Globe receives higher B rating for climate action initiatives
Globe received a higher B rating in 2021 from the CDP (formerly Carbon Disclosure Project), as it continues to intensify efforts to address climate change. The digital solutions platform discloses its environmental impact through CDP, a global non-profit that runs the world’s leading environmental disclosure platform for investors, companies, cities, states, and regions, to show its commitment to environmental transparency.
CDP issues a score from A to F, depending on the organization’s environmental performance. Globe’s current score was a notch higher than the B- rating it received in 2020. It is also higher than the Asia regional average of B-, and at par with the media, telecommunications, and data center sector average of B. ESG ratings have become a standard assessment tool used by investors to measure a company’s sustainability performance, on top of its financial performance.
Disclosures are standard forecasts demanded by capital markets and customers. With its international standing, reporting through CDP brings tangible business benefits, from brand value to risk management and getting ahead of regulation.
“Globe annually discloses its climate action activities, practices, and programs with the CDP to continuously check our progress in creating a more sustainable ecosystem for our customers and stakeholders. We are happy to receive a slightly higher rating for 2021. This means we are on track in our climate change agenda,” said Yoly Crisanto, Globe Chief Sustainability Officer and SVP for Corporate Communications.
To qualify for the CDP rating, a company must score over a threshold percentage of the available awareness points, showing that they have assessed a broad range of environmental issues and have determined how these intersect with its business. Management points are awarded for answers that provide evidence of actions associated with good environmental management. Scoring for this relies on companies’ disclosure of processes and procedures more than judging the effectiveness of its actions. CDP scores are widely used to drive investment and procurement decisions towards a zero-carbon, sustainable and resilient economy.
CDP is fully aligned with the globally-recognized Task Force on Climate-Related Financial Disclosure (TCFD) and is a founding member of the Science-Based Targets initiative (SBTi).
Globe has also expressed its support to the TCFD to increase transparency on climate-related risks and opportunities within financial markets. It is also the first and only publicly-listed Philippine company listed by SBTi to commit to Business Ambition for 1.5 and officially join Race to Zero.
To operationalize its climate strategy, a total of 13 Globe key facilities, including its headquarters, have transitioned to 100% renewable energy through Power Purchase Agreements (PPA) with Retail Electricity Suppliers (RES). The partner RES provides Globe with Verified Emission Reduction (VER) certificates to document its carbon emission offsets.
Furthermore, Globe has deployed over 7,400 green network solutions. Nationwide, it has deployed 203 fuel cell systems, 6,467 lithium-ion batteries, 212 direct current generators, 60 DC-Hybrid Generators, and 538 free cooling systems. These green solutions require fewer fuel consumption and provide a more energy-efficient cooling system.
Globe strongly supports the United Nations Sustainable Development Goals, particularly UN SDG No. 13, which is to take urgent action to combat climate change and its impact. Globe is committed to upholding the UN Global Compact principles and contributing to 10 UN SDGs.
To learn more about Globe’s sustainability efforts, visit https://www.globe.com.ph/about-us/sustainability.html.
Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their stories directly on the BusinessWorld Web site. For more information, send an email to email@example.com.
Join us on Viber to get more updates from BusinessWorld: https://bit.ly/3hv6bLA.