Lopez power firms among world’s green­est

The Philippine Star - - BUSINESS - By DANESSA RIVERA

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.

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