Megaworld Corporation Announces 100% Carbon Neutrality for Company-Owned Mall and Office Developments

Property giant Megaworld officially becomes carbon neutral for all of its company-owned office and mall developments across the country, marking its greatest sustainability accomplishment to date.

This accomplishment includes 52 developments—all fully operational—that are owned by Megaworld and are situated in the company's numerous townships around the Philippines.

Megaworld and Diligent, a global leader in governance, risk, and compliance (GRC), collaborated to compile data that showed the company's gross carbon emissions from operating Megaworld-owned properties accounted for approximately 69,000 metric tons in 2023. Of this amount, 98% came from the consumption of electricity (Scope 2), with the remaining portion coming from fuel consumption (Scope 1). Of this amount, 51% originated from retail developments held by Megaworld, with its office complexes accounting for the other 49%.
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Megaworld was able to offset almost 36,000 metric tons of carbon emissions from the previous year because of the company's recent decision to start using renewable energy as a power source. Megaworld is exploring the possibility of switching to 100% renewable energy for all company-owned office and mall assets in the next three years through a partnership with MPower, a Meralco affiliate.

Almost 100,000 trees have been planted by Megaworld since 2021 in the nation's designated carbon forests. Additionally, the business-backed carbon offset initiatives were approved by Verra, the largest voluntary carbon offset certifying body in the world.

"In the next few years, we will be able to activate over 1,000 hectares of carbon forests in Batangas, Cavite, Tarlac, Iloilo, Palawan, and Cebu,” says Jose Arnulfo Batac, head of sustainability, Megaworld.

Experts say “carbon neutrality means carbon dioxide emissions released by any public or private company’s operations is balanced with an equivalent amount of carbon dioxide they reduced or removed."

Megaworld is set to tap a third-party organization to further evaluate its sustainability efforts, particularly those centered on carbon neutrality.

“We look forward to achieving carbon neutral emissions for Scopes 1 and 2 by 2035 for the entire Megaworld Group. We also turn our focus on accounting for our full Scope 3 emissions through our collaboration with our ESG Data Warehouse partner, Diligent, for a more ambitious target of achieving Net Zero by 2050. This is our way of continuing to champion our commitment to helping build a greener and cleaner future for everyone,” adds Batac

​In 2023, Megaworld launched its groundbreaking company-wide sustainability campaign, MEGreen, to consolidate all its sustainability efforts aimed at responding to the different United Nations Sustainable Development Goals (UNSDGs) under one unifying platform. This program gained three prestigious recognitions at the 59th Anvil Awards, including the coveted Grand Anvil—the highest recognition in the country given to a public relations program in the Philippines—under the Corporate Identity and Corporate Branding Program category.