Filipino Business Titans Retire Massive Coal Power Plant 25 Years Early, Shift Toward Renewable Energy Manila, UAE: A coal-fired power plant in Batangas province, about two hours by car south of the capital, was first opened in 2015 with a service life expectancy of 50 years. However, there are plans to end operations in 2040, 25 years earlier than anticipated. The plant is owned by a Manila-based energy firm called ACEN and is currently one of 28 coal plants in the Philippines that rely on fossil fuel for nearly half of the country’s electricity. This groundbreaking move by the Ayala brothers, the influential Filipino business moguls behind the company, is known as the “energy transition mechanism” (ETM). The mechanism is expected to trigger a shift from grey to green power and act as a multi-billion-dollar initiative backed by environmentally-driven funds. ACEN, a subsidiary of the Ayala Group, now seeks to lead the way in transitioning from coal to green energy. The influential Spanish-Filipino family had an estimated net worth of $2.8 billion (Php156 billion, 2022), as per Esquire magazine. They have ambitious plans to source 100 percent of the electricity they generate from renewables. In addition to this, ACEN aims to become the largest listed renewables platform in Southeast Asia and reach a renewables capacity of 20 GW by 2030. The company also aspires to transition its entire generation portfolio to 100 percent renewable energy by 2025 and become a “Net Zero” greenhouse gas emissions company by 2050. ACEN’s high-level delegation is currently in Dubai, led by Jaime Zobel Urquijo, the Chief Sustainability and Risk Officer of Ayala Corporation. The delegation aims to share the success of ACEN’s ETM at COP28, the United Nations Climate Change Conference and also to gain knowledge and insights from other global leaders in the field. ACEN and the Ayala Group are at the forefront of innovation in transitioning from coal to green energy. Their ambitious goals and pioneering efforts are a testament to their commitment to environmental sustainability and a cleaner, greener future for the Philippines and the world.
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