Property developer SM Prime Holdings Inc. disclosed its plan over the weekend to increase the share of renewable energy in business operations by more than 50 percent across business segments by the end of 2022.
SM Prime said in a statement it was gearing its energy source portfolio towards clean energy through enhanced sustainability program.
Aside from diversifying energy suppliers, the SM Prime said it would expand the use of solar roof decks in various properties to partially supply the electricity requirements of businesses.
Through the program, the number of facilities using clean energy will be increased to more than 50, with a combined maximum capacity of 140 megawatts.
“Sustainability has always been a part of SM’s strategy and we are continuously exploring ways to promote environmental consciousness in our operations and developments. We are now embarking on a program to utilize more of renewable energy in our business operations to minimize environmental impact,” SM Prime president and chief executive Jeffrey Lim said.
The move supports the Department of Energy’s program of moving up the renewable energy supply component of the country to 35 percent by 2030.
SM Prime said as of end-June, it had eight facilities under the DOE’s Retail Competition and Open Access scheme that are utilizing clean energy in operation with a total capacity of 7.7 MW.
The company said it is committed to providing affordable and clean energy to tenant-partners, minimizing the carbon footprint emission in its operations.
“As we continue to strive for more sustainable operations, SM Prime will keep working towards a future-proofed business by developing proactive solutions through partnership with various public and private entities that can further improve our way of business and reduce the carbon footprints generated in our operations,” Lim said.
SM Prime said that along with other environmental care and protection programs, it would also continue to develop other sustainable programs.
SM Prime has 76 malls in various parts of the country. Other business segments of the group are residential condominiums, offices and hotels and convention centers.