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

The Philippines is vulnerable to typhoons, as demonstrated by recent extreme weather events, especially as we approach typhoon season.

It is obvious that participating in the international discussion on reaching net zero emissions is essential as the country struggles with the possible fallout. The necessity for the Philippines to take a leading role in the fight against climate change has been brought to light by this typhoon, both to lessen its effects going forward and to help find global solutions.

The idea of "net zero" entails matching the quantity of greenhouse gases released into the atmosphere with an equal amount extracted. Achieving net zero is a critical first step toward improving climate resilience for the Philippines, a nation that is regularly targeted by severe weather. The nation cannot afford to take a backseat in the international effort to tackle climate change, as demonstrated by the recent typhoon. Rather, it needs to take the lead in supporting and putting into practice policies that advance the global net zero goal.

Utilizing its wealth of natural resources to shift to renewable energy sources is one of the main areas where the Philippines can have a big influence. Increased investments in hydroelectric, solar, and wind power can help the country lessen its dependency on fossil fuels and, consequently, its carbon footprint. 

In addition to being essential for reaching net zero, this shift will make the energy infrastructure more robust and less vulnerable to disruptions from extreme weather.

SM Prime Holdings, Inc. acknowledges that mitigating and adapting to climate change are equally urgent and important. We are allocating 10% of our Capital Expenditure (CAPEX) to disaster resilience design and sustainability as part of our strategy.

To support this commitment, SM Prime has committed to achieving net zero emissions by 2040. We have committed to the Science-Based Targets Initiative (SBTi), an internationally recognized standard for corporate decarbonization targets, as the top integrated sustainable property developer in the nation.

This makes us one of the few corporations in the Philippines to do so. To ensure our near and long-term science-based targets for 2030 and 2040 align 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. We are among the select few companies in the Philippines to do this. Through the WWF's Corporates for a Better Planet Initiative (CBPI) program, SM Prime works with the World-Wide Fund for Nature Philippines (WWF) to make sure that our short- and long-term science-based targets for 2030 and 2040 are in line with the worldwide commitment to achieve net zero by 2050.

Concrete steps, like the installation of solar panels on-site at multiple properties and strategic alliances for the procurement of renewable energy, are taken to support this audacious goal. These programs show that sustainable practices can be incorporated into regular business operations, not only lowering the company's carbon footprint but also creating a model for other companies to follow.

This commitment puts climate action at the forefront as one of SM Prime's sustainability agenda. It pledges to advance every person's right to a better quality of life through increased climate action, disaster risk reduction, biodiversity protection, and our strategic corporate social responsibility programs.

Lowering one's carbon footprint through the use of solar panels or other renewable energy sources reduces greenhouse gas emissions and the need for non-renewable energy sources.

Reduced greenhouse gas emissions and a decreased dependency on non-renewable energy are the results of using solar panels or other renewable energy sources to lessen one's carbon footprint.