The Philippines has always been vulnerable to typhoon season and other extreme weather events. And in the case of the recent typhoon that brought destruction in its path, it highlighted the vulnerability of the nation when it comes to dealing with the aftermath.
With this scenario, it is clear that being part of the global conversation on achieving net zero emissions is imperative. There is an urgency for the country to be an active participant in the fight against climate change, not only to mitigate future impacts but also to contribute to global solutions.
Net Zero refers to balancing the amount of greenhouse gases emitted with an equivalent amount removed from the atmosphere. For the Philippines, 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.
In such scenarios, the Philippines can make a significant impact by leveraging its abundant natural resources to transition to renewable energy sources. By increasing investments in solar, wind, and hydro-electrical power, the nation can reduce its reliance on fossil fuels, thus lowering its carbon footprint. This 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 of date, SM Prime as invested 10% of its Capital Expidenture (CAPEX) in sustainability and disaster resilience design. This is part of the company's strategy to achieve net zero by 2050.
To ensure near and long-term science-based targets for 2030 and 2040 and align with the global commitment to achieve net zero by 2050, SM Prime collaborates with WWF for Nature Philippines via their Corporates for a Better Planet Initiative (CBPI) program. SM Prime stays true to its pledge to achieve net zero emissions by 2040 by committing to the Science-Based Targets Initiatives, a recognized global standard for corporate decarbonization targets.
It may seem ambitious for SM Prime, but these targets are supported by concrete actions, such as the installation of onsite solar panels across various properties and strategic partnerships for renewable energy sourcing. With these initiates, the company's carbon footprint is greatly reduced and has set a precedent for other businesses to follow, by providing proof that sustainable practices can be integrated into core business operations.
SM Prime pledge to advance every person's right to a better quality of life through heightened climate action, disaster risk reduction, biodiversity protection, and strategic corporate social responsibility programs. This brings the company's climate action solution at the forefront of its sustainability agenda.
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