MANILA - San Miguel Corp said it would drop new coal projects from its expansion plans to emphasize its push for sustainable development and renewable energy sources, its president said.
"We took the big step of dropping new coal projects from our expansion plans. Instead, we are ramping up our renewable power capacities," Ang said in a Facebook post.
Although the move will not be easy, according to Ang, there is a need for "strategic collaborations" and to use new technologies in the transition to a low-carbon future "without compromising our economy's growing power needs."
"This is not just an option for us, it's an imperative—one that will provide the foundation for our vision of a better future," Ang said.
In April, SMC said unit San Miguel Global Power Holdings Corp allotted up to $1 billion (P48 billion) for the construction of 31 new battery storage facilities nationwide.
It has also been investing in renewable energy sources such as the 200-megawatt solar farm with battery energy storage capacity in Bulacan, which would help power the New Manila International Airport.
San Miguel is developing the new airport in Bulacan.
The majority of industries in the country still rely on traditional power sources but many giant firms have started to engage more in low carbon operations.