Formosa Taffeta Co., Ltd. Emission Reduction Targets Validated by the SBTi
March 17,2023
Formosa Taffeta Co., Ltd. has officially approved by the SBTi (Science Based Targets initiative, SBTi), becoming the first Textile company in Taiwan to be validated.
With the worsening global climate change, FTC has been actively taking various energy saving and emission reduction measures to reduce the environmental impacts. In response to limit global warming to no more than 2°C, FTC committed to SBTi in July, 2022 and was officially approved today. Formosa Taffeta Co., Ltd. commits to reduce scope 1+2 GHG emissions 26.3% by 2027 from a base year 2019, and also commits to reduce scope 3 GHG emissions 20% within the same timeframe. FTC will continue moving towards the vision of carbon neutrality in 2050.
Through advanced manufacturing process technology, FTC will increase the production and energy efficiency and implement the renewable energy usage and low-carbon energy transition to fulfill the energy saving and emission reduction. Furthermore, the Company will continue passing international certificate and carry out energy saving and emission reduction projects to enhance climate resilience. Meanwhile, the Company will continue developing environment-friendly and low-carbon products in cooperation with our value chain, establishing comprehensive audit and mentoring framework to engage with suppliers regarding ESG issues, and forms a task force to enhance the climate change capabilities and competition of the Company.
In the end of December of 2020, FTC has officially become the TCFD supporter and disclosed the strategy and measures in response to climate change in accordance with TCFD guidelines. In addition, FTC has been rated as leadership in climate change and water security by CDP for consecutive three years. In 2022, FTC was firstly awarded the A list, the highest honor, in climate change in 2022, showing the recognition of the efforts that FTC dedicates to climate action.
This year, FTC will be established for 50 years. The Company will keep the spirits of living harmoniously with the environment, strive to take each energy saving and emission reduction action, enhance water efficacy and the renewable energy usage, and establish green textile supply chain with our partners to achieve SBTi and sustainable development.
Note: SBTi (Science Based Targets initiative) is organized by CDP, United Nations Global Compact (UNGC), World Resources Institute (WRI), and World Wide Fund for Nature (WWF). These targets allow companies to set carbon reduction targets in a more scientific manner, which will help limit global warming to no more than 2°C (in response to the Paris Agreement), or even 1.5°C (in response to the IPCC's global warming 1.5°C report).
