ACEN upgraded to "B" rating by CDP, reaffirms commitment to environmental transparency
- ACEN secures a "B" rating from CDP for its climate change disclosure, two levels up from last year's score
- This signifies the company's strong environmental accountability to its stakeholders, helping it assess, identify and manage environmental risks amid a growing renewables portfolio
- The improvement in ACEN's CDP score is underpinned by its sustainability milestones, including the world's first ETM deal and the launch of its robust Net Zero roadmap
MANILA, Philippines, March 14, 2024 /PRNewswire/ -- ACEN has elevated its commitment to environmental stewardship by securing a "B" rating for its climate change disclosure through CDP, a global non-profit that runs the world's leading environmental disclosure platform. This rating puts ACEN two levels higher than last year's, underscoring ACEN's dedication to decarbonization and adherence to the highest environmental standards.
Since beginning its disclosures with CDP in 2022, ACEN has actively participated in the Climate Change questionnaire, contributing to the world's most comprehensive inventory of self-reported environmental data. The company's ongoing efforts align with the increasing demand for environmental transparency from financial institutions, customers and policymakers.
In 2022, ACEN completed the world's first Energy Transition Mechanism (ETM) transaction that enabled the full divestment of the 246 MW South Luzon Thermal Energy Corporation (SLTEC) coal plant. Under the ETM framework, the coal plant will be retired by 2040, reducing its operating life of up to 50 years by half and reducing up to 50 million metric tons of carbon emissions.
In 2023, ACEN was also the first energy company in Southeast Asia to launch a robust Net Zero roadmap, which includes near-term emission reduction targets aligned with the GHG protocol and the latest climate-science.
Jonathan Back, ACEN Group CFO & Chief Strategy Officer, said: "Our commitment to environmental transparency through CDP is a pivotal element of our sustainability strategy. It not only reaffirms our accountability to stakeholders but also enhances our capability to manage environmental risks as we expand our renewable energy portfolio globally."
Sherry Madera, CDP CEO, said: "With over 23,000 businesses disclosing through CDP this year, it is clear that sustainability – and the data that underpins it - is not a 'nice to have', but an essential part of long-term success in the business community that is showing no sign of slowing down – nor should it.
"Disclosure works, and today we should take a short pause to celebrate the dedication to transparency and accountability shown by ACEN reporting through CDP this year. A 1.5-degree future is still possible if the global community works in lockstep to get there. By sharing their environmental data with CDP, ACEN is starting/continuing an environmental journey that will contribute to keeping that future in sight," she added.
About ACEN
ACEN (PSE:ACEN) is the listed energy platform of the Ayala Group. The company has ~4,800 MW of attributable capacity from owned facilities in the Philippines, Australia, Vietnam, Indonesia and India, with a renewable share of 99%, which is among the highest in the region.
ACEN's aspiration is to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 20 GW of renewables capacity by 2030. ACEN is committed to transitioning the company's generation portfolio to 100% renewable energy by 2025 and to become a Net Zero greenhouse gas emissions company by 2050.
About CDP
CDP is a global non-profit that runs the world's environmental disclosure system for companies, cities, states and regions. Founded in 2000 and working with more than 740 financial institutions with over $137 trillion in assets, CDP pioneered using capital markets and corporate procurement to motivate companies to disclose their environmental impacts, and to reduce greenhouse gas emissions, safeguard water resources and protect forests. Over 25,000 organizations around the world disclosed data through CDP in 2023, with more than 23,000 companies – including listed companies worth two thirds global market capitalization - and over 1,100 cities, states and regions. Fully TCFD aligned, CDP holds the largest environmental database in the world, and CDP scores are widely used to drive investment and procurement decisions towards a zero carbon, sustainable and resilient economy. CDP is a founding member of the Science Based Targets initiative, We Mean Business Coalition, The Investor Agenda and the Net Zero Asset Managers initiative.
DISCLAIMER: This disclosure may contain forward-looking statements that are subject to risk factors and opportunities that may affect ACEN's plans to complete the transaction/s subject of this disclosure. Each forward-looking statement is made only as of the date of this disclosure. Outcomes of the subject transaction may differ materially from those expressed in the forward-looking statements included in this disclosure.
SOURCE ACEN
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