CTF Life's Carbon Reduction Targets Validated by SBTi Reinforcing the Company's Commitment to Climate Action
HONG KONG SAR - Media OutReach Newswire - 27 March 2025 - CTF Life announced today that its carbon reduction targets have been officially validated by the Science Based Targets initiative (SBTi). The result shows CTF Life's commitment to decarbonisation and provides a set of measurements by which the company's stakeholders can monitor its ongoing efforts.
In October last year, CTF Life demonstrated leadership in advancing sustainability through science-based targets aligned with the Paris Agreement and became the first company from the Banks, Diverse Financials and Insurance sector that primarily operates in the Greater Bay Area to submit a carbon reduction commitment letter to the SBTi, a corporate climate action organisation that enables businesses worldwide to play their part in combating the climate crisis.
CTF Life targets to reduce absolute Scope 1 and 2 greenhouse gas (GHG) emissions by 37.8% by financial year (FY) 2029 (from the FY2023 base year).
Additionally, within its Scope 3 emissions, CTF Life commits the following which covers 65% of its total investment and lending by assets:
To reduce the GHG emissions per MWh from the electricity generation sector within its listed equity and corporate bond portfolio by 59% by FY2029 (from the FY2023 base year), and
To have at least 44.8% of the invested value in its listed equity and corporate bond portfolio allocated to companies that set SBTi-validated targets by FY2029.
Man Kit Ip, Executive Director and Chief Executive Officer of CTF Life, said: 'At CTF Life, we recognise that climate action is both a critical responsibility and a powerful opportunity to inspire and drive meaningful change. CTF Life has been collaborating closely with CTFS to align our overall Net Zero 2050 ambition; the validation of our targets underscores our unwavering commitment to reducing emissions across our operations and investment portfolio. This milestone reaffirms our dedication to building a sustainable future while creating value beyond insurance for our stakeholders.'
CTF Life will implement the following strategy and actions to achieve its targets:
Decarbonisation levers for Scope 1 and 2 operational emissions:
Electric vehicles (EV) transition: Replace leased/owned fleet with EVs.
Energy efficiency: Explore opportunities to improve energy efficiency in the office buildings.
Purchase of renewable energy certificates: With priority focuses on exploring EV transition and energy efficiency, CTF Life may also explore the sourcing and purchase of renewable energy or renewable energy certificates (REC) from local energy suppliers, or International Renewable Energy Certificate (I-RECs) from Asia or other oversea markets to reduce the residual Scope 2 operational emissions, if no options are available within the same market.
Levers for Scope 3 category 15 emissions:
Active ownership and engagement strategy: Implement engagement strategy with a phased approach to facilitate real world reductions.
Climate financing: Explore ESG-related products and climate financing opportunities.
Strategy and governance: Establish robust governance structure to drive climate actions.
Policy and advocacy: Explore opportunities for collaboration and partnership to scale impacts.
CTF Life selected these actions because the above-mentioned decarbonisation levers are expected to have the most direct impacts on the company's climate transition journey.
As of June 2024, the company had already reduced its investment portfolio carbon footprint by more than 15% compared to baseline figures from June 2023. Additionally, CTF Life has invested over HKD3.5 billion in ESG-labelled bonds and decarbonisation impact funds, primarily focused on Asia, to support the region's transition to a greener economy.
Hashtag: #CTFLife
The issuer is solely responsible for the content of this announcement.
About CTF Life
Chow Tai Fook Life Insurance Company Limited ('CTF Life') is proud of its rich, 40-year legacy in Hong Kong. CTF Life is a wholly-owned subsidiary of CTF Services Limited ('CTFS') (Hong Kong Stock Code: 659) and one of the most well-established life insurance companies in Hong Kong. As a member of Chow Tai Fook Enterprises Limited, CTF Life consistently strengthens its collaboration with the diverse conglomerate of the Cheng family ('Chow Tai Fook Group' or 'the Group') to support customers and their loved ones in navigating life's journey with personalised planning solutions, lifelong protection and diverse lifestyle experiences. By leveraging the Group's robust financial strength and strategic investments across the globe, CTF Life aspires to become a leading insurance company in Asia while continuously creating value beyond insurance.
