FAR EASTERN NEW CENTURY CORPORATION Far Eastern New Century (FENC) issues the 9th edition of its annual Sustainable Report (SR). As extreme weather patterns caused by the global warming exacerbate, and the COVID-19 pandemic rages on, FENC is fulfilling its responsibility as a global citizen with convictions and actions. By empowering possibilities, FENC stands with the entire society, ready to confront any challenges and commit to corporate social responsibilities.
FENC holds an impressive record in earning accolades for its sustainability performance. The Company has been selected as a constituent in multiple sustainable indexes, including MSCI ESG Leaders, FTSE4Good Emerging Market Indexes, Taiwan Corporate Governance 100 Index, FTSE4Good TIP Taiwan ESG Index and Greater China Business Sustainability Index. Sustainalytics ranked the Company among the top 3% under the commodity chemicals segment. FENC also received CDP - Climate Change and Water Security - Management Level. It is the only recipient in the world of the World Class - Outstanding Practice from GCSA. Also among the awards received from GCSA are the Special Award for Pandemic Response and Silver Award for Sustainability Reporting. In addition, the Company won 5 awards from TCSA, including The Most Prestigious Sustainability Awards - Top Ten Domestic Corporates, Platinum Award for Sustainable Reporting, Circular Economy Leadership Award, Growth through Innovation Award and People Development Award. More recently, FENC won of the First Prize of Circular Sustainability Award and the Manufacturing Industry Model Award from the 2022 Global Views Monthly CSR & ESG Awards.
FENC is aligning with the global effort to reduce carbon emissions with aggressive actions. The Energy Task Force, the designated entity for environmental and energy management at FENC, established the Company-wide short-, mid- and long-term goals for reducing GHG emissions based on scopes 1 and 2 emissions from 2020. The target is to reach 20% reduction by 2025, 40% reduction by 2030 and net zero by 2050.
The 2021 SR features project highlights in 3 special reports. "Safe Workplace Amid COVID-19" covers FENC's localized pandemic-control policies and supporting measures at its worldwide locations to provide safe workplaces amid the raging pandemic, global conditions and governmental responses. "Green Growth Through Circular Economy" features FENC's successes in promoting circular economy. After developing the technology to upcycle PET bottles and polyester waste from the land and ocean, FENC has turned its gaze towards upcycling waste gases, completing its network of green technology to cover the land, ocean and air. "The Path to Net Zero Through Low-Carbon Transformation" marks a proclamation of FENC's conviction towards net zero by 2050 and its ambitious move to cut GHG emissions. The Company is reaching for its short-, mid- and long-term reduction targets by improving energy efficiency, seeking low-carbon fuel, developing renewable energy, transforming raw material use as well as utilizing the carbon capture, utilization and storage technology.
FENC is a leader across a wide spectrum of green products. The Company has built a green supply chain with the 2021 revenues from green products amounting to NT$38.379 billion. Its lineup of environmental products sets the Company apart from over 200 global material suppliers and won it the Accelerated Eco Best Product Award from ISPO TEXTRENDS. FENC has been staying steps ahead of the market in sustainable finance. It is the only corporation in Taiwan to have issued 3 classes of sustainable bonds - green, sustainability and social bonds.
In terms of environmental sustainability, FENC focuses on avoidance and recycling as the main strategies, establishing reduction targets on energy consumption, water withdrawal, waste and air pollution. In 2021, the Company incorporated quantitative goals targeting the reduction of GHG emissions and increase in the installed capacity of renewable energy. FENC demonstrated the effectiveness of its avoidance strategies by meeting the 2021 reduction targets on energy consumption, waste and air pollution ahead of schedule. Meanwhile, the Company continues to expand solar power generation, reaching 12,417 kW in installed capacity in 2021. The phased increase of renewable power generation is anticipated to triple the current capacity by 2025. FENC conducted the GHG inventory during the same year based on the latest ISO 14064-1 standards. The inventory also served as the basis for setting GHG reduction targets.
Labor rights take precedence when it comes to human resources policy at FENC. The Company recognizes and abides by the principles and philosophy set forth by the International Labor Organization and in the Universal Declaration of Human Rights with grievance mechanisms in place to protect human rights, including the Speak Up Policy. FENC also offers happy workplaces. The 2021 statistics indicate that the average annual regular salary among FENC production sites exceed the market rate by 29%. Awards presented to FENC in 2021 include HR Asia Best Companies to Work for in Asia, the Happiness Enterprise Award and Special Award from the major online recruitment platform in Taiwan, 1111 Job Bank, as well as the LinkedIn Rising Star from 2021 LinkedIn Talent Awards in Taiwan. Hsinpu Chemical Fiber Plant also received the Sports Enterprise designation from the Sports Administration of the Ministry of Education. These are testaments showing FENC as an ideal employer.
In 2021, FENC devoted NT$110 million in social engagement. Far Eastern Y. Z. Hsu Science and Technology Memorial Foundation upheld the tradition of holding Y. Z. Hsu Science Award to encourage technological R&D and innovation among the academia and accumulated NT$170 million in prizes awarded over the years. Far Eastern Memorial Foundation introduced programs to enhance the competence of family and foreign caregivers as well as to improve vision health among school children.
The scope of disclosure of the 2021 FENC SR accounts for 96% of the Company's consolidated revenues. The report is prepared in accordance with the criteria under the Comprehensive option of the Global Reporting Initiative (GRI) and received third-party assurance from SGS Taiwan Limited. The SR also references the framework of Task Force on Climate-related Financial Disclosures (TCFD) and Sustainability Accounting Standards Board (SASB) on Chemicals. FENC will continue to publish the SR on an annual basis, engaging in stakeholder dialogues and making its sustainable vision a reality.
Download 2021 FENC Sustainability Report
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Far Eastern New Century Corporation published this content on 10 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 August 2022 10:59:11 UTC.
