SM Investments Corporation, the parent company of the SM Group, said it remains on track to reduce greenhouse gas emissions by 40% by 2040, supported by investments in renewable energy, energy efficiency, and other initiatives across its businesses.
Speaking at a recent MUFG NOW Manila forum, “Pathways to a Sustainable Future: Opportunities and Challenges,” Timothy Daniels, Consultant and Head of Sustainability and Investor Relations at SM Investments, said the company’s emissions reduction goal builds on years of investment in efficiency and renewable energy across the group.
“When we looked at our emissions, we identified where we could make meaningful reductions and developed a target supported by specific programs and investments. We wanted a goal that reflects what we can achieve based on actions we are taking today,” Daniels said.
“For us, sustainability helps reduce costs, improve reliability, and make our operations more resilient. It’s simply part of how we run the business.”
Across the group, SM has installed more than 200,000 solar panels on its properties, helping generate electricity and reduce dependence on grid power.
Its mining subsidiary, Carmen Copper Corporation, operates a three-hectare floating solar facility at the Malubog Reservoir in Cebu. The facility’s 8,540 solar panels generate 4.99 megawatts (MW) of renewable energy that could potentially supply about 10% of the mine’s power needs.
SM has also expanded its renewable energy investments through Philippine Geothermal Production Company (PGPC), which operates geothermal steam fields in South Luzon.
Beyond its own operations, the group is helping support the country’s energy transition through BDO Unibank. To date, BDO has deployed approximately Php1.2 trillion in sustainable financing, including support for 71 renewable energy projects with a combined capacity of 6,165 MW.
Daniels noted that some of the largest emissions reductions will depend on the broader shift to renewable energy. While companies can improve efficiency, install solar panels, and use renewable power, progress also depends on the availability of renewable energy, transmission infrastructure, and grid development.