Energy Development Corporation Named Green Company of the Year at ACES Awards 2024
BANGKOK, THAILAND - Media OutReach Newswire - 6 December 2024 - The Philippines' Energy Development Corporation (EDC), a global renewable energy leader, has been awarded the Green Company of the Year at the 2024 Asia Corporate Excellence & Sustainability (ACES) Awards.
This prestigious accolade recognises EDC's unwavering commitment to advancing the country's renewable energy sector while championing biodiversity, forest restoration, and climate change mitigation.
As the largest renewable energy producer in the Philippines, EDC is at the forefront of clean energy transformation. Central to its sustainability efforts is its BINHI programme, launched in 2008 to propagate endangered native tree species, rehabilitate degraded forests, and protect biodiversity. This flagship initiative embodies EDC's long-term vision for ecological restoration and sustainable development.
Empowering Communities through Partnerships
EDC's success stems from its strategic collaborations with local communities, farmers, and organisations. Working with 88 local farmer associations, EDC provides resources and training to manage nurseries, source seedlings, and protect forested areas near its geothermal plants.
One notable initiative is the Baslay Coffee Program in Negros Oriental, which supports former slash-and-burn farmers through sustainable agroforestry. By transitioning to eco-conscious coffee farming, these communities have gained stable livelihoods while safeguarding the environment. Similar programmes in Leyte and North Cotabato replicate this model, demonstrating EDC's scalable approach to community engagement.
Global partnerships, including collaborations with the University of the Philippines Institute of Biology and BGCI's Global Tree Assessment Program, further enhance BINHI's impact on biodiversity conservation.
Leading in Regenerative Development
EDC's sustainability philosophy extends beyond preservation to regenerative development. By restoring ecosystems and ensuring a net-positive environmental impact, EDC sets a benchmark for sustainable business practices. Its renewable energy portfolio—spanning geothermal, hydro, wind, and solar—plays a vital role in decarbonising the Philippines' energy grid, avoiding nearly 6 million tonnes of CO₂ emissions annually. EDC's geothermal plants, delivering 24/7 clean energy, are instrumental in reducing fossil fuel reliance.
Complementing its clean energy efforts, EDC's watershed management programmes sequester more carbon than the company emits. In 2023, EDC's forested areas absorbed 1.7 million tonnes of COâ‚‚, surpassing its operational emissions of 1.1 million tonnes.
A Vision for a Regenerative Future
Looking ahead, EDC aims to expand its low-carbon energy portfolio to 9,000 MW by 2030, further reducing emissions and restoring ecosystems through BINHI and other initiatives. This vision reinforces EDC's role in driving the Philippines' transition to a regenerative, decarbonised future.
The ACES Green Company of the Year Award reflects EDC's leadership in renewable energy and environmental regeneration. Shanggari B, President of the ACES Awards, states, "EDC's vision of a regenerative future exemplifies how businesses can thrive while making a profound, positive impact on the planet."
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About Energy Development Corporation
Energy Development Corporation (EDC) is First Gen Corporation's 100% Renewable Energy (RE) subsidiary with close to 1,500MW total installed capacity that accounts for almost 20% of the Philippine's total installed RE capacity. Its 1,170MW geothermal portfolio comprises 80% of the country's total installed geothermal capacity, making the Philippines the third largest geothermal producer in the world. First Gen is the Philippines' leading clean energy company.
