsive policies from government, the cooperation of civil society, and the internalization of green habits of all individuals.” Manhit added.

For his part, PBEST Convenor, Dr. Carlos Primo David (PhD) strongly encouraged the private sector to expand their sustainability efforts, work with the government, and directly address the sustainability of the country as well as the entire planet.