EDC Integrated Report 2022
About the Report
We are proud to present the 2022 Integrated Report <IR> of the Energy Development Corporation (EDC), 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, 2022.
The EDC 2022 Integrated Report centers on various aspects, such as our different capitals, systematized approaches, and stories. We utilize this approach to ensure we transparently report 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 ten 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:
We’ve added more value to our report by integrating the EDC Stakeholder Pentad Framework with our capitals. This framework is based on our mission and helps us understand our relationships with stakeholders and shareholders.
The Stakeholder Pentad Framework is a powerful tool that guides our decision-making. It emphasizes the need to balance the needs of all five stakeholders: our customers, co-creators (employees, suppliers, contractors), the Earth, communities, and investors.
Integrating our capitals with our stakeholder framework shows how each capital is essential to our stakeholders and how they contribute to our mission of creating collaborative pathways towards a decarbonized and regenerative future.
We welcome feedback and appreciate suggestions for making our report more meaningful and valuable to our stakeholders. For comments and suggestions, please get in touch with:
Corporate Communications Department
Energy Development Corporation (EDC)
corpcomm@energy.com.ph
Reporting Framework and Standards
Integrated Reporting
IR Standards
Global Reporting
Initiative (GRI) Standards
Task Force for
Climate-related Financial Disclosures (TCFD)
In 2020, EDC shifted to the International Integrated Report Framework to enhance the integration of its capitals within its business operations and its strategies to create value over time for its stakeholders and shareholders. These capitals are financial, manufactured, human, social and relationship, intellectual, and natural. With this framework, EDC can improve the quality of information it discloses and enhance accountability and stewardship among the capitals and their interdependencies.
EDC prepared this report following the GRI Standards: Comprehensive option. EDC has been using the GRI Standards to disclose and discuss its material topics for over ten (10) years. It takes advantage of the modularity, clear structure, and comparability of the relevant disclosures of the framework.
The GRI Standards are among the most widely used as they are considered the gold standard in sustainability reporting. Organizations use it to report their economic, environmental, and societal impacts.
The TCFD is established to develop climate-related disclosures and further understand the concentrations of carbon-related assets and exposures to climate-related risks. The EDC 2022 Integrated Report follows the TCFD Framework, ensuring that the governance structures, business strategies, environmental impacts and disclosures, and future metrics and targets of the Company are aligned with the global requirements.
External assurers have rigorously reviewed the EDC 2021 Integrated Report to ensure the accuracy and balance of disclosures. EDC will use its insights and recommendations to enhance and guide our organization’s reporting practices and disclosures.
TCFD Recommended Disclosures
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
Our mission is to create a regenerative society through collaboration. We have adopted the Stakeholder Pentad Framework to guide our organization and outline our relationships with those we serve, partner with, and work with. This ecosystem approach requires us to balance the needs of our five stakeholders in a way that creates exponential good: customers, co-creators (employees, suppliers, contractors), Earth, communities, and investors.
Our Stakeholder Engagement
Customers
We are committed to meeting our customers’ needs for reliable and affordable renewable energy while continuously improving all our capitals to ensure their satisfaction and contribute to the interests of our other stakeholders.
Material Issues
Materials and resource management
Resource allocation
- Risks and crisis management
Our Response
We prioritize delivering a reliable source of clean, 100% renewable power at competitive rates and continuously find ways to deliver value-adding services. We maintain compliance with all national and local regulations, ensuring adherence to industry standards.
EDC also built a Business Continuity Management (BCM) System that addresses disaster response, crisis management, and business recovery. We create BCM teams (such as Crisis Management Committees, Incident Management Teams, and Business Recovery Teams) across all sites to carry out these plans. We regularly update our BCM plans and strategies based on risk reviews.
We ensure the sustainability and reliability of our steam resource by: (1) minimizing steam outages through asset repairs (asset reliability), (2) maintaining generation according to sweet spot levels and addressing risks related to injection security and decline rate (resource health), (3) planning for a stable long-term DOP and delivering make up steam at lowest cost/MW (steam augmentation); (4) and developing new geothermal capacity from greenfields while leveraging breakthrough technology to de-risk and reduce cost of development (growth).
Co-Creators
We foster a culture that cares for the well-being of our co-creators, including our employees, suppliers, and contractors, by investing in their manufactured and intellectual capitals to enable their professional and personal growth. We empower them to realize their full potential in an environment that values accountability, performance orientation, and teamwork.
Material Issues
- Labor practices
Diversity, equality, and inclusion
- Training and Development
- Occupational Health and Safety systems
- Innovation management
Our Response
We prioritize creating a safe, healthy, inclusive, and thriving work environment for our employees to enable them to deliver optimal value to our stakeholders. We proactively communicate with our employees to understand and address their needs.
