In response to global warming and the carbon reduction movement, Far Eastern New Century (FENC) Polyester Business has passed the Science Based Targets initiative (SBTi) for its greenhouse gas (GHG) emissions reduction pathway. Targets set in line with the Paris Agreement 1.5°C trajectory to mitigate the effects of climate change and cap global temperature, FENC demonstrates a commitment to achieving Net Zero by 2050.
SBTi, launched by the United Nations Global Compact (UNGC), the Carbon Disclosure Project (CDP), the World Resources Institute (WRI), and the World Wide Fund for Nature (WWF), provides a scientific framework to enables companies in setting near and long-term GHG reduction goals. Recently, SBTi has become one of the most recognized platforms globally for verifying GHG reduction targets.
Facing escalated climate change, FENC continues to develop green products and deliver eco-friendly and low-carbon emission solutions for its brand partners. By improving energy efficiency, adopting low-emission fuel alternatives, developing renewable energy and fostering raw materials transition, FENC establishes and implements green operations. Through internal carbon pricing mechanisms, we adopt a pragmatic approach through carbon-reduction pathways. FENC actively expands recycling capacity worldwide and converts waste into resources by developing robust recycling technologies. This drive for green innovations in the industries and incorporating green products into our everyday lives.
FENC has set 2030 goals to reduce GHG emissions by 50%, grow green products to 50% and utilize green feedstock to 50%. Our GHG reduction target exceeds SBTi mandate 1.5°C pathway, indicating a strong determination for reducing emissions. FENC seizes the opportunities brought by climate change and received recognition for sustainability endeavors, including the 2023 National Sustainable Development Awards, constituent of MSCI ESG Leaders Indexes, FTSE4Good Emerging Indexes, Taiwan Corporate Governance 100 Index, Sustainalytics' ESG risk rating Top 3% of Commodity Chemicals Industry and TCSA Top 10 Taiwanese Companies Sustainability Model Award.
Approved by SBTi signifies a milestone in FENC sustainability development. We will continue to collaborate with internal and external stakeholders, supply chain associates and customers to implement GHG reduction actions, green operations and achieve Net Zero by 2050.
