SM Prime Holdings, Inc. (SM Prime) joins more than 2,500 organizations worldwide in supporting the Task Force on Climate-related Financial Disclosures (TCFD) and its goal of creating a more resilient financial system through better climate risk disclosures.
"SM Prime recognizes the importance of transparency when it comes to climate-related risks and opportunities. Apart from investors’ emphasis in incorporating climate risk disclosures in their investing criteria, these also drive our business to adopt more sustainability initiatives related to climate change such as renewable energy, and champion promoting disaster resilience in the country. We support the TCFD in empowering stakeholders to make better decisions by promoting climate-related financial disclosures," said SM Prime President Jeffrey C. Lim.
SM Prime targets to increase its demand for electricity sources from renewables by more than 50% across all of its business segments by end of 2022.
In terms of disaster risk reduction and resilience, SM's Disaster Risk Reduction (DRR) initiatives include the mall rainwater collection tanks, SM City Marikina and SM Mall of Asia's flood-resilient mall design, earthquake recording instrumentation, automated weather stations in 49 of its malls, capacity building, and business continuity management system. SM Prime allocates 10% of its annual Capital Expenditures to DRR-related investments.
In addition, SM Prime has been ramping up its multi-stakeholder, public-private partnerships on disaster risk reduction. These include alliances with the United Nations Office for Disaster Risk Reduction-led ARISE-Philippines. Its Chairman of the Executive Committee Hans T. Sy serves as the co-Chairman of ARISE Philippines.
About SM Prime:
SM Prime, one of the leading integrated property developers in Southeast Asia, remains committed to its role as a catalyst for economic growth, delivering innovative and sustainable lifestyle cities, thereby enriching the quality of life of millions of people.
TCFD, created in 2015 by the Financial Stability Board, aims to promote voluntary climate-related financial risk disclosures to help investors, policymakers, and other stakeholders make more informed financial decisions through high-quality information on the effects of climate change.
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