We embed our mission of a decarbonized and regenerative future in our employees, encouraging them to bring their authentic selves to work and participate in mission-related activities. Our HR systems are continuously recalibrated to support employee development and attract top talents who share our mission.
Earth
We prioritize being better stewards of the Earth and fulfilling our duty as environmental advocates by using our heritage and expertise. We also inspire change through livelihood opportunities, education for the youth, and biodiversity protection to rehabilitate nature and elevate lives in the places we operate and their surrounding areas.
Material Issues
- Materials and resource management
- Environmental compliance
- Environmental policy
- Land use and biodiversity
- Carbon intensity
- Carbon sequestration
Our Response
Our commitment to protecting and restoring the natural environment guides our operations. We prioritize non-toxic offerings and comply with local and national laws and regulations on environmental impacts.
To minimize negative impacts, we continuously implement a robust environmental management system aligned with ISO standards. Our employees are empowered to contribute to reducing the organization’s environmental footprint. Our efforts include reforestation and land and marine biodiversity protection to conserve natural ecosystems.
Communities
In every step and decision, we are driven by our promise to elevate lives and rehabilitate nature in places where we operate and their surrounding areas. We inspire change through livelihood opportunities, education for the youth, and biodiversity protection. We also dedicate ourselves to giving back to our host communities, which comprise our social and relationship capital.
Material Issues
- Impact and contributions to local communities
Our Response
We proactively engage with the communities in which our operations are located to gather their insights and feedback and meet their needs. We prioritize empowering communities for self-sufficiency while respecting and protecting their human rights.
Investors
We establish trust with our investors and operate to create a regenerative society that allows nature to flourish and humanity to prosper alongside an advancing economy.
Material Issues
Our Response
We prioritize actively communicating our progress to investors and shareholders through board and committee meetings, our annual stockholders’ meeting, corporate filings, including the Integrated Report, Financial Statements, and Corporate Governance Report. We respond to their queries and work to implement their recommendations to continuously improve our operations and ensure optimal business and capital performance.
About the Report
We are proud to present the 2022 Integrated Report <IR> of the Energy Development Corporation (EDC), 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, 2022.
The EDC 2022 Integrated Report centers on various aspects, such as our different capitals, systematized approaches, and stories. We utilize this approach to ensure we transparently report 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 ten 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:
We’ve added more value to our report by integrating the EDC Stakeholder Pentad Framework with our capitals. This framework is based on our mission and helps us understand our relationships with stakeholders and shareholders.
The Stakeholder Pentad Framework is a powerful tool that guides our decision-making. It emphasizes the need to balance the needs of all five stakeholders: our customers, co-creators (employees, suppliers, contractors), the Earth, communities, and investors.
Integrating our capitals with our stakeholder framework shows how each capital is essential to our stakeholders and how they contribute to our mission of creating collaborative pathways towards a decarbonized and regenerative future.
We welcome feedback and appreciate suggestions for making our report more meaningful and valuable to our stakeholders. For comments and suggestions, please get in touch with:
Corporate Communications Department
Energy Development Corporation (EDC)
corpcomm@energy.com.ph
Reporting Framework and Standards
Integrated Reporting
IR Standards
In 2020, EDC shifted to the International Integrated Report Framework to enhance the integration of its capitals within its business operations and its strategies to create value over time for its stakeholders and shareholders. These capitals are financial, manufactured, human, social and relationship, intellectual, and natural. With this framework, EDC can improve the quality of information it discloses and enhance accountability and stewardship among the capitals and their interdependencies.
Global Reporting
Initiative (GRI) Standards
EDC prepared this report following the GRI Standards: Comprehensive option. EDC has been using the GRI Standards to disclose and discuss its material topics for over ten (10) years. It takes advantage of the modularity, clear structure, and comparability of the relevant disclosures of the framework.
The GRI Standards are among the most widely used as they are considered the gold standard in sustainability reporting.
Organizations use it to report their economic, environmental, and societal impacts.
Task Force for
Climate-related Financial Disclosures (TCFD)
The TCFD is established to develop climate-related disclosures and further understand the concentrations of carbon-related assets and exposures to climate-related risks. The EDC 2022 Integrated Report follows the TCFD Framework, ensuring that the governance structures, business strategies, environmental impacts and disclosures, and future metrics and targets of the Company are aligned with the global requirements.
External assurers have rigorously reviewed the EDC 2021 Integrated Report to ensure the accuracy and balance of disclosures. EDC will use its insights and recommendations to enhance and guide our organization’s reporting practices and disclosures.
