In December, 2021, CHIMEI Corporation became the first petrochemical company in Taiwan to respond to Science Based Target initiative (SBTi) and registered as a "committed" company on the SBTi website. After a year of cross-departmental efforts, CHIMEI finally completed its target setting this month and officially submitted its application documents to SBTi for review. The submission denotes CHIMEI’s success in meeting the original plan of proposing a carbon reduction pathway within one year (SBTi's official requirement is two years).
The application document contains both near-term (2030) and long-term (2050) carbon reduction targets. These targets are set with reference to the most stringent carbon reduction standards currently in place, which is the Paris Agreement of limiting the temperature rise to 1.5°C and achieving the long-term goal of net zero emissions by 2050. CHIMEI expects to be officially verified by SBTi in the second half of 2023. The company will communicate its carbon reduction targets to stakeholders within six months and disclose its carbon emissions to the public on an annual basis to track its progress towards the targets set.
While applying for SBTi official certification, CHIMEI will continue to examine the room for emission reduction and enhance the effect of emission reduction through a variety of technologies. Measures such as energy conservation in manufacturing, establishing or using renewable energy, developing and promoting carbon-reducing and recycled products, and introducing biomass materials will be explored. In addition, undertakings such as investing in and developing carbon capture and utilization technologies and chemical recycling, and actively cooperate with suppliers to jointly achieve the green vision of “Clean & Green” will also be examined.