Sm Prime

SM Prime, headquartered in the Philippines and operating within the retail trade services sector, has established ambitious climate commitments. For the reporting year 2024, the company reported a total of approximately 4.05 billion kg CO2e emissions. This total comprises approximately 343.2 million kg CO2e of Scope 1 emissions, approximately 748.8 million kg CO2e of Scope 2 emissions, and approximately 2.96 billion kg CO2e of Scope 3 emissions.

Looking at the most recent historical data, SM Prime reported approximately 1.64 billion kg CO2e in total emissions for 2023, with Scope 1, 2, and 3 emissions totalling approximately 104.3 million kg CO2e, 674.6 million kg CO2e, and 864.8 million kg CO2e, respectively. In 2022, total emissions were approximately 1.45 billion kg CO2e, consisting of approximately 95.2 million kg CO2e (Scope 1), 590.1 million kg CO2e (Scope 2), and 769.6 million kg CO2e (Scope 3).

SM Prime has set a target for Net Zero by 2040. To support this long-term goal, the company has committed to near-term reductions aligned with a 1.5°C pathway. Their initial minimum ambition targets included a 46.2% reduction in Scope 1 and 2 emissions and a 27.5% reduction in Scope 3 emissions by 2030, based on 2019 levels. More ambitiously, SM Prime has set targets for a 70% reduction in Scope 1 and 2 emissions and a 50% reduction in Scope 3 Category 13 emissions by 2030, utilising recent data and an updated energy efficiency index.

The company's climate targets are cascaded from SM Prime Holdings, Inc., its parent organisation. While S&P Global data indicates SM Prime Holdings, Inc. has had previous net-zero commitments, some near-term commitments appear to have been removed or expired as of June 2023.