MANILA, Philippines — Integrated property giant SM Prime Holdings Inc. is joining more than 2,500 organizations worldwide to support the Task Force on Climate-related Financial Disclosures (TCFD) and its goal of creating a more resilient financial system through better climate risk disclosures.

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.

“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 Lim.

SM Prime targets to increase its demand for electricity sources from renewables by more than 50 percent  across all of its business segments by end 2022 in support of the Department of Energy’s goal of moving the country’s renewable energy supply component up to 35 percent by the end of the decade.

In terms of disaster risk reduction and resilience, SM Prime has been hard at work in ensuring that its investments, people, and communities across the country are disaster-resilient.

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 percent 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 ARISE Global, the National Resilience Council (NRC), Manila Observatory, the National Disaster Risk Resilience and Management Council (NDRRMC), Bureau of Fire Protection, and the United Nations Office for Disaster Risk Reduction-led ARISE-Philippines.

Its chairman of the Executive Committee Hans Sy serves as the co-chairman of ARISE Philippines and NRC.

Source: SM Prime|PhilStar