Download Full 2023 Report

EDC Integrated
Report 2023

EDC Integrated
Report 2023

About the Report

We at Energy Development Corporation (EDC) are proud to present our 2023 Integrated Report (IR), prepared following the reporting framework set forth by the International Integrated Reporting Council (IIRC). This report covers our financial, environmental, social, and governance performance from January 1 to December 31, 2023.

Our 2023 IR centers on various aspects, such as our different capitals, systematized approaches, and stories. We utilize this approach to ensure transparency in reporting our activities and operations to our stakeholders, public and private partners, clients, and communities. As a company, EDC is dedicated to achieving long-term business growth while promoting the inclusive growth of our local communities and the Philippines. Our stories with the communities we work with serve as a testament to this commitment.

For more than 10 years, we have adhered to reporting practices that encompass critical aspects of social, governance, human resource management, health and safety, and environmental responsibility. Our reporting approach has allowed us to showcase our performance beyond financial terms, and in this report, we demonstrate our commitment to elevating everything we touch.

This report also outlines our holistic approach to business, which considers the six distinct but interconnected capitals outlined in the International IR Framework. By strategically utilizing these capitals, we transform them into outputs that add value to our stakeholders. As such, this report features details on our strategy, governance, and management of our capitals, namely:

Financial Capital

Manufactured Capital

Intellectual Capital

Natural Capital

Human Capital

Social & Relationship Capital

About the Report

We at Energy Development Corporation (EDC) are proud to present our 2023 Integrated Report (IR), prepared following the reporting framework set forth by the International Integrated Reporting Council (IIRC). This report covers our financial, environmental, social, and governance performance from January 1 to December 31, 2023.

The EDC 2023 Integrated Report centers on various aspects, such as our different capitals, systematized approaches, and stories. We utilize this approach to ensure transparency in reporting our activities and operations to our stakeholders, public and private partners, clients, and communities. As a company, EDC is dedicated to achieving long-term business growth while promoting the inclusive growth of our local communities and the Philippines. Our stories with the communities we work with serve as a testament to this commitment.

For more than 10 years, we have adhered to reporting practices that encompass critical aspects of social, governance, human resource management, health and safety, and environmental responsibility. Our reporting approach has allowed us to showcase our performance beyond financial terms, and in this report, we demonstrate our commitment to elevating everything we touch.

This report also outlines our holistic approach to business, which considers the six distinct but interconnected capitals outlined in the International IR Framework. By strategically utilizing these capitals, we transform them into outputs that add value to our stakeholders. As such, this report features details on our strategy, governance, and management of our capitals, namely:

Financial Capital

Manufactured Capital

Intellectual Capital

Natural Capital

Human Capital

Social & Relationship Capital

Reporting Framework and Standards

Our 2023 IR uses the following reporting standards to better clarify EDC’s status and position in pursuit of our Mission, Vision, and Purpose. No external assurances were conducted with the 2023 report in line with EDC’s internal company realignments and preparations to integrate

additional reporting frameworks, standards, and disclosures. We are also currently conducting a double materiality analysis to provide our updated material Key Performance Indicator (KPI) in our 2024 IR.

International Reporting (IR) standards

In 2020, EDC shifted to the International Integrated Report Framework to enhance the integration of our capitals with our business operations and strategies to create value over time for our stakeholders and shareholders.

These capitals are financial, manufactured, human, social and relationship, intellectual, and natural. With this framework, we can improve the quality of the information we disclose and enhance accountability and stewardship among the capitals and their interdependencies.

Global Reporting Initiative (GRI) standards

The GRI Standards are among the most widely used reporting frameworks, as they are considered the gold standard in sustainability reporting. Organizations use it to report their economic, environmental, and societal impacts.

We prepared this report following the GRI Standards: Comprehensive option.
We have been using the GRI Standards to disclose and discuss our material topics for over 10 years. We take advantage of the modularity, clear
structure, and comparability of the relevant disclosures in the framework.

International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards

We will align our yearly Integrated Reports with the IFRS disclosure standards moving forward. These standards—developed by the International Sustainability Standards Board (ISSB)—aim to identify sustainability- related and climate-related risks and opportunities that could reasonably be expected to affect the EDC’s prospects.

