The Chinese government plans to invest NT$25 billion in the next five years to promote renewable energy in the hope that over NT$200 billion in private investments will be attracted.
TAIPEI, Taiwan--(BUSINESS WIRE)--As the issue of climate changes attracts international attention, the Environmental Protection Administration (EPA) of the Executive Yuan has set a target of energy conservation and carbon reduction for the policy of greenhouse gas reduction. The government plans to invest NT$25 billion in the next five years to promote renewable energy in the hope that over NT$200 billion in private investments will be attracted.
Executive Secretary Huei-juan Hsiao of the EPA Office of Greenhouse Gases Reduction Management said in an interview that the government ratified in April 2009 the “Dawning Green Energy Industry Program,” which focuses on industries involved in photovoltaics, LED lighting, wind power, biofuel, hydrogen energy and fuel cell, energy information and electric-powered vehicle.
In addition to investing NT$25 billion in the next five years to promote and subsidize the development of renewable energy and energy conservation, Hsiao said another NT$20 billion will be invested in technological research and development to spur more than NT$200 billion of private investments in the green energy industry.
The Executive Yuan established Energy Conservation and Carbon Reduction Promotion Board in 2009 with an aim to increase energy efficiency by 2% annually over the next eight years and lower energy intensity by more than 20% in 2015 as compared with 2005 while reducing carbon emissions to 2005 levels by 2020 and to 2000 levels by 2025.
The first step of greenhouse gas reduction is inventory and the EPA has adopted international standards and provided industry data on automatic inventorying through the launch of the National Greenhouse Gas Registration Platform in 2007, noted Hsiao. By the end of November 2010 a total of 312 companies had submitted inventory data, with the electric power industry accounting for 48.5% of the nation’s total emissions.
As to carbon dioxide reductions, Hsiao said the EPA has designated the emission intensity formula and suggested the values for steel, cement, photoelectric and semiconductor industries to lay the foundation for reduction credits and offset management. Electric power, paper and petrochemical industries will be included in the next stage.
To establish a sound mechanism for effective greenhouse gas reduction as soon as possible, the government will continue promoting the enactment of the Greenhouse Gas Reduction Act and the Energy Tax Act to achieve the national greenhouse gas reduction targets, added Hsiao.
