Fubon Financial becomes member of RE100, green power to be fully adopted in domestic, overseas operations before 2040
Since Fubon Financial launched the “ESG Vision Project for Sustainable Operations” in 2015, it has actively promoted the corporate sustainability transformation. In 2021, it launched the “Run For Green” ESG initiative and actively exerted its financial influence with four strategies, i.e. “decarbonization, digitalization, empowerment and connection”. Today (30th), Fubon Financial officially became a member of Renewable Energy 100 (RE100) with the commitment to adopt 100% green power in all its domestic and overseas operations sites by 2040, and work with international benchmark companies to accelerate global zero carbon grid.
RE100 is a global renewable energy initiative led by the Climate Group and the Carbon Disclosure Project (CDP). It hopes to improve the use of green power through the influence of global companies and from the perspective of power demand.
Richard M. Tsai, the chairman of Fubon Financial, indicated that Fubon Financial has the most complete and diversified financial products and services. With the vision of becoming a “first-class financial institution in Asia” it has more than 600 operations sites at home and abroad serving Greater China, Northeast Asia, Southeast Asia and Oceania. As a result, it is not easy to achieve net zero carbon emissions in its own operations. Fubon Financial plans to adopt three ways of “energy conservation, energy creation and energy purchase” to realize the environmental sustainability vision of low-carbon operations.
In order to demonstrate its determination to face the challenge of net zero carbon emissions, in terms of “energy conservation”, Fubon Financial started from its own operations-used power with carbon reduction, replaced LED lamps and retired electrical equipment such as old air conditioners in its own buildings and more than 400 business sites in Taiwan, as well as launched an office energy conservation competition. By upgrading equipment and changing employees’ electricity use behavior, it worked with dual approaches and improved the overall electricity efficiency, saving an average of 2.5mn kWh of electricity in recent years. In addition, Fubon Financial is also actively “creating energy”. It has built solar power generation equipment in six self-owned buildings, and will continuously add solar photovoltaic panels to suitable buildings. In terms of “energy purchase”, Fubon Financial’s subsidiary, Taipei Fubon Bank, has purchased 670,000 kWh of photovoltaic power every year since 2021. Meanwhile, Fubon Financial will gradually increase the proportion of renewable energy use and further implement its commitment while joining RE100.
Tsai pointed out that the frequency of current climate disasters has prompted Fubon to actively join the international sustainable organization, respond to international initiatives, and move towards net zero at full speed through participation in accelerating climate adaptation actions. Fubon Financial became a member of the Partnership for Carbon Accounting Financials (PCAF), the Asia Investor Group on Climate Change (AIGCC) and the Climate Action 100+ initiative this year, as well as officially became a member of the 1.5°C Business Ambition for 1.5°C and Race to Zero Campaign. In addition, the Science Based Targets (SBT) submitted by Fubon was also reviewed and approved a few days ago. This application for joining the RE100 further demonstrates that Fubon will make changes with practical actions.
Fubon Financial continues to reach world-class standards and advances its own actions by benchmarking and learning. In addition to the continuous growth of the Dow Jones Sustainability™ Index evaluation scores announced just now, it has also achieved good results in major international evaluations. It has been selected as a constituent stock of MSCI Sustainable Index for six consecutive years, received AA (the highest is AAA) rating of MSCI ESG, won two A-level honors in CDP climate change and supply chain negotiation evaluation for two consecutive years. It ranked among the top three in global insurance industry by Sustainability and the first in Asian insurance industry. Fubon has won six awards from Institutional Investors, including the “Most Honored Company” with the best management team of Asian region in 2022, while Chairman Tsai was awarded the “Best CEO”. Fubon was the only Taiwan’s financial company listed in the Asian region category.
Looking ahead, Fubon Financial will continue to actively promote the corporate sustainability transformation with positive energy, lead the development of green finance, and strive to achieve the vision of net zero carbon emissions by 2050 to create a sustainable future.