In order to support the national 2050 net zero emission policy, respond to climate change, and promote sustainable development, the "Coalition of Movers and Shakers on Sustainable Finance" was established on Sep. 5, 2022 by Yuanta Holding, CTBC Holding, E. Sun Holding, First Financial Holding, and Cathay Holding and witnessed by the FSC and related ministries. The Coalition members committed to take more active measures on green procurement, funding and engagement, information disclosure, assistance and promotion, and international outreach to spur national and industrial net-zero transformation.
In remarks, FSC Chairperson Tien-Mu Huang stated that, with global society moving faster to respond to climate risks and pursue sustainable development, industry players at home and abroad are jointly launching or establishing more and more net zero actions or climate alliances. The five aforementioned financial holding companies today established the "Coalition of Movers and Shakers on Sustainable Finance" with the purpose of exerting their power and influence. Mitigating climate change is the responsibility of every government department, every enterprise, and every citizen on the earth. The Chairperson stated, "The road is long and difficult" but "we'll achieve our aims if we just keep moving ahead." He further extended his expectation that all financial institutions work together to support sustainable development.
The financial industry continues to pay attention to the issue of sustainable development, and has promoted many measures on the environmental, social and governance (ESG) dimension in the past with considerable results. However, the effects of climate change are becoming more pronounced and require more proactive actions by the public and private sectors. The five financial holding companies have not only received high evaluations from international sustainability rating agencies, but have also further pledged to act as movers and shakers. Acting upon their own initiative, they intend to prudently respond to the physical and transition risks of climate change, take concrete actions to reduce carbon emissions, and drive customers, thus exerting a peer effect that spurs industry and society to move toward the goal of sustainable development.
The FSC stated that the movers and shakers have broader and forward looking vision. Therefore, in the future, when planning policies and measures related to sustainable finance, the FSC will rely more upon the experience and views of them, and hopes that they will serve as important promoters of net zero emissions. Based on the requirements of industry and the market, the FSC and the movers and shakers will launch related sustainable finance measures. Such measures will include the development of related tools, guidelines, or databases and so on. The FSC also expects all financial institutions to move towards the goal of net zero and sustainability, and achieve the core value of sustainable development.
Contact: Department of Planning, FSC
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