SM Group on Track to Meet Emissions Reduction Goal

MANILA, Philippines — SM Investments Corp., the parent company of the SM Group, is confident about achieving its emissions reduction goal, saying that it is on track with its target given ongoing initiatives across its businesses and investments in renewable energy and energy efficiency. SM Investments has set its sights on reducing greenhouse gas emissions by 40 percent by 2040. SM Investments head of sustainability and investor relations Timothy Daniels said the company’s emissions reduction goal builds on years of investment in efficiency and renewable energy across the group. “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,” Daniels said. “For us, sustainability helps reduce costs, improves reliability and makes our operations more resilient. It’s simply part of how we run the business,” he said. Daniels, however, said some of the largest emissions reductions will depend on the broader shift to renewable energy. While companies can improve efficiency, install solar panels and use renewable power, he said progress also depends on the availability of renewable energy, transmission infrastructure and grid development. Across the group, SM has installed more than 200,000 solar panels on its properties, generating electricity and reducing dependence on grid power. Its mining subsidiary, Carmen Copper Corp., operates a three-hectare floating solar facility at the Malubog Reservoir in Cebu. The facility’s 8,540 solar panels generate 4.99 megawatts (MW) of renewable energy that could potentially supply about 10 percent of the mine’s power needs. SM has also expanded its renewable energy investments through Philippine Geothermal Production Co., which operates geothermal steam fields in South Luzon. Beyond its own operations, the group is helping support the country’s energy transition through BDO Unibank. BDO has deployed about P1.2 trillion in sustainable financing to date, including support for 71 renewable energy projects with a combined capacity of 6,165 MW.