The Asia Responsible Enterprise Awards (AREA) 2023 is pleased to honor 78 outstanding business leaders and enterprises for championing sustainable and responsible business practices. Presented by leading regional NGO Enterprise Asia, the AREA is the most reputable award recognition program recognizing organizational efforts in creating a culture of compassion, integrity, and in being socially responsible corporate citizens. The AREA serves as a badge of excellence to spur further innovation and best-practice for sharing about the organization and the world at large.
Energy Development Corporation (EDC) was among the recipients who were conferred with the Corporate Sustainability Reporting Award. EDC is a global and diverse renewable energy company with 46 years of experience in pioneering sustainable practices. As First Gen Corporation’s pure renewable (RE) energy firm, EDC is the Philippines’ leading 100% RE producer with an installed capacity of 1,189.34 MegaWatts (MW). This accounts for almost 20% of the country’s total installed renewable energy capacity. EDC also provides 61% of the country’s total installed geothermal power.
In 2021, the company saw the opportunity to unveil its regenerative strategy in its annual Integrated Report (IR). As a vital and institutionalized corporate document that voluntarily discloses its ESG performance, the IR stands to be an effective and efficient communication tool for EDC to engage with its stakeholders on its regenerative journey.
The primary goal of EDC’s 2021 IR is singular and straightforward – to inform EDC’s stakeholders and the public of its financial and ESG (environmental, social, and governance) impact and share it’s regenerative mission with them. This was done by explaining its value creation process following the IR framework as it strives to be a part of the solution to climate change through regenerative development
EDC has established a practice of voluntarily and publicly disclosing its financial and ESG performance by also adopting the Global Reporting Index (GRI) to discuss and present its material topics for more than a decade now. For the 2021 IR, EDC introduced various innovations in its framework, approaches, and design.
Another improvement made was an enhanced digital reading experience, as the report could be easily read with a widescreen-responsive layout for its microsite version. This made it easily adaptable regardless of the device used. Individual pages for various capitals and main sections such as “Operational Highlights” were introduced, allowing users to navigate the microsite easily.
EDC recognizes its stakeholders as a pentad or a group of five distinct sectors. These sectors are Customers, Partner Communities, Investors, Co-Creators, and the Environment. The company works to meet the expectations of its stakeholders while operating in line with ESG principles.
An External Review Committee, composed of three highly respected and reputable academy leaders in the Philippines affirms three key aspects of EDC’s Regenerative Mission that were successfully attained and communicated. These key aspects are Partnerships, Climate Action, and the Primacy of Others.
EDC stands as a pioneer and leader amongst its peers, setting an example for others in its industry to follow.
About Enterprise Asia
Enterprise Asia is a non-governmental organization in pursuit of creating an Asia that is rich in entrepreneurship as an engine toward sustainable and progressive economic and social development within a world of economic equality. Its two pillars of existence are investment in people and responsible entrepreneurship. Enterprise Asia works with governments, NGOs and other organizations to promote competitiveness and entrepreneurial development, in uplifting the economic status of people across Asia and in ensuring a legacy of hope, innovation and courage for the future generation. Please visit https://www.enterpriseasia.org/ for more information.
About Asia Responsible Enterprise Awards (AREA)
The Asia Responsible Enterprise Awards program recognizes and honors Asian businesses for championing sustainable and responsible entrepreneurship in the categories of Green Leadership, Investment in People, Health Promotion, Social Empowerment, Corporate Governance, Circular Economy Leadership, Corporate Sustainability Reporting, and Responsible Business Leadership. For more information, visit: https://enterpriseasia.org/area/.