FENC Published Its First TCFD Report: Deepening the Management of Climate-Related Risks and Opportunities to Accelerate Its Net-Zero Transition
Far Eastern New Century (FENC) released its first Task Force on Climate-Related Financial Disclosures (TCFD) Report (English version) on June 30, 2023, which is the first such disclosure report in Taiwan to reference the Exposure Draft of the International Financial Reporting Standards (IFRS) S2 Climate-related Disclosures.
FENC has identified climate-related risks and opportunities, and formulated corresponding action plans based on the TCFD framework since 2019. The company releases its annual disclosures in its Sustainability Report, Annual Report and corporate website. On August 21, 2020, FENC signed a statement to become a TCFD supporter, making it the first company in Taiwan’s traditional industry to support TCFD recommendations and publish a declaration.
FENC recognizes the significance of climate change. The corporate leadership, from the Board of Directors to the management level, attaches great importance to climate change and its impact on the company. It has established management goals, implemented action plans and climate governance to mitigate risks and seize opportunities to move towards sustainable development.
Faced with the climate change issue of great uncertainties, FENC has identified material climate risks and opportunities by simulating extreme scenarios based on the latest scientific reports. The company has developed relevant mitigation measures, response plans and tracking mechanisms in accordance with the identification results, to equip FENC with the capabilities to respond to climate change and at the same time seize potential business opportunities.
FENC established its greenhouse gas (GHG) reduction targets in 2022, with the short-term goal of reducing GHG emissions by 20% relative to 2020 levels by 2025, the medium-term goal of 40% GHG emission reduction by 2030, and the commitment to achieving net-zero emissions by 2050. In March 2023, FENC formally submitted its commitment letter to the Science Based Targets Initiative (SBTi), declaring that it will achieve its short-term target and net-zero committed goals. With the SBTi’s approval of this letter, the company is now in the process of submitting its emission reduction targets, joining other global companies to achieve Net Zero.
FENC has seized the opportunities brought by climate change and developed green products with its core competencies. With over 30 years of experience in the circular economy, FENC is a global leader in rPET. It has developed eco-friendly rPET made from recycled PET bottles, which emits 63% less GHG emissions than traditional petroleum-based PET, creating new value for waste products. The applications include food packaging, non-food packaging, functional clothing, footwear, automotive materials, household products, etc. Under the influence of the global net-zero trend, FENC will continue to increase the sales of green and low-carbon products through research and development capability and advanced technologies to meet customer needs and create sustainable competitiveness.
FENC Corporate Sustainability Website: https://csr.fenc.com/index_focus.aspx?lang=en
FENC TCFD Report 2022: https://csr.fenc.com/report-download?lang=en
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