Manila Water Achieves Improved ESG Ratings with Strengthened Commitment to Sustainability
Manila Water shows significant enhancement in its Environmental, Social, and Governance (ESG) ratings, with notable improvements across both MSCI and Sustainalytics platforms. The company's overall increase in ratings is attributed to heightened ESG management, particularly in human capital and environmental management.
Manila Water's MSCI rating has advanced from B to BB, driven by the company's continued dedication to environmental stewardship. Notably, this improvement reflects the enhancement of biodiversity management practices, particularly evident in the strengthened watershed management programs. As of the third quarter of 2023, Manila Water has actively contributed to the preservation of critical watersheds in General Nakar, Ipo, La Mesa, Nabaoy, Pan-as Hayiban, and Villa Maria. Additionally, Manila Water has successfully planted 255,000 trees toward its biodiversity target of 580,000 trees by 2025.
Similarly, Sustainalytics gave Manila Water a 5-point improvement in its ESG Risk rating, reducing from 27.5 to 22.1. This reduction signifies the company's decreased exposure to various material ESG issues, indicating a more robust risk management approach. Furthermore, Manila Water achieved a 9-point improvement in its management approach score, rising from 53.2 to 62.2. This signifies the strength and efficacy of the company's ESG programs, practices, and policies.
The improvements in Sustainalytics' ESG Risk rating are attributed to advancements in the management approach to crucial areas such as human capital, business ethics, and product governance.
"We are pleased to witness the positive outcomes of our steadfast commitment to sustainability. The improved ESG ratings reflect our dedication to responsible practices and the effective management of environmental, social, and governance challenges. Manila Water will continue to innovate and lead in sustainable initiatives, ensuring a resilient and responsible future for all," says Manila Water President and CEO Jocot de Dios.
These accomplishments underscore Manila Water's continuous efforts to integrate sustainability into its core operations, fortifying its position as a leader in responsible business practices and contributing to the global climate action agenda.