Cathay Financial Holding Co

Cathay Financial Holding Co. (TW), an insurance and pension funding services provider, is committed to reducing its environmental impact. The company aims to achieve net zero emissions by 2050.

For its operational emissions, Cathay Financial Holding Co. has set near-term targets to reduce Scope 1 and Scope 2 emissions by 30% from a 2015 baseline by 2025. Additionally, the company is working to stay on course with a 1.5° C scenario, which involves an annual reduction of 4.2% and a 42% cumulative reduction from 2020 for Scope 1 and Scope 2 emissions through to 2050. They also aim for a 11.7% cumulative reduction by 2025 in these scopes.

In 2020, Cathay Financial Holding Co. reported significant emissions across various scopes. Scope 1 emissions were approximately 3,816,050 kg CO2e. Scope 2 emissions, using the market-based approach, were approximately 56,427,610 kg CO2e, and using the location-based approach, were approximately 56,429,130 kg CO2e. Scope 3 emissions in 2020 totalled approximately 733,350,150 kg CO2e, with the largest contributor being investments at approximately 653,499,000 kg CO2e, followed by fuel and energy-related activities at approximately 14,412,160 kg CO2e.

More recently, in 2023, the company reported Scope 3 emissions totalling approximately 298,807,010 kg CO2e. The primary categories within Scope 3 emissions for 2023 include purchased goods and services at approximately 171,546,620 kg CO2e, and employee commute at approximately 30,146,820 kg CO2e. In 2022, Scope 3 emissions were approximately 246,918,640 kg CO2e, with purchased goods and services accounting for approximately 144,540,350 kg CO2e. In 2021, Scope 3 emissions amounted to approximately 202,011,670 kg CO2e, with purchased goods and services being the largest component at approximately 130,801,250 kg CO2e.

Cathay Financial Holding Co. is recognised by the Science Based Targets initiative (SBTi) and is a member of the Business Ambition for 1.5°C campaign. Their portfolio targets, covering a significant portion of investment and lending activities, are considered consistent with keeping warming to Well-below 2°C.