Far Eastern New Century (FENC) is a global leader in recycled polyester production, providing a wide range of eco-friendly product solutions. To drive progress towards sustainability, the Company has set bold transformation targets for 2030, including reducing carbon emissions by 50%, achieving a 50% share of green products in total production, and sourcing 50% of raw materials from green sources.
In response to global warming and the carbon reduction movement, FENC Polyester Business has passed the Science Based Targets initiative (SBTi) for its greenhouse gas (GHG) emissions reduction pathway in July 2024. Targets set in line with the Paris Agreement's 1.5°C trajectory to mitigate the effects of climate change and cap global temperature, FENC demonstrates a commitment to achieving net zero by 2050. FENC is diligently working towards achieving net zero by implementing five major carbon reduction strategies: improving energy efficiency; transitioning to low-carbon fuels; developing renewable energy; utilizing carbon capture, utilization, and storage (CCUS) technologies; and transforming raw material usage. In 2023, the total of Scope 1 and 2 greenhouse gas emissions from the Company's production business decreased by 25% compared to the baseline year of 2020.
FENC has consistently harnessed its core strengths to pioneer innovative recycling technologies for various waste streams from land, sea, and air. For instance, it has converted used PET bottles into high-quality tire cord, serving not only the esteemed German brand Continental Tire but also partnering with other global tire manufacturers. In 2023, FENC's ocean-recycled anti-bursting jerseys garnered attention at major international sports events, including the UEFA Champions League and the Women's World Cup. By blending advanced technology with stylish design, FENC's eco-friendly fabrics, produced using waste gas recycling technology, have earned prestigious accolades such as the Red Dot Design Award and the iF Design Award.
The Company continues to leverage cutting-edge technologies across an expanding array of products, including chemical textile recycling technology, which is on the brink of commercialization and is set to seize promising future business opportunities. In 2023, FENC's green products, such as recycled polyester and energy-saving PET resin, achieved a record revenue of NT$47.7 billion, marking a 4% increase from the previous year and representing 33% of the Company's production business revenue. According to Sustainalytics' ESG risk rating, FENC ranks among the top 1.5% of the global chemical industry. For three consecutive years, FENC has been recognized with the Most Honored Company award by Institutional Investor Magazine and the Best Managed Company award by FinanceAsia, outperforming other Asian companies in its sector.