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Megaworld now 100% CO2 neutral in shopping centers and office buildings

Real estate giant Megaworld is achieving its biggest sustainability milestone yet as it officially achieves carbon neutrality across all of its company-owned office and retail developments across the country.

This achievement includes 52 projects, all of which are 100% operational, commercially owned by Megaworld, located in the company’s various townships across the Philippines.

Based on data collected by Megaworld in partnership with Diligent, a global leader in governance, risk and compliance (GRC), the company’s gross CO2 emissions from Megaworld’s operating properties amounted to approximately 69,000 tonnes in 2023, 98% of the company’s total CO2 emissions. which came from electricity consumption (Scope 2), while the rest came from fuel consumption (Scope 1). Of this total, 51% came from Megaworld-owned shopping center developments, while the remaining 49% came from office properties.

The company’s recent move to tap renewable energy as an energy source allowed Megaworld to offset approximately 36,000 tons of CO2 emissions over the past year. Through its partnership with MPower, a subsidiary of Meralco, Megaworld is exploring a 100% shift to renewable energy for all its company-owned office and retail properties over the next three years.

As of 2021, Megaworld has already planted approximately 100,000 trees in its dedicated carbon forests across the country. The company also supported carbon offset projects certified by Verra, the world’s largest certifier of voluntary carbon offsets.

“In the coming years, we will be able to activate more than 1,000 hectares of carbon forests in Batangas, Cavite, Tarlac, Iloilo, Palawan and Cebu,” said Jose Arnulfo Batac, chief sustainability officer at Megaworld.

Experts say that “carbon neutrality means that the carbon dioxide emissions released by a public or private company’s activities are balanced by an equivalent amount of carbon dioxide that they have reduced or removed.”

Megaworld will engage an external organization to further evaluate its sustainability efforts, particularly those aimed at carbon neutrality.

“We look forward to achieving carbon neutral emissions for Scopes 1 and 2 across the Megaworld Group by 2035.

We are also turning our focus to accounting for our full Scope 3 emissions through our collaboration with our ESG Data Warehouse partner Diligent, towards a more ambitious goal of achieving Net Zero by 2050.

This is our way to continue to defend our commitment to help build a greener and cleaner future for all,” Batac added.

In 2023, Megaworld launched its groundbreaking company-wide sustainability campaign, MEGreen, to consolidate all its sustainability efforts aimed at responding to the various United Nations Sustainable Development Goals (UNSDGs) under one unifying platform.

This program received three prestigious recognitions at the 59th Anvil Awards, including the coveted Grand Anvil – the highest recognition in the country given to a PR program in the Philippines – in the Corporate Identity and Corporate Branding Program categories. (PR)