Lopez power firms among world’s greenest
Two Lopez-led power firms were named among the world’s top 200 biggest and greenest companies.
The two companies, First Gen Corp. and Energy Development Corp. (EDC), are the only Philippine companies that made the list.
Called the Carbon Clean 200, the list ranks companies according to the size of their revenues from clean energy sources.
Based on the latest list, First Gen ranked 113th with estimated clean energy revenues of $632 million in 2017, while EDC occupied the 139th slot with estimated clean energy revenues of $494.72 million.
The ranking based on the third quarter of 2018 marked the third time for EDC and the first time for First Gen on the Carbon Clean 200.
“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,” First Gen and EDC chairman and CEO Federico Lopez said.
First Gen is the Philippines’ 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.
Apart from making the list, EDC also holds the distinction of being a carbon-negative company. This means that 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 renewable energy operations and comprehensive watershed management program.
The Carbon Clean 200 list was launched jointly by nonprofit organization As You Sow of the US and market research group Corporate Knights of Canada. It is updated twice a year based on total clean energy revenues that Bloomberg New Energy Finance (BNEF) rates.
To qualify for inclusion in the list, a company must have over $1 billion in market capitalization and generate more than 10 percent of its total revenues from clean energy sources.
The Carbon Clean 200 list excludes all oil and gas companies and utilities that generate less than 50 percent of their power from renewable sources. Also excluded are the world’s top 100 coal companies, measured in terms of reserves.
Coal is considered a ma- jor source of CO2, one of the greenhouse gases being blamed in various studies for adverse climate change. Carbon Clean 200 likewise disqualifies companies that profit from weapons manufacturing, tropical deforestation, the use of child and/or forced labor, and those engaged in negative climate lobbying. Thirty-tree countries were represented in the latest Carbon Clean 200. Fifty-two companies were based in China, 34 from the US and 19 from Japan.
Energy Development Corp., the renewable energy arm of First Gen Corp., includes in its portfolio the 150-megawatt Burgos wind project and 6.2-MW solar farm in Burgos, Ilocos Norte.