SM Remains on Track to Cut Emissions by 40% by 2040

“When we looked at our emissions, we identified where we could make meaningful reductions and developed a target supported by specific programs and investments. We wanted a goal that reflects what we can achieve based on actions we are taking today. For us, sustainability helps reduce costs, improve reliability, and make our operations more resilient. It's simply part of how we run the business.” ~Timothy Daniels, Consultant and Head of Sustainability and Investor Relations at SM Investments

Thanks to investments in energy efficiency, renewable energy, and other company-wide initiatives, SM Investments Corporation, the parent company of the SM Group, said it is still on track to reduce greenhouse gas emissions by 40% by 2040.

At a recent MUFG NOW Manila forum, "Pathways to a Sustainable Future: Opportunities and Challenges," Timothy Daniels, Consultant and Head of Sustainability and Investor Relations at SM Investments, said that the company's emissions reduction goal builds on years of investment in efficiency and renewable energy across the group.

Over 200,000 solar panels have been installed on the group's properties, assisting in the production of electricity and lowering reliance on grid power.

At the Malubog Reservoir in Cebu, a three-hectare floating solar facility is run by its mining subsidiary, Carmen Copper Corporation. About 10% of the mine's power requirements could be met by the 4.99 megawatts (MW) of renewable energy produced by the facility's 8,540 solar panels.

Through the Philippine Geothermal Production Company (PGPC), which runs geothermal steam fields in South Luzon, SM has also increased its investments in renewable energy. In addition to its own operations, the group is assisting the country's energy transition through BDO Unibank. 

BDO has supported 71 renewable energy projects with a combined capacity of 6,165 MW by investing approximately Php1.2 trillion in sustainable financing thus far.

Daniels noted that some of the largest reductions in emissions will require a broader shift to renewable energy. Businesses can install solar panels, use renewable energy, and boost efficiency, but progress also depends on grid development, transmission infrastructure, and renewable energy availability.