Private sector boosts sustainability efforts to combat climate change

The private sector is pushing to strengthen sustainability efforts or acts that would not be detrimental to the environment to combat climate change.

“This initiative is really to help out the bigger companies to complete their greenhouse gas emissions by educating, creating awareness, and capacity building for our suppliers or our chain,” said Global Compact Network Philippines (GCNP) chairperson Victoria Tan in a Saksi report on Wednesday.

The Securities and Exchange Commission (SEC), meanwhile, said that promoting sustainability has become a factor for companies to entice investors. 

This is why more publicly listed companies were found submitting their sustainability reports to the SEC from 2019 up to 2022.

“Investors are actually looking at the company if you have this report. And if you have it, companies will be interested, or investors and financial institutions will be interested to flow money to you,” SEC Corporate Governance and Finance Department director Rachel Gumtang-Remalante said. 

As part of its efforts to develop the environmental, social, and governance (ESG) landscape in the Philippines, the GCNP has also partnered with a Singapore-based software company for a one-stop digital platform called “ESGpedia.”

“To be profitable, you have to be sustainable,” ESGpedia managing director Benjamin Soh said. 

This year, GCNP is targeting to increase the number of its member companies from over 50 to 100. Along with this is the network’s efforts to encourage small and medium enterprises in the country to adopt a sustainable operation of their businesses.

A group of scientists earlier said that climate change played a role in the hotter-than-normal days seen in various parts of Asia, including the Philippines, in April.’

In their study, the World Weather Attribution found that the Philippines may experience extreme heat once every 10 years when the El Niño weather phenomenon exists and once every 20 years when it does not.

The study also said the current El Niño made the heatwave in the Philippines ''about 0.2°C hotter.'' —Giselle Ombay/ VAL, GMA Integrated News