E.Sun Financial Holdings announced on the 19th that it had become a full member of the international renewable energy initiative "RE100," pledging to achieve 100% renewable energy across all its locations by 2040. It's worth noting that E.Sun Financial Holdings' annual electricity consumption is approximately 44,000 MWh (megawatt-hours), which doesn't meet the current RE100 membership threshold of 100,000 MWh. Ultimately, it was only through special regulations regarding financial influence that E.Sun was able to join.
E.Sun Financial Holdings joins RE100, committing to 100% renewable energy by 2040
"RE100" is a global renewable energy initiative led by The Climate Group and the Carbon Disclosure Project (CDP). It requires members to use 100% renewable energy by 2050. Many internationally renowned companies have become members in response to the trend of carbon reduction.
E.Sun Financial Holdings officially became a member of RE100 on the 19th, becoming the first financial institution in Taiwan to be approved to join as a "low-power enterprise." It has pledged to achieve 100% renewable energy use in its domestic and overseas operations by 2040, with a mid-term goal of achieving 80% by 2030.
To this end, in addition to replacing energy-consuming air conditioners and lighting fixtures to reduce carbon emissions, E.Sun Financial Holdings will also use renewable energy through channels such as self-built solar power generation equipment and signing power purchase agreements. As of the end of last year (2021), the site had installed rooftop solar photovoltaic systems with an installed capacity of approximately 159 kilowatts (KW), and also completed the first green electricity transfer in 2021, which together accounted for 18% of the annual electricity consumption.
Chen Meiman, General Manager of E.Sun Financial Holdings' Sustainability Division, stated that E.Sun is not only the largest green electricity purchaser in the financial sector, but has also completed an inventory of its investment and financing carbon emissions, becoming the first financial institution in Taiwan and the second in Asia to pass the Science-Based Targets (SBT) initiative. The company also previously pledged to phase out all coal-related investments by 2035, using financial resources to drive the decarbonization of the energy system.
RE100 requires over 100 million kWh to join, and the financial sector also has three requirements.
To accelerate the global transition to zero-carbon energy, RE100 has launched a call for high-power-consuming companies to join. According to RE100 membership guidelines, the current membership threshold is annual electricity consumption exceeding 100,000 MWh. E.Sun Financial Holdings began pursuing RE100 membership approximately two years ago, but its application was delayed due to its annual electricity consumption of 44,000 MWh, which fell short of the threshold. After numerous discussions, E.Sun Financial Holdings finally gained recognition from RE100 for its financial influence and was granted corporate membership.
It turns out that RE100 has special terms for companies with lower electricity consumption. If a company has relevant influence, such as being a key player in the industry category or playing another role that is beneficial to the promotion of RE100 locally, it can still become a member after case-by-case review.
Furthermore, RE100 established stricter eligibility criteria for the financial sector in 2021, strongly requiring subsequent financial institutions to accelerate energy transition through investment and financing. These criteria include three main requirements: First, carbon management must be implemented in all investment and financing portfolios. Second, all coal investments in developed countries must be divested by 2030, expanding to developing countries by 2040. Third, no significant investment in fossil fuels must occur within the past two years.
E.Sun Financial Holdings stated that it will continue to support the development of the green energy industry through financial services in the future, such as project financing for various renewable energy sources such as solar power stations, offshore wind power, onshore power generation, geothermal energy, etc.
Source: Environmental Information Center (https://e-info.org.tw/node/234621)
