This Act amends and renames the Greenhouse Gas Reduction and Management Act 2015. This Act establishes Taiwan's goal to achieve net zero emissions by 2050 and sets out requirements to formulate decarbonisation and adaptation strategies. The Act also defines a just transition and requires competent authorities to consult with communities that are impacted by the transition, establish national just transition action programs and allocate funds towards such plans.
This Act prescribes multiple decarbonisation measures, including a cap-and-trade system, carbon levies for domestic emission sources, subsidies and grants to incentivise green technologies, requirements to label carbon footprint on products, and a tax on imports of carbon intensive products designated by regulatory authorities. There are provisions setting out corresponding penalties for non-compliance.
This Act also establishes a GHG Management Fund, which is derived multiple sources, including the carbon levies and the state's budget.
