The European Chamber of Commerce Taiwan (ECCT) yesterday welcomed Taiwan’s efforts to speed up the development of renewable energy systems, saying that European companies could assist with energy sector reform and have set up operations in Taiwan to advance the goal.
“European corporations have led the way in research and development of low-carbon energy solutions and technologies... In doing so, they have created new supply chains and business models,” ECCT chairman Kakan Cervell told a news conference prior to the release of the chamber’s energy white paper prepared in cooperation with state-owned oil refiner CPC Corp, Taiwan (CPC, 台灣中油).
Taiwan has begun to shift its energy production toward renewables, which it hopes would contribute 20 percent of the total electricity supply by 2025, when the government aims to phase out nuclear power.
The energy reform aims to achieve a power mix of 20 gigawatts (GW) of solar photovoltaic, 5.5GW of offshore wind and 1.2GW of onshore wind installed capacity.
Taiwan has focused on solar photovoltaic and offshore wind sources because of its geographical characteristics.
The goals have attracted investment by European companies that have set up their Asia-Pacific hubs in Taiwan, the ECCT said.
The government can count on European companies, which have the expertise and experience to play a crucial role in all aspects of energy reform and investment, Cervell said.
The effort would enable Taiwan to upgrade its key industries and create sustainable jobs for this and the next generation, it said, adding that the nation might become a key player in the region’s wind power value chain.
The wind energy sector has already drawn multiple European companies across the supply chain, which have set up operations in Taiwan, Cervell said, adding that much more could be achieved if all stakeholders — public and private — work together.
“Together, we can speed up Taiwan’s energy transition and make it a global model for low carbon development,” he said.
CPC chairman Tai Chein (戴謙) said his company has drawn up transformation plans to adapt to the low-carbon era.
The company aims to turn its gas stations into green energy stations to meet diverse energy supply needs, Tai said, adding that all gas stations would be equipped with solar photovoltaic systems and energy storage devices.
While the government’s resolve to phase out nuclear power is clear, various challenges remain, Cathay United Bank (國泰世華銀行) said in the paper.
Conducting due diligence on the risks involved in the development of offshore wind farms could be difficult for financial institutions, due to the dangers associated with earthquakes and typhoons, the lender said.
Local financial institutions would need international assistance and should take a cautious approach to ensure the long-term success of the offshore wind industry, it added.
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