We are pleased to share our progress on our commitment to achieve Net Zero GHG emissions by 2050, including reaching our long-term decarbonisation goals by 2040, with clear milestones providing an accountable and transparent framework for measuring progress. The entire organization and the board fully support this initiative. Our climate ambition is well aligned with our vision to reach 20 GW of renewables by 2030.
President & CEO
In December 2022, we announced the completion of a robust Net Zero roadmap that includes near-term emission reduction targets aligned with the GHG Protocol and the latest climate-science and long-term targets that are consistent with the deep decarbonization of 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. ACEN recognizes that to reach the Net Zero outcome for the power sector, it will need to rely on both emissions reduction and neutralization of residual emissions.
As part of its transition plan, ACEN aims to deliver reduction-led decarbonization by 2040, with an interim target for 2030, and a Net Zero status (including neutralization) 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.
In November 2022, ACEN completed the full divestment of its South Luzon Thermal Energy Corporation coal plant using the Energy Transition Mechanism (ETM). ACEN and the Ayala Group collaborated with global climate solutions provider South Pole in the calculation of a detailed GHG footprint and the development of a robust Net Zero pathway to:
Emissions reduction from 2021 base year
*ACEN will review its targets and restate these as necessary as our portfolio evolves
Target 1 covers scope 1 emissions from our own generation activities. The plan is to divest the remaining thermal assets by 2025 which will significantly reduce emissions from our own electricity generation. We will review our targets and restate these as necessary as our portfolio evolves.
Target 2 covers scope 1 emissions from sources other than own electricity generation, such as from fleet vehicles and scope 2 emissions from electricity consumption. Initiatives to meet this target include the procurement of Energy Attribute Certificates (EACs) complemented by installation of solar technologies across sites to reduce grid consumption.
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