The Taiwan Carbon Solution Exchange (TCX) and the Central American Bank for Economic Integration (CABEI) yesterday in Taipei signed a memorandum of understanding (MOU) on exchanges in climate finance.
The MOU was signed by TCX chief executive officer Seren Chen (陳脩文) and CABEI chief sustainability officer Manfred Kopper Castro at the Global Forum on Carbon Pricing and Climate Finance held at the Taipei Nangang Exhibition Center yesterday.
CABEI has been a partner of Taiwan for more than 30 years and is fundamental to multilateral developments in the US, Chen said.
Photo: CNA
The MOU would not only lay down a foundation for future cooperation, but would also reflect the commitment to aligning with global finance action, particularly as the theory of climate transition finance is coming into practice, she said.
Regarding carbon markets, Chen said that Japan and South Korea continue to refine their emission trade schemes, while Indonesia and Vietnam are developing their own compliance carbon market to meet their carbon reduction targets by 2030.
To meet domestic businesses’ demand for high-integrity carbon credits, TCX last year introduced American Carbon Registry’s Improved Forest Management projects, as well as projects of Verra and Gold Standard, she said.
TCX, along with its parent company, the Taiwan Stock Exchange, last year launched the Taiwan Nature-Based Solutions and Sustainability Initiative for climate, community and biodiversity benefits, Chen said.
TCX aims to connect Taiwan’s export industries with global carbon integrity, she said, adding that scaling a high-integrity carbon market requires global collaboration.
Castro said the MOU marks a milestone in exchanges between CABEI and TCX.
“We are inspired by Taiwan’s unwavering commitment to sustainability, innovation and climate governance,” he said, adding that these values resonate with CABEI’s mission of driving positive transformation in the US.
The MOU is not just a symbolic gesture, but the beginning of a long-term collaboration between Taiwan and the Central American Integration System, Castro said.
Minister of Environment Peng Chi-ming (彭?明) said he has been tasked with stepping up Taiwan’s carbon reduction ambition soon after he assumed his post.
The government has introduced relevant regulations and a carbon fee system, but carbon pricing is facing resistance from industries and the public due to concerns over rising operating costs and green inflation, he said.
The carbon fee system came into operation last year, and the government has approved about 3,000 carbon reduction plans proposed by businesses in exchange for a discount on their carbon fee as of this year, which are expected to reduce 47 million tonnes of carbon in total, Peng said.
Climate finance is the key to achieving net zero goals, he said, adding that the government would soon set up Taiwan’s own emission trading system.
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