BANGKOK, Thailand — Energy Development Corporation (EDC), the renewable energy arm of First Gen Corporation, was honored with the prestigious “Green Company of the Year” award at the 2024 Asia Corporate Excellence & Sustainability (ACES) Awards held on November 14 in Bangkok, Thailand. The annual award recognizes a single company that demonstrates exceptional leadership in sustainability and environmental stewardship.
EDC earned the distinction for its significant contributions to the Philippines’ renewable energy sector and its pioneering environmental programs. Central to its efforts is the company’s BINHI program, a long-term initiative aimed at ecological restoration, biodiversity conservation, and the propagation of endangered Philippine native tree species. Launched in 2008, BINHI focuses on rehabilitating degraded forests and supporting local ecosystems that are vital to the country’s biodiversity.
A key component of the BINHI program’s success is EDC’s collaboration with local communities, farmers, and various stakeholders. Through partnerships with 88 farmer associations, EDC has provided resources and training to manage nurseries, source seedlings, and protect forest areas around the company’s geothermal plants. The company also works with global conservation organizations like the University of the Philippines Institute of Biology and Botanic Gardens Conservation International (BGCI), expanding the impact of BINHI on Philippine biodiversity.
EDC’s commitment to sustainability goes beyond tree planting. The company has adopted a regenerative development model, focusing on restoring ecosystems and creating a net-positive environmental impact. This is evident in its efforts to decarbonize the Philippine energy grid. EDC’s diverse renewable energy portfolio includes geothermal, hydro, wind, and solar power, contributing significantly to the country’s clean energy transition. The company’s geothermal plants alone help avoid nearly 6 million tonnes of CO2 emissions annually by providing a reliable, 24/7 source of clean energy.
In addition, EDC leads carbon sequestration efforts, with its watershed management programs integrated into the BINHI initiative. In 2023, the company’s forested areas sequestered 1.7 million tonnes of CO2, far surpassing its own operational emissions of 1.1 million tonnes.
Looking ahead, EDC is committed to expanding its renewable energy capacity to 9,000 MW by 2030, further reducing its carbon footprint while continuing to restore critical ecosystems through programs like BINHI. The company’s vision is to create a regenerative future that not only benefits the environment but also creates value for its stakeholders, including local communities, investors, and customers.
In his acceptance speech, EDC Leyte Head of Corporate Relations Erwin B. Magallanes emphasized the company’s responsibility to drive positive, exponential change. “This ACES Award is a testament to our long-term mission of securing a decarbonized and regenerative future,” he said. “It will further push us to lead by example, showing the world that businesses need not choose between purpose and profit.”
Dr. Shanggari Balakrishnan, President of the ACES Awards, praised EDC for its visionary approach. “The Energy Development Corporation’s vision of a regenerative future is not only inspiring but necessary, and through its ongoing efforts, EDC is helping to ensure a cleaner, greener world for generations to come.”
As the world faces mounting climate challenges, EDC’s innovative efforts in renewable energy and ecosystem restoration serve as a model for businesses striving to achieve both sustainability and profitability.
EDC is a 100% renewable energy subsidiary of First Gen Corporation, with an installed capacity close to 1,500 MW, making up nearly 20% of the Philippines’ total renewable energy capacity. Its geothermal portfolio accounts for 80% of the country’s installed geothermal capacity, positioning the Philippines as the third-largest geothermal producer in the world.
Photo courtesy of EDC