#Sustainability

2023-09-07

FENC obtained NT Dollar 2 billion ESG loan to for sustainability transformation from CTBC

The CTBC Bank Co., Ltd signed the first NT$2 billion ESG loan agreement in the Greater China region with Far Eastern New Century Corporation (FENC) on Aug. 31, supporting FENC’s investment in sustainable development and helping the company to create a sustainable value chain.

The loan agreement was signed by CTBC Bank President Tony Yang and FENC Chief Financial Officer David Wang. President Yang stated that, with the sustainable development goal of net zero emissions in 2050, in addition to promoting sustainable operations, companies should also exert their influence on their stakeholders such as upstream and downstream suppliers, parent companies, and subsidiaries to undergo ESG sustainable transformation in order to respond to the demand from international initiatives, brand owners, consumers, and international evaluation agencies. Yang said that the CTBC Bank has helped companies achieve sustainability transformation for a long time, adding that the Bank fully engages with the clients to meet the needs of small and medium-sized enterprises in carrying out sustainability transformation by offering ESG Portfolio Lending.

The ESG Portfolio Lending obtained a patent certificate for new utility models in Taiwan this January and was approved by China in July. Currently, it is seeking to be patented in Taiwan and Hong Kong. The CTBC Bank serves as a financial intermediary for core enterprises to make green deposits, managing and utilizing ESG funds to improve efficiency. The Bank also uses the interest rate differentials between ESG deposits and ESG loans to subsidize the green loan of core enterprise stakeholders. In addition to providing green financial support for enterprises' sustainable transformation, the CTBC Bank also offers stakeholders assistance by increasing economic incentives for sustainable transformation. The Bank joins hands with core enterprises to achieve social sustainability and draw up a blueprint for a sustainable industrial value chain, with CTBC's overseas platform resources, innovative business models, and cross-device marketing, providing cross-industry, cross-field, and cross-scale ESG financial solutions for corporate customers.

FENC Chief Financial Officer David Wang said that FENC is committed to building a sustainable business model, and is the benchmark for the promotion of sustainable finance in Taiwan. With innovation as the main driving force, FENC established the Sustainable Finance Framework in alignment with the United Nations Sustainable Development Goals (SDGs) to diversify fundraising sources and encourage capital flows to ESG funds, thus realizing the company’s core values. FENC is the only enterprise in Taiwan that issues green bonds, sustainable development bonds, social responsibility bonds, and sustainability-linked bonds at the same time. It is also the only corporation in the world that has registered four types of sustainable bonds on the Sustainable Bonds Database of the International Capital Market Association (ICMA). The raised funds have been invested in sustainable projects, creating sustainable value with brand customers through vertical and horizontal integrations and advanced green technology.

FENC formally submitted its commitment letter to the Science Based Targets Initiative (SBTi), declaring that it will establish five major carbon-reduction strategies such as reaching net zero emissions to achieve the 1.5°C target and placing emphasis on green transformation. FENC, along with the Industrial Technology Research Institute and SGS Taiwan Limited, conducted a workshop for their partners based on the theme of carbon reduction with the aim of encouraging them to join in the efforts to reduce greenhouse gas emissions and achieve the net-zero emission target by 2050. CTBC Bank and FENC jointly signed the first ESG loan agreement for the purpose of creating a sustainable value chain while serving as a model to encourage their stakeholders to take action for sustainable development goals.

With the vision of becoming “Taiwan Champion, Asia Leader,” CTBC Bank adopts a sustainability strategy guided by the three pillars of "Sustainable Growth," "Responsible Operations," and "A Connected Society," actively pursuing the Sustainable Development Goals (SDGs) set forth by the United Nations and the Paris Agreement. The Bank has also unveiled its long-term development blueprint which is to reach net-zero emissions by 2050, and formally submitted the commitment to setting a science-based target by the end of 2022. It hopes to make a positive impact within the financial sector, promote a low-carbon economy, and achieve the goal of sustainable development through the capabilities of its products and services.

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