State pension fund Government Service Insurance System has invested in the world’s first ever Energy Transition Mechanism (ETM) initiative for the South Luzon Thermal Energy Corporation (SLTEC) amounting to Php2.2 billion. The partnership was sealed after GSIS and Ayala-led ACEN signed a memorandum of agreement on Monday, 7 November, at the ACEN headquarters in Makati City.
GSIS President and General Manager (PGM) Wick Veloso (center) in a statement said “we will fully support investments that prioritize optimal environmental, social, and governance (ESG) factors or outcomes consistent with our corporate social responsibility. This investment will not only yield high dividends for GSIS that will help us further strengthen our actuarial life, but will also give GSIS the opportunity to help the government address climate change by supporting green energy projects.”
ETM aims to retire existing coal-fired power plants on an accelerated schedule and replace them with clean power.
In photo L-R: RCBC Executive Vice President and Head of Corporate Banking Group Elizabeth Coronel, BPI Senior Vice President and Group Head Barbara Untalan, GSIS PGM Wick Veloso, ACEN President and CEO Eric Francia, InLife Chairperson Nina Aguas, and EPHI President Ronald Goseco.
