Power retailer Manila Electric Co. said over the weekend it is sourcing more renewable energy in its supply portfolio as part of its long-term sustainability strategy.
Meralco said it contracted 1,880 megawatts of RE capacity from various suppliers, breaching its initial target of 1,500 MW, in compliance with and in support of the Department of Energy’s Renewable Portfolio Standards.
RPS mandates electricity suppliers to source a portion of their requirements from RE in the wake of the government’s goal to increase RE share in the country’s energy mix to 35 percent by 2030 and 50 percent by 2040. The RPS requirement is set at 2.52 percent per annum.
Meralco said RE was expected to account for 22 percent of its supply portfolio by 2030, and 18 percent of Meralco’s retail electricity supplier MPower Inc. by 2025 through strategic sourcing initiatives.
The move will eventually allow the company to reduce its total carbon emissions by 15 percent versus the projected baseline 2030 emissions, in line with its energy transition commitment.
“Our just, orderly and affordable transition to clean energy is at the core of our sustainability journey, and this commitment solidifies our drive to bring to life projects that will help serve the country’s growing energy demand with greener power,” Meralco first vice president and chief sustainability officer Raymond Ravelo said in a statement.
“We will continue to elevate and evolve our sustainability initiatives as we implement our long-term sustainability strategy that involves the adoption of next-generation clean technologies and deep decarbonization efforts as we aspire to be coal-free by 2050,” he said.
Meralco established its sustainability agenda in 2019 called Powering the Good Life, which is deeply rooted in the United Nations’ Sustainable Development Goals and supported by the four pillars of power, planet, people and prosperity.
