Committing to Net Zero with Diligence to Implement Sustainability Taishin Financial Holdings Science Based Targets are Reviewed and Approved by Science Based Targets Initiative (SBTi)
As climate change intensifies, global warming has brought comprehensive risks and crises, and net zero emissions have become a global consensus. As a member of the global community, Taishin Financial Holdings knows that it should be more proactive in addressing climate change issues. In 2019, Taishin took the lead in becoming a support organization for the Task Force on Climate-Related Financial Disclosure (TCFD) to actively manage climate risks and opportunities. Taishin celebrates its 30th anniversary this year, and it has voluntarily pledged to respond to the science-based targets (SBT) and was approved by the SBTi yesterday (21).
Taishin Financial Holdings’ President Welch Lin stated that Taishin Financial Holdings is merely the third financial company in Taiwan and the fifth in Asia to pass the SBT target assessment. Taishin’s relevant reduction targets all follow the reduction path in Scope 1, 2, and 3 of the SBT methodology to set its own operations and investment and financing reduction targets. Among them, Taishin’s target coverage ratio of investment and financing position exceeds 15%, which is the highest among all financial institutions in Taiwan based primarily on banking. As of today, more than 3,400 corporations around the world have committed to setting SBT targets; more than 1,500 corporations’ SBT targets have been reviewed and approved, and they have begun to implement carbon reduction.
Welch Lin pointed out that as a celebration of the 30th anniversary of the founding of Taishin Financial Holdings, the company has deliberately made conscientiousness and sustainability its main theme. Taishin made every effort to promote net zero emissions and invited the public to respond to green life. In April, the first net zero forum was held, which gathered more than 1,800 domestic and foreign heavyweight experts and scholars, corporate leaders, corporate directors and supervisors, and experts in sustainability who participated enthusiastically to jointly advocate a net zero future. Furthermore, in addition to “sustainable governance,” “sustainable finance,” “financial technology and digital innovation,” and other aspects to continue to exert a driving force for sustainability, a comprehensive net zero plan has also been launched to tackle climate issues. By joining the “Taiwan Alliance for Net Zero Emissions,” Taishin has pledged to support net zero carbon emissions with practical actions. To achieve the reduction targets in investment and financing, Welch Lin explained that Taishin will fully demonstrate its determination, including not undertaking new financing and procurement of coal mining and coal-fired power plants, as previously promised. Taishin has also planned to formulate a comprehensive decarbonization path and removal period for the coal industry and atypical petrochemical, oil, and gas industries. At the same time, Taishin aims to keep pace with international benchmarks while progressing towards investment and finance transformation and find a balance between net zero transition and capital acquisition together with investment and financing partners.
Welch Lin also emphasized that no one is immune from the effects of climate change. As long as people are willing to do their part for the Earth, he believes that everyone can go “From Zero to Hero” and become a hero of the climate crisis. In the future, Taishin Financial Holdings will follow the international ESG development trend, actively implement corporate sustainability and promote all aspects of ESG. Taishin will follow the Financial Regulatory Commission’s “Green Finance 2.0” promotion direction and the Taiwan Stock Exchange’s “Corporate Governance Blueprint 3.0” guidelines to strengthen the promotion and implementation of the disclosure of sustainable finance and climate issues. Taishin strives to become a sustainable and smart partner for investors, loaners, and the general public.