Ayala group supports climate-related disclosures
The business units led by SIX Ayala are committed to supporting the International Financial Stability Board’s Climate-Related Financial Disclosures (TCFD) working group as the group prepares for the country’s transition to a low-emission economy. carbon.
The TCFD makes recommendations for better disclosure, which can drive more informed investments, credit and insurance underwriting decisions, and in turn, help stakeholders understand climate-related risks.
The listed conglomerate Ayala Corp. said in a press release on Wednesday that its Ayala Land, Inc., Bank of the Philippine Islands, Globe Telecom, Inc., AC Energy Corp., Manila Water Co., Inc. and Integrated Micro-Electronics, Inc. units will suffer a “gap analysis” based on the pillars of the TCFD: governance, strategy, risk management, measures and objectives.
The six Ayala companies join more than 1,800 TCFD supporters around the world, marking a new milestone for the group since it began reporting on TCFD disclosures in 2019.
Each business unit will provide information based on TCFD recommendations and propose strategies that adhere to the four pillars. Adopting these suggestions will help businesses develop a more resilient financial system, the group said.
“This decisive effort by the Ayala group to collectively support TCFD is in line with our aspiration to be a regional leader in the field. This is common ground for our widely diverse group, which demonstrates our continued commitment to transparency and accountability, ”said Fernando Zobel de Ayala, President and CEO of Ayala Corp., in a statement.
In addition to showing the longevity and resilience of the business, adopting the globally recognized suggestions will help the conglomerate navigate the country’s financial landscape as it prepares to transition to a low-carbon economy.
Ayala Land Chief Executive Officer Bernard Vincent O. Dy said the TCFD recommendations would help provide a clear framework for the disclosure of important climate-related information.
“By adopting the TCFD recommendations, the company will have a deeper understanding of climate risks and opportunities. We can then continue to align our future investment strategies so that we can effectively transition to a low carbon economy, ”he said.
Ayala’s energy platform, AC Energy, said it was on track to transition to a low-carbon portfolio.
“The company will divest all of its coal assets by 2030 and increase its investment in renewable energy, which is expected to exceed 5 GW (gigawatts) by 2025,” said Eric T. Francia, president and CEO of ‘AC Energy.
The TCFD, chaired by Bloomberg LP founder Michael R. Bloomberg, was established by the Financial Stability Board. The board is an international body that monitors and makes suggestions about the global financial system.
The shares of Ayala Corp. improved 3.2% or P23 to end at P742 each on the local stock exchange on Wednesday. – Angelica Y. Yang