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TECO Electric & Machinery has been granted Taiwan Corporate Sustainability Awards (TCSA) 2022, the ninth year in a row for it to receive the honor, in acknowledgment of its strenuous effort and achievement in the quest for sustainability.
During the awards ceremony today (Nov. 16), TECO received four major awards, namely "100 Most Sustainable Company Award," "People Development Award," "Social Inclusion Award," and "CSR Award,".
In recent years, TECO has dedicated itself to corporate sustainability, currently striving to attain 50% emission reduction by 2030, based on the 2020 level, after achieving 20% reduction in five years in 2020, five years ahead of schedule. The ongoing initiative includes the company's operations worldwide. The company has implemented "sustainability KPI (key performance indicators)," meant to incorporate sustainability element into its corporate culture.
Sophia Chiu, TECO chairman, points out that TECO has been continuously enhancing its sustainability competitiveness via corporate governance, environmental sustainability, employee assistance, and social participation, including active deployment in green power/energy conservation solutions and development of processes featuring energy conservation and emission reduction at domestic and overseas factory premises.
In recent years, the company has made major inroads into sustainability-related fields, notably electromechanical equipment, energy, and air conditioning, such as increasing applications of the company's e-powertrain, including participation in "e-bus pilot plan" of the Ministry of Transportation and Communications and development of e-commercial vehicles by several automakers. Having garnered 35% share in the domestic onshore substation engineering market for offshore wind power, the company is poised to foray into the offshore substation market. In addition, it has built PV power stations totaling 7.1 MW in capacity, plus an order backlog of 11.4 MW. Moreover, the company has landed turn-key engineering contract for the energy-storage facilities of state-run Taiwan Power Company, 37.5% of the company's self-built energy storage capacity.
TECO helped its customers worldwide save 650 million kilowatts/hour of power last year with its various energy-conserving products, contributing to the sustainability of the world significantly. The company has further rolled out low-carbon smart manufacturing solution this year, helping enterprises to slash their power bills and carbon emission, which is expected to generate significant revenue for the company. Given the global net zero emission current, TECO has taken advantage its experience in offering customers low-carbon solutions, bringing about new business opportunities for the company, according to Sophia Chiu.
TECO has also attained remarkable performance in international sustainability evaluation, including excellent rating in global ESG evaluation in the fields of "risk management," "innovative management," "environmental policy," "climate change management," "human rights protection," and "talent cultivation," on top of inclusion in the Dow Jones Sustainability Emerging Markets Index for two years in a row and coverage of S&P Global Sustainability Yearbook.