September 28, 2024 | 12:00am
MANILA, Philippines — Ayala Land Inc. (ALI) has become the first publicly listed property development company in the Philippines to have its net-zero targets validated by Science Based Targets Initiative (SBTi).
ALI said it received validation and approval from SBTi for its near-term and net-zero science-based greenhouse gas (GHG) emission reduction targets.
The validation highlights ALI’s commitment to sustainability and climate action by aligning its strategies with the global aspiration of limiting warming to 1.5 degrees celsius above pre-industrial levels.
“ALI’s net-zero roadmap is one of the landmark sustainability imperatives that aims to significantly reduce environmental impact and contribute to global efforts to combat climate change,” the company said.
“Adhering to global frameworks and standards such as the SBTi criteria and recommendations, ensures transparency and accountability in sustainability reporting and disclosures,” it said.
ALI is committed to reaching net-zero greenhouse gas emissions across its value chain by 2050.
For its near-term targets, the company commits to reduce its absolute scope 1 and 2 GHG emissions 42 percent by 2030 from a 2021 base year and its absolute scope 3 GHG emissions 29.4 percent within the same timeframe, including land-related emissions and removals from bioenergy feed stocks.
Its long-term targets, on the other hand, is to reduce absolute scope 1 and 2 GHG emissions 90 percent by 2050 from a 2021 base year and its absolute scope 3 GHG emissions 90 percent within the same timeframe, also including land-related emissions and removals from bioenergy feed stocks.
Together with the Ayala Group of companies, ALI in 2021 embarked on a net-zero journey when it made a pivotal commitment to achieve net-zero GHG emissions by 2050.
The company completed its GHG inventory with a 2021 baseline year after a comprehensive assessment of its operational and supply chain emissions.
In 2022, ALI finalized a high-level net zero roadmap composed of SBTi-aligned targets for 2030 and 2050, facilitated by the guidance of global decarbonization consulting firm South Pole Group.
To meet its science-based targets, ALI’s action plans include transitioning its commercial properties to renewable energy sources through power purchase agreements supplemented with quality renewable energy certificates.
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