Company: Cathay Financial Holding Co., Ltd.
Company Description: Cathay FHC offers customers friendly, convenient, and efficient financial services, providing them with a seamless experience through our digital platforms and services, which are built upon innovation in digital, data, and technology. We have established a strong presence in Taiwan while maintaining a global perspective.
Nomination Category: Sustainability Categories
Nomination Sub Category: Sustainability Product of the Year - in Asia (China, Japan and Korea)
 Nomination Title: Cathay Cloud Carbon Management System
- Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the achievements of the nominated organization since 1 January 2022, OR written answers to the questions for this category? (Choose one):
A video of up to five (5) minutes
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
https://drive.google.com/file/d/1hCA7-azEVVRJhAojDumbtrtSltHmDGpN/view?usp=sharing
https://drive.google.com/file/d/1rFNY8eSU-0FTIHK578FznYCvvl-bdH9z/view?usp=sharing
- If you are providing written answers for your submission, you must provide an answer to this first question: Briefly describe the nominated organization: its history and past performance (up to 200 words):
Total 82 words used.
Established in 2001, Cathay Financial Holdings is a consolidation group consisting of members from Cathay Life Insurance, Cathay P&C Insurance, Cathay Bank, Cathay Securities, Cathay Investment Trust, and Cathay Venture Capital
Headquartered in Taiwan, we have presence in most major countries across Southeast Asia - including China, Hong Kong, Singapore, Vietnam, Thailand, Philippines, Indonesia, Malaysia, Cambodia, Laos, and Myanmar
As a leader in financial institution in Taiwan, we strive to promote a sustainable business environment, providing social stability, and positive environmental impact.
- If you are providing written answers for your submission, you must provide an answer to this second question: Outline the organization's achievements since the beginning of 2022 that you wish to bring to the judges' attention (up to 250 words):
Total 247 words used.
Cathay Financial Holdings stands as a significant player in the domestic financial sector and leads the charge in climate action, acting as a pivotal force in the global transition to a low-carbon economy. In 2023, it achieved a significant milestone by becoming the inaugural global strategic partner aligned with the World Climate Foundation and actively participating in the global "RE100" initiative. With a forward-thinking perspective, Cathay Financial Holdings and its subsidiaries aim to transition to 100% green electricity usage by 2025 at their headquarters, by 2030 in domestic locations, and by 2050 in global facilities, ultimately achieving net-zero carbon emissions.
The Digital Data & Technology department (abbreviated as DDT) of Cathay is committed to supporting the group and its subsidiaries in exploring innovative solutions. Embracing the philosophy of "What If We Could," we strive to unlock innovation to meet internal greenhouse gas inventory requirements and address challenges in carbon reduction strategy. In collaboration with Cathay Life Insurance, DDT has developed the Cathay Cloud Carbon Management System, featuring two core modules:
- The Greenhouse Gas Inventory Module automates the collection and calculation of activity data, covering scopes 1 and 2 emissions.
- The Product Carbon Footprint Module.
This innovative system conducts carbon emission calculations and analysis digitally, ensuring precise, comprehensive, and dependable greenhouse gas emission data. Moreover, it enables real-time monitoring of emission fluctuations, alleviating the burdens associated with manual data collection, consolidation, and calculation processes for greenhouse gas inventory and product carbon footprint assessments across the Cathay Group.
- If you are providing written answers for your submission, you must provide an answer to this third question: Explain why the achievements you have highlighted are unique or significant. If possible compare the achievements to the performance of other players in your industry and/or to the organization's past performance (up to 250 words):
Total 215 words used.
- Addressing the biggest data bottleneck in implementing sustainable actions for enterprises:
- The Cathay Carbon Management System is pioneering in the industry, utilizing OCR and web crawling technologies, as well as internal system and warehouse integration, to tackle the challenging issue of disparate data from multiple sources, formats, and organizations.
- Establishing a green data hub to connect underlying data with front-end applications empowers green financial services such as energy management, resolving the previous issue of each green financial service needing to individually organize data.
- Resolving the issue of lengthy and inefficient manual operations:
- Data collection, aggregation, processing, calculation, and analysis previously took nearly 3 months each year to complete. The system eliminates the need for manual aggregation and calculation by greenhouse gas inventory personnel, reducing operational time by nearly 70%.
- Addressing the lack of completeness, availability, accuracy, traceability, and verifiability of operational documents:
- The system can produce corresponding carbon calculation results following different frameworks and standards (ISO, GHG protocol), meeting stakeholders' requirements and ensuring compliance.
- Previously, annual operational documents had adjustments in boundaries, calculation formulas, coefficients, making cross-year comparisons difficult, and had numerous supporting documents that were difficult to preserve, heavily relying on external consultants for assistance. The system can automatically update coefficients, record all usage traces, and retain supporting documents, significantly enhancing carbon management efficiency.
- You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 57 words used.
Cathay Financial Holdings:
- Among the top 500 global brands
- Largest number of service locations in Taiwan
- Over 14 million group customers
- DJSI Emerging Markets Index Component: Selected for 8 consecutive years
- DJSI Sustainability in Finance, Financial Inclusion: Full score, ranked first globally
- CDP Carbon Disclosure, Climate Change: Level A
- MSCI ESG Rating: AA for 3 consecutive years
| Attachments/Videos/Links: |
|---|
|
