EDC, First Gen only Philippine companies in global Carbon Clean 200 list

Two Philippine companies,First Gen Corporation and Energy Development Corporation (EDC), have been included in the latest list of the world’s top 200 biggest and greenest companies.

The prestigious list, called the Carbon Clean 200, ranks companies according to the size of their revenues from clean energy sources.

Based on the latest list, First Gen ranked 113rd with estimated clean energy revenues of US$632 million in 2017; while EDC occupied the 139th slot with estimated clean energy revenues of US$494.72 million.

The latest ranking (for the third quarter of 2018) marked the third time for EDC — and the first time for First Gen — to make it to the Carbon Clean 200.

First Gen is the Philippines’ leading clean and renewable energy producer with 3,490 megawatts in installed capacity. Subsidiary EDC is one of the world’s largest geothermal producers and the country’s leading renewable energy company with an installed capacity of 1,471.8 MW.

“Being the only Philippine companies on the list is a strong recognition of our commitment to not invest in coal and to make RE [renewable energy] more accessible to the Filipinos to help drive a low-carbon economy for the country,” said First Gen and EDC Chairman and Chief Executive Officer Federico R. Lopez.

EDC also holds the distinction of being a carbon-negative company. This means that the amount of carbon dioxide (CO2) it absorbs is far more than the level of CO2 it produces. On an annual basis, EDC helps the country avoid 6.7 million tons of CO2 emissions through its pure RE operations and comprehensive watershed management program.

Launched jointly by  non-profit organization As You Sow of the USA and market research group Corporate Knights of Canada, the Carbon Clean 200 list undergoes an update twice a year,  based on total clean energy revenues that Bloomberg New Energy Finance (BNEF) rates.

To qualify for inclusion in the list, a company must have over $1 billion in market capitalization and generate more than 10 percent of its total revenues from clean energy sources.

The Carbon Clean 200 list excludes all oil and gas companies and utilities that generate less than 50 percent of their power from renewable sources. Also excluded are the world’s top 100 coal companies, measured in terms of reserves.  Coal is considered a major source of CO2, one of the greenhouse gases being blamed in various studies for adverse climate change.

Carbon Clean 200 likewise disqualifies companies that profit from weapons manufacturing, tropical deforestation, the use of child and/or forced labor, and those engaged in negative climate lobbying.

Thirty-tree countries were represented in the latest Carbon Clean 200. Fifty two companies were based in China, 34 from the US and 19 from Japan.