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| SM City Marikina (Image Source: INQUIRER.net/SM Prime Holdings Inc.) |
SM Prime Holdings Inc. (SM Prime), one of Asia's leading real estate and property developers, remains committed to ensuring the integration of climate adaptation and sustainability into its projects while expanding partnerships with government and other stakeholders to grow more resilient communities. SM Prime's executive committee chairman Hans T. Sy believes that the government and private sector must work together in finding solutions for greater resiliency so disaster risk reduction is one of its core business strategies. “Resilience is not just a word, it is a way of life. It is a commitment to ensure that we act on our responsibility to care for others and that no one is left behind,” said Sy. SM Prime recently marked its 30th year as a publicly-listed company highlighted by its exemplary track record of sustainable development.
Sy said climate adaptation and resilience are keys to thriving despite damage and losses brought about by climate change and SM has translated this to action with a significant portion of its capital expenditure allocated to incorporate resiliency and sustainability in its infrastructure designs. As an engineer, Sy said he remains passionate about constructing well-designed structures that are not only efficient, but also strong and resilient. Sy sits on the Philippine board of ARISE Private Sector Alliance for Disaster Resilient Societies of the United Nations and he is co-chairman of the National Resilience Council, a private-public sector initiative whose goal is to strengthen the resilience of local government units. SM Prime’s mall arm SM Supermalls has been leading in climate adaptation through effective mitigation of flood risks in the communities where these malls serve. SM Supermalls head of corporate compliance and sustainability Liza Silerio said a prime example is the network of more than 25 rainwater catchment basins strategically positioned in SM malls across the country. These reservoirs act as crucial buffers during heavy downpours, collecting and holding excess rainwater to prevent flooding in surrounding communities. “We've seen firsthand how our catchment basins have spared communities around our malls from severe flooding during typhoons like Carina. This validates our commitment to investing in sustainable and resilient infrastructure,” said Silerio.
Silerio cited the SM Mall of Asia Complex, designed with a sturdy seawall to protect the surrounding communities from potential storm surges or rising sea levels. The property also uses specialized foundation systems to provide more robust protection against liquefaction and seismic events. The first of catchment basins, built at SM City Masinag in 2011, has a capacity of 17,681 cubic meters – equivalent to over seven Olympic-sized swimming pools. Located underneath the premises of these catchment basin malls, the combined rainwater reservoirs have a total capacity of 85,272 cubic meters, collecting floodwaters and protecting nearby communities. Also, the United Nations Office for Disaster Risk Reduction (UNDRR) recognized SM City Marikina for being a prepared facility during calamities. Its proximity to the Marikina River and the area’s flood history necessitated the mall’s elevation onto 246 concrete stilts, allowing flood water to enter and flow through the structure away from residential areas and avoid damage to the mall itself. Silerio assured that the SM malls have facilities and structures that take into account natural hazards, thus protecting communities around them.
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| A top-view look at the Solar Photovoltaic (PV) System Rooftop ar the SM Mall Of Asia (MOA) Square in the Mall Of Asia Complex in Pasay City (Image Source: Manila Standard/SM Prime Holdings Inc.) |
Meanwhile, as part of its net-zero commitment by 2040, SM Prime partnered with global integrated energy company TotalEnergies for the installation of a 2 Megawatt-peak (MWp) Solar Photovoltaic (PV) System Rooftop project in Pasay City. The partnership venture aligns with SM Prime’s efforts in expanding its renewable energy portfolio and affirms TotalEnergies’ commitment to advancing renewable energy solutions in various urban settings. Designed with a power yield of 3,000 Megawatt-hour (MWh) of electricity annually, the solar partnership project has over 3,672 PV panels installed and is expected to provide huge cost savings for SM Prime. Located at the MOA Square in the Mall of Asia Complex, the solar installations are expected to reduce the building’s carbon footprint by about 1,430 tons of carbon dioxide (CO2) emissions annually. "SM Prime is proud to work alongside TotalEnergies on this project. This partnership is our commitment to sustainability and achieving Net Zero by 2040. We are also taking a proactive stance in supporting the Department of Energy’s (DOE) target of reaching 35% renewable energy by 2030. Together, we’re driving meaningful change towards a more environmentally conscious future," said SM Prime Chief Finance Officer John Nai Peng Ong. “We are thrilled to announce the successful deployment of solar rooftop installations at the Mall of Asia in the Philippines, marking a significant achievement in both environmental and economic sustainability for SM Prime,” said TotalEnergies Renewables Distributed Generation Asia Managing Director Elodie Renaud.
For the past few years, SM Prime continues to grow its partnerships with key clean energy players, leveraging its relationships and earned experiences to drive its environmental stewardship campaign. Capitalizing on these partnerships has provided for SM Prime huge economic, environmental, and social dividends. In 2022, SM Prime secured a long-term deal with AboitizPower for its clean energy supply. Under the agreement, AboitizPower will provide reliable and responsibly-sourced energy from Tiwi-MakBan Geothermal Power Plants and PV Sinag’s Power Plants, operated and managed by AboitizPower subsidiary Aboitiz Renewables Inc. (ARI). The following year, SM Prime signed a memorandum of agreement with Citicore Renewable Energy Company (CREC) wherein SM Prime will source 90 megawatts (MW) from CREC’s upcoming Lumbangan Solar Power Plant in Tuy, Batangas. Apart from contributing to the DOE’s 35% renewable energy goal by 2030, all these partnerships are aligned with the energy department and Energy Regulatory Commission’s (ERC) policy of expanding the adoption of Retail Competition and Open Access (RCOA) in the energy industry. To date, SM Prime currently sources at least 50% of its electricity utilization from clean, renewable energy and continues to support the Philippine government’s aim to increase the country's renewable energy supply component to 50% by the year 2040.
SM Prime remains committed to its role as a catalyst for economic growth, delivering innovative and sustainable lifestyle cities, thereby enriching the quality of life of millions of people. SM Prime is pursuing the next horizon on integrated property development and onward to building sustainable cities of the future.
