Companies that voluntarily reduce their carbon emissions can receive carbon credits under Taiwan’s new carbon exchange. That was the word from Environmental Protection Administration (EPA) Deputy Minister Shen Chih-hsiu (沈志修) on Thursday. Shen was leading a public forum that brought together experts and scholars to discuss how best to implement the new carbon exchange.
The Climate Change Response Act that passed in February designated several hundred companies that emit more than 25,000 tons of carbon per year and will be required to buy carbon credits. These credits can then be traded on the carbon exchange. Under the new law, companies which voluntarily reduce their emissions could also receive credits, which they could then trade or use as they see fit.
The new carbon exchange is a central part of the government's plan to reach net-zero carbon emissions by 2050. Shen says the voluntary reduction for credits scheme not only accelerates progress toward this goal, but may also provide a financial incentive for companies to reduce emissions. Shen adds that the exchange could open as early as the end of July.