Carbon cap, trade regulations under discussion: Minister

Taipei, Feb. 12 (CNA) Environment Minister Peng Chi-ming (彭啓明) said Wednesday that the ministry has begun to discuss cap and trade regulations and plans to impose a stricter cap than the current self-determined reductions.

At an event held by the non-profit organization Business Council for Sustainable Development in Taipei, Peng said that Taiwan's carbon rights regulations have been advancing slowly, and he is actively working to adjust them.

The Ministry of Environment (MOENV) is discussing cap and trade regulations in the coming year, and will use nearby countries such as Japan and South Korea as references, Peng said.

Relevant regulations will be discussed and amended, as it involves the deployment of carbon assets, Peng said, adding that the MOENV will invite firms with a reputation for excellence -- especially those that need international carbon rights -- to work together and form an alliance.

With carbon reduction expenses in Taiwan ranging from NT$3,000 (US$91.33) to NT$30,000 per metric ton, Peng said a better carbon trading mechanism can help Taiwan identify its carbon asset values.

Taiwan's carbon fee system will take effect in 2025, meaning that imposed entities will have to pay their carbon fees according to their 2025 emissions in May 2026, according to the Regulations Governing the Collection of Carbon Fees.

The MOENV has on Feb. 8 announced that large emitters can start to apply for their self-determined reduction plans.

Peng anticipated that the value of carbon would be reflected in green finance after the collection of carbon fees.

Meanwhile, regarding U.S. President Donald Trump's pledge to bring back plastic straws, Peng said that Taiwan will not follow suit.

Peng said that Taiwan's measures to reduce plastic straws and plastic use are good and will be continued.

The minister claimed that paper straws made in Taiwan do not melt or split open, but acknowledged that the use of per- and polyfluorinated alkyl substances (PFAS) is a problem that needs to be addressed.

PFAS are "forever chemicals" that may be harmful to human health, according to the U.S. Environmental Protection Agency.