The impacts of climate change are becoming more frequent and severe. At the 21st Conference of the Parties (COP21) in December 2015, Paris Agreement was adopted as the first-ever universal, legally binding global climate deal which has set out global emission reduction targets and established a set of binding procedural commitments of the nationally determined contributions of the parties. The Agreement soon entered into force on 4 November 2016.
In response to the global trends, Taiwan has been pursuing policies to cut the greenhouse gas emissions for many years. The “Greenhouse Gas Reduction and Management Act” (the Act) were enacted in 2015. To provide financial support to the efforts in combating climate change of both mitigating greenhouse gas emission and adapting impact of climate change, article 19 of the Act authorize the establishment of the Greenhouse Gas Management Fund.
Greenhouse Gas Management Fund
TRI helps the Environmental Protection Administration (EPA) to complete the legal and operational frameworks of Greenhouse Gas Management Fund and to develop proper financial tools to promote climate mitigation and adaptation activities and mobilize private capital in accordance with the ultimate goal of mainstreaming climate and green finance.