Cathay Financial Holding Co

Cathay Financial Holding Co., a Taiwan-based company in the insurance and pension funding services industry, aims to achieve net-zero emissions by 2050 for Scope 1 and Scope 2 emissions. The company has set near-term Science Based Targets initiative (SBTi) targets to reduce absolute Scope 1 and 2 greenhouse gas emissions by 25% by 2030, from a 2020 base year. These targets are classified as "Well-below 2°C" by the SBTi.

In 2025, Cathay Financial Holding Co. anticipates approximately 20,000 kg CO2e in Scope 1 emissions, 227,000 kg CO2e in Scope 2 emissions, and 9,600,000 kg CO2e in Scope 3 emissions.

For 2023, the company reported Scope 3 emissions of approximately 309.8 million kg CO2e. This includes a significant proportion from purchased goods and services (about 171.5 million kg CO2e), capital goods (about 47.5 million kg CO2e), and employee commute (about 30.1 million kg CO2e).

Looking back, Cathay Financial Holding Co. reported Scope 1 emissions of approximately 3.8 million kg CO2e and Scope 2 market-based emissions of about 56.4 million kg CO2e in 2020. In the same year, Scope 3 emissions, including categories like fuel and energy-related activities and purchased goods and services, were approximately 18.2 million kg CO2e.

The company has a near-term target to reduce its Scope 1 and Scope 2 emissions by 30% from a 2015 baseline by 2025. Additionally, for Scope 3 emissions, Cathay Financial Holding Co. is committed to several intensity reduction targets across its financial portfolio by 2026 and 2035, based on a 2019 baseline. These include a 33% reduction in GHG emissions per MWh for its electricity generation project finance portfolio by 2026, and a 39% reduction per square meter for the commercial real estate sector within its corporate loan portfolio by 2026.