Cathay Life Insurance Co.,Ltd.

Cathay Life Insurance Co., Ltd., headquartered in TW and operating in the Insurance and pension funding services sector, has disclosed its carbon emissions and climate commitments.

For the reporting year 2024, the company reported significant Scope 3 emissions, primarily from investments, totalling approximately 55.43 billion kg CO2e. Additionally, emissions from purchased goods and services amounted to about 26.68 million kg CO2e. The total disclosed emissions for 2024 were approximately 10.83 billion kg CO2e.

In 2023, Cathay Life Insurance reported Scope 1 emissions of approximately 2.62 million kg CO2e. Their Scope 1 and 2 emissions intensity was reported as about 3.96 x 10^-5 kg CO2e per NT$ of revenue.

For the 2022 reporting year, Scope 1 emissions were approximately 2.55 million kg CO2e. Scope 2 emissions, using the market-based approach, were about 27.08 million kg CO2e, and the location-based approach reported 25.27 million kg CO2e. Scope 3 emissions from business travel were approximately 49,500 kg CO2e. The combined Scope 1 and 2 emissions, market-based, were about 29.44 million kg CO2e, and location-based were approximately 29.59 million kg CO2e. The Scope 1 and 2 emissions intensity per NT$ of revenue was 0.07667 kg CO2e, and per employee was 900 kg CO2e.

In 2020, Scope 1 emissions were approximately 2.48 million kg CO2e, and Scope 2 emissions were about 29.75 million kg CO2e, resulting in combined Scope 1 and 2 emissions of approximately 32.22 million kg CO2e. The Scope 1 and 2 emissions intensity was 0.0009265 kg CO2e per USD of revenue.

Climate Commitments and Reduction Targets:

Cathay Life Insurance Co., Ltd. is committed to ambitious climate action. They have set a near-term target to reduce Scope 1 emissions by 25% from a 2020 baseline by 2030. Similarly, Scope 2 emissions are targeted for a 25% reduction from the 2020 baseline by 2030.

For long-term goals, the company aims to achieve net-zero carbon emissions by 2050. This overarching net-zero commitment extends to financial assets, as announced by the parent company, Cathay Financial Holdings. To support these objectives, Cathay Life is implementing strategies such as replacing energy-intensive equipment, introducing green buildings, actively utilising renewable energy, and promoting workplace transformation.

A near-term plan, the "Zero Carbon Operation Transformation" plan, was announced in June 2021, incorporating emission reduction targets into the annual KPIs of senior executives to facilitate their zero-carbon transition. This plan includes a near-term reduction target of 5% for Scope 1 and Scope 2 emissions by 2025.

It is important to note that some emissions data may be cascaded from Cathay Financial Holding Co., Ltd., the ultimate parent organisation. For instance, their SBTi and RE100 initiatives are cascaded from Cathay Financial Holding Co., Ltd.