In the wake of emerging global concerns, many countries react to climate change by setting targets to reduce emissions. Businesses must change in response to this trend to reduce emissions. Daniel Tsai Ming-chung, chairman of Fubon Group, whose business ranges from finance, telecoms, retail, media, construction, entertainment to cultural and creative sectors, stresses that facing challenges of the new normal, enterprises should “Run for Green”.
After 60 years of development, Fubon evolves into a multi-industry conglomerate with assets over NTD6 trillion (about HK$2.5 trillion), operating in almost every aspect of the Taiwanese economy and serving about half of Taiwan’s population. But in the Diamond Jubilee interview, Tsai said the group is facing enormous challenges, especially the “new normal” brought about by the COVID-19 pandemic. Fubon unveiled a new brand tagline in conjunction with its 60th anniversary – “Be positive All possible” - highlighting Fubon’s desire to pump up positive energy and create all possibilities to help overcome the even more austere tests and challenges that lie ahead for humanity.
Under the new tagline, Fubon launched the “Run for Green” campaign on its 60th anniversary. In one part of the campaign, Tsai said that the plantation of 100,000 trees to support marathon runners is only a small token of goodwill, but going sustainable and going green should be the goal for any enterprise. “’ Run’ means not only running but also our ambition to drive all our operations into the green.”
To take Fubon’s core financial business as an example, Tsai mentioned that its drive for green finance extends beyond issuing green bonds and loans to carbon-reducing enterprises. It should also cover responsible investment – funding ventures that aim to improve the environment. “The days are counting before companies are required to disclose carbon footprint fully and present a roadmap to achieve zero-emission. Therefore, we have to ‘Run for Green’, and we have to run even more quickly.”
Fubon introduced the ESG Visioning Project dating back to the end of 2015 with an aim to fashion the culture of sustainable operation into each subsidiary. In 2019, Fubon Financial achieved 144% of its carbon reduction target, trimming down the yearly power usage per Fubon employee to 2,066 kWh – one of the top three readings locally. Tapping into growth opportunities in climate change, Fubon Financial has ramped up its green financial developments. Notably, its low-carbon financial products and services rolled back carbon emissions by 534,035 tonnes in 2019.
In 2020, Fubon Financial was included for the fourth straight year in the DJSI World Index, the highest-ranking index among the most authoritative corporate sustainability measures, The Dow Jones Sustainability Indices. In the same year, Fubon Financial made it into CDP Climate A-list for the first time, an honour shared only by the top 7% of enterprises globally for their sustainability efforts in tackling climate change. Three listed arms of Fubon Group, Fubon Financial, Taiwan Mobile and momo.com, snapped up 26 trophies in Taiwan Corporate Sustainability Awards, organised by the Taiwan Institute for Sustainable Energy (TAISE). These recognitions proved our determination to apply positive influence via our financial, telecom and e-commerce capabilities in creating a better and more sustainable future.
To get more of Daniel Tsai’s insight on climate change, ESG and the post-COVID economy, tune in to Yahoo All Markets Summit from 9 am October 26, broadcast live at Yahoo Finance.