SM Prime widens the landscape in renewable energy

As part of its net-zero commitment by 2040, one of Asia’s leading real estate and property developers, SM Prime Holdings, Inc. (SM Prime), partnered with global integrated energy company TotalEnergies for the installation of a 2 Megawatt-peak (MWp) Solar Photovoltaic (PV) System Rooftop project in Pasay City.

The partnership venture aligns with SM Prime’s efforts in expanding its renewable energy portfolio and affirms TotalEnergies’ commitment to advancing renewable energy solutions in various urban settings.

Designed with a power yield of 3,000 Megawatt-hour (MWh) of electricity annually, the solar partnership project has over 3,672 PV panels installed and is expected to provide huge cost savings for SM Prime. Located at the MOA Square in the Mall of Asia Complex, the solar installations are expected to reduce the building’s carbon footprint by about 1,430 tons of carbon dioxide (CO2) emissions annually.

"SM Prime is proud to work alongside TotalEnergies on this project. This partnership is our commitment to sustainability and achieving Net Zero by 2040. We are also taking a proactive stance in supporting the Department of Energy’s (DOE) target of reaching 35% renewable energy by 2030. Together, we’re driving meaningful change towards a more environmentally conscious future," said John Nai Peng Ong, SM Prime Chief Finance Officer.

“We are thrilled to announce the successful deployment of solar rooftop installations at the Mall of Asia in the Philippines, marking a significant achievement in both environmental and economic sustainability for SM Prime,” said Elodie Renaud, Managing Director of TotalEnergies Renewables Distributed Generation Asia.

For the past few years, SM Prime continues to grow its partnerships with key clean energy players, leveraging its relationships and earned experiences to drive its environmental stewardship campaign. Capitalizing on these partnerships has provided for SM Prime huge economic, environmental, and social dividends.

In 2022, SM Prime secured a long-term deal with AboitizPower for its clean energy supply. Under the agreement, AboitizPower will provide reliable and responsibly-sourced energy from Tiwi-MakBan Geothermal Power Plants, and PV Sinag’s Power Plants, operated and managed by AboitizPower subsidiary, Aboitiz Renewables, Inc. (ARI).

The following year, SM Prime signed a memorandum of agreement with Citicore Renewable Energy Company (CREC), wherein SM Prime will source 90 megawatts (MWac) from CREC’s upcoming Lumbangan Solar Power Plant in Tuy, Batangas.

Apart from contributing to the DOE’s 35% renewable energy goal by 2030, all these partnerships are aligned with the energy department and Energy Regulatory Commission’s (ERC) policy of expanding the adoption of Retail Competition and Open Access (RCOA) in the energy industry.

To date, SM Prime currently sources at least 50% of its electricity utilization from clean, renewable energy.

 
SM Prime supports the Philippine government’s aim to increase the country's renewable energy supply component to 50% by the year 2040. It remains committed to its role as a catalyst for economic growth, delivering innovative and sustainable lifestyle cities, thereby enriching the quality of life of millions of people. SM Prime is pursuing the next horizon on integrated property development and onward to building sustainable cities of the future.

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LG Joins RE100 Initiative, Committing to Transition to Renewable Energy

Accelerating Journey toward Carbon Neutrality, Company

Continues Efforts to Realize ESG Vision of ‘Better Life for All’

LG Electronics (LG) has joined RE100 (Renewable Energy 100), a global initiative advocating for businesses to convert to 100 percent renewable energy for all their electricity requirements. The decision to become an RE100 member is yet another example of its strong commitment to sustainability and to fulfilling its responsibilities as a global corporate citizen.

The company has finalized plans to convert all its business sites to 100 percent renewable energy by 2050. To reach this goal, LG will gradually increase its usage of electricity from renewable sources, such as solar and wind power, to 60 percent by 2030 and 90 percent by 2040, arriving at its target of 100 percent by 2050.

Along with expanding the generation and usage of renewable energy via the installation of high-efficiency solar panels at LG offices and manufacturing facilities, the company will be implementing a variety of additional measures, such as acquiring renewable energy certificates (RECs), signing renewable energy power purchase agreements (PPAs) and, in South Korea, paying Korea Electric Power Corporation’s (KEPCO) green premium.

As part of its ongoing efforts in this area, last year, LG signed a direct PPA with GS EPS, a Korean power generation company, to build a solar power station equivalent to the size of three soccer fields on the roof of the existing integrated production building at LG Smart Park in Changwon, South Korea by 2025. Some solar panels have already been installed and have generated power for select buildings since last December. Around the world, the company has installed solar panels on rooftops of several of its offices, including the LG Sciencepark R&D complex in Seoul, South Korea; the North American Headquarters campus in New Jersey, USA; LG India’s office building in greater Noida, India; and the Rayong home appliance factory in Thailand.

LG had already established plans to speed up its transition to renewable energy and accelerate its journey toward carbon neutrality. By converting to renewable energy, the company is also reducing indirect carbon (scope 2) emissions generated while using power. In 2019, LG announced its Zero Carbon 2030 pledge to reach net-zero (direct and indirect) carbon dioxide emissions (scope 1 and 2) by the year 2030.

“Through ongoing efforts and innovation, LG is well on its way to achieving its goals of converting to 100 percent renewable energy and becoming a carbon neutral business,” said Lee Sam-soo, chief strategy officer at LG Electronics. “LG remains fully committed to realizing its ESG vision of creating a Better Life for All.

Life's about more than having the latest technology, rather, it's about the experiences technology creates that impact our lives. LG Electronics Philippines delivers consumer electronics through top-of-the-line home entertainment, home appliances, and air solution products that prepare Filipinos for their greatest moments. LG promises to bring "Innovation for a Better Life" nationwide - from Luzon, to Visayas, and Mindanao.

For more information about LG products in the Philippines, visit the official website at lg.com/ph. You may also follow the official social media accounts @LGPhilippines on Facebook, Instagram and Tiktok.

LG Electronics is a global innovator in technology and consumer electronics with a presence in almost every country and an international workforce of more than 74,000. LG’s four companies – Home Appliance & Air Solution, Home Entertainment, Vehicle component Solutions and Business Solutions – combined for global revenue of over KRW 80 trillion in 2022. LG is a leading manufacturer of consumer and commercial products ranging from TVs, home appliances, air solutions, monitors, service robots, automotive components and its premium LG SIGNATURE and intelligent LG ThinQ brands are familiar names world over. Visit www.LGnewsroom.com for the latest news.

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