Climate Change Data

Central Reinsurance Corporation

Climate Impact & Sustainability Data (2021, 2022)

Reporting Period: 2021

Environmental Metrics

Total Carbon Emissions:169,135 KgCO2e
Total Energy Consumption:1,329 GJ
Water Consumption:3,454 m3
Waste Generated:3,960 kg

ESG Focus Areas

  • Environmental
  • Social
  • Governance

Environmental Achievements

  • Reduced carbon emissions by 2.36% from 2020 to 2021
  • Reduced gasoline consumption and carbon emissions
  • Reduced electricity consumption and carbon emissions
  • Implemented energy conservation measures (lights off for one hour at noon, air conditioning temperature set at 26-28 degrees Celsius, use of energy-efficient lamps and appliances)
  • Waste reduction and recycling initiatives

Social Achievements

  • Held 5 seminars for life insurance underwriting and claims, attracting 230 participants
  • Provided additional maternity leave beyond legal requirements
  • Organized 4 labor-management meetings
  • Supported various charity events (donations to lone seniors, disadvantaged indigenous students, etc.)
  • Provided financial education (although no participants in 2021)

Governance Achievements

  • Established the Sustainable Development Committee under the Board of Directors
  • Amended Corporate Social Responsibility Policy to Sustainable Development Policy
  • Maintained strong credit ratings (A from A.M. Best and S&P Global Ratings, twAA+ from Taiwan Ratings Corp.)
  • Ranked in the top 6% to 20% of listed companies in Corporate Governance Evaluation for eight consecutive years
  • Implemented robust AML/CFT training and measures
  • Established a whistle-blowing system

Climate Goals & Targets

Long-term Goals:
  • Net zero emissions by 2050 (planned to evaluate greenhouse gas inventory)
Short-term Goals:
  • Reduce water and electricity consumption by 0.5% annually

Environmental Challenges

  • COVID-19 impact on global economy and financial markets
  • Increased frequency and severity of natural disasters due to climate change
  • Rising energy prices
  • Operational disruptions due to extreme weather events
Mitigation Strategies
  • Established business continuity management and emergency response plans
  • Implemented remote working procedures
  • Incorporated climate change risks into operational strategic planning and decision-making
  • Developed alternative sourcing strategies (not explicitly stated, but implied by actions)
  • Implemented energy conservation and carbon reduction measures
  • Arranged appropriate reinsurance to control risks

Supply Chain Management

Responsible Procurement
  • Formulated Supplier Management Guidelines
  • Prioritizing products with environmental protection and energy-saving labels

Climate-Related Risks & Opportunities

Physical Risks
  • Increased frequency and severity of natural disasters (earthquakes, typhoons, floods)
Transition Risks
  • Rising energy prices
  • Changes in regulatory requirements
Opportunities
  • Development of green energy-related products and services
  • Green energy investments

Reporting Standards

Frameworks Used: GRI Standards core option (2016), SASB guidelines, UN Sustainable Development Goals (SDGs)

Third-party Assurance: PwC Taiwan (limited assurance)

UN Sustainable Development Goals

  • Goal 1
  • Goal 3
  • Goal 4
  • Goal 5
  • Goal 8
  • Goal 10
  • Goal 12
  • Goal 13
  • Goal 16

Various initiatives contribute to these goals through environmental protection, social welfare, and good governance

Awards & Recognition

  • Award from competent authority for pandemic relief measures

Reporting Period: 2022

Environmental Metrics

Total Carbon Emissions:334.2683 tCO2e/year
Scope 1 Emissions:7.3334 tCO2e/year
Scope 2 Emissions:207.1905 tCO2e/year
Scope 3 Emissions:119.7444 tCO2e/year
Renewable Energy Share:Not disclosed
Total Energy Consumption:407,054 kWh/year
Water Consumption:2,424 m3/year
Waste Generated:7,682 kg/year
Carbon Intensity:0.0101 ton CO2e/million NTD

ESG Focus Areas

  • Environmental
  • Social
  • Governance

Environmental Achievements

  • Completed ISO 14064-1 Scope 1 to Scope 3 greenhouse gas inventory and third-party verification. Total emissions were equivalent to 334.2683 tons of CO2e per year.
  • Reduced total electricity consumption by 6,581 kWh compared to the previous year.
  • Reduced total water consumption by 1,030 kL in 2022 compared to the previous year.
  • Held a corporate-wide beach cleanup event, removing 253 kg of marine litter.

Social Achievements

  • Established the Sustainable Development Committee under the Board of Directors.
  • Donated NT$700,000 to support disadvantaged groups.
  • Sponsored various events and activities related to insurance business and social welfare, totaling NT$320,000.
  • Organized training sessions for employees, totaling 3,951.6 training hours.
  • Improved the proportion of the overall investment portfolio with better than average ESG performance from 76.0% to 80.1%.

Governance Achievements

  • Established the Sustainable Development Committee.
  • Completed third-party verification of the 2021 Sustainability Report by PricewaterhouseCoopers.
  • Published the first English version of the 2021 Sustainability Report.
  • Disclosed ESG information referring to SASB standards.
  • Disclosed information related to corporate governance, strategies, risk management, indicators, and objectives for climate-related risks and opportunities on the company website in accordance with the TCFD.

Climate Goals & Targets

Long-term Goals:
  • Achieve net-zero carbon emissions by 2050
Medium-term Goals:
  • Not disclosed
Short-term Goals:
  • Not disclosed

Environmental Challenges

  • Intensified climate change risks.
  • Volatile international political and economic situations.
  • Inflation and rising interest rates in major economies.
  • Other external environmental pressures.
Mitigation Strategies
  • Established a "Risk Management Mechanism" and integrated climate change risks into its operational strategic plan and decision-making process, following the TCFD framework.
  • Formulated the Central Reinsurance Corporation Energy Saving and Carbon Reduction Promotion Guidelines and actively implemented energy conservation and carbon reduction measures.
  • Conducted ISO 14064-1 greenhouse gas inventory and verification operations.
  • Maintained a strong capital position to mitigate the financial impact of climate-related disaster risks.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement
  • Formulated Supplier Management Guidelines.
  • Prioritizing products with environmental protection and energy-saving labels.

Climate-Related Risks & Opportunities

Physical Risks
  • Extreme weather
  • Climate pattern changes
  • Sea-level rise
  • Temperature increase
Transition Risks
  • Rising raw material costs
  • Regulatory changes
  • Market shifts
Opportunities
  • Development of energy-efficient products and services
  • Expansion of global green infrastructure investment opportunities

Reporting Standards

Frameworks Used: GRI Standards 2021, SASB Standards, TCFD

Certifications: ISO 14064-1:2018

Third-party Assurance: PricewaterhouseCoopers Taiwan

UN Sustainable Development Goals

  • Goal 1
  • Goal 3
  • Goal 4
  • Goal 5
  • Goal 8
  • Goal 10
  • Goal 11
  • Goal 12
  • Goal 13
  • Goal 16

The report details how various initiatives contribute to these goals.

Sustainable Products & Innovation

  • Reinsurance products related to natural disasters, green energy, and agriculture.

Awards & Recognition

  • Not disclosed