The Road to Net Zero in the Philippines with NEO and EDGE - IFC
Posted on September 17, 2022
As the world celebrates Green Building Week, a worldwide initiative that encourages global communities to take action in bringing forward strong solutions for low carbon and resilient sustainable built environments, NEO, together with the International Finance Corporation (IFC) EDGE, pioneer efforts that empower and drive the real estate industry toward achieving net zero.
With our advancing technologies and businesses, climate change has also grown to become a source of concern for many real estate industry participants. Investors have brought substantial net-zero pledges, regulators have set reporting requirements, governments have implemented legislation aimed at reducing emissions, employees have demanded action, and renters have sought more sustainable structures. Simultaneously, the growing physical repercussions of climate change are becoming more apparent as populations suffer storms, floods, fires, excessive heat, and other threats.
These changes have increased the relevance of real-estate leaders in the climate transition, the era from now to 2050 in which the world will face both the physical repercussions of climate change as well as the economic, social, and institutional adjustments required to cut carbon emissions.
In October 2021, NEO's portfolio of seven office buildings in Bonifacio Global City in Taguig City, Metro Manila, with a combined gross floor area of 256,707 sqm, were certified under IFC's EDGE Zero Carbon Retrofit Protocol.
NEO’s real estate portfolio is the first in the world to achieve EDGE Zero Carbon certification using the new retrofit protocol, establishing a clear path to decarbonization for all existing building portfolios.
Excellence in Design for Greater Efficiencies (EDGE) is a certification system with a strong technological foundation that allows building owners to quickly and efficiently find the most cost-effective solutions to decarbonize new or existing structures. Customized to suit diverse climates, market segments, and building types, EDGE offers versatility and scalability, and has been recognized as an international green building certification system.
“NEO’s strategies to retrofit their buildings to higher levels of operational efficiency to meet IFC’s EDGE Zero Carbon requirements make NEO an exemplar for developers in the Philippines and other emerging markets to follow,” said Jean-Marc Arbogast, IFC Country Manager for the Philippines.
“We desperately need our businesses to become Net Zero in order to avert a climate catastrophe. By publicly committing to Net Zero then being the first portfolio in the world to achieve EDGE Zero Carbon Certification, NEO hopes to inspire many other businesses on their Net Zero journey. Regardless of your size, industry, or country – what matters most is that we start as soon as possible,” said Raymond Rufino, CEO of NEO.
Green buildings not only minimize or eliminate adverse environmental effects by consuming less water, energy, or natural resources, but they may also have a positive effect in the surrounding environments and communities by producing their own energy or encouraging the elevation of biodiversity.
With their shared commitment on influencing industry players to work towards achieving zero emissions in a built environment, NEO and IFC EDGE join hands in bringing together and leading the real estate sector to inspire the industry to strive for net zero.
Full Case Study of NEO: https://edgebuildings.com/project-studies/neo-portfolio/