Taiwan's President Tsai leads the transition to renewable energy and carbon neutrality

Taiwan's President Tsai Ing-wen delivered a stunning speech at the International Summit on ESG & Sustainable Taiwan 2024 as part of a significant push for a greener future. She didn't mince words, emphasizing the importance of upping their game in terms of renewable energy and reducing carbon emissions. Consider it a global call to action, with Tsai emphasizing the need to treble renewable energy capacity by 2030 and double down on energy efficiency goals.

Since 2016, Taiwan has demonstrated that they are doing more than just talking. The data is clear: the amount of renewable energy we generate has increased by an astounding 110%, with solar and wind power driving the majority of this growth. Taiwan is becoming a major force in the Asia-Pacific area thanks to offshore wind power alone, which has surpassed the remarkable 2GW threshold.

The government is now ensuring that no one is left behind in the green revolution. They've created a clear roadmap with 12 main measures and put aside a significant amount of money to assist businesses in transitioning to net-zero emissions by 2050. It's evident that Taiwan is serious about sustainability.

Local businesses are also getting involved, coming up with new ideas to reduce carbon emissions. From increased energy efficiency to the adoption of eco-friendly practices, they are demonstrating that being green is good for business as well as the environment.

But, of course, there are obstacles to overcome. The Carbon Border Adjustment Mechanism (CBAM) is one such challenge, particularly for those companies that export to Europe. Tseng Wen-sheng, Deputy Minister of Economic Affairs, emphasized the need of following international rules to remain competitive. With a large portion of their exports going to Europe, they must maintain our competitive edge.

Fortunately, they have some powerful hitters in our corner. The Industrial Technology Research Institute (ITRI) is at the forefront, utilizing cutting-edge technology to assist companies in transitioning to more sustainable practices. In the financial realm, Joshua Tien, CEO of Taiwan Carbon Solution Exchange (TCX), is asking firms to be proactive about carbon pricing and plan for the long term.

And with everyone from government officials to corporate leaders on board, there's no knowing how far they'll go.

Share this story:

Share this story:

Pic via CNA