The first bank in Asia, Yushan Gold will fully "withdraw coal" in 2035
Yushan Financial Holdings announced that it will fully withdraw its investment in coal-related industries in 2035, making it the first bank in Asia to promise to fully withdraw from coal. Photo/provided by Yushan Financial Holdings
Yushan Financial Holdings announced that it will fully phase-out coal-related industries in 2035, and is the first bank in Asia to promise to fully "phase-out" coal-related industries in 2035; the policy applies In all subsidiaries and overseas bases of Yushan Gold, actively manage carbon emissions of financial assets, increase green assets, reduce gray assets in investment and financing positions, and promote social energy transformation through the guidance of financial resources to achieve global climate goals.
Yushan Gold stated that for coal commercial activities, including coal-fired power generation, coal mining and equipment, coal trading, coal transportation, etc., accounting for more than 5% of the revenue of enterprises, Yushan Gold will deduct the special funds to assist enterprises in carbon reduction transformation. By the end of 2035, the coal-related industries will be fully divested.
As for bonds sold to customers, if coal-related companies are involved, they will also be fully marked by the end of 2030, and sales will stop at the end of 2035.
Chen Meiman, general manager of Yushan Gold and director of sustainable development, said that Yushan has stopped providing financing for coal-fired power plant projects since 2019, and now it has promised to divest coal-related industries. This is an important milestone for Yushan to move towards net zero. industry influence and assist in the decarbonization transformation of the global energy system.
Yushan also obtained the SBTi Science Basic Targets Initiative target approval notice in February this year, being the first in Taiwan and the second in Asia to complete the SBT target review in the financial industry.
In addition, Yushan Gold said that Yushan also provides enterprises with sustainable development transformation path and carbon reduction consulting services, and encourages enterprises to carry out carbon inventory and set carbon reduction targets. Enjoy preferential credit interest rate .
In order to achieve the 2050 goal of a net-zero carbon bank, Yushan Financial Holdings and Yushan Bank will continue to combine financial expertise, exert financial influence, accelerate social decarbonization, encourage customers to reduce carbon and actively assist in transformation, Introduce funds into low-carbon and renewable energy industries, issue zero-carbon credit cards, and support enterprises in sustainable financing.
