Energy & Science
Philippines’ Oldest Conglomerate to Get Out of Coal by 2030
- Ayala Corp.’s energy arm to boost investment in renewables
- Company owns stakes in three coal-fired power developments
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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 on Monday.