Taiwan textile maker Far Eastern New Century Corporation has issued NT$3bn (US$101.2m) in “green” bonds to fund several projects, including the recycling of polyester materials and waterless dyeing.

The company believes it is the first local private enterprise in Taiwan to make such a move. The “green” bonds have a maturity of five years with a fixed coupon rate of 0.95%, and the capital raised will also be used to invest in new batch polymers and green building projects.

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The company has been working to build a comprehensive green supply chain in the polyester industry through a focus on recycling to build a closed loop economy; replacing fossil fuels to achieve feedstock diversification; and reducing the consumption of resources to minimise environmental impact.

Currently, 25% of production revenues are derived from green-related products and various green product certifications have been granted.

The FENC management team have also indicated their goal to develop a green, closed loop and sustainable supply chain in the future.

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FENC (renamed from Far Eastern Textile) is the major holding company of the Far Eastern Group. As well as petrochemical, polyester and textile businesses the firm also has an investment portfolio that includes cement, retail, shipping, financial services and telecommunications.

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New product launches from the company last year included FENC TopDry Zero, a PFC-free DWR polyester filament; and FENC TopClean, a PFC-free polyester filament allowing for easy soil removal. The firm also unveiled FENC DynaFeed, which uses a durable ultra-thin organic matrix to measure real-time performance information during training, which is then displayed in an app the athlete can use to fine-tune performance.