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 identified the following strategies to carbon neutrality: Using natural light and ventilation in common spaces, undertaking energy efficiency initiatives in our properties, shifting to clean energy, and dedicating portions of our land bank as carbon sinks through forest enhancement and protection.
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.
As of end-2020, we have shifted 57 buildings to sourcing renewable energy, representing 63% of total malls and offices’ gross leasable area. As a result, net emissions decreased by 154,403 t-CO2e. The share of renewable energy in the commercial properties’ total energy mix is also now at 47%.
We have expanded the areas allocated as carbon forests to 586 hectares. To improve carbon stock in these sites, more than 100,000 native trees were planted since 2018. Total measured carbon stock in 2020 is 84,289 t-CO2e.
These combined efforts have resulted in the reduction of scope 1 and 2 net GHG emissions of commercial properties by 238,692 t-CO2e or 91%.