Roadmap and Commitments
Sustainability Commitments
Based on the five sustainability themes, SinoPac Holdings focused on three sustainability commitments and set action plans with short-term, medium-term, and long-term goals in response to the eight SDGs of the United Nations, as described below.
Unequal opportunities and unbalance resource allocation remain unsolved issues in current society. The differences in socioeconomic background, gender, and race not only lead to a lack in income and resources, but also lead to a lack of equal opportunities in many aspects including education, employment, medical care, and political participation, and a lack of personal security for certain groups of people. In the long run, the inequalities will inevitably become potential issues for common prosperity and inclusive growth. Thus, in response to the SDGs of the United Nations and Taiwan, SinoPac Holdings is committed to reducing any form of inequality inside and outside the organization and spared no effort in protecting basic rights and interests, regardless of their gender, wealth, race, to ensure social justice.
The social and economic consequences of inequality are profound and far reaching: a growing sense of unfairness, precarity, perceived loss of identity and dignity, weakening social fabric, eroding trust in institutions, disenchantment with political processes, and an erosion of the social contract. The response by business and government must include a concerted effort to create new pathways to socioeconomic mobility, ensuring everyone has fair opportunities for success.
Founder and Executive Chairman of the World Economic Forum Klaus Schwab
Many of the United Nation’s SDGs reflect inequality
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As mentioned in Taiwan's Sustainable Development Goals, no poverty refers to strengthening social care services and economic security for the vulnerable populations, and promoting the protection and equal opportunities for entrepreneurship, employment, financing, etc. Therefore, the Taiwan government will consider the increase in self-sufficient ratio of the economically vulnerable population, and the financing amount received by micro-businesses and the vulnerable populations with insufficient collateral as the indicators corresponding to this goal, in order to provide a suitable financial service network for the vulnerable populations and build a happy and sustainable society where no one is left out. |
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The core value of Taiwan’s Sustainable Development Goals ensures that all citizens are able to receive fair and quality education, as well as lifelong learning opportunities, regardless of their socioeconomic background, living area, gender, and ethnic group. Taiwan government will also continuously implement policies related to multiculturalism, diverse development, and cultural proximity to provide students with the knowledge and skills required to promote sustainable development. |
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In Taiwan, the purpose of its gender equality policy is to eliminate stereotypes towards traditional gender values and build a social environment that values gender equality. For the first time, the Taiwan government followed the international approach to reduce the difference in time spent on unpaid housework and family care between females and their spouses (including cohabitants). The government also encourages enterprises to create a diversified and friendly working environment and allow females in the management team, so as to increase the percentage of female serving as managers and corporate representatives of TWSE/TPEx listed companies. |
The Intergovernmental Panel on Climate Change (IPCC) published the Assessment Report 6 (AR6) in 2021-2022, clearly indicating that climate change is occurring worldwide. Nearly half the world's population live in climate change hotspots and the occurrence of extreme climate events will further cause mounting loss of property and life. Accordingly, SinoPac Holdings has undertaken to pay attention to the impact of climate change, implement environmental sustainability and supply chain management, and to promote resource recycling. Furthermore, SinoPac Holdings pledged to achieve net zero emissions in its operations by 2030 and its entirety of financial portfolios by 2050 in close cooperation with internal and external stakeholders.
Achieving net zero emissions will require a whole economy transition – every company, every bank, every insurer and investor will have to adjust their business model. This could turn an existential risk into the greatest commercial opportunity of our time.
Chairman of the Financial Stability Board Mark Carney
Many of the United Nation’s SDGs reflect climate change
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One of Taiwan’s Sustainable Development Goals is to ensure the access to affordable, reliable, and sustainable energy. Therefore, increasing the percentage of clean fuel power generation and the capacity of renewable energy power generation facilities have become the indicators for such goal. The Taiwan government has declared that by 2025, the percentage of renewable energy-based power generation should reach 20%, while an incentive mechanism should be established with the support of ancillary measures, such as a wholesale electricity system, demonstration incentives, subsidy regulations, and green finance. Through financial services in financing and investment, corporates can invest in or build clean energy and renewable energy power generation facilities in readiness for relevant laws and regulations and the demand from the international market under this goal. |
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Climate changes is one of Taiwan’s systemic risks. In response to the risks, in 2021, the Environmental Protection Administration of the Executive Yuan issued a draft amendment to the Greenhouse Gas Reduction and Management Act and renamed it the ”Climate Change Response Act”, which would strive for “net zero” emissions by 2050 as well as stipulate a carbon for emission. Moreover, the National Development Council of Taiwan has in March 2022 released a roadmap for Taiwan’s net zero by 2050, which depicts Taiwan’s path toward net-zero emissions based on the four transitions in the areas of energies, industries, lifestyles, and society, the two frameworks in technology development and climate legislation, and the twelve key tactics including wind/solar energy, hydrogen energy, foresight energies, electricity system and energy storage, energy saving, CCUS (carbon capture, utilization, and storage), electrification and decarbonization of transportation vehicles, zero-waste recycling, nature carbon sink, zero-carbon lifestyle, green finance and just transition. |
After the outbreak of the global financial crisis in 2008, the world economy and industrial structure changed, and the uneven distribution of income and the deteriorating labor environment have become social issues that all countries need to solve urgently. The financial industry is regarded as a key force to improve the industry and promote economic transformation, and because its funds mainly come from the trust and support of the general public, it is expected to be able to implement financial inclusion, properly use social resources, and effectively exert influence for education, health, social welfare and other aspects, providing opportunities for the disadvantaged groups to change their life and promoting the common prosperity and growth of society.The common wealth and mutual benefit of the stakeholders have been the first priority of SinoPac Holdings, which has been promoting inclusive growth by organizing products and services, procurement, employees care and philanthropic activities.
The truth is that our economic growth models have not equitably distribute benefits. Inequalities were brewing under the surface prior to 2007 and increased almost everywhere even during periods of sustained economic growth. We need to reverse this trend. Inclusive Growth has an important role to play in responding to the pressing needs of today and addressing the underlying trends that pushed our economic and social systems into disequilibrium.
Secretary General of OECD José Ángel Gurría
Many of the United Nation’s SDGs reflect inclusive growth
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In response to the spirit of SDG 3 that ensures and promotes a healthy lifestyle and well-being at all ages, Taiwan's Sustainable Development Goals focus on encouraging enterprises to improve the working conditions of all employees in the value chain and to design a comprehensive health and well-being solution, so as to enhance the working environment of all employees in the value chain, improve the employees' physical and mental health, and reduce potential occupational disasters. |
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In terms of fostering employment and economic growth, save from increasing workplace safety, protecting female workers' right, and joining labor unions as key indicators, Taiwan's Sustainable Development Goals also emphasize that enterprises should support the school-to-work transition or organize on-the-job training to strengthen the employability of students and the vulnerable populations. In addition, the government continuously encourages the financial sector to lower the minimum requirements for micro-business loans, allowing medium and small sized enterprises and micro business to engage in the green economy and innovative developments through credit guarantees or financing assistance. |
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In response to the international trends in the green economy, sustainable production and consumption, the Taiwan government has been increasing the amount of green procurement by the public and private sectors and requires enterprises to disclose information on their sustainable development, so as to further facilitate the management and improvement of supply-chain sustainability. In addition, the number of cases in relation to sustainable consumption and production are set as the key indicator of Taiwan’s Sustainable Development Goals, hoping that enterprises can fulfill their responsibilities as customers and producers. |