The Manila Electric Company continues to shine a spotlight on its unwavering commitment to sustainability with the recent accolade awarded to First Vice President and Chief Sustainability Officer Raymond B. Ravelo, who was named the “Sustainability Thought Leader of the Year for the Asia Pacific Region.”
The recognition was conferred during the Sustainable Company Awards 2023 by Environmental Finance. Ravelo was commended for his exceptional leadership in spearheading Meralco’s sustainability agenda called “Powering the Good Life”, which is marked by a distinctive focus on four pillars: Power, People, Planet, and Prosperity.
Ravelo’s achievement was the result of a rigorous selection process overseen by a distinguished panel of over 30 independent industry experts. The Sustainable Company Awards celebrates organizations and individuals who are at the forefront of reshaping corporate practices to ensure a sustainable future.
“This recognition brings great pride to us in Meralco as it reflects our earnest commitment to sustainability. As we move towards building a sustainable energy future, we will continue placing sustainability at the core of our strategy and operations as a Company to bring forth a brighter future for all,” Ravelo said.
Meralco, a recognized leader in the Philippine energy sector, has deeply rooted its sustainability agenda in the United Nations Sustainable Development Goals, with emphasis on clean energy, responsible consumption and production, and climate action.
At the center of Meralco’s sustainability thrust is its commitment to a just, orderly, and affordable transition to clean energy. This commitment involves securing at least 1,500 MW of its power supply from Earth-friendly sources and actively developing 1,500 MW in renewable energy power generation projects. Additionally, Meralco has been at the forefront of adopting alternative and sustainable transportation solutions, with the deployment of 156 electric vehicles to date, constituting 7 percent of the company’s fleet and surpassing the government’s 5 percent vehicle electrification rate mandate.
To advance gender diversity and inclusion in the workplace, Meralco has launched its D&I program “#Mbrace”, which significantly increased female representation in its workforce to 23%, over and above the global energy sector’s average of 13 percent.
Moreover, Meralco recently achieved its highest-ever environmental, social, and governance (ESG) ratings from global companies. Notably, MSCI Inc. upgraded Meralco’s ESG rating to BBB in 2022 and maintained it in 2023, a remarkable progression from its BB rating from 2019 to 2021. MSCI evaluates over 8,500 companies worldwide based on general and industry-specific sustainability criteria.
Likewise, Meralco attained a record high on its FTSE Russell ESG Rating, with a score of 3.2 in 2023. Meralco thus ranked higher than both the Philippine global energy sector ESG rating averages, with strong performance in risk management, labor standards, corporate governance, and anti-corruption practices.
Furthermore, Meralco is now the first and only electric utility in the Philippines to be included in the Bloomberg Gender Equality Index, the only ESG assessment in the world focused on gender equality in the workplace. Meralco was recognized for distinctive performance in anti-sexual harassment policies, gender pay parity, and building an inclusive culture.
“We are resolute in our commitment to powering the good life. Guided by the UN SDGs, we, in Meralco, will continue energizing cities and communities while preserving our planet, empowering our people, and creating prosperity for all,” Ravelo affirmed.