As we enter the typhoon season, recent extreme weather events have once again underscored
the Philippines' vulnerability to such conditions.
As the nation grapples with the potential aftermath, it is clear that being part of the global
conversation on achieving net zero emissions is imperative. This typhoon has highlighted the
urgency for the Philippines to be an active participant in the fight against climate change, not
only to mitigate future impacts but to also contribute to global solutions.
The concept of net zero refers to balancing the amount of greenhouse gases emitted with an
equivalent amount removed from the atmosphere. For the Philippines, a country frequently in
the crosshairs of severe weather, achieving net zero is a crucial step towards enhancing climate
resilience. The recent typhoon has made it evident that the country cannot afford to be a
bystander in the global efforts to combat climate change. Instead, it must be a proactive player,
advocating for and implementing strategies that contribute to the global net zero target.
One of the key areas where the Philippines can make a significant impact is by leveraging its
abundant natural resources to transition to renewable energy sources. By increasing
investments in solar, wind, and hydroelectric power, the nation can reduce its reliance on fossil
fuels, thereby lowering its carbon footprint.
This transition is crucial for achieving net zero and offers the added benefit of creating a more
resilient energy infrastructure less susceptible to disruptions caused by extreme weather.
SM Prime Holdings, Inc. recognizes the equal importance and urgency of both climate change
adaptation and mitigation. As part of our strategy, we are investing 10% of our Capital
Expenditure (CAPEX) in sustainability and disaster resilience design.
A significant initiative supporting this commitment is SM Prime’s pledge to achieve net zero
emissions by 2040. As the country’s leading integrated sustainable property developer, we have
committed to the Science-Based Targets Initiative (SBTi), a recognized global standard for
corporate decarbonization targets. This makes us one of the few corporations in the Philippines
to do so. To ensure our near and long-term science-based targets for 2030 and 2040 align with
the global commitment to achieve net zero by 2050, SM Prime collaborates with the World-Wide
Fund for Nature Philippines (WWF) through their Corporates for a Better Planet Initiative (CBPI)
program.
This ambitious target is supported by concrete actions, such as the installation of onsite solar
panels across various properties and strategic partnerships for renewable energy sourcing.
These initiatives not only reduce the company's carbon footprint but also set a precedent for
other businesses to follow, demonstrating that sustainable practices can be integrated into core
business operations.
Pledging to advance every person’s right to a better quality of life through heightened climate
action, disaster risk reduction, biodiversity protection, and our strategic corporate social
responsibility programs, this commitment places climate action at the forefront as one of SM
Prime’s sustainability agenda.
SM Supermalls have enhanced natural lighting and improved insulation, reducing energy needs
for lighting, heating, and cooling, leading to more efficient and environmentally friendly
operations.
Using solar panels or other renewable energy sources lowers the carbon footprint, leading to
reduced greenhouse gas emissions and decreased reliance on non-renewable energy.
