President Tsai Ing-wen delivers an address during the opening ceremony of the Taiwan Carbon Solution Exchange Aug. 7 in the southern city of Kaohsiung. (Courtesy of Presidential Office)
 

President Tsai Ing-wen launched the Taiwan Carbon Solution Exchange Aug. 7 in the southern city of Kaohsiung, pledging to assist local enterprises in turning the challenges of net-zero carbon emissions into business opportunities.

Established by the Executive Yuan’s National Development Fund and the Taiwan Stock Exchange, the exchange is based in Kaohsiung, with its information center located in Taipei City.

During her opening address, Tsai said to achieve net-zero emissions by 2050 is a goal shared by countries worldwide. Carbon reduction is both a trade issue and a supply chain management requirement for Taiwan to compete globally, she added.

Tsai said the exchange will facilitate carbon credit trading and create incentives for businesses to reduce carbon emissions. The trading mechanisms help boost the research and development of low-carbon technology, enhance personnel training for net-zero goals and drive a virtuous circle for the country’s green economy, she added.

Tsai said the establishment of the exchange brings Taiwan in line with Japan, Singapore, the U.K. and the U.S. and other countries, adding that it is vital to reaching the country’s low-carbon goals.

According to Tsai, in addition to the exchange, the Cabinet-level National Development Council released a pathway of action last March for energy, industry, lifestyle and social transition to all reach net-zero emissions. Sub-laws under the Climate Change Response Act will also be enacted soon to regulate relevant implementations such as carbon pricing, she added.

The government will also focus on mechanisms such as voluntary carbon reduction and international carbon credit trading, Tsai said, adding that overall, initiatives to cut carbon emissions are expected to bring in over NT$4 trillion (US$131 billion) in private investment and NT$5.9 trillion in production value, while creating more than 550,000 related jobs from 2023 to 2030. (YCH-E)