TAIPEI (Taiwan News) — International carbon credit trading took off in Taiwan Friday (Dec. 22) with the sale of 88,520 tons on the Taiwan Carbon Solution Exchange (TCX).
The value of the trades reached more than US$800,000 (NT$24.95 million), per Radio Taiwan International (RTI). The buyers were 27 companies and 18 subsidiaries, including 14 financial holdings and several prominent corporations.
The list featured Taiwan Semiconductor Manufacturing Co. (TSMC), the Foxconn Technology Group, and Chunghwa Telecom, CNA reported. Friday’s deals involved solar energy, water purification, and wind power, with their origin including Vietnam, India, Kenya, Uganda, Eritrea, Mozambique, and Chile.
Friday’s event was described as a milestone on the country’s path toward zero carbon emissions scheduled for 2050. TCX was founded in Kaohsiung City in July, with domestic carbon trading expected to begin in mid-2024.
Trading in carbon credits is designed to counter climate change by leading companies to reduce their emissions over time. They can sell excess capacity, while the corporations unable to cut emissions will have to work at a higher cost.