Green Beyond Paper: NEO on their First Sustainability Report
Posted on July 03, 2023
NEO, the leading sustainable real estate developer in the Philippines, is proud to announce the launch of its inaugural sustainability report.
NEO’s Chief Executive Officer, Raymond Rufino, expressed eagerness to be at the forefront of sustainable real estate development. “Our sustainability report reflects our dedication to creating a positive impact. It is designed to be relevant, concrete, and impactful while adhering to global standards and benchmarks. As a private company, we are not obligated to produce this report, but our unwavering dedication to sustainability prompted us to undertake this initiative. We firmly believe that it is essential to openly and transparently discuss our commitments, the actions we have taken to fulfill them, and our company’s overall performance, including our buildings.”
NEO’s real estate portfolio in the Philippines stands as the world’s first to be certified with the International Finance Corporation’s EDGE Zero Carbon certification. Verified by EDGE partner SGS-Sintali in October 2021, the achievement surpassed the company’s original goal of achieving net zero by 2025. Final certification is awarded upon completion of the verified retrofit plans within a three-year period. While all NEO buildings utilize renewable energy sources and were determined to fulfill 41-49% operational energy savings, the retrofit designs are projected to yield greater energy savings for the portfolio.
NEO attributes this success to the procurement of renewable energy through its longstanding partnership with AboitizPower. Cleanergy by AboitizPower provides 100% renewable energy to NEO’s entire portfolio. AboitizPower subsidiary AP Renewables, Inc., through retail electricity company Adventenergy, has been supplying geothermal energy to all seven NEO buildings in BGC since 2013.
Gie Garcia, Managing Director of Property Management at NEO, encourages industry peers, stating, “Net zero pledges are achievable with deep management commitment and strategic policy structures. The path to net zero may seem daunting, but it is within reach for all of us. If we at NEO can do this, I’m sure all our fellow real estate owners, developers, and managers can also make the commitment. Our success is not exclusive to us alone; it serves as a beacon of hope and inspiration for others in the industry.”
The NEO Sustainability Report launch showcases the organization’s sustainability journey, from its initiatives as a green building pioneer to milestones in safety, carbon reduction and resiliency. In prioritizing the health, safety and well-being of its stakeholders, NEO became the first portfolio in Southeast Asia to achieve the WELL Health-Safety Rating. A pioneer in green building development, several of the NEO buildings served as pilot projects for programs of the Philippine Green Building Council such as BERDE and ANZ/PH. NEO also reduced its energy and water consumption in 2021 from 2017 levels by 18% and 64% respectively, making notable figures for buildings more than 20 years old. NEO is also forging its way with fairness and inclusivity in governance through female representation accounting for over half of its workforce and comprising half of its senior management. The report signifies a remarkable step towards sustainable real estate development, underscoring NEO’s pioneering efforts in the industry.
Access the report here: https://tinyurl.com/NEOSR