SM’s PGCP adopts nature-related financial disclosure framework

MANILA, Philippines — SM Investments Corp. subsidiary Philippine Geothermal Production Co. Inc. (PGPC) has become the first Philippine company in the energy sector to adopt the Task force on Nature-related Financial Disclosures (TNFD) framework for its corporate disclosure reports.

PGPC said that over 500 organizations in more than 50 countries and territories have adopted the TNFD framework for their disclosure reports.

Leading global companies that have embraced the framework include consulting firms EY and PwC; airlines ANA, JAL and Qantas; financial services companies Moody’s Corp. and S&P Global as well as and conglomerates Sony Group Corp. and Sumitomo Corp.

PGPC said it would utilize the TNFD framework for its 2025 sustainability report.

“As a resource provider for clean, renewable, geothermal energy, we at PGPC have always ensured that our operations take into consideration the preservation of our natural ecosystems,” PGPC chief financial officer and treasurer Jason Aguirre said.

“Our adoption of the TNFD framework is consistent with PGPC’s dedication to responsible stewardship of natural resources and aligns with our company’s ongoing efforts to build a sustainable energy future for the country. We are proud to be the first energy company in the Philippines to adopt TNFD for our corporate disclosure reports,” he said.

The TNFD is a 40-member task force representing financial institutions, corporates and market service providers supported by national governments, businesses and financial institutions worldwide.

It has developed a set of disclosure recommendations and guidance that encourage and enable business and finance to assess, report and act on their nature-related dependencies, impacts, risks and opportunities.

“The TNFD recommendations and additional guidance are designed to help organizations to report and act on evolving nature-related issues with the ultimate aim of supporting a shift in global financial flows away from nature-negative outcomes and toward nature-positive outcomes,” the TNFD said.

Overall, PGPC is the fourth Philippine company to adopt the TNFD framework.

PGPC, which pioneered Southeast Asia’s first commercial geothermal power project in the 1979, currently has two operating geothermal steam fields with a combined capacity of up to 300 megawatts (MW) at Tiwi, Albay and Mak-Ban in the provinces of Batangas and Laguna.

The company recently embarked on a program to explore and develop new geothermal concession sites in various locations in Luzon.

The new concession sites have the potential to provide up to 300 MW of additional baseload renewable energy to the island of Luzon in the next few years.