Green Finance Promotion Project
Cathay Financial Holdings
“Cathay Financial Holdings is the pioneer among its fellows in practicing corporate sustainability with its core competence. Cathay has dedicated to internalizing the concept of corporate sustainability within its company culture. Cathay is leading its peer in finding the balance between profit gaining and caring for our society and environment and prospering with the world.”
INTRODUCTION
Being the pioneer in providing high-quality financial service to its customers, Cathay Financial Group is a full-functioning financial platform with one-stop shopping convenience composed of insurance, banking, securities and other diversified financial institutions. With 1 in 2 people in Taiwan being Cathay’s customers, they uphold the idea that “offering happiness to others is how they gain genuine happiness.” By leveraging the core functions of the financial industry to fulfill sustainability, Cathay aims at becoming the most trustworthy finance holding company in Asia.
FRAMEWORK AND STRATEGY
Aimed at fully promoting green finance, Cathay launched a series of products and services in response to global environmental risks. Cathay supported the development of green industries with CUB’s Solar Energy Equipment Loans and Offshore Wind Power Loans. Moreover, Cathay Century issued the first and only “Green vehicle insurance” in Taiwan, integrating environmental protection concept into insurance. Bicycle insurance was also introduced in response to increasing popularity of cycling sports. Cathay Century developed Taiwan’s first diversified, content-rich bicycle insurance policy specifically for cyclists. Furthermore, Cathay Life built a completed mobile service platform with upgraded mobile insurance purchase app and launched electronic policy services. Besides demonstrating the convenience of mobile platform to customers, the digital innovation scheme also plays an essential role in the effort to reduce paper use and carbon emissions from transportation.On top of the above, Cathay resolved to transform its mechanism into responsible investment. CUB was the first EP signatory in Taiwan and established a milestone of completing Taiwan’s first local financing project in accordance with the EP. Cathay Life was the first life insurance company in Taiwan to comply with the PSI. Cathay’s Subsidiary, Conning, Inc., has signed the PRI; moreover, Cathay Life and Cathay Securities Investment Trust assisted Taiwanese government in promoting the Taiwan Stewardship Principles for Institutional Investors. Cathay transformed limitation into opportunities and came to find the balance between profit gaining and corporate sustainability.
ACHIEVEMENT AND IMPACT
CUB has pioneered within the group in developing green finance. As of today, CUB has the biggest market share of solar energy equipment loans in Taiwan and successfully extended its financing experiences to USA, China, and Japan. In sum, CUB has financed a cumulative amount of over a thousand solar power stations at home and overseas, with a total installed capacity of 288MW. Each year, the approved loan applications for power generation facilities can reduce CO2 emissions by 155,385 tons. In 2016, CUB took the lead among its industry peers again and finished the first Offshore Wind Power Loans in Taiwan. 8 MW-offshore wind power generation facility was completed, providing 32,000 KW of clean power and reducing 17,020 tons of CO2 per year.Cathay’s green finance promotion project also has a huge influence on the financial industry in Taiwan by engaging in initiatives and on the next generation with its intern programs. Cathay regards highly the opinions from its stakeholders. Cathay was able to sign CDP in 2012 and made commitment on continuous response. In addition, Cathay Internship Program (CIP) and the CSR Talent Camp sponsored by Cathay have cultivated hundreds of young green talents. Among these outstanding youth, one third of them have shown strong intention in developing their career in Cathay and working together on green finance after graduation.
FUTURE DIRECTION
Cathay believes sustainability is what they could easily practice in daily life. Only by prospering with both society and environment, and allying with stakeholders could Cathay maximize its power of influence. Cathay looks up to the best model in the world and reviews its performance on a regular basis. Cathay has been recognized by government, media and world famous ESG rating organizations as a sustainable corporate since Cathay CS Committee’s establishment in 2011. Welcoming its 56th anniversary, Cathay remains committed to outperforming itself in practicing corporate sustainability and aims at becoming the best financial institution in Asia.
Being the pioneer in providing high-quality financial service to its customers, Cathay Financial Group is a full-functioning financial platform with one-stop shopping convenience composed of insurance, banking, securities and other diversified financial institutions. With 1 in 2 people in Taiwan being Cathay’s customers, they uphold the idea that “offering happiness to others is how they gain genuine happiness.” By leveraging the core functions of the financial industry to fulfill sustainability, Cathay aims at becoming the most trustworthy finance holding company in Asia.
