Cathay United Bank launched its "Green Time Deposit Project" in July. It has not been a full month since it was launched, yet it has attracted more than 10 well-known participating enterprises. Its contract scale has reached nearly US$3 billion including Evergreen, AIDC, ABICO, SINBON, ADATA, AWEA, and Kemitek. The cooperativing enterprises hope to implement specific ESG actions and corporate social responsibility through contracting green deposits.
This "Green Time Deposit Project" can be valued in Taiwan dollars or U.S. dollars and has a variety of time deposit terms of not more than one year, including 1 month, 3 months, 6 months, and 12 months to choose from, allowing corporate customers to choose surplus funds can be flexibly allocated. Deposit information can be disclosed in the corporate sustainability report or the company's annual report, showing the company's support for the sustainable operation of the environment, society, finance, and corporate governance.
Cathay United said that the funds raised by the project will be dedicated to green credit business as defined by the Joint Acquisition Center, as well as related credit projects that Cathay United finds adhere to green credit principles, such as renewable energy, energy conservation, pollution prevention, and sustainable water sources and wastewater treatment. In addition, it will support renewable energy as financial consultant for the third-phase tenders of well-known foreign companies and Hailong Offshore Wind Power.
Recently, Cathay United has also hosted a number syndicated loan projects for renewable energy financing such as funding Orsted’s Wind Farm, SunnyRich’s largest indoor fishery and electricity symbiosis project in Taiwan, and the financing for institutional American investors developing energy storage financing projects in cooperation with domestic developers.
In response to Cathay United's 2050 net-zero carbon emission target, in addition to achieving 100% use of renewable energy in its own operations, the bank also implements carbon reduction targets in financial assets, establishes green deposits, promotes sustainable finance, and supports renewable energy financing. In order to meet ESG trends, Cathay United will join hands with enterprises to move towards sustainable development.
(Image: Cathay United)