CREIT Receives Environmental Stewardship Award
The country's first energy REIT, Citicore Energy REIT Corporation, was named Most Committed to Environmental Stewardship, Most Committed to High Governance Best Standards, and Most Committed to Social Causes.
Photo Insert: In the Philippines, CREIT pioneered the Agro-Solar model, an out-of-the-box approach encouraging the coexistence of solar power harvesting and vegetable production.
These three awards are just among the seven Country awards that CREIT garnered during the recently concluded FinanceAsia’s 22nd Best Companies in Asia Poll.
CREIT debuted on the Philippine Stock Exchange on February 22, 2022, as the country's first renewable energy-themed REIT, a trailblazer among the market's standard commercial REITs as it offers an investment medium with great potential.
The awards CREIT received showcase the company's commitment to the highest standards on environmental concerns, governance, and most especially to its employees and the public it serves.
For example, as the world's economy grappled with Covid-19 in 2021, the Company prioritized the needs of its employees and partner communities. This included bolstering its Environmental, Social, and Governance (ESG) platform, which FinanceAsia's 2022 Philippines' Best CEO Oliver Tan views as critical in light of the health crisis' crippling impact on overall families and communities.
Tan emphasized that “CREIT remains supportive of the country’s desire to return to pre-COVID levels and always looks after the welfare of Filipino families. We are glad to be in the energy sector, which remains resilient due to a sustained demand for electricity amid remote work arrangements and enables us to further extend assistance to our partner communities.”
In the Philippines, the company has also pioneered the Agro-Solar model, an out-of-the-box approach, which encourages the coexistence of solar power harvesting and vegetable production.
This model involves planting various root crops and vegetables beneath solar panels to supplement the income of community farmers living near CREIT properties, with the long-term goal of improving Filipino communities through good energy and empowering investments through green revenue sources.
“Our ESG standards serve as the baseline in achieving our triple bottom-line goal of environmental, social, and economic sustainability and we remain thankful to our business partners and investors for recognizing and appreciating our drive to enhance our ESG program to secure the Company’s long-term sustainable growth,” Tan concluded.
Despite being a relative newcomer to the energy industry, CREIT outperformed other nominees from Thailand, Taiwan, Pakistan, Malaysia, India, and Hong Kong, among others, to gradually rank among the companies in the region that exhibited notable corporate behavior and performance over the past 12 months.