EPA planning carbon pricing mechanism by 2023
Taiwan's Environmental Protection Administration (EPA) said on Wednesday it will design a carbon pricing mechanism to charge big emitters for carbon pollution, in line with EU's new carbon bill.
Taiwan's new Climate Change Act to be announced later this month will include a carbon pricing a net-zero-emission target for 2050.
If the amendment is approved by the Legislative Yuan in the next session, the EPA will draft detailed regulations which should start to take effect in 2023.
The EU's draft Carbon Border Adjustment Mechanism seeks to reduce carbon emissions by 55% by 2030.
EPA Minister Chang Tzi-chin said a carbon pricing mechanism in Taiwan cannot be delayed indefinitely, as Taiwan would otherwise lose its bargaining power in future trade negotiations with the EU.