THE OPERATOR of the 35 SM malls nationwide is aiming to join the carbon credit trade and use the proceeds to stage other environment-friendly projects, company executives yesterday said.

‘We … [did] the study about a year and a half ago. We have already evaluated it. It is only a question of submitting [the carbon trading application] or not,’ said Annie S. Garcia, president of Shopping Center Management Corp. (SCMC).

SCMC, an unlisted firm controlled by the family of retail magnate Henry Sy, operates all SM malls nationwide that are owned by listed SM Prime Holdings, Inc.

One carbon credit allows the holder to emit one metric ton of carbon dioxide. Credits can be traded in international markets, obtained from firms that cut emissions, usually through renewable energy, energy efficiency, and reforestation projects.

This is made possible by the 1997 Kyoto Protocol, whose ‘clean development mechanism’ allows rich countries to meet emission targets by purchasing developing countries’ credits. It is also possible for firms to exchange carbon credits outside the treaty.

Ms. Garcia did not mention how much carbon credits SCMC might sell, but said that ‘it is something that we can earn [from].’

UN-accredited carbon trading and consultancy firm Endesa Carbono held talks with the firm three years ago, she said, but no further negotiations have been held since.

Liza B. Silerio, assistant vice-president for operations of SCMC, said the project would involve ‘energy-efficient’ air conditioning.

SM Supercenter Pasig mall manager Raffy M. Maglalang said SCMC had so far spent about P300-P400 million since 2002 to reduce electricity consumption by as much as 67 million kilowatt-hours.

‘That is the bulk [of our spending for energy efficiency] but that will increase,’ he said.

SCMC will spend P50 million this year for environmental programs in all SM malls, of which most are in the Luzon — from a report by N. J. C. Morales