Far Eastern New Century Setting Three 50% Targets by 2030--Carbon Reduction, Green Products, and Green Raw Materials
TAIPEI, Sept. 5, 2024 /PRNewswire/ -- Far Eastern New Century (FENC) is a global leader in recycled polyester production, offering customers comprehensive green product solutions. To advance towards a sustainable future, the Company has established ambitious transformation goals for 2030, which include a 50% reduction in carbon emissions, green products constituting 50% of total production, and green raw materials comprising 50% of sourcing.
In response to global warming and the carbon reduction movement, FENC Polyester Business has passed the Science Based Targets initiative (SBTi) for its greenhouse gas (GHG) emissions reduction pathway in July 2024. Targets set in line with the Paris Agreement's 1.5°C trajectory to mitigate the effects of climate change and cap global temperature, FENC demonstrates a commitment to achieving net zero by 2050. FENC is diligently working towards achieving net zero by implementing five major carbon reduction strategies: improving energy efficiency; transitioning to low-carbon fuels; developing renewable energy; utilizing carbon capture, utilization, and storage (CCUS) technologies; and transforming raw material usage. In 2023, the total of Scope 1 and 2 greenhouse gas emissions from the Company's production business decreased by 25% compared to the baseline year of 2020.
FENC has consistently leveraged its core competencies to develop innovative recycling technologies for various waste streams from land, ocean and air. For example, it transformed used PET bottles into high-quality tire cord, not only for the renowned German brand Continental Tire, but also in collaboration with other international tire manufacturers. In 2023, FENC's ocean recycled anti-bursting jerseys once again became the focal point at international sports events, including UEFA Champions League and Women's World Cup. Combining cutting-edge technology with fashionable design, FENC's eco-friendly fabrics, made with waste gas recycling technology, have won prestigious awards like the Red Dot Design Award and the iF Design Award. The Company continues to harness cutting-edge technologies for a growing range of products, including chemical textile recycling technology, which is nearing commercialization and poised to capture promising future business opportunities. FENC's green products, including recycled polyester, energy-saving PET resin, and more, generated NT$47.7 billion in revenue in 2023. This marked a historical high, with a 4% increase compared to the previous year, accounting for 33% of the revenue of the Company's production business.
FENC ranks in the top 1.5% of the global chemical industry according to Sustainalytics' ESG risk rating. For three consecutive years, competing against other Asian companies in its sector, FENC has been rewarded with the Most Honored Company award by Institutional Investor Magazine and the Best Managed Company by FinanceAsia.
About Far Eastern New Century (FENC)
FENC was established in 1949. It is an international company, based in Taiwan, operating in USA, Japan, Mainland China, Vietnam, Malaysia, Philippines and many other countries/regions. FENC is the only polyester supplier in the world vertically integrated to offer a product spectrum spanning from raw materials to consumer products.
To learn more about FENC please visit http://www.fenc.com
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