We have prepared this report in accordance with IFRS S1 disclosures (information about sustainability-related risks and opportunities that are useful to users of general purpose financial reports in making decisions relating to providing resources to the Company) and IFRS S2 disclosures (information about climate-related risks and opportunities that are useful to users of general purpose financial reports in making decisions relating to providing resources to the Company).

International Reporting (IR) standards

In 2020, EDC shifted to the International Integrated Report Framework to enhance the integration of our capitals with our business operations and strategies to create value over time for our stakeholders and shareholders.

These capitals are financial, manufactured, human, social and relationship, intellectual, and natural. With this framework, EDC can improve the quality of the information we disclose and enhance accountability and stewardship among the capitals and their interdependencies.

Global Reporting Initiative (GRI) standards

The GRI Standards are among the most widely used reporting frameworks, as they are considered the gold standard in sustainability reporting. Organizations use it to report their economic, environmental, and societal impacts.

EDC prepared this report following the GRI Standards: Comprehensive option. EDC has been using the GRI Standards to disclose and discuss our material topics for over 10 years. The Company takes advantage of the modularity, clear structure, and comparability of the relevant disclosures in the framework.

International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards

In 2020, EDC shifted to the International Integrated Report Framework to enhance the integration of our capitals with our business operations and strategies to create value over time for our stakeholders and shareholders.

These capitals are financial, manufactured, human, social and relationship, intellectual, and natural. With this framework, EDC can improve the quality of the information we disclose and enhance accountability and stewardship among the capitals and their interdependencies.

Reporting Framework and Standards

Task Force for Climate-Related Financial Disclosures (TCFD)

The Task Force for Climate-Related Financial Disclosures (TCFD) was established to develop climate-related disclosures and further understand the concentrations of carbon-related assets and exposures to climate-related risks. The EDC 2023 Integrated Report follows the TCFD Framework, ensuring that the governance structures, business strategies, environmental impacts and disclosures, and future metrics and targets of our Company are aligned with global requirements.

Sustainability Accounting Standards Board (SASB) Standards

The SASB Standards are designed to provide investors with a concise and focused view of an organization’s sustainability risks and opportunities. These standards outline the sustainability topics and metrics EDC faces with respect to our sustainability issues.

By aligning with the environmental, social, and governance framework as stated by the SASB, we are able to clearly identify, elaborate, and present our response to the various sustainability issues that might impact our financial performance and enterprise value.

TCFD
Recommended
Disclosures

The Task Force for Climate-Related Financial Disclosures (TCFD) was established to develop climate-related disclosures and further understand the concentrations of carbon-related assets and exposures to climate-related risks. The EDC 2023 Integrated Report follows the TCFD Framework, ensuring that the governance structures, business strategies, environmental impacts and disclosures, and future metrics and targets of our Company are aligned with global requirements.

Governance

  • Determine the Board’s oversight of climate-related risks and opportunities
  • Identify the management’s role in assessing and managing climate-related risks and opportunities

Strategy

  • Describe the climate-related risks and opportunities the Company has identified over the short, medium, and long term
  • Describe the impact of climate-related risks and opportunities on the Company’s businesses, strategy, and financial planning

Risk Management

  • Describe the Company’s processes for identifying and assessing climate-related risks
  • Describe the Company’s processes for managing climate-related risks
  • Describe how processes for identifying, assessing, and managing climate-related risks are integrated into the Company’s overall risk management

Metrics and Targets

  • Disclose the metrics used by the Company to assess climate-related risks and opportunities in line with its strategy and risk management process
  • Disclose Scope 1, 2, and 3 GHG emissions and the related risks
  • Describe the targets used by the Company to manage climate-related risks and opportunities and performance against targets

Our Stakeholder Pentad Framework

We continue to use our Stakeholder Pentad Framework to align our organization with collaborative and regenerative goals we uphold in all our partnerships. This framework enables us to make the most progress towards our Vision, Mission, and Purpose.

Our Stakeholder Engagement