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Carbon reduction is a global trend.

With the increasing industrialization worldwide and the rise in carbon emissions, there has been progressively more severe damage to the atmosphere and ecosystems. As a result, reducing carbon emissions has become a crucial pathway to maintaining the ecological balance of the Earth and mitigating climate change.

I hope that everyone can recognize the importance of the environment and make contributions to
the best of their abilities.

The world's greenhouse gas emissions ranking

資料來源: https://climatescience.org/zhTW/advanced-greenhouse-gases

Policy schedule

2020年 Bureau of Energy

For contracts with Taiwan Power Company (Taipower) having a capacity of 800 kW or above, an annual energy conservation plan with a 1% energy-saving and carbon reduction target must be submitted.

2024年 Environmental Protection Administration

It is anticipated that a carbon tax mechanism will be developed in advance, following the European Union's carbon tariff imposition, and the scope of regulation will be expanded to include the wholesale and retail sectors.

2023年 Environmental Protection Administration

Besides the initial designated industries (steel and cement) that are required to undergo annual carbon audits, a second batch of audit targets has been added, including electronic components, chemical material manufacturing, textile industry, and metal and non-metal manufacturing, among others.

2027年 Financial Supervisory Commission

Listed companies are required to complete greenhouse gas inventories in stage.

Why is energy consumption monitoring important? Should I pay the carbon taxes?

Carbon footprint?

A "carbon footprint" refers to the amount of greenhouse gas emissions, typically measured in carbon dioxide equivalent, generated by an individual, organization,
or product. It is used to assess contributions to climate change. The carbon footprint encompasses both direct emissions (such as energy use and transportation) and
indirect emissions (emissions associated with the production and transportation of products). Understanding and reducing one's carbon footprint can help mitigate the
impact on climate change, promote sustainability, and protect the environment.

Does Taiwan have a carbon market? How is it calculated?

On January 10, 2023, the Legislative Yuan passed the 'Climate Change Response Act,' providing a legal basis for carbon pricing. In principle, Taiwan will primarily implement carbon taxation, prioritizing direct and indirect (electricity) major emitters with emissions exceeding 25,000 metric tons. According to estimates from the Environmental Protection Administration, in the initial phase, approximately 287 major emitters or 250 large electricity consumers will fall under the scope of carbon taxation.

In other words, because Taiwan is implementing direct carbon taxation, unlike the European Union, there won't be a carbon market mechanism, and businesses won't be able to trade saved carbon emissions. According to the Environmental Protection Administration's plan, carbon fees are expected to be imposed starting in 2024. Within six months of the main law's passage, the Environmental Protection Administration will also prioritize the introduction of 12 subsidiary laws, including regulations for carbon tax collection, the operation of the Climate Change Fund, and carbon auditing. According to greenhouse gas emission data from 2020, nearly 40% of domestic carbon emissions come from the top ten carbon-emitting companies, including well-known enterprises like China Steel, Formosa Plastics, and TSMC.

If my company is not classified as a major carbon emitter, do we not need to conduct carbon audits?

Of course not.
Especially if a company is listed in Taiwan as one of the 1,700 publicly traded companies, it must adhere to the Financial Supervisory Commission's regulations and disclose sustainability data such as carbon audits and carbon footprints. The Financial Supervisory Commission initiated a 'Sustainability Development Roadmap for Listed and OTC Companies' project on March 3, 2022, with carbon auditing being conducted in phases based on the size of the listed and OTC companies.

What is a carbon tax? What is a carbon tariff?

The European Union (EU) was one of the first regions in the world to introduce a carbon emissions trading system, as early as 2005, which imposed carbon fees on EU-based companies emitting carbon dioxide. However, foreign companies that exported goods or services to the EU were not subject to these carbon fees, leading to unfair competition.

To address this issue, the EU introduced the world's first 'Carbon Border Adjustment Mechanism' (CBAM), commonly referred to as the 'European Carbon Tariff.' CBAM levies carbon fees on goods or services imported into the EU from abroad. As the EU represents one of the world's largest markets for goods, the impact of the EU's CBAM mechanism is substantial, particularly affecting exporters from Taiwan to the EU.

According to the EU's CBAM (Carbon Border Adjustment Mechanism) carbon tax plan, it is set to be implemented on October 1, 2023, with the formal commencement of carbon tax collection scheduled for 2027. Importers are required to report the carbon emissions associated with their relevant products and, simultaneously, purchase 'CBAM certificates' from the European Union to cover the costs linked to the carbon emissions of imported products. Initially, CBAM will primarily target seven major categories, including steel, cement, aluminum, fertilizer, and electricity, with plans to expand its scope to include hydrogen and downstream steel-related products such as screws and bolts

資料來源:https://esg.businesstoday.com.tw/article/category/180687/post/202302060020

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