Philippine Stock Exchange Inc. (PSE) President and CEO Ramon S. Monzon said local companies need to focus on climate change as the economy further reopens and business activity returns to pre-pandemic levels.
Monzon issued the statement during an online event which featured the sustainability initiatives of six publicly-listed firms.
“We need to address climate change while we still can, with whatever resources we have. This is especially true for us as our country has proven to be very vulnerable to extreme weather conditions. We owe it to our countrymen, who are our stakeholders, to reduce the likelihood of these events from happening by adopting pro-climate solutions. We all must do our part, no matter how small,” he said.
“Sustainable development is not merely a buzz word or an abstract concept. It is the new necessity and reality; the new way for people to behave and live their lives and the new way for companies to do business.”
He said sustainability should be “the new necessity and reality.”
“It is how individuals should live their lives and how companies should conduct their businesses. Companies that understand this will dominate the future,” he said.
In partnership with the Securities and Exchange Commission, the PSE hosted a virtual event that exhibited the sustainability initiatives of six publicly-listed companies.
The event featured the key sustainability policies, practices and initiatives embedded in the business strategies of selected listed firms that have created meaningful results and positive impact on the UN sustainable development goals especially those pertaining to the environment and society.
Listed firms that participated in the sustainability showcase include Aboitiz Equity Ventures Inc., Axelum Resources Corp., Ayala Corp., First Gen Corp., San Miguel Corp. and SM Investments Corp.
In October, Ayala Corp. announced its commitment to achieve net-zero greenhouse gas emissions by 2050.
Ayala President and CEO Fernando Zobel de Ayala said during the group’s Integrated Corporate Governance, Risk Management, and Sustainability Summit, that the company hopes to develop its greenhouse gas footprint that includes all relevant emissions from the value chain. These include its direct emissions from its units and indirect emissions from the generation of purchased electricity.
Zobel said the move aligns Ayala with the global movement for climate action, using the Paris Agreement’s goal of limiting global warming to 1.5C compared to pre-industrial levels.
Image credits: Nonie Reyes