Meralco's first vice president and chief sustainability officer Raymond Ravelo has been awarded this accolade in recognition of his leadership for Meralco's transformational sustainability programmes that resulted in the Filipino electric power distribution company achieving its highest ESG scores and ratings to date.
A key initiative established by Ravelo is Meralco's long-term sustainability strategy, through which the company has committed to build 1,500 MW of renewable energy capacity and secure 1,500 MW of renewable supply by 2030. To date, Meralco reports that it has built three solar farms and has secured clean energy contracts amounting to nearly 1,900 MW.
Ravelo commented: "This pledge and earnest shift to clean energy is at the core of our sustainability journey, and this commitment solidifies our drive to bring to life projects that will help serve the Philippines' growing energy demand with greener, more Earth-friendly power."
Appointed in 2020, Ravelo has helped launch initiatives to electrify Meralco's vehicle fleet and reduce waste. By the end of 2022, Meralco's vehicle electrification stood at 7% of the fleet, exceeding the Philippine government-mandated 5%, with 156 electric vehicles deployed. In line with its 'Race to Zero Waste programme', Meralco reports an all-time high waste diversion rate of 96%, from a baseline of 17% in 2019.
Ravelo was also instrumental in the development of a corporate gender diversity and inclusion programme. Meralco has now reached 23% female representation in its workforce, which it says is close to double the global energy sector average. Meralco is a member of the Bloomberg Gender Equality Index and reports it was the first Phillippine utility to be included.
In addition, he led the Meralco Supplier Sustainability Scorecard to assess the company's vendors on sustainability criteria. To date, 93% of Meralco's top supply chain partners are compliant with Meralco's sustainability standards, it says.
As a result of these initiatives, Meralco's ESG rating was upgraded by MSCI to BBB in 2022 following a B rating in 2018 and its CDP Climate Change and Water Security scores rose from F to C in the same period.
Furthermore, FTSE Russell included Meralco in the FTSE4Good Index Series, only the second Philippine power company to achieve this. Finally, the company has been included in the World Benchmarking Alliance's (WBA) SDG2000 group.
"Such recognition from our peers and stakeholders gives us great pride as it reflects our earnest commitment to sustainability," Ravelo said. "Inspired by these achievements, and more so by the positive transformation and impact our efforts have had on all we serve, we will continue placing sustainability at the core of all we do as a company as we help bring forth a better normal and a brighter future for all."