The government’s ability to meet carbon reduction goals “would be compromised” by budget cuts, Minister of Environment Peng Chi-ming (彭?明) said yesterday, adding that stricter cap and trade regulations are being planned.
The Ministry of Environment at the end of last year announced a goal of a 28 percent carbon reduction by 2030 compared with 2005 levels.
The National Climate Change Committee last month set additional goals of a 32 percent reduction by 2032 and a 38 percent by 2035.
Photo: Chen Chia-yi, Taipei Times
Many projects are scheduled to start this year, but are likely to stall due to insufficient funding, Peng said.
Carbon reduction targets could fall short by up to 5 percent as a result, he said.
For example, government agencies need to replace systems to improve energy efficiency, but are unable to do so due to insufficient funding, Peng said.
In addition, agencies that offer energy-saving subsidies to support businesses in their energy transition are unable to do so, he said.
Without stable funding, the chance of achieving carbon reduction goals would be significantly compromised, he said.
“Carbon reduction and energy transition require sufficient funding,” he said.
Meanwhile, the carbon fee would proceed as planned, with greenhouse gas cap and trade regulations scheduled for review this year, Peng said.
The ministry aims to launch a pilot program with leading companies by late next year, allowing market-driven carbon pricing, while enforcing stricter emission controls than current self-determined reductions, he said.
Taiwan’s carbon rights regulations have been advancing slowly and he is working to adjust them, Peng said.
The ministry would use nearby countries such as Japan and South Korea as references for cap and trade regulations, he added.
Regulations would be discussed and amended as they involve the deployment of carbon assets, Peng said, adding that the ministry would invite firms with a reputation for excellence — especially those that need international carbon rights — to work together to form an alliance.
With carbon reduction expenses in Taiwan ranging from NT$3,000 to NT$30,000 per tonne, Peng said a better carbon trading mechanism could help Taiwan identify its carbon asset values.
Taiwan’s carbon fee system is to take effect this year, meaning that entities would have to pay carbon fees according to their emissions this year in May next year, the Regulations Governing the Collection of Carbon Fees (碳費收費辦法) say.
The ministry on Saturday announced that large emitters can apply to have their self-determined reduction plans approved.
The value of carbon would be reflected in green finance after the collection of carbon fees, Peng said.
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