First Gen, EDC in­cluded in list of world’s 200 green­est com­pa­nies

Business World - - Corporate News - Vic­tor V. Saulon

FIRST GEN Corp. and En­ergy De­vel­op­ment Corp. (EDC) have been in­cluded in Car­bon Clean 200, the list of the world’s top 200 big­gest and green­est com­pa­nies, the Lopez-led firms said on Mon­day.

“Be­ing the only Philip­pine com­pa­nies on the list is a strong recog­ni­tion of our com­mit­ment to not in­vest in coal and to make RE [re­new­able en­ergy] more ac­ces­si­ble to the Filipinos to help drive a low-car­bon econ­omy for the coun­try,” said Fed­erico R. Lopez, chair­man and chief ex­ec­u­tive of­fi­cer of First Gen and EDC, said in a state­ment.

Car­bon Clean 200 ranks com­pa­nies based on the size of their rev­enues from clean en­ergy sources. The lat­est list was re­leased in the third quar­ter of 2018.

First Gen ranked 113th with $632 mil­lion in es­ti­mated clean en­ergy rev­enues in 2017. EDC took the 139th slot with around $494.72 mil­lion dur­ing the same pe­riod.

This was the first time for First Gen to make it to the Car­bon Clean 200, and EDC’s third time on the list.

First Gen is the coun­try’s lead­ing clean and re­new­able en­ergy pro­ducer with 3,490 megawatts (MW) in in­stalled ca­pac­ity. Its sub­sidiary EDC is one of the world’s largest geo­ther­mal pro­duc­ers and the coun­try’s lead­ing re­new­able en­ergy com­pany with an in­stalled ca­pac­ity of 1,471.8 MW.

EDC said it holds the dis­tinc­tion of be­ing a car­bon-neg­a­tive com­pany, that is, the amount of car­bon diox­ide (CO2) it ab­sorbs is far more than the level of CO2 it pro­duces.

“On an an­nual ba­sis, EDC helps the coun­try avoid 6.7 mil­lion tons of CO2 emis­sions through its pure RE op­er­a­tions and com­pre­hen­sive wa­ter­shed man­age­ment pro­gram,” the com­pany said.

The Lopez group said the Car­bon Clean 200 list un­der­goes an up­date twice a year, based on to­tal clean en­ergy rev­enues that Bloomberg New En­ergy Finance (BNEF) rates. The ini­tia­tive is jointly launched by non­profit or­ga­ni­za­tion As You Sow of the USA and mar­ket re­search group Cor­po­rate Knights of Canada.

To qual­ify for in­clu­sion in the list, a com­pany must have more than $1 bil­lion in mar­ket cap­i­tal­iza­tion and gen­er­ate more than 10% of its to­tal rev­enues from clean en­ergy sources.

The Car­bon Clean 200 list ex­cludes oil and gas com­pa­nies and util­i­ties that gen­er­ate less than 50% of their power from re­new­able sources, as well as coal com­pa­nies. —

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