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Taiwan inks arrangement with European Energy Exchange

Kaohsiung City-headquartered Taiwan Carbon Solution Exchange (TCX) signed a memorandum of understanding with the European Energy Exchange June 27 in the German city of Leipzig.   Environment Minister Peng Chi-ming and Chang Ken-mu, deputy director general of the Climate Change Administration, were in attendance to witness the ceremony, the Ministry of Environment said. According to the MOENV, they also observed a simulated transaction platform, since the EEX will be assisting Taiwan in the establishment of such a system.   In remarks at the signing, Peng noted that it is vital for the government to build a cap and trade system, adding that the memorandum of understanding will facilitate not only the design of a platform but also talent cultivation. He further indicated that the collaboration is of critical importance in light of the inevitable trend of a unified global carbon market.   According to the MOENV, the European Union was the first region in the world to implement an emission trading system and therefore has a comprehensive legal framework. The ministry added that it would be taking on the responsibility of building a legal mechanism while TCX would oversee emission allowance trading.   To fully support the TCX, the MOENV said that it would also collaborate with the Ministry of Economic Affairs and the Financial Supervisory Commission.   A pilot run for an emissions trading system has been scheduled for 2026, while the official launch of the system has been set for 2027-2028. The ministry added that it believes the agreement lays a solid foundation for future initiatives. (POC-E)   Write to Taiwan Today at ttonline@mofa.gov.tw