SinoPac Holdings Initiates Net-zero Plan and Project Management Office; Reduced Carbon Emissions by 683 Metric Tons in 2021 and will Cease New Thermal Coal Financing from July 1st
【2022/06/07, Taipei】To achieve the net-zero emissions target across its entire asset portfolio by 2050, SinoPac Holdings has established a net-zero Project Management Office (PMO) to promote and manage net-zero tasks and will propose an implementation plan within two years (by 2024). Stanley Chu, president of SinoPac Holdings, explained that the net-zero PMO has already set goals and hopes to work with stakeholders to start low-carbon and zero-carbon transition efforts. He added that the company is committed to helping Taiwan achieve net-zero emissions through sustainable finance, fulfilling our commitment to sustainability.
The first step to net-zero is increasing the percentage of renewable energy used. President Stanley Chu stated that SinoPac Holdings will start with 5% green power usage this year and then raise this year by year. In 2021, SinoPac Holdings and its subsidiaries reduced Scope 1 and 2 greenhouse gas emissions by 683 metric tons of CO2e (carbon dioxide equivalent) compared to 2020, a carbon reduction rate of 3.69%. This is to achieve the net-zero internal operations emissions target by 2030. Furthermore, the company is formulating a policy for excluding investment and financing of high-carbon emission industries. From July 1st this year, it will not undertake new project financing for thermal coal or unconventional oil and gas, nor will it renew existing project financing upon expiration. It will also gradually expand the scope of this exclusion policy in the future.
Since 2013, SinoPac Holdings has responded to government policies, launching photovoltaic equipment project financing, becoming the leader in photovoltaic financing, with a financing balance of more than NT$60 billion, the largest market share of 25%, and installed generation capacity of more than 1.9 GW (equivalent to the power generation of the Third Nuclear Power Plant). In addition, SinoPac was the first or among the first finance companies to issue green, social, and sustainability (GSS) bonds. It has issued five bonds to date, and its issue size ranks among the top three in the financial industry. In the future, it will continue to issue GSS bonds and invest in green energy and ventures to make an impact financially.
The Board of Directors of SinoPac Holdings has approved the net-zero target and is committed to achieving net-zero emissions from company operations by 2030 and from the entire asset portfolio by 2050. President Stanley Chu said that net zero by 2050 is a long-term goal, and what the company should focus on now is cementing the foundation through actions such as increasing renewable energy use, introducing an internal carbon pricing mechanism, setting science-based carbon reduction targets & filing applications, formulating a policy for excluding investment & financing of high-carbon emission industries, and expanding green business opportunities.
SinoPac Holdings' development in the green energy industry is consistent with the net-zero roadmap of the IEA and the National Development Council. SinoPac Holdings has responded to government policies since 2013, launching photovoltaic equipment project financing. It has since become the leader in photovoltaic financing. In addition, the company has made leading green business opportunities and fulfilling sustainability commitments one of its four major strategies. It remains committed to developing sustainable finance, making an impact financially, and working with clients on low-carbon and zero-carbon transition.