TCFD Recommended Disclosures
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
Our mission is to create a regenerative society through collaboration. We have adopted the Stakeholder Pentad Framework to guide our organization and outline our relationships with those we serve, partner with, and work with. This ecosystem approach requires us to balance the needs of our five stakeholders in a way that creates exponential good: customers, co-creators (employees, suppliers, contractors), Earth, communities, and investors.
We are committed to meeting our customers’ needs for reliable and affordable renewable energy while continuously improving all our capitals to ensure their satisfaction and contribute to the interests of our other stakeholders.
Our Stakeholder Engagement
Customers
We are committed to meeting our customers’ needs for reliable and affordable renewable energy while continuously improving all our capitals to ensure their satisfaction and contribute to the interests of our other stakeholders.
Material Issues
Materials and resource management
Resource allocation
- Risks and crisis management
Our Response
We prioritize delivering a reliable source of clean, 100% renewable power at competitive rates and continuously find ways to deliver value-adding services. We maintain compliance with all national and local regulations, ensuring adherence to industry standards.
EDC also built a Business Continuity Management (BCM) System that addresses disaster response, crisis management, and business recovery. We create BCM teams (such as Crisis Management Committees, Incident Management Teams, and Business Recovery Teams) across all sites to carry out these plans. We regularly update our BCM plans and strategies based on risk reviews.
We ensure the sustainability and reliability of our steam resource by: (1) minimizing steam outages through asset repairs (asset reliability), (2) maintaining generation according to sweet spot levels and addressing risks related to injection security and decline rate (resource health), (3) planning for a stable long-term DOP and delivering make up steam at lowest cost/MW (steam augmentation); (4) and developing new geothermal capacity from greenfields while leveraging breakthrough technology to de-risk and reduce cost of development (growth).
Co-Creators
We foster a culture that cares for the well-being of our co-creators, including our employees, suppliers, and contractors, by investing in their manufactured and intellectual capitals to enable their professional and personal growth. We empower them to realize their full potential in an environment that values accountability, performance orientation, and teamwork.
Material Issues
Our Response
We prioritize creating a safe, healthy, inclusive, and thriving work environment for our employees to enable them to deliver optimal value to our stakeholders. We proactively communicate with our employees to understand and address their needs.
We embed our mission of a decarbonized and regenerative future in our employees, encouraging them to bring their authentic selves to work and participate in mission-related activities. Our HR systems are continuously recalibrated to support employee development and attract top talents who share our mission.
Earth
Material Issues
Our Response
Our commitment to protecting and restoring the natural environment guides our operations. We prioritize non-toxic offerings and comply with local and national laws and regulations on environmental impacts.
To minimize negative impacts, we continuously implement a robust environmental management system aligned with ISO standards. Our employees are empowered to contribute to reducing the organization’s environmental footprint. Our efforts include reforestation and land and marine biodiversity protection to conserve natural ecosystems.
Communities
In every step and decision, we are driven by our promise to elevate lives and rehabilitate nature in places where we operate and their surrounding areas. We inspire change through livelihood opportunities, education for the youth, and biodiversity protection. We also dedicate ourselves to giving back to our host communities, which comprise our social and relationship capital.
Material Issues
- Impact and contributions to local communities
Our Response
We proactively engage with the communities in which our operations are located to gather their insights and feedback and meet their needs. We prioritize empowering communities for self-sufficiency while respecting and protecting their human rights.
Investors
We establish trust with our investors and operate to create a regenerative society that allows nature to flourish and humanity to prosper alongside an advancing economy.
Material Issues
Our Response
We prioritize actively communicating our progress to investors and shareholders through board and committee meetings, our annual stockholders’ meeting, corporate filings, including the Integrated Report, Financial Statements, and Corporate Governance Report. We respond to their queries and work to implement their recommendations to continuously improve our operations and ensure optimal business and capital performance.
Your feedback is important to us
Please let us know what you think of EDC’s 2022 Integrated Report.
Head Office: Rockwell Business Center Tower 3, Ortigas Avenue, Pasig City, 1604, Philippines
Phone: (+632) 8667.EDC (8667-7332) | (+632) 7752.2332
Email: corpcomm@energy.com.ph
Other Resources
Your feedback is important to us
Please let us know what you think of EDC’s 2022 Integrated Report.
Head Office: Rockwell Business Center Tower 3, Ortigas Avenue, Pasig City, 1604, Philippines
Phone: (+632) 8667.EDC (8667-7332) | (+632) 7752.2332
Email: corpcomm@energy.com.ph
