Embracing Net Zero: The Philippines' Urgent Call to Climate Action

The typhoon season  has once again underscored the Philippines' vulnerability to extreme weather conditions. As the nation grapples with the aftermath of tropical cyclones, it is clear that being part of the global conversation on achieving net zero emissions is important. The torrential rains and severe flooding affecting thousands of Filipinos every year are likely to become more severe in the future. These and more have highlighted the urgency for the Philippines to be an active participant in the fight against climate change to mitigate future impacts in addition to contributing to global solutions.

The concept of net zero refers to balancing the amount of greenhouse gases emitted with an equivalent amount removed from the atmosphere. For the Philippines, a country frequently in the crosshairs of severe weather, achieving net zero is a crucial step towards enhancing climate resilience. The recent typhoon has made it evident that the country cannot afford to be a bystander in the global efforts to combat climate change. Instead, it must be a proactive player, advocating for and implementing strategies that contribute to the global net zero target.

One of the key areas where the Philippines can make a significant impact is by leveraging its abundant natural resources to transition to renewable energy sources. By increasing investments in solar, wind, and hydroelectric power, the nation can reduce its reliance on fossil fuels, thereby lowering its carbon footprint.

This transition is crucial for achieving net zero and offers the added benefit of creating a more resilient energy infrastructure less susceptible to disruptions caused by extreme weather.

SM Prime Holdings, Inc. recognizes the equal importance and urgency of both climate change adaptation and mitigation that it continuously invests 10% of its Capital Expenditure (CAPEX) heavily in sustainability and disaster resilience design as part of its strategy.

A significant initiative supporting this commitment is SM Prime’s pledge to achieve net zero emissions by 2040. As the country’s leading integrated sustainable property developer, SM had committed to the Science-Based Targets Initiative (SBTi), a recognized global standard for corporate decarbonization targets. And this makes SM one of the few leading corporations in the Philippines to do so. To ensure that its long-term science-based targets for 2030 and 2040 aligns with the global commitment to achieve net zero by 2050, SM Prime collaborates with the World-Wide Fund for Nature Philippines (WWF) through their Corporates for a Better Planet Initiative (CBPI) program. CBPI is WWF-Philippines' flagship program which encourages private corporations to operate more sustainably amidst the climate crisis, with focus on decarbonization and resilience. 

Under this initiative, SM Prime is working to establish science-based targets that align with global commitments to achieve net-zero emissions by 2050. This CBPI collaboration allows SM Prime to assess its current sustainability practices, implement effective strategies for improvement, and ensure that its sustainability initiatives are impactful and aligned with global standards

 

Using solar panels or other renewable energy sources lowers the carbon footprint, leading to reduced greenhouse gas emissions and decreased reliance on non-renewable energy.

This ambitious target is supported by concrete actions, such as the installation of onsite solar panels across various properties and strategic partnerships for renewable energy sourcing. These initiatives not only reduce the company's carbon footprint but also set a precedent for other businesses to follow, demonstrating that sustainable practices can be integrated into core business operations. 

Through its partnership with WWF-Philippines, SM Prime advances its sustainability goals and contributes to a broader movement towards environmental stewardship in the Philippines as well. 

SM Prime commits to place climate action at the forefront of its sustainability agenda. It pledges to advance every person’s right to a better quality of life through heightened climate action, disaster risk reduction, biodiversity protection, and strategic corporate social responsibility programs.