San Miguel investors urged to push for RE

EXPRESSING concern over the environmental impact of gas use for power production, three Catholic bishops of Caritas Philippines urged San Miguel Corp. (SMC) shareholders to junk gas investments and push for renewables instead.

Kidapawan Bishop Jose Colin M. Bagaforo, Marbel Bishop Cerilo U. Casicas and Butuan Bishop Cosme R. Almedilla made the appeal in a letter they sent to SMC stockholders last Tuesday during the company’s scheduled annual stockholders meeting.

In their joint letter, the prelates claimed that gas investments are an attempt by “fossil fuel proponents” to delay the mainstreaming of renewable energy (RE) sources, such as solar and wind.

“SMC’S leadership would be keen to tell you that these projects are profitable, a bridge to both an energy transition and to bring in profit increases quarter by quarter,” Caritas Philippines said.

The social action arm of the Catholic Bishops’ Conference of the Philippines (CBCP), however, called on SMC shareholders to consider the risks involved in the gas market.

“We invite you to examine how accurate such profitability projections are, considering the volatilities experienced by the gas industry from the Russia-ukraine war,” Caritas Philippines said.

It also raised concern on the pollution produced by gas use worldwide.

“We are in the middle of a climate emergency. We need to restrict the increase in global temperatures to no more than 1.5 (degrees) Celsius to prevent a global catastrophe. This means that we must restrict the emission of greenhouse gases radically everywhere possible,” Caritas Philippines said.