Cathay Life has been jointly investing in Galaxy Energy with AU Optronics since 2014. In 2016, we initiated a model for joint ventures with solar energy service providers in the form of special projects. Under this model, we have successively formed joint investments in the following companies: Taixu Energy (with Sino-American Silicon Products); Xinritai Co., Ltd. (with Neo Solar Power); and Solar Master Energy (with Power Master Group), thus promoting solar power industrial clusters and setting an example for other companies in the insurance industry. As of the end of 2020, the total investment approved by the Financial Supervisory Commission amounted to NT$3.436 billion.

CUB began integrating resources, establishing research teams, and building a dedicated power plant evaluation model in 2011 to provide guidelines for financing assessment. Today, CUB is one of the largest banks that provide solar power financing in Taiwan. In 2020, CUB has financed 182 solar sites in Taiwan with a total installed capacity of 57,976.42 kW. As of the end of 2020, CUB had financed over 2,200 domestic and foreign solar power plants with a total installed capacity of 574MW, reducing CO2 emission by nearly 330 thousand metric tons, which is roughly 866 times the carbon absorption of Da'an Forest Park.

Furthermore, CUB completed the first offshore wind power syndicated loan in Taiwan – the "Formosa I Offshore Wind Project" with a total installed capacity of 128 MW and is expected to generate 430 million kWh per year, reducing CO2 emissions by 236 thousand metric tons, which is roughly 607 times the carbon absorption of Da'an Forest Park. In 2020, CUB served as the negotiating bank, credit management bank, and collateral management bank for the financing project for 50% equity of Ørsted's Greater Changhua Offshore Wind Farm SE, which has an installed capacity of 605 MW, and expects to complete financial close in the second quarter of 2021. After winning the Award of Excellence in the "Banking and Finance Best Practice Award – Best Green Project Financing Award" in 2018 for its excellent project financing results, CUB once again won the Award of Excellence in 2020, and is the only winner of the Award of Excellence since the awards were first established.


Renewable Energy Industry Insurance

Cathay Century provides construction insurance products suitable for the green energy industry's risks, and has been undertaking construction insurance for hydroelectric power plants and solar power generation equipment since 2010. Offshore wind farms entail high construction risks due to natural disasters and technical challenges. Cathay Century became the first property insurance company in Taiwan to utilize its risk assessment and loss prevention expertise to provide offshore wind turbine insurance for the CUB offshore wind power syndicated loan in 2016. As of the end of 2020, Cathay Century provided insurance for hydroelectric power, solar power and wind power plants and equipment in the amount of NT$117.2 billion.

Green Vehicle Insurance

Following the rise of environmental awareness, increasing numbers of car drivers and scooter riders are choosing to buy eco-friendly electric vehicles. Cathay Century launched the first green vehicle insurance in Taiwan in 2013, and has insured a cumulative total of 14,135 eco-friendly vehicles as of the end of 2020. The insurance was offered in coordination with government initiatives to support the green energy industry, and also aids Taiwan's transportation tool transition by encouraging drivers to support eco-friendly vehicles.

Bicycle Insurance

Cathay Century began offering bicycle insurance in 2016, and had sold 6,128 policies as of the end of 2020. Furthermore, Cathay Century offered the first Public Bicycle Accident Insurance and Public Bicycle Third-party Liability Insurance in Taiwan in June 2018, and insurance that encourages more people to join the ranks of bicycle riders. As of the end of December 2020, Kaohsiung City, Tainan City, Taipei City, New Taipei City, Taoyuan City, Miaoli County, Pingtung County, Hsinchu County, Kinmen County, and Chiayi County were covered by Public Bicycle Accident Insurance, protecting over 47.6 million people. The insurance eliminates the risk of bicycle riders not having any insurance coverage, and satisfies the wide range of needs of green consumers.

 


Environmentally Friendly and Green Energy-Saving Enterprise IPO Guidance

Environmentally Friendly and Green Energy-saving Enterprise IPO Guidance
Cathay Securities actively assists environmentally friendly and green energy-saving enterprise with raising capital. In 2020, Cathay Securities served as the underwriter for convertible corporate bonds issued by Anji Technology Co., Ltd./SPO-CB Anji 2 (64772), and helped the company raise NT$335 million in capital. Furthermore, Cathay Securities continues to assist the PM Group with its IPO. The PM Group is an iconic solar power company in Taiwan with a total installed capacity of approximately 450 MW in all of its domestic solar power plants, holding 10% market share. It is the leading solar power engineering, procurement, and construction (EPC) company in Taiwan, controls key components, has a wealth of experience with grid connection through feeders, and has immense future potential.

Green Bonds

We enriched the contents of green finance and declared green finance the most effective way to guide carbon reduction funds and promote financial stability, in order to achieve the carbon reduction goals set forth in the Paris Agreement and UN Sustainable Development Goals (SDGs), and also in response to the Green Finance Action Plan 2.0 announced by the FSC in 2020. It is clear that the development of green finance will soon enter a whole new phase and grow in the form of an ecosystem.

A wide variety of sustainable and green finance tools have been developed around the world. Statistics show that the total scale of Green, Social and Sustainability Bonds (GSS Bonds) issued surpassed EUR300 billion in 2020. Furthermore, multinational companies are making it a requirement for their supply chains to use 100% renewable energy. If Taiwan cannot effectively develop renewable energy sources, it might impact the international competitiveness of domestic industries.

Cathay is the leading brand in green finance in the Asia Pacific, and fully utilizes its core competencies to respond to global climate risk. We provide total solutions that meet customer needs.Cathay monitors the green industry's development to generate steady cash flow for economic growth. We have also developed a variety of green insurance products and offer green value services to help develop Taiwan into a sustainable homeland.


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