AYALA LAND, Inc. (ALI) signed an agreement with International Finance Corp. (IFC) to secure EDGE Zero Carbon certification by 2025 in line with the listed developer’s sustainability efforts and the property sector’s transition towards net zero.
ALI said in a statement on Tuesday that it would seek to achieve EDGE Zero Carbon certification, along with its real estate investment trust unit AREIT, Inc., across its 1.5-million-square-meter portfolio, with advisory support from IFC as part of the signed memorandum of understanding.
According to ALI, the agreement aims to establish the country’s largest EDGE Zero Carbon portfolio, consisting of 900,000 square meters to be certified by 2024, and an additional 600,000 square meters by 2025.
“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,” AREIT President and Chief Executive Officer (CEO) and Head of ALI Offices Carol T. Mills said.
To reach EDGE Zero carbon certification, a building must demonstrate a 40% improvement in energy efficiency compared with the base case and it should incorporate renewable energy sources, carbon offsets, or both, for its overall energy demand.
ALI Incoming President and Chief Executive Officer Anna Ma. Margarita B. Dy said the group is “committing to reduce embodied carbon in our buildings beyond what is required through efficient design and use of construction materials.”
On Tuesday, ALI shares rose P1.05 or 3.69% to finish at P29.50 each while AREIT shares dropped 25 centavos or 0.77% to close at P32.15 apiece. — Revin Mikhael D. Ochave