Power retailer Manila Electric Co. (Meralco) on Friday announced plans to reduce its 2030 direct emissions by more than 20 percent as part of its move to become coal-free before 2050.
“We recognize our impact on the planet, and we will do more as part of our earnest commitment to sustainability. As we chart the path towards a brighter and greener energy future, Meralco will continue to evolve and elevate its sustainability agenda to continue powering the good life for all,” Meralco first vice president and chief sustainability officer Raymond Ravelo said in a statement.
The company is looking at sourcing 22 percent of its supply portfolio from RE by 2030, and 18 percent of that would come from retail electricity supplier MPower Inc. by 2025.
“In the coming years, Meralco will accelerate its shift to green energy through the adoption of next-generation clean technologies. Ultimately, we will drive deep decarbonization to advance long-term energy security with earth-friendly power,” Ravelo said.
Meralco’s target covers the company’s projected 2030 baseline Scope 1 emissions, which refer to greenhouse gas emissions directly generated by the company from thermal power generation and from the use of fuel for vehicles and other equipment.
Meralco said a just, orderly and affordable transition to clean energy is the central thrust of its long-term sustainability strategy, which begins with the company’s investment in RE to serve the country’s growing energy demand with greener power.
This includes the distribution utility’s program to source an increasing portion of its supply portfolio from RE.
Meralco contracted 1,880 megawatts (MW) of RE capacity from various suppliers, exceeding its initial target of 1,500 MW.
Meralco, through power generation arm Meralco PowerGen Corp., is accelerating its RE buildout to develop greener generating capacities to power the country with sustainable energy.
MGen committed to invest at least P18 billion for its RE buildout which will cover capacities from clean technologies such as solar and wind.
Meralco’s sustainability agenda “Powering the Good Life” is deeply rooted in the United Nations Sustainable Development Goals with heightened focus on affordable and clean energy, responsible consumption and production and climate action.
