TAIPEI (Taiwan News) — Taiwan’s legislature passed the third and final reading of sweeping amendments to current climate legislation, including renaming them the Climate Change Adaptation Act (氣候變遷因應法).
Far and away, the most significant portion of the legislation will be a new carbon pricing system to be levied on large carbon emitters beginning in 2024. Those who successfully engage in carbon reduction can enjoy preferential rates.
According to BCC, businesses can either earn carbon credits or preferential carbon rates through direct actions. These include making investments that improve workplace efficiency, switching to environmentally friendly fuel sources or renewable energy, or implementing carbon-negative technologies.
In order to achieve the goal of net-zero carbon emissions by 2050, the new legislation designated by the Cabinet's National Council for Sustainable Development will coordinate with different agencies to draft basic policies or “action plans” to address climate change. Such plans would then be submitted to the Executive Yuan for review at least once every four years.
The carbon pricing scheme outlined in the new legislation stipulates fees on “direct” and “indirect” emissions. It also lays out a framework for assessing emission type, emission amount, voluntary reduction, reduction effect, and other relevant factors.
In addition, the relevant government authorities regulate matters relating to the collection and calculation of a carbon fee, as well as the payment process, deadline, and supplementary payments. Taxpayers can also propose a voluntary reduction plan to apply for a preferential rate.
Aside from carbon emissions, new climate legislation also tackled greenhouse gas emissions by establishing a special fund to inspect emission sources, implementing reduction work, and incentives for companies to invest in greenhouse gas reduction technologies.
