Far Eastern New Century (FENC), a leading global player in recycled polyester production, has unveiled its bold sustainability targets for 2030. The company aims to slash its carbon emissions by 50%, ensure that 50% of its products are green, and source 50% of its raw materials from sustainable sources.
FENC’s commitment to sustainability was recently underscored by its achievement in July 2024 when its greenhouse gas (GHG) reduction goals were validated by the Science Based Targets initiative (SBTi). These targets align with the Paris Agreement’s 1.5°C trajectory, reflecting FENC’s dedication to mitigating climate change and reaching net zero emissions by 2050.
To meet these goals, FENC is deploying five key strategies: enhancing energy efficiency, shifting to low-carbon fuels, investing in renewable energy, utilising carbon capture, utilisation, and storage (CCUS) technologies, and overhauling its raw material usage. Notably, the company reported a 25% reduction in Scope 1 and 2 GHG emissions in 2023 compared to 2020 levels.
FENC has also been a pioneer in recycling technologies, transforming waste materials from land, sea, and air into high-quality products. The company has converted used PET bottles into durable tire cord, partnering with global brands such as Continental Tire. Additionally, FENC’s ocean-recycled anti-bursting jerseys have gained prominence at major international sports events, including the UEFA Champions League and Women’s World Cup.
The company’s eco-friendly fabrics, which employ advanced waste gas recycling technology, have earned prestigious accolades such as the Red Dot Design Award and the iF Design Award. In 2023, FENC’s green products, including recycled polyester and energy-saving PET resin, generated NT$47.7 billion in revenue—a record high and a 4% increase from the previous year. These products now represent 33% of FENC’s total production revenue.
FENC’s dedication to environmental, social, and governance (ESG) practices has not gone unnoticed. The company is ranked in the top 1.5% of the global chemical industry by Sustainalytics’ ESG risk rating. Over the past three years, FENC has also been recognised with the Most Honoured Company award by Institutional Investor Magazine and named the Best Managed Company by FinanceAsia, distinguishing itself among its Asian peers.
Established in 1949 and headquartered in Taiwan, FENC operates globally, with a presence in the USA, Japan, Mainland China, Vietnam, Malaysia, the Philippines, and other regions. The company is unique in its vertical integration, offering a complete product range from raw materials to consumer goods.
For more information, visit FENC’s website.