Property giant Megaworld has achieved its biggest sustainability milestone to date by officially achieving carbon neutrality for all its company-owned office and mall developments across the Philippines.
This milestone covers 52 developments, all of which are 100 percent operational Megaworld-owned commercial properties located in various townships across the country, a statement on Monday showed.
In 2023, Megaworld's operational properties accounted for about 69,000 metric tons of carbon emissions, with 98 percent from electricity consumption and 51 percent from mall developments and the remainder from its offices, based on data compiled by governance, risk and compliance firm Diligent.
Through renewable energy initiatives, Megaworld offset about 36,000 metric tons of carbon emissions and aims for a 100 percent renewable energy shift in the next three years.
Moreover, Megaworld has planted around 100,000 trees in its dedicated carbon forests and supported Verra-certified carbon offsetting projects since 2021.
It plans to activate over 1,000 hectares of carbon forests in Batangas, Cavite, Tarlac, Iloilo, Palawan, and Cebu in the next few years, according to Jose Arnulfo Batac, head of sustainability at Megaworld.
