A Three-Pronged Victory! The Asia Responsible Enterprise Awards 2024 Recognizes Energy Development Corporation Under its Social Empowerment, Green Leadership, and Corporate Sustainability Reporting Categories

SINGAPORE, Sept. 5, 2024 /PRNewswire/ -- The Asia Responsible Enterprise Awards (AREA) 2024 honored Energy Development Corporation (EDC) as an outstanding business leader, championing sustainable and responsible business practices. Presented by leading NGO Enterprise Asia, the AREA is the most reputable award recognition program recognizing organizational efforts in creating a culture of compassion, integrity and being socially responsible corporate citizens. The awards ceremony took place in the evening following the Asia Economic Forum (AEF) 2024, which was held earlier in the day, bringing together the region's top leaders to discuss pressing economic issues and serving as a catalyst to propel Asia's economic trajectory forward.

During the awards ceremony, Energy Development Corporation (EDC) was announced as a winner under the Social Empowerment, Green Leadership, and Corporate Sustainability Reporting categories. Showcasing its commitment to social empowerment, the company's 'EDC's Baslay Coffee Farm: Brewing a Regenerative Future' project includes developing a replicable, scalable, profitable, and sustainable livelihood model for Barangay Baslay and the nearby communities in Dauis. Alongside this, the company targets covering 100 hectares to rehabilitate and transform the land previously used for kaingin (slash-and-burn farming).

EDC organized the Baslay Farmers Association (BFA) in 1985, which was later renewed as the Baslay Highland Agriculture Farmers Cooperative (BHAFC) group by converting former kaingineros (practitioners of slash-and-burn farming) into environmental stewards. By 2021, BHAFC had increased its membership, reclaimed forest areas, cultivated coffee beans, and restored over 100 species of bird in the Baslay forests.

Proving the company's abilities as a green leader, the "EDC BINHI: 15 Years of Greening the Future" project (henceforth referred to as "BINHI"), addresses critical environmental and social issues related to deforestation, loss of biodiversity, and the impacts of climate change in the Philippines. This is EDC's banner CSR initiative.

For 15 years, "BINHI" has been instrumental in helping EDC secure a future of cleaner, regenerative energy for Filipinos. EDC is the only Philippine company that absorbs more carbon than it emits. In 2022, its renewable energy operations avoided nearly 7 million tonnes of CO² equivalent, while "BINHI"-designated forests absorbed over 1.7 million tonnes of CO² emissions.

At the heart of EDC's overall operations is its mission to forge collaborative pathways for a decarbonized and regenerative future, adopting the Stakeholder Pentad Framework to guide and outline its corporate relationships. EDC has been using its annual ESG reports as a siren call for everyone to take a strong stand for the environment. In the same manner, the company believes that it is vital to cascade its 'REgenerative' mission (emphasis on RE for renewable energy) to its stakeholders through this online publication.

In the company's 2022 Integrated Report (IR), EDC shares stories that are organized around the six capitals: Financial, Natural, Manufactured, Intellectual, Social and Relationships, and Human Capital. These narratives bring EDC's mission of 'REgeneration' to life and address topics important to its stakeholders. The IR voluntarily discloses the company's ESG performance and effectively communicates to stakeholders about EDC's 'REgenerative' journey.

EDC is dedicated to empowering local communities and impressing the principles of altruism and compassion to stakeholders. These actions are intended to have long-term sustainability in society by elevating the people with more equitable opportunities and prompting proactive action.

About Enterprise Asia

Enterprise Asia is a non-governmental organization in pursuit of creating an Asia that is rich in entrepreneurship as an engine toward sustainable and progressive economic and social development within a world of economic equality. Its two pillars of existence are investment in people and responsible entrepreneurship. Enterprise Asia works with governments, NGOs, and other organizations to promote competitiveness and entrepreneurial development, uplifting the economic status of people across Asia and ensuring a legacy of hope, innovation, and courage for future generations. Please visit https://www.enterpriseasia.org/ for more information.

About Asia Responsible Enterprise Awards (AREA)

The Asia Responsible Enterprise Awards program recognizes and honors Asian businesses for championing sustainable and responsible entrepreneurship in the categories of Green Leadership, Investment in People, Health Promotion, Social Empowerment, Corporate Governance, Circular Economy Leadership, Corporate Sustainability Reporting, and Responsible Business Leadership. For more information, visit https://enterpriseasia.org/area/.

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