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The World Bank released its "State and Trends of Carbon Pricing 2024" report on May 21, marking the first time Taiwan's carbon pricing policy has been included among the 75 operational carbon pricing instruments globally. Experts view this development positively and urge Taiwan to accelerate the implementation of carbon fees as planned.
The report highlights that last year, global carbon fee collections reached a record $104 billion. However, it also notes that current carbon prices remain too low to drive the necessary changes to meet the Paris Agreement targets.
Expert calls for swift action on carbon fees in Taiwan
The report indicates that while the adoption of carbon pricing has been constrained over the past year, there are signs that middle-income countries will join the carbon pricing ranks in the future.
Currently, 75 carbon taxes and emission trading systems (ETS) are in operation globally. Recent implementations include new carbon pricing policies in Taiwan, China, and Guanajuato, Mexico. In Japan, a new voluntary emission trading system (GX ETS) was established in October 2023, with plans to transition to a mandatory ETS by 2026.
The report marks Taiwan's debut in implementing carbon taxes and fees. Researcher Sherry Hu (胡湘渝) from RECCESSARY expressed optimism about this milestone. She emphasized the need for Taiwan to expedite the establishment of carbon fees and adhere to the scheduled implementation.
