Far Eastern New Century Achieves Prestige in Sustainability
Far Eastern New Century Corporation (FENC) has made its mark by being included in the Dow Jones Sustainability Indices (DJSI) Emerging Markets. This impressive feat positions FENC as the first and only industrial conglomerate from Taiwan to achieve this recognition. This accolade underlines the company’s significant efforts in sustainability and sets a benchmark for others in the region.
Understanding the DJSI and Its Importance
The DJSI, established in 1999, serves as a global standard for evaluating companies based on their Environmental, Social, and Governance (ESG) performance. Managed by S&P Global, it assesses over 10,000 of the world’s leading companies, ultimately selecting the top 10% that excel in sustainability practices. The inclusion of FENC in this distinguished group highlights its commitment to ESG principles and the demanding nature of this selection process.
FENC's Commitment to Sustainable Practices
FENC has consistently showcased excellence in the ESG framework. The company integrates sustainability into its core strategies, drawing alignments with global sustainability trends. Beyond the DJSI, FENC has been recognized in MSCI ESG Leaders Indexes and the FTSE4Good Emerging Index, each representing significant achievements in responsible business practices and environmental consciousness.
The organization operates through three primary sectors: Production, Investment, and Property Development. Each arm of its business reflects its dedication to sustainability. For the year 2030, FENC has set ambitious transformation goals including a commitment to halve carbon emissions, with half of its total production and sourcing turning green.
The Role of Science-Based Targets
This year marked another significant milestone when FENC’s polyester division and its subsidiary, Oriental Industries (Suzhou) Ltd., joined the Science-Based Targets initiative (SBTi). Their commitment secured approval, paving the way for achieving their sustainability objectives by prioritizing measurable and actionable strategies.
Eco-Friendly Innovations in Property Development
FENC's approach to sustainable development is evident in its property initiatives. The company has embarked on creating eco-friendly residential spaces that employ green construction practices. A prime example of this is the Taipei Far Eastern Telecom Park (Tpark). This development is not only a modern residential building but one that includes innovative green energy solutions and robust seismic isolation systems.
This project recently achieved certification as Silver in Green Building standards, a testament to its eco-friendly design principles. The positive response to the Tpark, marked by full sales, underscores the increasing demand for green living solutions among consumers.
Leadership in Sustainable Finance
FENC is also at the forefront of Taiwan’s sustainable finance landscape. The company has pioneered the issuance of various sustainability bonds, setting a remarkable national standard. Collaborating with leading financial institutions, FENC develops unique financial tools that resonate with its sustainability vision, encouraging widespread participation in global sustainability initiatives.
This commitment ultimately contributes to a greener, more sustainable future, inspiring similar actions across various sectors.
About Far Eastern New Century Corporation
Founded in 1949 and based in Taiwan, Far Eastern New Century Corporation is a global leader, conducting operations in several countries, including the USA, Japan, Mainland China, Vietnam, Malaysia, the Philippines, and others. Its unique position in the market stems from its vertical integration, which enables it to control the entire supply chain—from raw materials to finished consumer products.
In 2023, FENC reported consolidated revenues of USD$8.3 billion and total assets amounting to USD$22 billion, underscoring the company’s significant impact both economically and environmentally.
Frequently Asked Questions
What is the significance of FENC's inclusion in the DJSI?
FENC's inclusion signifies its commitment to sustainable business practices and positions it among the top 10% of companies excelling in ESG performance worldwide.
How does the DJSI assess companies?
The DJSI evaluates companies based on their environmental, social, and governance performance, attracting a broad range of industries and only selecting those that meet high sustainability standards.
What are FENC's sustainability goals for 2030?
FENC aims to reduce carbon emissions by 50%, have green products account for 50% of its total production, and source 50% of its raw materials from sustainable origins.
How does FENC lead in sustainable finance?
FENC pioneers the issuance of sustainability bonds and partners with key financial institutions to develop innovative financial solutions that support its sustainability initiatives.
What is the focus of FENC’s property development?
FENC incorporates eco-friendly practices and sustainable urban development into its property projects, creating spaces that utilize green construction techniques and energy solutions.
