Zeroing in on Net-Zero: From corporate pledges to action

The Philippines and the rest of the world will likely remember 2023 as a year that broke multiple temperature records.

Official data confirms that July 2023 is set to be the hottest month ever recorded. At its peak, the calculated heat index reached 53 degrees Celsius in San Jose town in Occidental Mindoro in May. Experts caution that these temperatures are already a threat to mankind.

Rising temperatures and sea levels, drought, stronger typhoons,and dangerous floods are indeed happening planet-wide, and far from enough is being done. In fact, energy-related carbon emissions increased by 6 per cent in 2021, reaching the highest levels ever.

The planet must work as one to limit the global temperature rise to below 1.5 degree Celsius, in line with the Paris Agreement.

While much of the global economy has committed to reaching net-zero emissions, emissions reduction data is still marred with inaccuracies and inconsistencies, exposing net-zero commitments to potential greenwash. 

Decarbonisation strategies must be validated by science for increased private investments in nature-based solutions.

Over 80 per cent of their emissions are derived from the micro, small, and medium-sized enterprises (MSMEs) in their supply chains. Decarbonising global value chains is therefore critical in achieving net zero targets. 

The Net Zero Carbon Alliance, an initiative by Energy Development Corporation, the world’s largest vertically integrated geothermal powerproducer, aims to engage with corporations in the Philippines to achieve net-zero emissions aligned with the Philippines’ Nationally Determined Contribution (NDC) of up to 72.29 per cent conditional emissions reduction by 2030. But the road to net-zero carbon emissions for every company is anything but straight forward.

What are the challenges and opportunities for Philippine corporations embarking on a net-zero journey? What solutions are available for hard-to-abate and carbon-intensive sectors? How can finance be catalysed to help MSMEs set and meet emissions reduction targets? 

This year’s NZCA Conference will attempt to answer these questions and highlight solutions to accelerate the Philippines’ private sector net-zero journey, from promises to action.

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