Crédit Agricole CIB is supporting polyester recycling firm Far Eastern New Century Corporation (FENC) in its first sustainability financing. The three-year NT$3 billion (US$103.51 million) sustainability-linked facilities will be linked to the company’s sustainability performance in line with its 2030 vision.
FENC has set quantitative targets on various environmental performance indicators such as reducing energy consumption per unit of production by 25%, lowering air pollutant emissions by 35%, and decreasing non-recyclable waste by 30% in 2030. The company had achieved its 2020 targets for the three KPIs by 2019.
Humphrey Cheng, president of corporate management at FENC, notes that the company’s revenues on green products exceeded US$1.1 billion in 2019. Compared with general petrochemical raw materials, products made from polyester recycled raw materials reduce greenhouse gas emissions by 63%. As such, the firm avoids 900,000 tonnes of greenhouse gas emissions each year, which is equivalent to the carbon absorption of 2,300 Daan Forest Parks, he says, referring to a 26-hectare public park in Taipei.