The Science Based Targets initiative (SBTi) recently reviewed and approved Sinopac Holdings' science-based reduction targets (SBTs), recognizing Sinopac Holdings' milestone achievement after the board of directors approved the targets in 2022, which "pledged to achieve net zero emissions from own operations by 2030 and the entirety of the financed portfolio by 2050."
SBTi is globally recognized as the most credible organization for setting reduction targets. It helps companies adopt a consistent scientific approach to set carbon reduction goals in line with the ambition of the Paris Agreement to limit global warming to well below 2°C by the end of the century, with a target of 1.5°C.
Sinopac Holdings set its science-based targets, using the year 2021 as the baseline. The targets cover all domestic and international operational locations for Scope 1 and Scope 2 emissions. Through measures such as reducing equipment energy consumption, increasing the use of renewable energy, and implementing internal carbon pricing, Sinopac Holdings plans to achieve a 29.4% reduction by 2027. For the financial industry's most critical Scope 3 emissions related to investment and financing, Sinopac Holdings has included 100% of its long-term financing positions in fossil fuels in its target setting. It also plans to gradually phase out investments and financing in coal and unconventional oil and gas. Additionally, Sinopac Holdings will continue to leverage its financial influence to encourage customers to set carbon reduction goals.
In the face of the risks that climate change poses to the global economy and human survival, there is an urgent need to transition to a low-carbon economy. As a global citizen, Sinopac Holdings actively participates in or supports various international climate initiatives and is at the forefront of sustainable finance. Through a four-step approach of carbon assessment and verification, energy management, carbon reduction, and sustainability, Sinopac Holdings provides comprehensive services to assist businesses in replacing energy-consuming equipment, trading green energy, or offering green deposits. Sinopac Holdings aims to leverage its financial strength to collaborate with industries in their low-carbon transformation. For more information, please visit the official website of Sinopac Holdings.
