Fubon Financial Holdings announced that three of its subsidiaries—Fubon Life, Taipei Fubon Bank, and Fubon Insurance—have received “excellent” ratings in the Banking and Insurance Industry Task Force on Climate-related Financial Disclosures (TCFD) Report Assessment. The assessment was conducted by the Center for Business Sustainability at National Chengchi University. This recognition highlights the subsidiaries’ efforts in climate risk management and transparency.
Richard M. Tsai, Chairman of Fubon Financial Holdings, commented on the achievement: “In response to the global net-zero trend, Fubon Financial Holdings continues to leverage its financial influence to channel capital toward low-carbon applications and assist enterprises and society in enhancing climate resilience. Meanwhile, Fubon Financial Holdings actively deepens its quantitative management of climate risks. Since 2021, it has established credit business entry/divestment standards for high-carbon-emission industries (coal-fired power plants, coal mines, cement, petrochemicals, and steel). In 2023, it further expanded these standards to include investment and underwriting strategies for decarbonization.”
The company has introduced new targets this year. Fubon Financial Holdings plans to exit all industries associated with fuel coal by the end of 2030 and withdraw from investment and underwriting operations in unconventional oil and gas industries by the end of 2040. This will not apply to companies that have submitted carbon reduction transformation plans aligned with Paris Agreement goals. The company is also working with subsidiaries to host workshops that help corporate customers improve their carbon reduction planning.
Fubon Life has published its TCFD report and was invited to share its experience in report writing. The company discloses its climate governance framework and risk management mechanisms and uses scenario analysis to assess climate change impacts on investments and operations. Fubon Life has set green finance investment targets and implemented ISO environmental management standards. It participates in several international initiatives related to responsible investment and has committed to using only renewable energy by 2040 and achieving net zero emissions by 2050.
Taipei Fubon Bank’s board oversees its strategies on climate change. Since 2023, the bank has published a TCFD report each year covering risk management and low-carbon transformation finance. It was the first domestic bank to use the Taiwan 2050 Net-Zero Blueprint for decarbonization scenario planning in industrial investment and financing. The bank obtained third-party assurance for greenhouse gas emissions from its investment and financing portfolios for two consecutive years. In 2024, Taipei Fubon Bank reported a green investment and financing balance of NT$582.5 billion and a year-on-year reduction of 9.4% in financial carbon emissions. The bank has received several awards for its work in ESG and green finance.
Fubon Insurance has published its TCFD report for three consecutive years since 2023 and was recognized as the “Outstanding Property & Casualty Insurer” at the Second TCFD Report Assessment hosted by National Chengchi University. The company strengthened its risk identification processes by quantitatively estimating potential financial impacts and incorporating physical risk factors such as slope disasters, droughts, floods, and heatwaves into its scenario analyses.
This recognition reflects Fubon Financial Holdings’ ongoing commitment to climate-related financial disclosure and sustainable business practices.