Climate Change:

Taiwan Approves Climate Law, will Launch Carbon Market (Carbon-Pulse)

Taiwan’s parliament on Monday approved a greenhouse gas emission reductions and management act that will set binding CO2 targets to 2050 and lead to the establishment of a domestic emissions trading scheme.

Under the law, Taiwan will cut its emissions to half of 2005 levels by 2050, according to a press release by Taiwan’s legislative yuan.

“The Taiwan Government will be implementing a cap and trade scheme to achieve low-carbon economy cost-effectively, with the development of international climate negotiation outcomes taken into account while ensuring companies remain competitive globally,” it said.

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