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Ayala’s energy arm to divest from coal: Will other Filipino power companies follow suit?
(Eco Business, 24 Apr 2020) AC Energy’s coal exit may spur other local players to do the same, say energy experts. But is the company’s 10-year timeframe ambitious enough?
Filipino conglomerate Ayala Corporation’s move to halt new and existing coal projects could nudge other major energy players in the country to follow suit, energy experts said.
Ayala’s power generation arm, AC Energy, announced this week (20 April) that it would release its coal divestment plan by 2025 and make a full exit by 2030. The plan to halt new coal power projects does not involve Ayala’s other subsidiaries such as Bank of the Philippine Islands (BPI) which, according to climate activists, is invested in coal-fired power plants in Batangas, Quezonand other parts of the archipelago.
On why it would take 10 years to divest from coal, AC Energy’s corporate communications and sustainability head Irene Maranan said it was a conservative projection of the time it would take to find the right buyers for its assets. AC Energy’s current coal capacity is 550 megawatts (MW).
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