Energy Development Corporation (EDC), the Philippines' premier 100% renewable energy firm, was bestowed an ESG Leadership Excellence Award for Social Impact by its shareholder, Macquarie Asset Management (MAM).
A global asset manager renowned for its sustainable investments that generate long-term results for its clients, portfolio companies, and communities, MAM has been commending its portfolio companies in Asia Pacific that have demonstrated, outcome-oriented excellence in workplace health and safety and sustainability in their respective countries and industries.
"We included a category for social impact for the first time to recognize how corporate social responsibility (CSR) was implemented to drive better and more sustainable commercial outcomes for our portfolio companies' businesses," said MAM Senior Vice President and APAC Sustainability Lead Candice Bell.
The Leadership Excellence Social Impact Award given during MAM's Asia Pacific Asset Leadership Forum cited EDC's exemplary corporate social responsibility (CSR) programs, which have been benefiting its 121 partner communities and the environment since the company started operating over 48 years ago.
"Receiving this esteemed award brings us profound honor and affirms our steadfast commitment to driving positive change among our partner communities, which we have been doing as we generate clean, reliable 24/7 energy to power our country's growing economy," said Allan Barcena, Assistant Vice President and head of Corporate Support Functions at EDC.
The company's CSR has prioritized environment and education, conscious of their importance in fostering inclusive growth in areas where it operates to fulfill its mission to forge collaborative pathways for a decarbonized and regenerative future.
BINHI (seedling or germling in English) is EDC's 15-year landmark forest restoration program. It has been rescuing and propagating endangered Philippine native tree species.
To date, BINHI has planted close to seven million native tree species, which have served as biodiversity habitats for more than 500 unique fauna species, primarily in EDC's areas of geothermal operation across the country. The program counts more than 200 multi-sectoral partners in propagating and protecting our flagship BINHI Philippine native trees.
Meanwhile, SIKAT (rays of the sun in English) aims to provide educational support to underprivileged but deserving youth, providing them the opportunity and capacity to break intergenerational poverty in their families through college scholarships and technical-vocational training under its Leyte-based foundation, Keitech.
EDC is one of MAM's portfolio companies in the Philippines, generating power from 100% renewable energy sources for nearly half a century. It has almost 1,500MW total installed capacity, over 1,100MW of which comes from geothermal sources. This accounts for 62% of the country's total installed geothermal capacity, making the Philippines the third largest geothermal producer in the world.
