Global and Domestic Experts Unveil Solutions: Harnessing
Energy and Capital for a Sustainable Future
TAIPEI, July 29, 2024 /PRNewswire/ -- Cathay Financial
Holdings (Cathay FHC) has been hosting the "Cathay Sustainable
Finance and Climate Change Summit" for eight consecutive years.
This year's (2024) theme, "Net Zero Transition Competitiveness,"
focuses on the development of global climate finance, energy
transition, and industrial transformation. The summit brought
together prominent figures from government, industry, and academia,
both domestic and international, to develop business strategies and
solutions for corporate sustainability. The event was opened by
Cathay FHC's Chairman Hong-Tu Tsai,
with Financial Supervisory Commission Vice Chairperson Yen-Liang Chen and Ministry of Economic Affairs
Vice Minister Ching-Chang Lien
delivering opening remarks. The summit also invited World Climate
Foundation (WCF) founder/CEO Jens
Nielsen and Climate Group Energy Director Sam Kimmins to Taiwan as keynote speakers. The event set a
new participation record with approximately 4,800 attendees,
representing 82% of the market value of the Taiwan Stock Exchange
and 54% of Taiwan's carbon
emissions, indicating a strong corporate response to climate
issues.
In his opening remarks, Chairman Tsai highlighted that since
Cathay FHC first held the "Climate Change Roundtable Forum" in
2017, Cathay FHC has been striving to exert greater influence. Over
the past eight years, Cathay FHC has consistently brought
significant international trends into the event, covering topics
from climate change to water resources, biodiversity, and natural
capital, aiming to serve as a dialogue platform for industry,
government, and academia to foster exchanges among all sectors.
"Energy and capital are key to net-zero transition, necessitating
investments from the financial ecosystem and industrial chain
companies while leveraging Taiwan's significant influence on the global
stage," stated Tsai. Taiwan's
government has also proposed the establishment of the National
Climate Change Response Committee, underscoring its strong
commitment to climate change countermeasures and elevating it to a
significant priority. As a pioneering leader in sustainable
finance, Cathay FHC has earned recognition both domestically and
internationally for its initiatives in sustainable finance and
climate action. Cathay FHC remains committed to supporting
Taiwan through practical actions,
collaborating with various sectors to drive successful industrial
transformation.
Ministry of Economic Affairs Vice Minister Ching-Chang Lien, in his remarks, highlighted
Cathay FHC's proactive sustainability measures, including being the
first to provide offshore wind power financing, purchasing
REC-bundled green electricity, and hosting climate events for eight
consecutive years. He also emphasized the expectation for
enterprises to further implement ESG practices. Financial
Supervisory Commission Deputy Chairman Yen-Liang Chen mentioned that green finance has
entered a new phase as green supply chain finance, and Taiwan has robust industries that support
green finance initiatives. The government has also approved
insurance funds to invest NT$17.66
billion (approximately US$544.89
million) in green energy power plants. Additionally, there
are 185 issues of sustainability-related bonds and 46 ESG-related
funds. With financial and institutional support, Taiwan takes lead in responding to climate
change.
The first half of the summit focused on "Sustainable Finance."
WCF founder/CEO Jens Nielsen
delivered a keynote on "Grasping Global Climate Finance Development
Trends," emphasizing the significance of the upcoming COP29, known as the "Finance COP," in addressing
climate change and biodiversity loss. He noted that financial
mechanisms are the driving engine in achieving climate goals,
aiming to promote a global low-carbon transition and ensure that
capital flows align with climate change adaptation and development
paths. Taiwan Stock Exchange Chairman and CEO Sherman H.M. Lin analyzed trends in carbon
pricing and climate actions. National Taipei University Professor
of Finance and Cooperative Management Chi-Jui Huang explored the
current status and trends of Taiwan's sustainable finance development from
an academic perspective. PwC Sustainability Service Company
Chairman Eliza Li discussed the
relevant financial disclosures that Taiwanese enterprises should
implement to align with the IFRS Sustainability Disclosure
Standards developed by the International Sustainability Standards
Board (ISSB) from an accounting practice perspective.
As a participant in COP official and side events for three
consecutive years, and the only Taiwanese financial institution to
host a forum in the blue zone, Cathay FHC centered this year's
panel session theme on "Moving Towards COP
29: Accelerating Green Finance for Net-Zero Future." The
discussion included WCF founder/CEO Jens
Nielsen, Energy Administration Ministry of Economic Affairs
Director General Cheng-Wei Yu, Taiwan Institute for Sustainable
Energy Chairman Eugene Chien, and
Cathay Life Insurance President Shan-Chi
Liu.
The second half of the summit focused on "Energy Transition,"
which started with Climate Group Energy Director Sam Kimmins. He analyzed international energy
transition trends and Taiwan's
renewable energy development, highlighting the challenges
Taiwan faces in promoting Power
Purchase Agreements (PPAs). Kimmins suggested that group PPAs for
green electricity can enhance small businesses' access to renewable
energy. The comprehensive discussion on "Towards Net Zero:
Strategic Planning for Energy Transition" featured Taiwan Institute
of Economic Research Chairman Zhong-Shu
Wu, Sam Kimmins, Taiwan
Power.
Company Chairman Wen-Sheng Tseng,
China Steel Corporation Acting Chairman Shyi-Chin Wang, and Delta Electronics Chief
Sustainability Officer and Spokesperson Jesse Chou. They discussed
promoting public-private collaboration and strategies for achieving
net-zero economic goals. The "Industry Transformation Challenges
and Opportunities in a Net Zero Economy" panel featured KPMG
Sustainability Consulting Managing Director Niven Huang, The Center for Energy and
Environmental Research Director, Je-Liang
Liou, National Taiwan University Professor of
Bioenvironmental Systems Engineering Ching-Pin Tung, Transcene
Corporation Chairman Steven Chen,
and ASUSTek Computer Inc. Chief Sustainability Officer TS Wu, who
shared experiences and insights on achieving net-zero goals and how
industries can respond to challenges in transitioning to a net-zero
economy.
Cathay FHC is addressing global climate challenges through its
commitment to "Sustainable Finance in Action." By 2050, the company
aims to achieve 100% renewable energy use across its global
operations. This commitment positions Cathay FHC as a climate
finance leader, promoting energy transition through three main
pathways: investment and financing in renewable energy,
collaboration on renewable energy innovation, and innovation in
core competency services. As of the end of 2023, the group has
achieved significant milestones, including using 17.95 million kWh
of renewable energy, investing in 1,504 MW of solar energy
installation capacity, and financing low-carbon initiatives
totaling NT$330.5 billion
(approximately US$9.47 billion).
These efforts underscore the company's pivotal role in advancing
cross-industry energy transition.
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