Friday, October 2, 2020

EDC Shifts To Integrated Reporting

EDC Shifts To Integrated Reporting

Spotlight

EDSA Busway System To Implement Fully Cashless Transactions With Beep Cards

Cashless transactions via Beep card will begin on October 1.

SM Wins At 2019 Asia Sustainability Reporting Awards

The SM Investments Corporation has bagged yet again another award!

7 Commandments To Revitalize The Country Safely

Medical experts recommend strict health protocols for public transportation.

Alibaba Cloud Launches New Digital Ecosystem Strategy In The Philippines

This will help local businesses adapt further to the new normal!

Lopez-led geothermal energy leader Energy Development Corporation (EDC) has released its first integrated report (IR) baring its 2019 financial and non-financial performance to measure the value that the company contributes to the ecosystem and to society as it strives towards a regenerative future.

For the past nine years, EDC has reported on its sustainability performance utilizing the Global Reporting Initiative (GRI) Standards, which primarily covers the “triple bottom line” or impact on people, planet and profit. EDC’s new report enhances the discussion and presentation of material issues and disclosures guided by GRI standards with the framework set forth by the International Integrated Reporting Council (IIRC).

The IIRC framework measures the performance and value that businesses have created based on six forms of capital, namely: financial capital; manufacturing capital; human capital; social and relationship capital; intellectual capital; and natural capital.

EDC sees integrated reporting as an essential tool in regenerative development, a globally emerging business principle centered on holistic processes among these various types of capital, building support systems for future growth, and enabling renewal of resources. It goes beyond sustainability and organizational impact on citizens, the economy and the environment, and extends to how the company intends to create value in the short to medium and long term.

“This shift toward an integrated reporting practice reflects EDC’s proactive approach to the long-term growth of the company. We have focused on improving and reporting on our sustainability performance for almost a decade. Today, we understand that sustainability was only the first step in our journey. Now, we shift our focus to regeneration, in the hopes that we can restore the environment we share and create a better future for all Filipinos,” the report stated.

In his message, EDC chairman and chief executive officer Federico R. Lopez said that the move articulates a renewed mission for the company as well as the entire First Philippine Holdings (FPH) conglomerate “to forge collaborative pathways for a decarbonized and regenerative future.”

Being a pure renewable energy company, with geothermal as its primary resource, puts EDC at the heart of the Lopez group’s commitment to decarbonization, which is crucial to fighting climate change.

EDC posted its highest recurring net income of P11.6 billion in 2019 despite enduring challenges in the energy sector. It likewise reported a record high of 9,300.1 Gigawatt-hours (GWh) of total energy sales from 100% renewable energy sources, up by 4.0% from 8,945.3 GWh in 2018. “As a result of all our operational improvements, our EBITDA grew by 15% versus the prior five-year average,” said EDC president and chief operating officer Richard B. Tantoco.

EDC maintains a total portfolio of 1,499.14 MW of clean, 100% renewable energy comprised primarily of 1,204.67 MW of reliable and sustainable geothermal energy, along with 150 MW of wind, 132.5 MW of hydro and 11.97 MW of solar.

Latest News

Smile Train Philippines Celebrates World Smile Day

Make sure to witness the launch of #540Today, which conveys that 540 babies around the world are born with a cleft every day.

NegOcc Harvests First Sugarcane-Rice Intercrop Project

The sugarcane-rice cropping system project of the Negros Occidental provincial government reaps its first harvest in the pilot site located in Barangay Aranda, Hinigaran town.

Internet Hotspots Installed In Ilocos Norte Schools

Community internet hotspots in the towns of Pinili, Paoay, Currimao, and Badoc in the second district of Ilocos Norte are currently being tested to ensure all learners can connect under the new normal education system.

GenSan Extends GCQ Status Until Oct. 15

General Santos City is placed under GCQ until October 15 due to the rise of COVID-19 cases in the province.

Mayor Abby: Makati Rolls Out Learning Continuity Plan For Blended Learning

The Makati city government rolls out its Learning Continuity Plan for the school year 2020-2021, in preparation for the blended learning approach in the city.

Bloom In A Swipe With The New L’Oreal Paris Blooming Kisses Bullet Lipsticks!

Stay captivating with the smokey pink shades of L’Oréal Paris!

realme 7 Series And Buds Q Now Official In PH, Offer An Elevated Experience

Fans will enjoy a wide array of launch promos for the three devices both online and in-stores!

Cebu City Logs Low COVID-19 Positivity Rate

The Emergency Operations Center has seen a downtrend in the COVID-19 positivity rate in Cebu City, with 0.7 percent logged on Tuesday night.