Assessment of Formosa Petrochemical according to the management of its greenhouse gas emissions and of risks and opportunities related to the low-carbon transition.
Level 0: Unaware of Climate Change as a Business Issue
1. Does the company acknowledge climate change as a significant issue for the business?
Level 1: Acknowledging Climate Change as a Business Issue
2. Does the company recognise climate change as a relevant risk and/or opportunity for the business?
3. Does the company have a policy (or equivalent) commitment to action on climate change?
Level 2: Building Capacity
4. Has the company set greenhouse gas emission reduction targets?
5. Has the company published information on its Scope 1 and 2 greenhouse gas emissions?
Level 3: Integrating into Operational Decision Making
6. Has the company nominated a board member or board committee with explicit responsibility for oversight of the climate change policy?
7. Has the company set quantitative targets for reducing its greenhouse gas emissions?
8. Does the company report on Scope 3 emissions?
9. Has the company had its operational (Scope 1 and/or 2) greenhouse gas emissions data verified?
10. Does the company support domestic and international efforts to mitigate climate change?
11. Does the company have a process to manage climate-related risks?
12. Does the company disclose Scope 3 use of product emissions?
Level 4: Strategic Assessment
13. Does the company disclose its membership and involvement in organisations or coalitions dedicated specifically to climate issues?
14. Has the company set long-term quantitative targets for reducing its greenhouse gas emissions?
15. Does the company's remuneration for senior executives incorporate climate change performance?
16. Does the company incorporate climate change risks and opportunities in their strategy?
17. Does the company undertake climate scenario planning?
18. Does the company disclose an internal price of carbon?
19. Does the company ensure consistency between its climate change policy and the positions taken by trade associations of which it is a member?
Carbon Performance alignment of companies in the Formosa Petrochemical sector with the Paris agreement benchmarks.
The company has not disclosed an emissions intensity that TPI can use to assess current and/or future Carbon Performance. The carbon intensity has been (re-)calculated according to TPI methodology. The company has set targets to reduce its absolute emissions. To calculate this company's targeted emissions intensity, TPI has assumed that: The company's externally sold energy products grow according to the regional or global primary energy supply growth rate projected in the IEA's Energy Technology Perspectives model 'National Pledges' scenario. The company's target covers a subset of Scope 1, 2 and 3 (use of sold products) emissions. The emissions intensities of all emissions not covered by the target are assumed to remain constant from the level of the latest disclosure. When interpreting TPI Carbon Performance data, it is important to bear in mind that climate science shows temperature change is proportional to cumulative absolute CO2 emissions.