Pioneering in Partnership: NEO Leading Net Zero in the Philippines with AboitizPower
Posted on September 12, 2022
With the catastrophes that come with climate change, climate-vulnerable countries such as the Philippines must increase efforts in crucial areas like real estate, where green certifications and Net Zero are proven effective measures of resilience.
NEO, the owner, developer, and manager of the Philippines' top certified green buildings in Bonifacio Global City (BGC), is the first property owner and developer to complete its entire portfolio with five-star certifications under the nationally recognized green building rating system, Building for Ecologically Responsive Design Excellence (BERDE). With the help of key partners like Aboitizpower, NEO was able to achieve its bold aspiration of becoming NET ZERO in 2021 - four years ahead of its original target of carbon neutral operations by 2025. NEO's real estate portfolio is the first in the world not only to achieve Net Zero but also earn dual certifications for both EDGE Zero Carbon by the International Finance Corporation (IFC) and Advancing Net Zero PH by the Philippine Green Building Council.
NEO's accomplishments are anchored in the company's dedication to energy efficiency and conservation methods, increased cost savings and enhanced risk resilience. On top of expected 41-49% energy savings, NEO's facilities utilize renewable energy sources from Aboitiz Power Corporation's Cleanergy portfolio.
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.
AboitizPower continues to support the growth of RE in the country by expanding its Cleanergy portfolio. AboitizPower aims to build an additional 3,700 MW of renewable energy by the end of the decade, growing its existing Cleanergy capacity threefold in 2030.
“Our long-standing partnership with AboitizPower has ensured that all the tenants in the NEO buildings benefit from power that is not only high in quality, reliability, and cost-competitiveness, but also renewable with a significantly lower environmental impact compared to non-renewable power sources. We are grateful to have such a strong and reliable partner in AboitizPower - a partner that shares in both our passion for sustainability and our commitment to nation building,” Raymond Rufino, CEO of NEO, said.
In 2021, both companies signed to renew their partnership. AboitizPower stated that its continued cooperation with NEO reflects the country's renewable energy market's continuous expansion.
“As we approach the 10th year of our partnership with NEO, it is truly a privilege to play a part in helping them achieve this incredible milestone in their sustainability journey. NEO is leading the way by carrying out their Net Zero aspirations. I think it takes a lot of vision and commitment to do this - to become a pioneer and a bold leader in this space,” Sandro Aboitiz, AboitizPower Senior Vice President for Commercial Operations, said. “As a power retailer, this progress inspires us to expand our portfolio of products and services as we continue to find ways to sustainably power the industries we serve and in the long run, our nation,” he added.