Megaworld Corp., the listed property development arm of tycoon Andrew Tan, said Monday it has achieved “carbon neutrality” for all its 52 office and shopping mall developments across the country with the recent shift to renewable energy power sources.
It said that with the help of MPower, the retail arm of Manila Electric Co., Megaworld said it was able to offset about 36,000 metric tons of carbon emissions in 2023. Megaworld added that it is looking to shift all its offices and shopping malls to renewable energy within the next three years.
Based on data compiled by Megaworld in partnership with Diligent, a global leader in governance, risk, and compliance, the gross carbon emissions from operational Megaworld-owned properties accounted for about 69,000 metric tons in 2023, 98 percent of which came from electricity consumption and the rest from fuel consumption. Around 51 percent of carbon emissions came from office building and the balance from office properties.
Apart from shifting to renewable energy sources, Megaworld has already planted around 100,000 trees inside its dedicated carbon forests across the country since 2021. The company also supported carbon offsetting projects certified by Verra, the world’s biggest certifier of voluntary carbon offsets.
“In the next few years, we will be able to activate over 1,000 hectares of carbon forests in Batangas, Cavite, Tarlac, Iloilo, Palawan, and Cebu,” said Jose Arnulfo Batac, head of sustainability, Megaworld.
Carbon neutrality means carbon dioxide emissions released by any public or private company’s operations is balanced with an equivalent amount of carbon dioxide they reduced or removed.
Megaworld is set to tap a third-party organization to further evaluate its sustainability efforts, particularly those centered on carbon neutrality.
