TAIPEI (TVBS News) — Fubon Financial Holding (富邦金控), one of Taiwan's largest financial conglomerates, unveiled its comprehensive 2024 climate-related financial disclosure report on Monday (Aug. 4), outlining three strategic initiatives aimed at strengthening climate risk management and accelerating carbon reduction commitments. The financial powerhouse pioneered environmental transparency in Taiwan's financial sector when it published the nation's first climate-related financial disclosure (TCFD) report in 2021, with this latest publication marking its fifth consecutive annual assessment.
Fubon Chairman Richard M. Tsai (蔡明興) underscored the pressing need for immediate climate action in his executive statement, pointing to escalating global climate disruptions and the increasing frequency of catastrophic weather events worldwide. The report details the company's first strategic initiative to enhance climate risk quantification methodologies, specifically expanding these analytical frameworks into the life insurance sector to comprehensively strengthen the financial group's climate risk assessment capabilities across its diverse business portfolio.
The financial giant's second strategic pillar establishes an accelerated investment decarbonization timeline, committing to completely divest from coal-related industries by 2030. Fubon will also withdraw from non-conventional oil and gas sectors by 2040. The institution's third strategic approach emphasizes intensified corporate engagement through expanded green financing initiatives designed to facilitate industrial transformation. Fubon plans to provide specialized guidance helping corporate clients develop and implement effective carbon reduction strategies aligning with international sustainability standards. ◼