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"You could call him an employee, you could call him a consultant, you could call him whatever you want." Later that month, a White House official told BI that Amy Gleason, who previously worked for US Digital Service, is the acting DOGE administrator. March 2025: Trump buys a Tesla and calls out protesters Despite court filings and White House officials stating otherwise, Trump told Congress that Musk is the leader of the DOGE office. "I have created the brand-new Department of Government Efficiency, DOGE, perhaps you've heard of it, which is headed by Elon Musk, who is in the gallery tonight," Trump said during his speech on March 4. Those questioning the constitutionality of DOGE were quick to respond by letting a federal judge know about their claims that Musk is in charge. Meanwhile, calls for a Tesla boycott are growing as Musk becomes more involved in Trump's presidency. Protests, boycotts, and vandalism at Tesla dealerships across the US have spread since the beginning of 2025. Trump stepped in to defend Musk's electric car company on Tuesday, with Teslas on the South Lawn of the White House. In a post on Truth Social, he wrote that he'd purchase a car to show support amid the public outcry. "The Radical Left Lunatics, as they often do, are trying to illegally and collusively boycott Tesla, one of the World's great automakers, and Elon's 'baby,' in order to attack and do harm to Elon, and everything he stands for," the president wrote. April 2025: Musk announces he's stepping back from DOGE Three months into DOGE's mission to reshape the federal workforce, Musk announced that he would be stepping back from the effort. He broke the news during an underwhelming Tesla earnings call, where earnings per share were down 71% year over year. "Starting next month, I will be allocating far more of my time to Tesla," Musk said during the call. He added that "the major work of establishing the Department of Government Efficiency" had been completed. At the time, Musk said he would keep spending one or two days each week on governmental duties, so long as Trump wanted him to do so. May 2025: Musk says he'll be spending less on politics, criticizes the Republican agenda, and announces he's leaving government for good By May, Musk started to step back from his political activity overall. During an interview at the Qatar Economic Forum, he said he thinks he's "done enough" in terms of political contributions. "In terms of political spending, I'm going to do a lot less in the future," he said, adding that he didn't "currently see a reason" to pour money into politics. Previously, Musk had said his super PAC would contribute to 2026 midterm efforts. A few days later, Musk told a reporter that he "probably did spend a bit too much time on politics," and that he'd "reduced that significantly in recent weeks." Musk took a decidedly more critical tone when it came to the overall Republican agenda. He said in an interview with CBS in late May that he wasn't pleased with Trump and House Republicans' "big beautiful" spending bill. "I was disappointed to see the massive spending bill, frankly, which increases the budget deficit, not just decrease it, and undermines the work that the DOGE team is doing," Musk said. And then, on May 28, Musk cut ties with DOGE and the Trump administration. The White House confirmed that it had started Musk's off-boarding process. "As my scheduled time as a Special Government Employee comes to an end, I would like to thank President @realDonaldTrump for the opportunity to reduce wasteful spending," Musk wrote in a post on X. "The @DOGE mission will only strengthen over time as it becomes a way of life throughout the government." Under federal law, special government employees can't serve for more than 130 days a year. Musk left the administration 128 days after the inauguration. June 2025: Musk sharply criticizes Trump's spending bill, calls the president ungrateful Days after stepping away from his job in the White House, Musk delivered his harshest criticism yet of the GOP spending bill. "I'm sorry, but I just can't stand it anymore," Musk wrote on X on June 3. "This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination. Shame on those who voted for it: you know you did wrong. You know it." Some congressional Republicans, including Sens. Rand Paul and Mike Lee, posted that they agreed with Musk. Meanwhile, Trump has consistently defended the bill on Truth Social, including just hours before Musk's critical post on X. In an interview with CBS News that aired June 1, Musk said, "I'm a little stuck in a bind where I'm like, well, I don't want to speak up against the administration, but I also don't want to take responsibility for everything the administration's doing." On June 5, Musk doubled down on his criticisms. He dug up a tweet from 2013 in which Trump said, "I cannot believe the Republicans are extending the debt ceiling—I am a Republican & I am embarrassed!" Musk quote-tweeted it with the message, "Wise words," taking a dig at Trump's very different stance on the debt ceiling today. The same day, Trump, speaking from the Oval Office, said, "Elon and I had a great relationship," but he wasn't sure if it would continue. The president said Musk was criticizing his bill because of the phase-out of the electric vehicle tax credit, which would likely have repercussions for Musk's Tesla. Musk shot back within minutes on X, saying that while he thought the EV phase-out was unfair, what he really took issue with was the "MOUNTAIN of DISGUSTING PORK in the bill." Trump also said Musk was airing his grievances because he "missed" being in the White House. "I'll be honest, I think he misses the place. I think he got out there and all of a sudden, he wasn't in this beautiful Oval Office," Trump said. The president escalated the attacks when he threatened to terminate the federal contracts that Musk's companies, including SpaceX and Tesla, rely on. Musk, meanwhile, continued to respond on X, writing, "Without me, Trump would have lost the election, Dems would control the House and the Republicans would be 51-49 in the Senate." "Such ingratitude," he added.
