Far Eastern New Century (FENC), a leading global producer of recycled polyester, has announced ambitious sustainability goals for 2030. These targets demonstrate FENC’s commitment to a greener future and encompass significant reductions in carbon emissions, increased production of eco-friendly products, and responsible sourcing practices.
FENC aims to reduce its carbon emissions by 50% by 2030. The company has already taken significant steps toward this goal, passing the Science Based Targets initiative (SBTi) for its greenhouse gas (GHG) emissions reduction pathway in July 2024. This achievement signifies FENC’s commitment to aligning its emissions reduction targets with the Paris Agreement’s goal of limiting global temperature rise to 1.5°C.
Furthermore, FENC is striving to ensure that green products constitute 50% of its total production by 2030. This includes expanding the use of recycled materials and developing innovative products that minimize environmental impact. In addition, the company aims to source 50% of its raw materials sustainably by the same year.
FENC is actively implementing five key strategies to achieve its net zero emissions target by 2050. These include improving energy efficiency, transitioning to low-carbon fuels, developing renewable energy sources, utilizing carbon capture, utilization, and storage (CCUS) technologies, and transforming raw material usage. The company’s commitment to these initiatives is reflected in the 25% reduction in Scope 1 and 2 greenhouse gas emissions from its production business in 2023 compared to the baseline year of 2020.
FENC’s commitment to sustainability extends beyond its own operations. The company actively leverages its expertise to develop innovative recycling technologies for various waste streams. For example, FENC has successfully transformed used PET bottles into high-quality tire cord, supplying renowned brands like Continental Tire and other international tire manufacturers.
In 2023, FENC’s ocean recycled anti-bursting jerseys were featured at major international sporting events, including the UEFA Champions League and Women’s World Cup, further showcasing its commitment to sustainable practices. The company’s eco-friendly fabrics, produced with waste gas recycling technology, have garnered prestigious accolades like the Red Dot Design Award and the iF Design Award.
FENC continues to invest in cutting-edge technologies, including chemical textile recycling technology, which is nearing commercialization and holds significant promise for future business opportunities.
The company’s commitment to sustainability has yielded tangible results. In 2023, FENC’s green products, including recycled polyester, energy-saving PET resin, and other eco-friendly offerings, generated NT$47.7 billion in revenue, representing a 4% increase from the previous year and accounting for 33% of the revenue from its production business.
FENC’s dedication to sustainability has been recognized by independent organizations. Sustainalytics, a leading ESG (Environmental, Social, and Governance) research firm, ranks FENC in the top 1.5% of the global chemical industry for ESG risk. Additionally, FENC has been honored with the Most Honored Company award from Institutional Investor Magazine and the Best Managed Company award from FinanceAsia for three consecutive years, highlighting its exceptional performance within the Asian chemical sector.
Founded in 1949, FENC is a global company headquartered in Taiwan with operations in the USA, Japan, Mainland China, Vietnam, Malaysia, the Philippines, and other countries and regions. FENC is the only polyester supplier globally with vertical integration, offering a comprehensive product range from raw materials to consumer products.
FENC’s commitment to sustainability and innovation sets a high standard for the industry, demonstrating that environmental responsibility and business success can go hand in hand.
