TAIPEI (Taiwan News) — Taipei Fubon Bank released its 2023 Task Force on Climate-Related Financial Disclosures (TCFD) report, demonstrating its commitment to net zero.
In a press release, Fubon said as the world moves toward the 2050 net zero emissions goal, there will be many opportunities and risks. Banks will play a crucial role in the transition to a low-carbon economy.
Fubon said it adopts the Partnership for Carbon Accounting Financials (PCAF) methodology to cover the financial carbon inventory of its domestic and overseas subsidiaries. Its scope covers nearly 80% of total assets, a 7.4% increase from last year.
Compared to 2022, Fubon’s investment increased by approximately 15.1% by the end of 2023, while financial carbon emissions decreased by 261,000 tons (approximately 2.6%).
According to the World Economic Forum's (WEF) 2024 Global Risks Report, half of the top 10 global high-risk issues in the next decade are environment-related. Fubon said it continues to enhance its energy management systems by purchasing green electricity and setting a target to reduce operational carbon by 44% by 2030.
The bank added it advocates for RE100 (100% renewable energy), committing to achieve this by 2040. Fubon held multiple climate-related seminars and forums, with over 50 ESG-related seminars in 2023 and more than 100,000 hours of ESG training for employees.
Taipei Fubon Bank is committed to promoting sustainable finance and in 2023 was recognized as a top 20% “excellent bank” in the Financial Supervisory Commission's first "Sustainable Finance Evaluation," as well as winning awards such as Taiwan's Best ESG Bank by Asiamoney and Taiwan's Best Syndicated Loan Lead Manager by IFR Asia in 2023.
As a member of the financial industry, Fubon said it will continue to leverage its influence to promote sustainable finance and work together with stakeholders towards net zero emissions.