TeaM Energy Sustainability Report Receives A+ Rating
First for a local company
23 May 2012
TeaM Energy Corporation was given an A+ rating for its 2010 Sustainability Report by the Netherlands-based Global Reporting Initiative (GRI), an independent, well-respected organization that prescribes industry-adapted guidelines for sustainability reporting.
“This is an extremely proud moment for all of us at TeaM Energy. We pushed for a high volume of disclosures from our end as we wanted to be as transparent as possible while also sharing how our company has worked with government and our host communities in uplifting socio-economic conditions in the country. We also believe that to have an excellent environmental performance, we have to be vigilant in reviewing our business operations systems and practices,” said Federico E. Puno, President and CEO of TeaM Energy.
To date, the company is the first and only locally operating Philippine company to achieve such a distinction. To secure the A+ Rating, TeaM Energy fulfilled the relevant indicators set by the GRI covering Economic and Environmental Performance, Labor Practices, Human Rights, and Social Performance. The disclosures were closely scrutinized by an External Review Committee composed of experts in various fields, to ensure compliance with GRI standards.
The GRI rating confirms that TeaM Energy’s “From Black to Light” 2010 Sustainability report fulfills the requirement of Application Level A+, most notably the total number of performance indicators that were made public.
The report aptly captures the company’s strategy in addressing the fundamental challenge of sustainability, and presents detailed discussion of the company’s economic, social and environmental impacts, thereby increasing stakeholders trust.
“Attaining such distinction demonstrates our commitment to lead in the industry, not just as an energy producer, but also in terms of corporate sustainability. With this, we promote transparency and accountability to a broad range of stakeholders — our employees, customers, shareholders, and communities where we operate,“ Puno added.
TeaM Energy published their first Sustainability Report in 2009. Through energizing communities and engaging various stakeholders, the company is able to magnify its contributions to the nation while safeguarding the sustainability of its business.
TeaM Energy is a partnership between noted Japanese firms Tokyo Electric Power Company and Marubeni Corporation. It is one of the largest Independent Power Producers in the country with more than 2,000 megawatts (MW) of installed generating capacity nationwide. It operates two clean coal facilities, the 735 MW Pagbilao Power Station in Quezon Province and the 1218 MW Sual Power Station in Pangasinan. It also has a 20% stake in the 1200 MW gas-fired plant in Ilijan, Batangas.