Taiwan promotes ESG and shares future plans for its industries 

More medium and small businesses must take the steps to meet ESG standards 

In Taiwan, a forum was organised by the CRIF High Mark Credit Information Services’ Taiwan branch to review the principles of ESG and discuss the future for ESG industries, said Taiwan News. 

The forum entitled “Building Environment Social Governance (ESG) Sustainable Industries’ Resilience and Market” announced the “Mr. ESG Sustainable Supply Chain Platform,” which aims to lay the foundation of an ESG ecosystem that connects Taiwanese industries to international supply chains. 

ESG Information transparency of businesses, as well as their risk disclosures, ESG scores, and penalty and award records, will be shown on the platform so that firms in the ESG ecosystem can choose business partners effectively and efficiently. 

Many large businesses in Taiwan have met ESG standards via more than 600 published sustainability reports. However, medium and small businesses must also take the necessary steps to meet such standards. 

CRIF Taiwan General Manager Kuo Hsiao-wei used CRIF Taiwan as an example, saying that SMEs can do things as simple as going paperless and digitising services, using LED lighting and water-saving equipment, recycling, and supporting green products. 

Vice Premier Shen Jong-chin emphasised the importance of promoting ESG, as global economic development will continue to be heavily impacted by environmental issues in the next decade. 

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In the future, large, public businesses will be required to publish sustainability reports, while these reports will need to highlight third-party certification, Shen added. 

At the forum, CSR and ESG were also major focuses of the Ministry of Economic Affairs, but the government must form a solid system that will ensure improved performance and seamless work between large and smaller businesses.