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Taiwan's International Carbon Credit Trading Platform is Now in Official Operation
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2023-12-22
In order to assist domestic Taiwanese enterprises to reduce carbon emissions and create a fair, safe and transparent carbon credit trading system, Taiwan Carbon Solution Exchange (TCX), jointly invested by Taiwan Stock Exchange and National Development Fund of the Executive Yuan of Taiwan, has officially launched its "International Carbon Credit Trading Platform" on Dec. 22, 2023, with trading hours from 9:00 a.m. to 3:30 p.m. on weekdays, and the related execution details were also announced, officially announcing that Taiwan has entered a new era of carbon credit trading.
Unlike other countries having carbon credit trading platforms that operate on a for-profit business model and in order to avoid market speculation, the buyers on this platform are only limited to domestic legal entities (which are only allowed to hold, cancel, and transfer carbon credits but reselling) and this platform is not open to the general public, while the sellers have to be foreign or domestic legal entities. Carbon credits trading and payments are processed in the form of advance receipts. Carbon credits are sold according to quotations. The unit of transaction is 1 ton of CO2 equivalent and is traded in U.S. Dollars.
For the sellers' part, they are specifically required to meet the relevant standards for carbon credits (incl. the carbon credit issuer should be accredited by TCX, the vintage of the carbon credits should be within 5 years, and the carbon credit projects should satisfy at least 3 of the UN' Sustainable Development Goals...etc.).
TCX hopes that through the establishment of this platform, it can effectively match supply and demand, create incentives for enterprises to reduce carbon emissions, and further promote the development of low-carbon production technologies and innovative industries.
Unlike other countries having carbon credit trading platforms that operate on a for-profit business model and in order to avoid market speculation, the buyers on this platform are only limited to domestic legal entities (which are only allowed to hold, cancel, and transfer carbon credits but reselling) and this platform is not open to the general public, while the sellers have to be foreign or domestic legal entities. Carbon credits trading and payments are processed in the form of advance receipts. Carbon credits are sold according to quotations. The unit of transaction is 1 ton of CO2 equivalent and is traded in U.S. Dollars.
For the sellers' part, they are specifically required to meet the relevant standards for carbon credits (incl. the carbon credit issuer should be accredited by TCX, the vintage of the carbon credits should be within 5 years, and the carbon credit projects should satisfy at least 3 of the UN' Sustainable Development Goals...etc.).
TCX hopes that through the establishment of this platform, it can effectively match supply and demand, create incentives for enterprises to reduce carbon emissions, and further promote the development of low-carbon production technologies and innovative industries.
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