Taiwan’s carbon exchange is to open today in Kaohsiung, as the nation aims to achieve net zero emissions by 2050, while addressing local firms’ need for carbon credit trading.
The Taiwan Stock Exchange and the National Development Fund jointly invested in the Taiwan Carbon Solution Exchange with NT$1.5 billion (US$47.33 million) of capital. It established its headquarters at the Kaohsiung Software Park (高雄軟體園區) and its information center in Taipei, after completing its company registration last month.
The Taiwan Stock Exchange has planned for the carbon exchange to include a carbon consultancy, and education and training, as well as to offer carbon credit trading.
Photo courtesy of the Taiwan Stock Exchange
To alleviate concerns among businesses, the exchange would initially focus mainly on consultation services for issues such as domestic carbon fees and levies, international carbon border taxes and supply chain carbon neutrality. It would also provide education and training services for businesses during this stage.
Carbon credit trading would come later, as such trading must meet regulations and policies stipulated by the Climate Change Response Act (氣候變遷因應法), and the Environmental Protection Administration (EPA) is still working out carbon pricing and trading rules.
Cross-border carbon trading would require further negotiations and collaboration with international accreditation institutions based on the needs of local businesses, the Taiwan Stock Exchange said.
Due to the net zero emission trend, companies seeking to secure orders are soon bound to include carbon emissions in their contract terms, as firms wanting to obtain orders from major global brands would have to comply with emission regulations.
The carbon exchange aims to help local businesses through carbon credit trading, the Taiwan Stock Exchange said.
For instance, if a company can reduce its carbon emissions, it would have excess carbon credits that can be sold to other companies with higher carbon emissions, while industries or companies with high carbon emissions can purchase carbon credits to offset their carbon footprints and achieve their carbon reduction goals, it said.
The Taipei-based Chinese National Association of Industry and Commerce yesterday welcomed the launch of the carbon exchange, saying in a statement that it is an important milestone along the nation’s road to achieving net zero emissions by 2050.
The association urged the government to establish the legal system for carbon credit trading as soon as possible, while implementing the trading mechanism in stages.
It said it also expects Taiwan’s carbon exchange to learn from its international peers to develop carbon pricing and trading systems that are sound and in line with international standards, so that domestic firms can plan carbon reduction paths in a timely manner and Taiwan’s industries can maintain their key position in the global supply chain.
DEFENSE: The first set of three NASAMS that were previously purchased is expected to be delivered by the end of this year and deployed near the capital, sources said Taiwan plans to procure 28 more sets of M-142 High Mobility Artillery Rocket Systems (HIMARS), as well as nine additional sets of National Advanced Surface-to-Air Missile Systems (NASAMS), military sources said yesterday. Taiwan had previously purchased 29 HIMARS launchers from the US and received the first 11 last year. Once the planned purchases are completed and delivered, Taiwan would have 57 sets of HIMARS. The army has also increased the number of MGM-140 Army Tactical Missile Systems (ATACMS) purchased from 64 to 84, the sources added. Each HIMARS launch pod can carry six Guided Multiple Launch Rocket Systems, capable of
GET TO SAFETY: Authorities were scrambling to evacuate nearly 700 people in Hualien County to prepare for overflow from a natural dam formed by a previous typhoon Typhoon Podul yesterday intensified and accelerated as it neared Taiwan, with the impact expected to be felt overnight, the Central Weather Administration (CWA) said, while the Directorate-General of Personnel Administration announced that schools and government offices in most areas of southern and eastern Taiwan would be closed today. The affected regions are Tainan, Kaohsiung and Chiayi City, and Yunlin, Chiayi, Pingtung, Hualien and Taitung counties, as well as the outlying Penghu County. As of 10pm last night, the storm was about 370km east-southeast of Taitung County, moving west-northwest at 27kph, CWA data showed. With a radius of 120km, Podul is carrying maximum sustained
Tropical Storm Podul strengthened into a typhoon at 8pm yesterday, the Central Weather Administration (CWA) said, with a sea warning to be issued late last night or early this morning. As of 8pm, the typhoon was 1,020km east of Oluanpi (鵝鑾鼻), Taiwan’s southernmost tip, moving west at 23kph. The storm carried maximum sustained winds of 119kph and gusts reaching 155kph, the CWA said. Based on the tropical storm’s trajectory, a land warning could be issued any time from midday today, it added. CWA forecaster Chang Chun-yao (張竣堯) said Podul is a fast-moving storm that is forecast to bring its heaviest rainfall and strongest
TRAJECTORY: The severe tropical storm is predicted to be closest to Taiwan on Wednesday and Thursday, and would influence the nation to varying degrees, a forecaster said The Central Weather Administration (CWA) yesterday said it would likely issue a sea warning for Tropical Storm Podul tomorrow morning and a land warning that evening at the earliest. CWA forecaster Lin Ting-yi (林定宜) said the severe tropical storm is predicted to be closest to Taiwan on Wednesday and Thursday. As of 2pm yesterday, the storm was moving west at 21kph and packing sustained winds of 108kph and gusts of up to 136.8kph, the CWA said. Lin said that the tropical storm was about 1,710km east of Oluanpi (鵝鑾鼻), Taiwan’s southernmost tip, with two possible trajectories over the next one