The Taiwan Carbon Solution Exchange (TCX) signed a memorandum of understanding (MOU) with the European Energy Exchange (EEX), the main trading platform of the EU Emission Trading Scheme, in Germany on Friday.
The memorandum is aimed at helping the TCX build a transparent, robust and trustworthy emission trading market in Taiwan by leveraging the EU’s experience, the TCX said in a statement yesterday.
During the signing ceremony, EEX CEO Peter Reitz said global carbon emission trading mechanisms are critical to achieving decarbonization and energy transition.
Photo courtesy of the Taiwan Carbon Solution Exchange via CNA
The EEX was happy to share its rich expertise in system design and operations to support the establishment of new mechanisms and jointly advance global carbon pricing and trading markets, he said.
The TCX said the signing was a new milestone in Taiwan’s efforts to establish its own cap-and-trade emissions trading scheme.
Since its launch in 2005, the EU Emission Trading Scheme has become the world’s leading carbon pricing mechanism, with the EEX playing a key role in carbon emission trading operations, TCX CEO Joshua Tien (田建中) said.
TCX is planning to pilot Taiwan’s emission trading scheme mechanism next year, in line with the Ministry of Environment’s policy road map, Tien said.
The MOU enables Taiwan to draw on the European exchange’s extensive experience in market operations to support that, he said.
The EU emission trading scheme has already linked with Switzerland’s scheme and is planning further connection with the UK’s system, as it gradually expands toward a global carbon trading system through international cooperation, the TCX said.
Countries near Taiwan, including Japan and South Korea, have already established or are promoting their own emission trading mechanisms, and the MOU would pave the way for Taiwan’s integration with carbon markets, it said.
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