Federico R. Lopez2016 has been a year with many notable milestones for the FPH Group. It opened with the move to our new corporate headquarters at Rockwell Business Center, allowing us more opportunities for collaboration across the FPH Group companies. Midyear, at the annual shareholders’ meeting of FPH, we made public our group’s stance that we will no longer consider building, developing or investing in coal-fired power plants. We’ve since then made it our mission to help the country navigate the challenging shift toward a cleaner decarbonized future.

Of course we’re well aware that we cannot stop the looming dangers of global warming single-handedly. Our pivot is a response to dramatic changes in the energy industry brought by two major forces—the stark recognition that global warming is caused by human activity, and the rapid advances in renewable energy and storage technology that are driving costs exponentially downwards.

Extreme weather events that destroyed lives and properties in recent years are undeniably related to human activity. The world has already used up 90% of the 450-ppm carbon concentration limit that most scientists believe we should not go beyond. And given accelerating emission rates, the world may use up the rest within the next decade or shortly thereafter. Global warming is here and we’ve seen it right on our doorsteps—to people we know and care about and to companies under our wing. The most astute companies and investors around the world are already sensing the narrowing window within which the world has to act and there’s a growing concern to collectively forge that path toward a decarbonized world.

I’m also seeing developments and trends that I never imagined I’d see in all my 25 years in the power industry. The cost trajectory of solar photovoltaics, wind and storage technology is dropping so fast that it will disrupt the normally staid world of energy in no time. We can choose to bury our heads in the sand as these trends engulf us or we can choose to build our businesses dynamically for the unfolding paradigms of the 21st century. The Lopez pioneering entrepreneurial spirit dictates that we be the latter.

It warms my heart to see you joining us as we uplift lives, communities and fight to leave behind a healthier planet. But most especially, I’m touched by your hard work, dedication, and for choosing to be powered by good. I wish you all a happy, peaceful and meaningful Christmas, and ever renewable wishes for the New Year and the years to come.

FEDERICO R. LOPEZ Chairman, FPH Group