Ayala Land, AREIT aim to become leading sustainable developer by 2025
MANILA -Property giant Ayala Land Inc. and real estate investment trust arm AREIT Inc. want to establish the country’s biggest EDGE Zero Carbon portfolio by the end of 2025 with the help of the International Finance Corp (IFC).
The coveted certification is gaining traction among developers seeking to cut operating costs and harmful emissions. It is achieved after a building must demonstrate a 40-percent improvement in energy efficiency compared to the base case. Moreover, it should incorporate renewable energy sources, carbon offsets, or a combination of both, for its total energy demand.
“Ayala Land is prepared to go above and beyond the EDGE Zero Carbon framework, starting with Embodied Carbon – we are committing to reduce embodied carbon in our buildings beyond what is required through efficient design and use of construction materials,” Anna Ma. Margarita B. “Meean” Dy, executive vice president, COO and incoming president and CEO of Ayala Land, said in a statement on Tuesday.
“We will continue to explore partnerships with suppliers of sustainable materials with less carbon footprint and further offset our embodied carbon through our carbon forests. We are also taking initiative to divert generated waste away from landfills. We make sure that a significant volume of our generated waste is being sent to recyclers, ecohubs and composts,” she added.
The companies tapped IFC for advisory support for its portfolio spanning 1.5 million square meters. They aim to earn the certification for 900,000 square meters by 2024 and 600,000 sqm by 2025.
“For Ayala Land and AREIT, this highest level of EDGE is what we are aiming to secure in line with our goal to become the largest EDGE Champion in the Philippines,” Carol T. Mills, president and CEO of AREIT, and head of Ayala Land Offices said in the same statement.
“We believe achieving zero carbon in our buildings will yield not only for ourselves but also for our valued office locators the most substantial, relevant and much needed contribution towards long-term sustainability and environmental responsibility,” Mills added.
Ayala Land and AREIT noted that their portfolio uses 100 percent renewable energy sources for 1.3 million square meters of space.
“In many ways, it’s much harder to green existing infrastructure. Ayala Land’s pledge to certify its portfolio as zero carbon underscores their deep commitment to net zero and whole-portfolio decarbonization,” said Jean-Marc Arbogast, IFC country manager for the Philippines.