For future development, we will make continual
improvement to pursue sustained operations.
Petrochemical industry and its end markets experienced significant disruptions due to COVID-19 in 2020. In response to the pandemic, TSRC took swift actions and measures to safeguard employees’ health and safety, maintain business continuity, and ensure supply chain reliability for customers. Amid various restrictions and business challenges incurred by the pandemic, TSRC continued its strategic investment projects on specialty chemical and successfully completed building the advanced SEBS line in Nantong, mainland China and ASM plant in Vietnam in 2020. TSRC also continued technological innovation and business development vis-à-vis rising demand of medical, ASM, and advanced automotive materials.
The United Nations Sustainable Development Goals (UN SDGs) are set up as the blueprint to achieve shared prosperity for humans and the environment. By linking the company's operational objectives to SDGs, we plan to deliver TSRC’s long-term values with better focus. In the environmental aspect, TSRC adopted international standards and management systems for energy and water resources conservation and continues implementing measures to reduce carbon footprint and industrial waste in all its production sites worldwide. Furthermore, we work diligently to reduce greenhouse gas emissions and ensure we adhere to the local policies of the communities where we operate. For example, our plants in Taiwan have achieved, in advance, the country’s 2025 goal for greenhouse gas emission reduction, which is 10% less than the base level in 2005. In addition, Shen Hua Chemical Industrial Co., Ltd., a subsidiary company of TSRC in mainland China, has been recognized by the local government in Nantong city as a top-ranked green enterprise for the seventh consecutive year in the provincial government's environmental protection credit evaluation system.
In the social and corporate governance aspects, TSRC publishes corporate social responsibility reports annually, in accordance with Global Reporting Initiative (GRI) Standards, to regularly disclose its actions and achievements concerning sustainability issues to stakeholders. In 2020, TSRC received TCSA Bronze Award in the Sustainability Report category. For corporate governance related activities, we further strengthened information disclosure in the Investor Relations section of TSRC website. We also plan to start publishing TSRC Sustainability Report in 2022 to better align with the international trends in sustainability reporting. As for stakeholder outreach, TSRC has been engaged in various social participation programs to connect to the communities. For example, we participated in donating relief resources to the local schools via the Manufacturers’ Association of Dashe Industrial Park in response to the negative impacts brought by COVID-19. We have also been collaborating with Tamkang University in “Chemistry On The Go” program since 2012 to address the education inequality in rural areas and promote the understanding of petrochemical industry’s pertinence in people’s life. This year marks the 10th anniversary of the program.
Global economy is recovering from the depths of COVID-19 crisis as the pandemic is gradually being controlled. However, the pace of recovery is expected to vary across countries and industries while trade and geopolitical uncertainties remain a risk to the global economic recovery. TSRC will continue its strategic direction focusing on new technology development and business model optimization to achieve its high-value transformation objective. At the same time, we aspire to fulfilling our corporate social responsibility towards sustainability goals and creating values for our stakeholders and the society.