The Energy Transition

ACEN is aligned with the global movement for climate action as to help secure the future from the threats brought about by climate change. We recognize the effects of climate change and the need for energy transition in order to limit carbon dioxide (C02) emissions while meeting the rising energy demand. The AC Energy group’s sustainability journey started in 2016 when we shifted towards renewables and recalibrated our strategy and invested heavily in this space, specifically in solar, wind, and geothermal. That same year, we transitioned from a Philippine-based company to a regional one and rapidly grew our renewables portfolio across the Asia Pacific.

Towards Net Zero

We have made tremendous progress toward our 2025 goal. Our renewable energy capacity has reached 3,300 MW and we have 18,000 MW in pipeline projects in various stages of development. 

 In October, we announced our ambitious goal to reach Net Zero of GHG emissions by 2050, and our commitment to transition our generation capacity to 100 percent renewables by 2025.

Together with the Ayala group, ACEN is working with South Pole to gain a more accurate view of its emissions across its business units. We aim to develop the following before the end of 2022:

  • Net Zero roadmap
  • Detailed greenhouse gas footprint that includes all relevant Scope 3 emissions from the value chain, which is considered Net Zero best practice
  • Assess potential emission reduction activities and strategies to help ACEN prioritize and budget for these interventions across our core business units, ensuring practical steps are taken to reduce emissions as quickly as possible
  • Establish interim targets aligned with a science-based 1.5°C pathway across the core business units to ensure we have robust and measurable milestones along our journey to Net Zero by 2050

Understanding Climate Change

In Q1 2021, ACEN signed up as a supporter of the Task Force for Climate-Related Financial Disclosures (TCFD). The TCFD was established by the Financial Stability Board to develop voluntary, consistent, climate-related financial disclosures that would be useful to investors, lenders and insurance underwriters in understanding material climate risks. These disclosures revolve around four thematic areas: governance, strategy, risk management, and metrics and targets.

~ 2,700 GWh

Output from Renewable Sources

2 MILLION mt CO2e

Emissions Avoided

87 %

RE Capacity Share

~ 2.2 MILLION mt CO2e

Attributable GHG Emissions (Scope 1 and 2)

~ 465 mt CO2e/GWh

GHG Emissions Intensity

Sustainable Investing

Through several well-received debt capital market issuances, ACEN and its parent ACEIC have both contributed to the country’s sustainable financing achievements. ACEIC retains its place as one of the Philippines’ largest issuers of green bonds, with four tranches of outstanding green bonds, ranging from US$75 million to as large as US$400 million.

Most recently, in September 2021, our subsidiary ACEN issued its maiden green bond: senior guaranteed undated, fixed-for-life notes worth US$400 million. As a result, the fresh capital we raised in 2021 alone reached close to US$1 billion, which includes close to US$600 million from our stock rights offering, follow-on offering, and an investment from GIC’s Arran earlier that year.

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