Global warming and climate change are the biggest modern crises felt around the planet. There are thousands of families losing their homes and livelihoods due to the adverse effects of climate change.
For corporations and business entities, the future isn’t looking too bright either. We’ve learned from the pandemic that everything in our society and the environment are interconnected. Like in our ecosystem, if one organism falls into extinction, it can have a ripple effect throughout the whole system. The same is true for businesses.
Suppose one raw material becomes unavailable due to the impact of extreme weather events, such as flooding and super-typhoons. In that case, it can disrupt production supply chains and halt production and manufacturing altogether. This puts corporations and businesses at serious risk of economic repercussions due to climate change.
It also doesn’t help that the industrial sector is one of the biggest contributors to greenhouse gas emissions that give way to the current climate situation. Also known as corporate emissions, these GHG emissions from the industrial sector accounted for 23% of the world’s total GHG emissions in 2019.
Now, corporations worldwide are adopting a wide range of decarbonization strategies to reduce their corporate emissions.
There are many ways for corporations to decarbonize, but one that ensures long-term sustainability and reduces dependency on fossil fuels is shifting to renewable energy.
RCOA: key to a decarbonized world
Switching to renewable energy to power a business is still the best way to reduce the company’s corporate emissions because most renewable energy sources are carbon-free. This means that they emit little to no carbon dioxide when they generate energy. Corporations that have switched to renewable energy reported several bottom-line advantages, including reduced corporate emissions, security against fossil fuel price fluctuations, better customer relationships, and brand differentiation.
In the Philippines, renewable energy has become more practical, accessible, and cost-effective, thanks to the Retail Competition and Open Access (RCOA).
RCOA is the future of electricity in our country—it empowers businesses and institutions whose average consumption during the last 12 months reached a minimum of 500 kW to choose their own retail electricity supplier. This means that qualified corporations can already pick a clean and reliable energy source to power their businesses.
Through RCOA, renewable energy is much more accessible, and it has its perks. Aside from being able to do their part in fighting climate change, corporations can enjoy reasonably priced electricity rates. Think about saving almost half the money you pay for your current electricity bill. This gives corporations more capacity to grow their businesses or venture to more significant markets with their savings from electricity expenses.
Local corporations setting an example
As Filipinos, we can all agree that we love our chicken—whether it be crispy fried or sauced up adobo style. Next time you visit your local grocery, you will be proud to know that one of our local chicken brands is now thriving on renewable energy. Back in September, Bounty Fresh became the latest enterprise to join the regenerative movement by switching to geothermal energy to power their farms. They praised geothermal energy for it is a clean and reliable source of energy that’s always on.
For Bounty, the decision that led to this shift stems from their ambitions to bring happiness to families by taking care of stakeholders and communities to ensure sustainable growth and prosperity. Carl Benedick Chung, Senior VP of the Bounty Fresh Breeder Group, proudly stated that “switching to renewable not only helps create a greener future, but it also realizes the ambition of a developed and self-sustainable Philippines.”
This speaks volumes about Bounty’s dedication to being sustainable, a trait every Filipino corporation should embrace for us to reach our regenerative goals.
Being regenerative isn’t just about taking care of our environment and doing our part in climate change. For Energy Development Corporation, it’s about positively impacting everything, whether it be to their employees, community, environment, customers, partners, and shareholders. EDC believes that this is the only path to a destination where everyone has the opportunity to thrive and prosper for a healthy planet.
Find out if you can make the shift to 100% renewable energy with the country’s leading clean energy provider through our contestability checker.
The Energy Development Corporation (EDC) is the leading 100% clean, renewable energy company in the Philippines, with over 40 years of experience in geothermal technology. With power plants situated across the country, EDC is the world’s largest vertically integrated geothermal company. The company also strives to provide the best customer and value-adding services to all its customers. To learn more about lowering your business’ carbon footprint by shifting to renewable energy, visit energy.com.ph or email [email protected]
