Philippines’ Ayala seeks to fully divest from coal by 2030

Bloomberg

Ayala Corp, the Philippines’ oldest conglomerate, aims to fully divest from coal by 2030, a rare rebuke of the fuel in a region where its use is expected to grow.
Ayala’s power-generation unit, AC Energy Philippines Inc, will also boost investments in renewable generation as it transitions to a low-carbon portfolio, President Eric Francia said in a live-streamed annual stockholders meeting in Manila.
The company will “now focus on renewable investments and we will not be making additional investments in coal plants,” Francia said.
However, it remains open to natural gas- or diesel-fired power “that complement our renewable assets and developments.” The company joins a growing chorus of
commitments by conglomerates, banks and governments to move away from coal, the most widely used and most-polluting fossil fuel for power generation.
Southeast Asia is one of the last remaining growth markets for the fuel, as it’s seen as a cheap and
reliable electricity source for rapidly developing economies.
Ayala owns shares in two coal-fired power plants and a third that’s under construction. The company last year sold its stake in a 552-megawatt coal power plant in Kauswagan in province of Lanao del Norte.