Energy Development Corporation (EDC), First Gen Corporation’s 100 per cent renewable energy arm, was honoured with the prestigious Green Company of the Year Award by the 2024 Asia Corporate Excellence & Sustainability (ACES) on November 14, 2024 in Bangkok, Thailand.
This esteemed recognition, awarded to only one company annually, highlights EDC’s unwavering dedication to advancing the Philippines’ renewable energy sector and leading ecological programs that promote biodiversity, restore forest lands, and combat the devastating effects of climate change in the country through its banner environmental program, BINHI.
Launched in 2008, BINHI represents EDC’s long-term commitment to ecological restoration and biodiversity conservation, focusing on the propagation of endangered Philippine native tree species, restoration of degraded forest lands, and safeguarding the country’s rich biodiversity of flora and fauna.
One of the key drivers behind BINHI’s success has been EDC’s strategic partnerships with local communities, farmers, and other stakeholders. The company has collaborated with 88 local farmer associations, providing them with tools, resources, and training to manage nurseries, source seedlings, and protect the forested areas around EDC’s geothermal plants.
EDC Corporate Relations Head of Leyte Erwin B. Magallanes receives the Green Company of the Year Award on behalf of the company at the ACES Awards 2024.
These partnerships also extend to global collaborations, such as with the University of the Philippines Institute of Biology and the Botanic Gardens Conservation International (BGCI)’s Global Tree Assessment Program, enhancing the program’s impact on Philippine biodiversity conservation.
EDC’s philosophy of sustainability goes beyond maintaining the status quo. The company has embraced regenerative development, striving to restore ecosystems, protect biodiversity, and ensure a net-positive impact on the environment. Through this approach, EDC seeks to not only sustain but improve the natural environment, contributing to a decarbonised and regenerative future.
A critical aspect of this philosophy is EDC’s commitment to decarbonising the Philippines’ energy grid. The company’s diversified renewable energy portfolio—including geothermal, hydro, wind, and solar power—positions EDC as a crucial player in the country’s transition to clean energy. EDC’s geothermal power plants, providing a 24/7 clean energy source, play a key role in reducing the nation’s reliance on fossil fuels. By generating renewable energy, EDC helps avoid nearly 6 million tonnes of carbon dioxide equivalent (tCO2e) emissions annually.
Additionally, EDC leads in carbon sequestration efforts. The company’s watershed management programs—integrated with BINHI—ensure that forests surrounding its geothermal plants absorb more carbon than the company emits. In 2023, EDC’s forested areas sequestered 1.7 million tonnes of CO2e, far surpassing the company’s operational emissions of 1.1 million tonnes.
Looking forward, EDC remains committed to expanding its environmental initiatives. With a goal of growing its low-carbon energy portfolio to 9,000 MW by 2030, EDC is on track to further reduce carbon emissions and continue its efforts to restore vital ecosystems through programs like BINHI.
In his acceptance speech, EDC Leyte Head of Corporate Relations Erwin B. Magallanes recognised the urgent need for the company to become a regenerative force that creates an exponential positive impact to its stakeholders, which include the Earth, communities, co-creators, investors, and customers, ensuring that no one gets left behind.
“This ACES Award is a testament to our commitment to our long-term mission of securing a decarbonised and regenerative future,” said Magallanes. “This will further push us to lead by example and show the world that businesses need not choose between purpose and profit. Our profit can have a good purpose, and our purpose can be profitable while making a positive impact on the planet.”
The ACES Green Company of the Year Award is a testament to EDC’s leadership in both renewable energy and environmental regeneration. Dr. Shanggari Balakrishnan, President of the ACES Awards, commented, “The Energy Development Corporation’s vision of a regenerative future is not only inspiring but necessary, and through its ongoing efforts, EDC is helping to ensure a cleaner, greener world for generations to come.”
As the world grapples with the urgent challenges of climate change, EDC’s pioneering initiatives in clean energy and ecosystem restoration stand as a model of how businesses can thrive while making a meaningful, positive impact on the planet.
Energy Development Corporation (EDC) is First Gen Corporation’s 100 per cent Renewable Energy (RE) subsidiary with close to 1,500MW total installed capacity that accounts for almost 20 per cent of the country’s total installed RE capacity. Its 1,169.85MW geothermal portfolio comprises 80 per cent of the country’s total installed geothermal capacity, making the Philippines the third largest geothermal producer in the world. First Gen is the Philippines’ leading clean energy company.
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