Far Eastern New Century (FENC), a global leader in recycled polyester production, is dedicated to building a sustainable future. The company has set ambitious transformation goals for 2030, aiming to achieve a 50% reduction in carbon emissions, a 50% green product composition of its total production, and a 50% green raw material sourcing rate.
FENC’s commitment to sustainability is evident in its alignment with the Science Based Targets initiative (SBTi) for its greenhouse gas (GHG) emissions reduction pathway. This commitment reflects the company’s dedication to achieving net zero emissions by 2050, in line with the Paris Agreement’s 1.5°C trajectory to mitigate the effects of climate change.
To achieve these goals, FENC has implemented five key carbon reduction strategies: improving energy efficiency, transitioning to low-carbon fuels, developing renewable energy sources, utilizing carbon capture, utilization, and storage (CCUS) technologies, and transforming its raw material usage. These efforts have yielded positive results, with a 25% decrease in Scope 1 and 2 greenhouse gas emissions from the company’s production business in 2023 compared to the baseline year of 2020.
FENC’s commitment to sustainability extends beyond its own operations. The company has leveraged its expertise to develop innovative recycling technologies for various waste streams, including land, ocean, and air. This includes transforming used PET bottles into high-quality tire cord, used by renowned brands like Continental Tire and other international tire manufacturers.
FENC’s recycled materials have also made their mark in the world of sports. Its ocean-recycled anti-bursting jerseys were featured at international sporting events, including the UEFA Champions League and Women’s World Cup in 2023.
FENC’s commitment to innovation is reflected in its cutting-edge technologies and eco-friendly designs. Its eco-friendly fabrics, produced using waste gas recycling technology, have garnered prestigious awards like the Red Dot Design Award and the iF Design Award. The company continues to invest in cutting-edge technologies, including chemical textile recycling technology, which is nearing commercialization and holds promise for future business growth.
FENC’s dedication to sustainability translates into tangible results. In 2023, the company generated NT$47.7 billion in revenue from its green products, including recycled polyester and energy-saving PET resin. This marked a historical high, representing a 4% increase from the previous year and accounting for 33% of the revenue from its production business.
FENC’s commitment to sustainability has earned it widespread recognition. According to Sustainalytics’ ESG risk rating, FENC ranks in the top 1.5% of the global chemical industry. The company has been consistently recognized for its excellence, receiving the Most Honored Company award from Institutional Investor Magazine and the Best Managed Company award from FinanceAsia for three consecutive years.
Established in 1949, FENC is a global company with operations in Taiwan, the USA, Japan, Mainland China, Vietnam, Malaysia, the Philippines, and other regions. As the only polyester supplier in the world that is vertically integrated, FENC offers a comprehensive product spectrum from raw materials to consumer products.
To learn more about FENC and its commitment to sustainability, please visit http://www.fenc.com.
