TAIPEI: Taiwan’s government on Monday launched a carbon exchange to help the country both meet its goal of net-zero emissions by 2050 and address increasing scrutiny by trading partners, said German news agency (dpa).
In the opening ceremony held in southern city of Kaohsiung, where the exchange is based, President Tsai Ing-wen said that managing emissions had become a global concern that Taiwan needed to keep pace with.
She cited the European Union’s forthcoming Carbon Border Adjustment Mechanism (CBAM), whose transitional period will take effect in October.
It will impose levies on products with high emissions footprints imported into the EU. The aim is to avoid cancelling out EU efforts to lower carbon emissions with imports of CO2-intensive products from other countries, a situation known as “carbon leakage”.
Tsai said the Taiwan Carbon Solution Exchange helps create incentives for carbon reduction and promote the research and development of low-carbon technologies.
In the future, the exchange will also be able to work with other similar platforms, such as those in New York, London, Tokyo and Singapore, the president said.
At the start, the exchange will primarily offer carbon consultancy services to businesses. More regulations will have to be established before Taiwan starts a carbon credit trading system, according to the government. – BERNAMA-dpa
