The Manila Electric Co. (Meralco) will start implementing initiatives that will make it coal-free by 2050.
The company said in a statement over the weekend it will first target to reduce direct emissions by over 20 percent by 2030, the baseline of scope 1 emissions.
Scope 1 emissions refer to greenhouse gas emissions directly generated by the company from thermal power generation and from the use of fuel for vehicles and other equipment.
The company added its “just, orderly and affordable transition” to clean energy is the central thrust of a long-term sustainability strategy which begins with investments in renewable energy (RE) to serve the country’s growing energy demand.
Meralco plans to increase its current supply portfolio from cleaner sources of energy. It has so far contracted 1,880 megawatts (MW) of RE capacity from various suppliers, exceeding its initial target of 1,500 MW.
Through its current strategic sourcing initiatives, the company also expects RE to account for 22 percent of its supply portfolio by 2030.
“We recognize our impact on the planet and we will do more as part of our earnest commitment to sustainability. As we chart the path towards a brighter and greener energy future, Meralco will continue to evolve and elevate its sustainability agenda to continue powering the good life for all,” said Raymond Ravelo, Meralco first vice president and chief sustainability officer.
The company added its power generation arm, Meralco PowerGen Corp. (MGen), is also accelerating its RE buildout to develop greener generating capacities to power the country with sustainable energy.
Earlier this year, MGen committed to invest at least P18 billion for its RE buildout which will cover capacities from clean technologies such as solar and wind which the company aims to build through 2030.
“In the coming years, Meralco will accelerate its shift to green energy through the adoption of next-generation clean technologies. Ultimately, we will drive deep decarbonization to advance long-term energy security with earth-friendly power,” Ravelo said.