SM Prime Holdings and World Wild Fund for Nature (WWF) Philippines have entered a collaboration in adopting a more robust reporting framework to address the climate crisis.
Under the partnership, SM Prime will adopt the Corporates for a Better Planet Initiative (CBPI), WWF-Philippines’ flagship program that provides an actionable framework for organizations to operate sustainably within the paradigm of the climate crisis.
“We are delighted to work with WWF Philippines on this sustainable journey. Focusing sustainability within the context of the Philippines ensures that our strategies and projects are highly material, efficient and more responsive in addressing local concerns surrounding resilience and adaptation. We need to be one with the worldwide community to achieve this and we need to work with global experts to get this right,” SM Prime President Jeffrey C. Lim said.
Climate change is one of the most pressing and defining global issues today. The Philippines currently ranks third globally when it comes to climate change vulnerability. In relation to its geographical location, it is more exposed to altering intensities of climate change manifested through erratic weather systems and natural calamities.
These risks are rife with complexity and uncertainty and organizations typically fail to properly assess their implications. The CBPI program takes a holistic approach towards this pivotal issue, addressing these risks from a custom-built, science-based perspective.
The first phase of CBPI involves gauging where SM Prime stands in its sustainability initiatives and setting a science-based target in line with the Paris Agreement’s goal of limiting global warming to 1.5°C compared to pre-industrial levels. SM Prime published its first Integrated Report in 2021 under the Integrated Reporting Framework which provides an overview of our value creation model — how we seek to create value for our stakeholders by contributing to national progress through investments and interventions critical to the country’s socio-economic growth.
The partnership with WWF adds another enhancement to transparent reporting by ensuring greenhouse gas (GHG) computations are accurate and use appropriate methodologies.
With the need to broaden efforts to protect the environment, this partnership forms part of group-wide efforts under the SM Green Movement that aims to improve the quality of life of communities through sustainable solutions to promote a green planet, green living and a green culture.
SM Prime’s partnership with WWF dates back to 2007 under Hamilo Coast, its leisure resort development in Nasugbu, Batangas.
WWF closely monitors the health and viability of the Hamilo Coast area including three of its coves designated as Marine Protected Areas (MPAs)—the Pico de Loro, Etayo and Santelmo.
In recognition of its conservation efforts, Hamilo Coast was cited by WWF-Philippines as its longest standing Sustainability Partner in 2020.