Bank SinoPac has announced that it will begin voluntarily adopting green energy starting in July and purchase 2.6 million kWh of green energy each year, or about 10% of the bank’s total annual power consumption. At the same time, SinoPac will experiment with operating solar panels on its office buildings’ rooftops, thereby continuing to play a key role in the growth of renewable energy in Taiwan and further realize a win-win situation for the industry where green energy and low carbon emission transformation serves a key part in SinoPac’s goal as a sustainable development-minded financial institution.
SinoPac’s parent company SinoPac Holdings, through its Sustainable Development Committee, delivered a strategy revolving around slowing down climate change. This strategy involves the continued increase of the ratio of renewable energy usage to total energy usage, as well as a carbon reduction target. Once the bank incorporates 2.6 million kWh of green energy, it will likely reduce its carbon output by 1,323 tons per year, the equivalent carbon absorption volume by the Daan Forest Park each year. Hence, this strategy effectively reaches the carbon reduction target set by SinoPac Holdings.
SinoPac indicates that it has been in active support of the green energy industry’s development. By leveraging its core business as a financial services provider, SinoPac has been a proponent for a green financial industry, in line with policies and principles of industrial development. By signing on to Equator Principles in February 2020, SinoPac became the 102nd bank in the world to do so. In July of the same year, the company facilitated its first nongovernmental green energy transaction, thereby becoming an important driver of transactional freedom in green energy in Taiwan.
As of late 2021, SinoPac operates more than 5,800 PV power generators via partnerships and subsidiaries, for a total installed capacity of 1.92 GW and about 2.4 billion kWh of power generated annually, enough to power 750,000 households for a whole year. The company’s photovoltaic efforts are instrumental in aligning it with the RE100 global initiative and positioning it as a green energy leader in Taiwan’s financial sector.
(Image: SinoPac)