Property giant Megaworld has reached a significant milestone in its sustainability journey by achieving carbon neutrality for all its company-owned office and mall developments across the country.
The carbon neutrality achievement encompasses 52 fully operational Megaworld-owned commercial properties located in various townships throughout the Philippines.
Based on data compiled by Megaworld in partnership with Diligent, a global leader in governance, risk, and compliance (GRC), the company’s gross carbon emissions from these properties totaled approximately 69,000 metric tons in 2023.
Notably, 98% of these emissions stemmed from electricity consumption (Scope 2), with the remaining 2% from fuel consumption (Scope 1). Malls accounted for 51% of the emissions, while office properties contributed 49%.
Megaworld has made significant strides in reducing its carbon footprint. By beginning to use renewable energy sources, the company offset around 36,000 metric tons of carbon emissions last year. Through its partnership with MPower, a subsidiary of Meralco, Megaworld aims to shift entirely to renewable energy for all its office and mall properties within the next three years.
Since 2021, Megaworld has planted approximately 100,000 trees in its dedicated carbon forests across the country. The company also supports carbon offsetting projects certified by Verra, the world’s largest certifier of voluntary carbon offsets.
“In the next few years, we will be able to activate over 1,000 hectares of carbon forests in Batangas, Cavite, Tarlac, Iloilo, Palawan, and Cebu,” said Jose Arnulfo Batac, head of sustainability at Megaworld. The company plans to involve a third-party organization to further evaluate its sustainability efforts, especially those related to carbon neutrality.
“We look forward to achieving carbon neutral emissions for Scopes 1 and 2 by 2035 for the entire Megaworld Group. We also turn our focus on accounting for our full Scope 3 emissions through our collaboration with our ESG Data Warehouse partner, Diligent, for a more ambitious target of achieving Net Zero by 2050. This is our way of continuing to champion our commitment to helping build a greener and cleaner future for everyone,” added Batac.
In 2023, Megaworld launched its comprehensive sustainability campaign, MEGreen, which consolidates all the company’s sustainability efforts under one platform, addressing various United Nations Sustainable Development Goals (UNSDGs). This initiative received three prestigious awards at the 59th Anvil Awards, including the Grand Anvil, the highest recognition in the Philippines for a public relations program, under the Corporate Identity and Corporate Branding Program category.
Megaworld’s achievements in carbon neutrality underscore its dedication to environmental stewardship and sustainable development, setting a benchmark for other companies in the real estate sector.
