Property giant Megaworld notches its biggest sustainability milestone to date as it officially achieves carbon neutrality for all its company-owned office and mall developments across the country.
This achievement covers 52 developments, all of which are 100% operational, Megaworld-owned commercial properties located in the company's various townships all over the Philippines.
Based on data compiled by Megaworld in partnership with Diligent, a global leader in governance, risk, and compliance (GRC), the company's gross carbon emissions from operational Megaworld-owned properties accounted for about 69,000 metric tons in 2023, 98% of which came from electricity consumption (Scope 2), while the rest were from fuel consumption (Scope 1). Of this total, 51% came from Megaworld-owned mall developments while the remaining 49% was recorded from its office properties.
With the company's recent move to begin tapping renewable energy as a power source, Megaworld was able to offset about 36,000 metric tons of carbon emissions during the previous year. Through its partnership with MPower, a subsidiary of Meralco, Megaworld is looking into a 100% shift to renewable energy for all its company-owned office and mall properties in the next three years.
Since 2021, Megaworld has already planted around 100,000 trees inside its dedicated carbon forests across the country. The company also supported carbon offsetting projects certified by Verra, the world's biggest certifier of voluntary carbon offsets.
"In the next few years, we will be able to activate over 1,000 hectares of carbon forests in Batangas, Cavite, Tarlac, Iloilo, Palawan, and Cebu," says Jose Arnulfo Batac, head of sustainability, Megaworld.
Experts say "carbon neutrality means carbon dioxide emissions released by any public or private company's operations is balanced with an equivalent amount of carbon dioxide they reduced or removed."
Megaworld is set to tap a third-party organization to further evaluate its sustainability efforts, particularly those centered on carbon neutrality.
"We look forward to achieving carbon neutral emissions for Scopes 1 and 2 by 2035 for the entire Megaworld Group. We also turn our focus on accounting for our full Scope 3 emissions through our collaboration with our ESG Data Warehouse partner, Diligent. This is our way of continuing to champion our commitment to helping build a greener and cleaner future for everyone," adds Batac.
Last year, Megaworld became one of three companies listed at the Philippine Stock Exchange (PSE) feted as "Sustainability Champions of 2023" by local fund management firm ATR Asset Management (ATRAM). The company was hailed as a "Progress Champion" by ATRAM for its commitment to achieving carbon neutrality and for being one of the few property companies in the country that have minimized the impact of economic crisis on its workforce.
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