Meralco recognized for ESG excellence, now a FTSE4Good constituent
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 inclusion in the FTSE4Good Index Series—specifically in the FTSE4Good Emerging Index and in the FTSE4Good 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 the performance of companies in key environmental, social, and governance (ESG) areas such as climate change, labor standards, and anti-corruption. It was designed to help market participants assess sustainable investment products, to research environmentally and socially sustainable 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 an overall 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 strategy and initiatives. This confirms that we are indeed progressing in the right direction. Our inclusion 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 the good 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 vehicle subsidiary.
Meralco’s sustainability agenda called “Powering the Good Life” is deeply rooted in and promotes the 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 of renewable energy capacity through 2027; electrifying 25% of its vehicle fleet by 2030; planting and nurturing five million trees by 2025 to help protect and preserve Philippine forests and watersheds; and achieving 40% women representation in its workforce by the end of this decade.
“We, in Meralco, will continue to advance our drive towards sustainability not only by intensifying our efforts to keep the lights on for our customers and communities but also by heightening our initiatives to protect and preserve the planet,” said Meralco President and Chief Executive Officer 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 power more life to sustain the Filipino,” he concluded.
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