TAIPEI (Taiwan News) — Some of the country's top government officials, including President Tsai Ing-wen (蔡英文), and business representatives gathered together for the second “Environment, Social, and Governance (ESG) Sustainable Taiwan International Summit” on Monday (March 21).
Tsai said during the opening ceremony that the challenge of Net Zero by 2050 is not just the world’s challenge but also Taiwan’s. “The path is indeed a difficult one, but Taiwan must succeed.”
“To overcome the challenge, aside from governmental efforts, we also need massive momentum within the industry and Taiwan’s top academic talents. The key to Taiwan’s success lies in the collaboration between these three parties,” Tsai added. She said that the country must continue to promote the energy transition and develop new energy forms, accelerate its industrial transition, begin a full-on lifestyle transition, and ensure justice in social transitions.
President Tsai Ing-wen speaks at summit's opening ceremony. (Business Today photo)
At the end of the month, the National Development Council is set to announce a summary of Taiwan’s plan for Net Zero by 2050, said Tsai. While the summary is not meant to be “the correct answer,” it will serve as a basis for discussions about the transition toward carbon neutrality. The summary will take into consideration Taiwan’s current reality, foreseeable improvements, the country's development capacity in the future, and the resources needed.
Ministry of Economic Affairs (MOEA) Bureau of Energy (BOE) Director General Yu Cheng-Wei (游振偉) introduced four types of transitions promoted by the ministry as part of the government’s efforts to achieve net-zero emissions by mid-century: energy, industry, lifestyle, and social. He said such transitions rely heavily on the development of innovative carbon neutrality and capturing technology, climate regulations, carbon pricing, and green finance.
According to Yu, the MOEA is confident that by 2025, it will hit its goal of generating 20 gigawatts of solar power, 5.6 GW of offshore wind power, and 20 megawatts of geothermal power per year and launch marine energy facilities by 2050. The ministry is also promoting the advancement of production processes, energy transition, and circular economy development in manufacturing.
Bureau of Energy Director General Yu Cheng-wei shares about MOEA's ESG policies. (Facebook, Business Today screenshot)
The event also saw expert analyses on global trends in ESG by Robert Stavins, A.J. Meyer Professor of Energy and Economic Development at Harvard's John F. Kennedy School of Government, and Yale Center for Business and the Environment Faculty Co-Director Todd Cort.
Other keynote speakers who shared their company’s experiences implementing ESG principles included Sinopac Financial Holdings Company Chair Chen Shi-kuan (陳思寬), Deloitte Taiwan Sustainable Development Service Team head Joe Chen (陳盈州), China Petrochemical Development Corporation Chair Chen Ruey-long (陳瑞隆), M&G Investments Fund Manager Alex Araujo, Taiwan Depository and Clearing Corporation Chair Sherman Lin (林修銘), Taiwan Realty Estate Group Chair President Peng Pei-ye (彭培業), and The Pension Fund Association Chair Jennifer Wang (王儷玲).