The Asia Responsible Enterprise Awards (AREA) 2023 is pleased to honor 78 outstanding business leaders and enterprises for championing sustainable and responsible business practices. Presented by leading regional NGO Enterprise Asia, the AREA is the most reputable award recognition program recognizing organizational efforts in creating a culture of compassion, integrity, and in being socially responsible corporate citizens. The AREA serves as a badge of excellence to spur further innovation and best-practice for sharing about the organization and the world at large.
Taiwan Business Bank (TBB) was among the recipients who were conferred with the Green Leadership Award. As a specialized bank charged with the provision of financial assistance and guidance to SMEs, it has been cultivating the SME financial services field for more than 45 years.
TBB integrates ESG sustainable development into its credit card products. The Sustainable Life Card focuses on the concept of “vegetables reducing carbon emissions and green energy sharing”. TBB is dedicated to striking a balance between economic development and environmental sustainability. The company would like to attract more people interested in green living and taking positive actions that make a difference.
In 2022, the company has set a progressive carbon reduction target, monitored the electricity consumption of branches through its system, increased the utilization of renewable energy, and more to reduce carbon emissions.
In order to improve sustainable development, TBB set up the “Sustainable Development Committee” affiliated with the Board of Directors which formulated the “Sustainable Development Medium and Long-term Strategy”. In December 2022, a “Sustainable Finance” task force was added to the committee to establish a top-down and more effective sustainable governance structure. The committee would report to the Board of Directors on the implementation of outcomes for sustainable development every year.
The Sustainable Life Card also provides up to 10% rewards for green consumerism in vegetarian restaurants, organic channels, public and shared transportation, and encourages customers to support environmental protection and pay attention to environmentally sustainable development.
In 2022, TBB signed the Task Force on Climate-related Financial Disclosures (TCFD) and released its first “TCFD Report” which obtained “Level-5: Excellence” – the highest level of certification. TBB also received a “B” score management level for filling out the CDP climate change questionnaire for the first time as well as winning a couple of awards that year, which is a great affirmation of TBB’s sustainable performance. The company will continue to move towards the goal of Net Zero in the future.
As of December 2022, the cumulative card issuance rate of TBB’s environmental protection material credit card (made of Polyethylene Terephthalate Glycol) was 23% and the total number of cards issued was almost 42 thousand. Around 25 thousand people paid for green channels with the Sustainable Life Card and the amount of money spent was about NTD1.05 million.
In order to encourage customers to apply for credit cards online and reducing the paper used, TBB has optimized and developed a rapid approval process for online card applications. The annual growth rate of online card applications has increased by 43%, leading to about 32 thousand applications for electronic bills and the annual growth rate has increased by 35%.
TBB’s sustainable goal is to achieve Net Zero by 2040. For all outstanding credit cards, TBB plans to obtain the ISO14067 carbon footprint and carbon reduction label from Environmental Protection Administration in 2024. With this, TBB’s customers might think about proactively practicing green consumerism, slowing down global warming and climate change, and implementing environmental sustainability when they decide to apply for TBB’s credit cards.
About Enterprise Asia
Enterprise Asia is a non-governmental organization in pursuit of creating an Asia that is rich in entrepreneurship as an engine toward sustainable and progressive economic and social development within a world of economic equality. Its two pillars of existence are investment in people and responsible entrepreneurship. Enterprise Asia works with governments, NGOs and other organizations to promote competitiveness and entrepreneurial development, in uplifting the economic status of people across Asia and in ensuring a legacy of hope, innovation and courage for the future generation. Please visit https://www.enterpriseasia.org/ for more information.
About Asia Responsible Enterprise Awards (AREA)
The Asia Responsible Enterprise Awards program recognizes and honors Asian businesses for championing sustainable and responsible entrepreneurship in the categories of Green Leadership, Investment in People, Health Promotion, Social Empowerment, Corporate Governance, Circular Economy Leadership, Corporate Sustainability Reporting, and Responsible Business Leadership. For more information, visit: https://enterpriseasia.org/area/.