Property developer Ayala Land Inc. and the International Finance Corp. are partners in the program helping accelerate the Philippine property sector toward net zero emission.
Under the agreement, Ayala Land and its real estate investment trust Areit Inc. target achieving by 2025 an EDGE zero carbon certification across its portfolio of 1.5 million square meters with advisory support from the IFC.
The goal is to establish the country’s largest EDGE zero carbon portfolio comprising 900,000 square meters for certification by 2024 and an additional 600,000 square meters by 2025.
“For Ayala Land and Areit, the highest level of EDGE is what we are aiming to secure in line with our goal to become the largest EDGE champion in the Philippines,” Carol T. Mills, president and CEO at Areit and head of Ayala Land Offices, said.
“We believe achieving zero carbon in our buildings will yield not only for ourselves but also for our valued office locators the most substantial, relevant and much needed contribution towards long-term sustainability and environmental responsibility,” Mills said.
Some 1.3 million square meters of Ayala Land and Areit’s portfolio are supplied with power from 100 percent renewable energy sources, a commitment that will endure in all forthcoming developments.
“In many ways, it’s much harder to green existing infrastructure. Ayala Land’s pledge to certify its portfolio as zero carbon underscores their deep commitment to net zero and whole-portfolio decarbonization,” Jean-Marc Arbogast, IFC country manager for the Philippines, said.
IFC, a member of the World Bank, is the largest global development institution focused on the private sector in emerging markets.
An innovation of the IFC, EDGE is a green building certification that has gained traction among property owners and developers seeking to reduce the operational costs and greenhouse gas emissions of their building portfolios without incurring significant additional costs.
To reach EDGE zero carbon, a building must demonstrate a 40 percent improvement in energy efficiency compared to the base case and must incorporate renewable energy sources, carbon offsets, or a combination of both, for its total energy demand.
Since its inception in 1988, Ayala Land has been at the forefront of sustainability and innovation.
“We will continue to explore partnerships with suppliers of sustainable materials with less carbon footprint and further offset our embodied carbon through our carbon forests. We are also taking initiative to divert generated waste away from landfills. We make sure that a significant volume of our generated waste is being sent to recyclers, ecohubs and composts,”
Meean Dy, EVP, COO and incoming president and CEO of Ayala Land said, said.
