SKFH Passes SBTi's Scientific Basis Carbon Reduction Target Audit | Latest News | Shin Kong Life Sustainability

 &SKFH Passes SBTi's Scientific Basis Carbon Reduction Target Audit, Entering a New Milestone of Environmental Sustainability
 

SKFH Passes SBTi's Scientific Basis Carbon Reduction Target Audit

 

Shin Kong Financial Holding has entered a new era of environmental sustainability through the verification of its carbon reduction targets by the SBTi. The long-term commitment to corporate sustainability has been recognized by international organizations, including the inclusion in the Dow Jones Sustainability World Index for three consecutive years and achieving the second-best global performance in the insurance sector in 2023. Additionally, Shin Kong Financial Holding has been selected as a component stock of the Dow Jones Sustainability Emerging Markets Index. The latest Sustainability Yearbook by S&P Global has ranked Shin Kong Financial Holding among the top 5% globally in the insurance industry for sustainability performance, further solidifying its position as a leader in international sustainable development.

 

SBTi, initiated by the Carbon Disclosure Project (CDP), the United Nations Global Compact (UNGC), the World Resources Institute (WRI), and the World Wide Fund for Nature (WWF), aims to promote the adoption of consistent scientific methods by businesses to set carbon reduction targets aligned with the goals of the Paris Agreement. Shin Kong Financial Holding has set ambitious carbon reduction targets for its operations both domestically and internationally, aiming for a 42% reduction in carbon emissions by 2030 compared to 2022 levels. Furthermore, the company has set targets for financial carbon emissions related to its investment positions and financing activities, with plans to gradually divest from coal and unconventional oil and gas investments.

 

In addition to its internal efforts, Shin Kong Financial Holding actively leverages its financial influence to guide funds into low-carbon industries through various financial services such as green investments, green financing, and sustainable performance-linked loans. The company also emphasizes engagement with clients to encourage energy efficiency and carbon reduction, facilitating the transition to a low-carbon economy. As of the end of 2023, Shin Kong Financial Holding has facilitated green financing exceeding NT$72.5 billion. Through education and training initiatives, the company aims to enhance the capacity of its business units and clients for sustainable investment and financing, climate risk management, and financial carbon emission management to strengthen its climate resilience.

 

The verification by SBTi represents a significant milestone in Shin Kong Financial Holding's journey towards sustainability. In the future, the company will continue to promote energy efficiency, carbon reduction, and sustainable finance across its subsidiaries, guiding both domestic and international clients towards low-carbon transition. Shin Kong Financial Holding will annually disclose the progress of its carbon reduction targets in its Sustainability Reports, demonstrating its commitment to making tangible contributions to global carbon reduction efforts and achieving net-zero carbon emissions for its operations and entire asset portfolio by 2050. Upholding the sustainable values of "low carbon", "innovation" and "Common Good" Shin Kong Financial Holding will continue its efforts in environmental protection and climate mitigation while actively responding to global natural capital and biodiversity conservation. By joining the International TNFD Forum in December 2023, the company commits to managing natural-related risks and seizing opportunities in collaboration with various stakeholders towards a net-zero and naturally growing future.