SM says it's on track to reduce greenhouse gas emissions by 40% by 2040

The Sy family’s conglomerate SM Investments Corporation (SMIC) is expecting to hit its goal of reducing its greenhouse gas emissions across its business by 40% come 2040.

In a news release, SMIC said it is investing in renewable energy, energy efficiency, and other initiatives across its units.

“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,” said Timothy Daniels, consultant and head of Sustainability and Investor Relations at SMIC.

“For us, sustainability helps reduce costs, improve reliability, and make our operations more resilient. It's simply part of how we run the business,” said Daniels.

Across the SM Group, SMIC said it has installed more than 200,000 solar panels on its properties, which helped generate electricity and reduce dependence on grid power.

Meanwhile, its mining subsidiary, Carmen Copper Corporation, operates a three-hectare floating solar facility at the Malubog Reservoir in Cebu.

The Cebu facility's 8,540 solar panels generate 4.99 megawatts (MW) of renewable energy that could potentially supply about 10% of the mine's power needs, it said.

SMIC added it has also expanded its renewable energy investments through Philippine Geothermal Production Company (PGPC), which operates geothermal steam fields in South Luzon.

The SM Group is likewise helping support the country's energy transition through BDO Unibank.

To date, it said BDO has deployed approximately P1.2 trillion in sustainable financing, including support for 71 renewable energy projects with a combined capacity of 6,165 MW.

Daniels said that 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, progress also depends on the availability of renewable energy, transmission infrastructure, and grid development,” he said. — BM, GMA News