Report underscores the importance of corporate sustainability in the Philippines

The message delivered at the 27th annual Conference of the Parties (COP27) to the United Nations Framework Convention on Climate Change was resounding: businesses, industries, and global leaders must significantly increase and enhance their efforts to combat climate change effectively.

In the Philippines, there has been a growing awareness of the importance of sustainability and environmental protection. President Ferdinand R. Marcos Jr.  recognizes the detrimental impacts of climate change in the local and global economy.

As such, the government has committed to contribute to the decarbonization goals through innovation. Therefore, climate change has now become a major criterion in the decision-making for government programs and policies.

Schneider Electric recently conducted a survey across Asia to gather perspectives on the challenges and responsibilities around implementing sustainable actions.

The survey shows that nearly 60% of business leaders consider sustainability to be a high priority for both their company and country.

Meanwhile, Philippines (51%) ranks as one of the top 3 countries together with Indonesia (50%) and Vietnam (47%) that consider innovation as a main driver for sustainability out of the 9 countries surveyed in APAC. Vietnam (41%), Philippines (37%), Singapore (36%) are especially motivated to pursue sustainability for brand reputation, while Philippines (43%), Thailand (38%), Indonesia (36%) are more keen on the financial benefits and opportunities from sustainable initiatives.

Schneider Electric Philippines, a leader in energy management and automation solutions, plays an active role in supporting the country’s transition towards a greener future and understands that changes must be made at the technical and operational levels for businesses to meet their ESG commitments.

“The larger private sector, across multiple industries, also shares the responsibility of driving sustainable growth in the country,” said Abraham Lim, Secure Power Director at Schneider Electric Philippines. “We offer a wide range of solutions, products and services to help businesses optimize energy consumption, reduce carbon emissions, and improve overall efficiency.”

Organizations often face challenges in transitioning to greener and cleaner practices due to concerns about the associated costs of materials, resources, and technology. However, the cost of not prioritizing sustainability far outweighs the initial investment required to adopt environmentally conscious business practices.

“The cornerstone of a sustainable transformation lies in examining the core values that underpin an organization’s operations. It is the duty of business leaders to take charge and implement the appropriate solutions that can reinforce the company’s sustainability DNA,” Lim explained. “Schneider Electric Philippines supports this mission by providing innovative technologies and expertise to help businesses align their strategies with sustainability goals.”

Businesses in the Philippines have a tremendous opportunity to enhance their long-term value by embracing sustainability at both the strategic and operational levels. Taking proactive measures to minimize environmental harm and ensure long-term resilience is crucial, and one way to achieve this is through the adoption of circular economy practices.

“As part of our sustainability commitment, Schneider Electric continues developing innovative approaches that reimagine product design, business models, and services with circularity in mind. For example, EcoFit™, an approach used by Schneider Electric to modernize the electrical, critical power, cooling, and automation systems that sustains customer’s business operations, all while enhancing their environmental credentials. This involves outfitting businesses with advanced, digitally driven electrical solutions and active engagement in sustainable, circular practices,” Lim shared.

Embracing digital technologies with the potential to decarbonize industries is a key driver for businesses to achieve their Net Zero goals more expeditiously. Recent analysis indicates that if these digital use cases are scaled up, they could potentially reduce emissions by 20% by 2050.

Technology has evolved to enable Electricity 4.0, facilitating the decarbonization and decentralization of industries, while creating a more electric, digital, and sustainable world. It offers enhanced control, optimization, and analytics, revolutionizing our approach to energy efficiency. Schneider Electric Philippines plays a significant role in this transformation by providing cutting-edge digital solutions that help businesses improve their sustainability performance.

“The Philippines, with its unique vulnerabilities to climate change, stands to benefit greatly from the implementation of sustainable development practices and the integration of ESG principles into business practices–and we are committed to supporting the journey through our innovations,” concluded Lim.