E.SUN's journey to net-zero using science-based targets

E.SUN, one of Taiwan’s leading commercial banks, is deeply committed to corporate sustainability, aiming to achieve 100% use of renewable energy by 2030 and net zero by 2050. In 2022, working with PwC Taiwan, E.SUN became the first bank in Taiwan and the third in the world to be validated by the UN-backed Science-Based Targets initiative (SBTi). E.SUN now has a clearly defined, measurable pathway to reach its 2050 net-zero goal, putting it in the vanguard of international banks seeking to play their part in combating climate change.

“To achieve our net zero goal, we needed to calculate the bank’s carbon emissions, set science-based targets, develop a carbon reduction strategy, and regularly review our progress. We began working with PwC Taiwan on the SBTi project in 2021, at a time when no bank in Taiwan had completed the process of setting a net zero goal. We had to learn the latest methodologies and then create the best practices for E.SUN, without having any examples to follow.”

“We had to set up realistic, industry-representative emissions factors to estimate the carbon emissions generated by E.SUN’s lending and investment targets. This was a challenge because the concept and calculation methodology for Scope 3 financed emissions were new to us.

PwC Taiwan’s team used technology to collect and analyse large volumes of corporate data to establish reliable calculation methods and rational benchmarks for financed emissions. These helped us to quickly identify erroneous information and correct it in a timely manner. It also contributed to creating a robust, stable platform for calculating E.SUN’s Scope 3 emissions from lending and investment banking.”

“Since our validation, we have been invited to share E.SUN’s SBT experience in multiple external forums, encouraging more Taiwanese companies to join the initiative and help Taiwan’s progress towards a more sustainable future.”

Sustained outcomes:

• With PwC Taiwan’s support and advice, E.SUN received its SBTi target validation in March 2022, becoming the first bank in Taiwan and the third in the world to complete the SBTi review.
• PwC Taiwan has made additional recommendations to help E.SUN reduce its carbon emissions further by setting medium-term SBTs with clear execution plans.