Gokongwei Group sets net zero goal

MANILA, Philippines — The Gokongwei Group has unveiled bold environment, social and governance (ESG) targets, including plastic neutrality by 2030 and net zero goals by 2050, as the business empire responds to growing clamor from green investors for companies to embrace sustainability.

The conglomerate will be offering more nutritious snack food, greener buildings, more affordable and accessible flight options, and innovative petrochemical products.

Lance Gokongwei, president and CEO of JG Summit Holdings Inc., said their ESG targets are aligned with five key focus areas namely, climate action, shared success, resource efficiency and circularity employee growth and better choices.

“On climate action, we aim to release our transition roadmap by 2025 as we aspire to achieve net zero by 2050,” said Gokongwei.

JG Summit will also target that all its major hotspots are assessed and managed on climate risk by 2030.

“On resource efficiency and circularity, we focus our target on plastic neutrality by 2030 as plastic waste is an integral part of our business,” Gokongwei said.

For employee growth and well being, Gokongwei said the group would continue its commitment to safety, while in the area of shared success, it would also ensure that major suppliers are aligned and compliant with JG Summit’s key ESG practices by 2025.

On specific targets, JG Summit’s snack food arm, Universal Robina Corp., is targeting that 70 percent of its production portfolio will meet at least one wellness criteria and 25 percent will meet at least two; property arm Robinsons Land Corp. will have 100 percent of new office buildings green certified; budget carrier Cebu Pacific will have 100 routes and 50 destinations and 39 million seat capacity by 2026; while JG Summit Petrochemical will expand its polymer product portfolio plus potentially increase recyclates incorporation for up to 50 percent in 2028.

Gokongwei said the group has been very proactive in addressing cost pressures and intentional in creating sustainability in its operations.

It also made key moves in the financial sector and transitioned to digitization on many aspects of its business.

Gokongwei said while challenges remain, including growing political and economic risks, the group is cautiously optimistic for 2023 and confident of providing better choices for its consumers and practicing shared success among stakeholders.

JG Summit’s subsidiaries include JG Summit Petrochemical Corp.; CP Air Holdings Inc.; Universal Robina Corp.; Robinsons Land Corp.; and Robinsons Bank Corp. The company also holds an 11.2 percent interest in PLDT Inc. and 29.6 percent interest in Manila Electric Co.