In line with the Paris Agreement’s target to combat climate change and limit global warming to 1.5 degrees Celsius in 2030, Ayala Land committed to net-zero carbon emissions in its malls, offices and hotel properties by the year 2022.
We implement the following strategies to achieve carbon neutrality:
To provide incentives for investing in low-carbon alternatives and to generate funds and other resources for enhancing our forests, we set an internal price on carbon for every kilowatt-hour that was not sourced from clean energy. Its equivalent amount was also established for every ton of CO2 Scope 1 emitted by our leasing properties.
By end-2018, 32 out of 89 malls and offices with total electricity consumption of 328 million kWh have shifted to clean energy sourced by Ayala Land’s retail energy suppliers, reducing scope 2 emissions of malls and offices by 84,642 t-CO2e.
We have expanded the areas allocated as carbon forests to 560 hectares. To improve carbon stock in these sites, 42,057 native trees were planted in 2018 by 1,449 volunteers and community workers in Alaminos, Laguna; Cebu; Davao; and Lio. As of 2018, total measured carbon stock has increased to 82,090 t-CO2e.
These combined efforts have resulted in the reduction of scope 1 and 2 net GHG emissions by 166,732 t-CO2e or 62%, more than the 2018 expected reduction of 48%.