Green finance assists in turning maritime shipping net zero
【Taipei News】 Bank SinoPac continues to promote green energy sustainability and play a leading role in green finance, signing a five-year, US$90 million loan agreement with the U.S.-based Foremost Group last Friday (August 23rd). Bank SinoPac said that this time, as the coordinator, quota manager, collateral manager, account manager and lead bank, it assisted Foremost Group in managing operating costs and providing green shipping services, which, combined with the company’s ESG policy, will contribute to creating a green and sustainable ecosystem.
Environmentally-friendly net-zero maritime transport, Pledge to reduce carbon emissions
In accordance with the global trend towards sustainability, the International Maritime Organization (IMO) aims to reduce carbon emissions from maritime transportation by 30% by 2030 and to achieve net-zero carbon emissions and decarbonization of the maritime shipping industry by 2050[1]. Bank SinoPac actively assists corporate partners in energy conservation and carbon reduction, and this project will help Foremost Group upgrade its existing fleet with a number of environmentally friendly and energy-efficient designs, such as the use of silicone coatings to increase propulsion efficiency, upgraded carbon reduction equipment systems for sustainable consumption of bio-oil certified by ship classification societies, and the use of energy-saving LED lights. In addition, Foremost Group will use the funds from this loan to order the latest third-generation environmentally friendly and energy-saving bulk carriers, equipped with carbon capture equipment and using methanol dual-fuel engines, which will reduce their impact on the environment.
Hand in hand with corporations towards sustainability and creating a better future
In adherence to the principle of “Together, a better life,” in 2023, Bank SinoPac actively promoted sustainability-linked loan services and cooperated with corporate partners on green time deposit projects, guiding funds to promote industry sustainability in multiple ways, and jointly promoted goals such as energy saving and zero carbon emissions in order to create a better environment.
[1] Source: United News, IMO Enacts Global Maritime Shipping Carbon Emission Targets for 2027, https://udn.com/news/story/6811/7852928
Foremost Group
Founded in 1964 and headquartered in New York, Foremost Group has a 60-year history, and recently hosted its 60th anniversary celebration at the Harvard Club. Ship charterers include many of the world’s leading companies such as Bunge, Louis Dreyfus, Cargill, Oldendorff, NYK, and MOL. Dr. James S.C. Chao, Founder and Chairman of the Group, was inducted into the International Maritime Hall of Fame at the United Nations. Dr. Chao donated the Ruth Mulan Chu Chao Marine and Maritime Education Building to National Taiwan Ocean University and established scholarships to support students for further study.