Taiwan’s carbon fee, announced last year, has not driven companies to set carbon reduction targets or internal carbon pricing, showing that “green” finance policies are not being implemented down the corporate ladder, National Taiwan University’s Risk Society and Policy Research Center found in a survey released today.
The center’s Corporate Sustainability Disclosure Preparedness Survey was conducted from March to April, targeting companies with annual revenue exceeding NT$100 million (US$3.34 million).
A random sample of 906 companies was drawn, focusing on key industries including traditional high-carbon manufacturing, electronic high-carbon manufacturing, construction and transportation, the center said.
Photo: CNA
Since Taiwan implemented a carbon fee in October last year, its lenient pricing compared to international standards has failed to drive companies to set carbon reduction targets or internal carbon pricing, center director Chou Kuei-tian (周桂田) said.
Key climate policies and regulations, such as carbon pricing, green finance and the major electricity usage clause, lack clear targets, Chou said.
In terms of sustainable finance, there has been little growth in climate-related engagement between banks and businesses, he said.
The survey focuses on three major areas: climate disclosure, sustainable finance, and labor and human rights, the center said.
Twenty percent of surveyed companies have disclosed climate policies and the proportion of listed companies with climate-related disclosures has been increasing annually, it said.
However, due to lax domestic carbon pricing policies, “many companies have stalled in setting net-zero targets or reporting greenhouse gas emissions, and some have regressed when it comes to supply chain carbon accounting and emissions reduction planning,” the survey found.
Only 2.3 percent of respondents have implemented internal carbon pricing and the proportion of companies assessing medium to long-term climate risks has dropped by about 10 percent compared to last year, it said.
In terms of sustainable finance, only 10 percent of companies have engaged in climate-related dialogue with financial institutions, and about 60 percent of companies either are unaware of or see no need for climate-related financial products, the survey found.
In terms of labor and human rights, nearly 70 percent of companies reported hiring middle-aged or elderly employees, the center said.
In terms of gender equality, about 60 percent of companies stated there was no significant gender pay gap, while the number of male supervisors was clearly higher than that of female supervisors, it added.
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