AYALA-LED ACEN Corp. has reaffirmed its commitment to transition the company’s power generation portfolio to 100% renewable energy by 2025.
In a media release on Monday, ACEN outlined its “robust net zero roadmap” that includes the company’s target for near-term and long-term emission reductions.
“We are pleased to share our progress on our commitment to achieve Net Zero GHG (greenhouse gas) emissions by 2050, including reaching our long-term decarbonization goals by 2040, with clear milestones providing an accountable and transparent framework for measuring progress,” said Eric T. Francia, president and chief executive officer of ACEN.
The energy company said that it is important to cut GHG emissions to as close as zero or to reach a net zero target for the power sector.
“ACEN is the first energy company in Southeast Asia to take this critical step towards achieving net zero, providing an accountable and transparent framework for monitoring progress,” the company said.
ACEN said that it targets to achieve its near-term emission reduction by 2030, deliver its long-term emission reduction targets by 2040, and neutralize residual emissions to achieve net zero by 2050.
“This 2050 goal is in line with the broader Ayala group net zero target, while ACEN will continue to explore opportunities to further accelerate these targets in future,” ACEN said.
The company is targeting to reach 20 gigawatts of renewable capacity by 2030. To date, it has 4,000 megawatts of attributable capacity spread across the Philippines, Vietnam, Indonesia, India, and Australia.
In November last year, ACEN completed the full divestment of its South Luzon Thermal Energy Corp. stake through an energy transition mechanism, or a scheme that funds the transition from coal to renewables.
The move allowed the early retirement of the coal plant in Batangas, bringing the company closer to its target of 100% renewable energy generation by 2025.
“To fight climate change, the world has to meet the ultimate goal of reaching Net Zero emissions by 2050. To get there, carbon dioxide emissions from the power sector need to shrink by approximately 60% between 2019 and 2030,” ACEN said.
At the local bourse on Monday, shares in the company closed unchanged at P6.12 apiece. — Ashley Erika O. Jose