Far Eastern New Century (FENC) is a global leader in recycled polyester production, providing customers with comprehensive green product solutions. On the way to a sustainable future, the company has set ambitious transformation goals for 2030. These include reducing carbon dioxide emissions by 50%, a 50% share of green products in total production and a 50% share of green raw materials in procurement.
In response to global warming and efforts to reduce carbon emissions, the company’s polyester division, FENC Polyester Business, adopted the Science Based Targets (SBTi) initiative goals in July 2024 for its greenhouse gas emissions reduction journey. The targets, which are in line with the Paris Agreement’s 1.5 degree target to mitigate the effects of climate change and limit global temperature, demonstrate FENC’s commitment to achieving net zero by 2050. FENC is working tirelessly to achieve net zero. This will enable the implementation of five key strategies to reduce carbon emissions: improving energy efficiency, transitioning to low-carbon fuels, developing renewable energy, deploying carbon capture, utilization and storage (CCUS) technologies and transforming raw material use. In 2023, total Scope 1 and Scope 2 greenhouse gas emissions from the Company’s manufacturing activities decreased by 25% compared to the base year of 2020.
FENC has consistently leveraged its core competencies to develop innovative recycling technologies for various waste streams from land, sea and air. For example, used PET bottles were processed into high-quality tire cord, not only for the renowned German brand Continental Tire, but also in collaboration with other international tire manufacturers. Also in 2023, FENC’s jerseys, made with ocean-recycled materials, were once again the focus of international sporting events, including the UEFA Champions League and the Women’s World Cup. FENC’s eco-friendly fabrics, which combine cutting-edge technology with fashionable design, have won prestigious awards such as the Red Dot Design Award and the iF Design Award. The company continues to apply cutting-edge technologies to a growing range of products. This includes chemical textile recycling technology, which is nearing commercial launch and offers promising future business opportunities. FENC’s eco-friendly products, including recycled polyester, energy-saving PET resin and more, generated NT$47.7 billion in sales in 2023. With an increase of 4% compared to the previous year, a historic high was reached, accounting for 33% of the sales of the company’s production business.
FENC is in the top 1.5% in the chemical industry worldwide according to Sustainalytics’ ESG risk rating. For three consecutive years, FENC has been named “Most Honored Company” by Institutional Investor Magazine and “Best Managed Company” by FinanceAsia, in competition with other Asian companies in its sector.
Information about Far Eastern New Century (FENC)
FENC was founded in 1949. It is an international company based in Taiwan, operating in the USA, Japan, Mainland China, Vietnam, Malaysia, the Philippines and many other countries/regions. FENC is the only vertically integrated polyester supplier in the world, offering a range of products ranging from raw materials to consumer products.
For more information about FENC, please visit http://www.fenc.com
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