Taiwan’s E.SUN FHC to eliminate coal to accomplish COP26 goals

E.SUN FHC, a Taiwan-based financial holding company, has recently announced that it is planning to phase-out coal by 2035 to follow the international trend and achieve the goals of COP26.

This policy applies to all the subsidiaries of E.SUN FHC and foreign locations and covers actively managing carbon emissions, increasing green assets, lowering gray assets in investment, promoting and financing social energy transformation and global climate goals via the allotment of financial resources.

E.SUN FHC addresses organizations with around 5% of their revenue from unconventional oil & gas and coal business activities, and earlier from coal mining, coal-fired power, and coal trading, infrastructure, and coal transport. Not it has added ultra-deep-water oil & gas, shale oil & gas, tar sands, liquefied natural gas, Arctic oil & gas from unconventional fossil fuels in the list.

Apart from the funds reserved for assisting these companies in carbon lessening, E.SUN FHC will no longer possess any exposure, including financing and investing, in unconventional oil & gas and coal industries by 2035 end.

The bonds traded to customers related to unconventional oil & gas and coal will be categorized by the end of 2030 and will be concluded to be sold by 2035.

In a statement, Magi Chen, President and Chief Sustainability Officer, E.SUN FHC, said that the firm paused financing coal-fired power plant projects in 2019 and is committed further to phase-out unconventional oil & gas and coal industries. This is a substantial milestone for the company on the road to net zero.

E.SUN FHC further hopes to utilize the financial sector's impact to assist the global energy system with phasing out coal. It has gained permitted target notice from the SBTi (Science Based Targets initiative) this February and is the very first financial institution based in Taiwan and the second in Asia to complete the SBTi target review, said Chen.

Source Credit - https://www.benzinga.com/pressreleases/22/04/b26659551/e-sun-fhc-commits-to-phase-out-of-coal-by-2035

By Shreya Bhute

With corporate exposure in software and marketing, Shreya was always intrigued by content development. Having pursued her graduation in I.T. engineering, she works as a content writer for people.partilepep.com and jots down news articles across distinct domains including technology, business and healthcare.