The Manila Electric Company (Meralco) has been recognized as one of the most socially and environmentally responsible companies globally.
UK-based FTSE Russell, a global sustainability index provider, announced Meralco’s inclusionin the FTSE4Good Index Series—specifically in the FTSE4Good Emerging Index and in theFTSE4Good ASEAN 5 Index.
Meralco is the second power company in the Philippines recognized by FTSE Russell for outstanding sustainability performance.
The FTSE4Good Index Series is a set of global sustainability indices that measure theperformance of companies in key environmental, social, and governance (ESG) areas suchas climate change, labor standards, and anti-corruption. It was designed to help marketparticipants assess sustainable investment products, to research environmentally and sociallysustainable firms, and to provide a transparent and evolving global ESG standard against which businesses could benchmark their performance.
To be included in the FTSE4Good Index, a company in an emerging market must achieve anoverall ESG rating of 2.9 or higher.
In FTSE Russell’s latest assessment, Meralco garnered and ESG rating of 3.2 – topping the Philippines’ and the global energy sector’s averages.
“We are very honored and grateful for this distinctive recognition of our sustainability strategyand initiatives. This confirms that we are indeed progressing in the right direction. Ourinclusion in the FTSE4Good Index inspires us to heighten our sustainability agenda and to continue creating a positive and transforming difference for all we serve—truly, powering thegood life,” said Meralco First Vice President and Chief Sustainability Officer Raymond B.Ravelo, who also serves as the President and CEO of eSakay, Meralco’s electric vehiclesubsidiary.
Meralco’s sustainability agenda called “Powering the Good Life” is deeply rooted in and promotesthe United Nations’ Sustainable Development Goals.
The company’s key sustainability initiatives include sourcing 1,500 megawatts (MW) of its power requirements from clean energy in the next five years while building 1,500 MW ofrenewable energy capacity through 2027; electrifying 25% of its vehicle fleet by 2030; plantingand nurturing five million trees by 2025 to help protect and preserve Philippine forests andwatersheds; and achieving 40% women representation in its workforce by the end of thisdecade.
“We, in Meralco, will continue to advance our drive towards sustainability not only by intensifyingour efforts to keep the lights on for our customers and communities but also by heightening ourinitiatives to protect and preserve the planet,” said Meralco President and Chief ExecutiveOfficer Atty. Ray C. Espinosa.
“As we forge ahead, we are committed to accelerating our sustainability transformation while meeting the needs of our recovering nation. We likewise set our vision towards co-creating a society with all the hallmarks of enduring and meaningful progress as we provide and powermore life to sustain the Filipino,” he concluded.
