TAIPEI (Taiwan News) — The Ministry of Foreign Affairs confirmed Wednesday that Taiwan signed a memorandum of understanding on carbon credits cooperation with Paraguay.

The foreign ministry said in a press release that the agreement adheres to the principles of the United Nations Framework Convention on Climate Change and the Paris Agreement, showing support for Taiwan’s participation in international environmental organizations. It noted that Taiwan is working with Paraguay to promote green transition and industrial upgrading through its “integrated diplomacy,” working toward net-zero by 2050.

Paraguay’s Ministry of Environment and Sustainable Development said the cooperation marks a milestone in the country’s commitment to advancing global climate action. The agreement with Taiwan demonstrates the government’s will to position Paraguay as a “regional leader” in sustainability for future generations.