The Sustainability Management Research Center of National Chengchi University held the Second Evaluation and Awards Ceremony and Symposium for Climate-related Financial Disclosures (TCFD) Reports of Domestic Banks and Insurance Companies on September 5 at the NCCU Public and Business Administration Education Center.
The institutions evaluated in this round included 38 domestic banks and 44 insurance companies (including branches in Taiwan and reinsurance companies). Among the insurance sector, 21 were life insurance companies and 23 were non-life insurance companies. The evaluation categorized institutions into three groups—banks, life insurance companies, and non-life insurance companies—and recognized the top 25% performers in each category. In addition, an Outstanding Improvement Award was specially established to encourage institutions that demonstrated remarkable progress in their TCFD report evaluation results.
According to the Sustainability Management Research Center of National Chengchi University, the purpose of evaluating climate-related financial disclosure reports of banks and insurance companies is to encourage these institutions to proactively identify the risks and opportunities arising from climate change. It also aims to leverage the power of financial investment and lending to accelerate the transition of the real economy toward carbon reduction and net-zero emissions. By recognizing top-performing institutions, the Center hopes to foster a benchmark learning effect across the industry.
Following the launch of the First Evaluation of Climate-related Financial Disclosure (TCFD) Reports of Domestic Banks and Insurance Companies in August 2023, and the subsequent awards ceremony and symposium held in 2024, the Center continued with the second round of evaluations, announced the outstanding institutions, and hosted this year’s awards ceremony and symposium.
The awards ceremony invited President Lee Tsai-Yen of National Chengchi University, Chairperson Peng Jin-Lung of the Financial Supervisory Commission, and Minister Peng Chi-Ming of the Ministry of Environment as distinguished guests to deliver remarks and present awards.
The award-winning institutions were as follows (listed in stroke order):
Banking sector: Yuanta Bank, CTBC Bank, Taipei Fubon Commercial Bank, Bank SinoPac, Taiwan Cooperative Bank, Mega International Commercial Bank, Cathay United Bank, Chang Hwa Commercial Bank, Bank of Taiwan, Taiwan Business Bank.
Non-life insurance sector: CTBC Insurance, Mega Insurance, Hotai Insurance, Cathay Century Insurance, Hua Nan Insurance, Fubon Insurance.
Life insurance sector: Taishin Life Insurance, Nan Shan Life Insurance, Cathay Life Insurance, Fubon Life Insurance, Shin Kong Life Insurance.
Recipients of the Outstanding Improvement Award included: Land Bank of Taiwan, MS&AD Tokio Marine Insurance Taiwan, and Yuanta Life Insurance.
Following the awards ceremony, Executive Director Hsu Yung-Ming of the “Climate-related Financial Disclosure Evaluation” project at NCCU’s Sustainability Management Research Center, along with **Professor Yu Ching-Hsiang, delivered keynote speeches sharing key findings from the evaluation. Representatives from award-winning institutions such as Land Bank of Taiwan, Fubon Life Insurance, and MS&AD Tokio Marine Insurance Taiwan also shared highlights and insights from their TCFD report preparation processes.
The evaluation conducted by the Sustainability Management Research Center of National Chengchi University is based on the Recommendations on Climate-related Financial Disclosures released by the Financial Stability Board (FSB) through the Task Force on Climate-related Financial Disclosures (TCFD) in June 2017, as well as the 2021 TCFD Annex published in October 2021. The evaluation also references the guidelines issued by the Financial Supervisory Commission, including the Climate Risk Financial Disclosure Guidelines for Domestic Banks and the Climate-related Risk Financial Disclosure Guidelines for the Insurance Industry.
The Center collected 2023 TCFD reports publicly disclosed on the websites of banks and insurance companies, and subsequently invited experts, scholars, and Center staff to conduct the evaluation. This evaluation was carried out without increasing the reporting burden on the participating institutions, as all data were proactively collected by the Center.
The initiative also supports government agencies in advancing national policies and objectives, while translating academic research into practical industry applications—fully integrating and leveraging the collective strengths of industry, government, and academia. Moreover, the evaluation process serves not only as an assessment of TCFD reports but also as a learning and teaching mechanism, providing recommendations on how to enhance report quality and sharing research findings and outcomes with the industry.
Through the TCFD report evaluation, the general public can gain a clearer understanding of the efforts made by the financial and insurance sectors in addressing climate-related issues. At the same time, institutions with outstanding TCFD reports can serve as role models for their peers, encouraging others to review their own practices, improve shortcomings, and ultimately create a positive cycle of constructive competition within the industry.
