Megaworld’s office towers and shopping malls achieve carbon neutrality

Real estate giant Megaworld is reaching its biggest-ever sustainability milestone, officially achieving carbon neutrality for all of its company-owned offices and shopping centers across the country.

This achievement includes 52 developments, all of which are 100% operational commercial properties owned by Megaworld, located in the company’s various cities across the Philippines.

The 30-hectare Mactan Newtown is home to office and retail developments, including the iconic Mactan Alfresco, which have contributed to Megaworld’s efforts to offset greenhouse gas emissions.

Data collected by Megaworld in partnership with Diligent, a global leader in governance, risk and compliance (GRC), shows that the company’s gross carbon dioxide emissions from operating properties owned by Megaworld were approximately 69,000 metric tons in 2023, of which 98% came from electricity consumption (Scope 2) and the remainder from fuel consumption (Scope 1). Of this total, 51% came from shopping center projects owned by Megaworld and the remaining 49% from office properties.

Megaworld grows its own shrubs, trees and flowering plants in plant nurseries located in various areas of the country, including Tanza, Cavite.

Thanks to the company’s recent move to use renewable energy as a power source, Megaworld was able to offset approximately 36,000 metric tons of carbon dioxide emissions in the previous year. Through its partnership with MPower, a subsidiary of Meralco, Megaworld is considering transitioning to 100% renewable energy across all of its company-owned office properties and shopping malls over the next three years.

As of 2021, Megaworld has already planted approximately 100,000 trees in its specialized carbon forests across the country. The company also supported carbon offset projects certified by Verra, the world’s largest certifier of voluntary carbon offsets.

“Over the next few years, we will be able to activate over 1,000 hectares of carbon forests in Batangas, Cavite, Tarlac, Iloilo, Palawan and Cebu,” says Jose Arnulfo Batac, head of sustainability at Megaworld.

Experts say that “carbon neutrality means that the carbon dioxide emissions emitted by the activities of any public or private company are offset by the equivalent amount of carbon dioxide they have reduced or removed.”

Megaworld intends to enlist the help of an external organization to further evaluate its sustainability efforts, particularly those focused on carbon neutrality.

Eastwood Mall in Libis, Quezon City tops the list of Megaworld-owned developments that have achieved carbon neutrality.

“We look forward to achieving Scope 1 and 2 carbon neutrality by 2035 for the entire Megaworld Group. We are also focused on accounting for our full Scope 3 emissions by working with our ESG data warehouse partner, Diligent. This is our way of furthering our commitment to help build a greener and cleaner future for all,” adds Batac.

Last year, Megaworld became one of three companies listed on the Philippine Stock Exchange (PSE) to be recognized as “2023 Sustainability Champions” by local fund management firm ATR Asset Management (ATRAM). The company was named a “Champion of Progress” by ATRAM for its commitment to achieving carbon neutrality and for being one of the few real estate companies in the country to minimize the impact of the economic crisis on its employees.