Image 1. Group image of Dr. Eugene Chien ( Board Chairman of TAISE) (Centre) along with Benoît Guidée (Director of French office in Taipei) (Fifth left), Nick Bridge (Special Representative for Climate Change of United Kingdom) (Fifth right), Catherine Nettleton (Representative of British Office Taipei) (Fourth right), Nicholas Enersen (Director of The Trade Council of Denmark, Taipei) (Fourth left) and other guests.
Taiwan Institute for Sustainable Energy (TAISE), French office in Taipei, and Centre for Corporate Sustainability have jointly hosted the Round-table Discussion of 2018 International Climate Dialogue on Post-Paris Agreement in Taishin Holding Building on Thursday, November 1, the dialogue focus on Green Finance. Inclusive of Benoît Guidée (Director of French office in Taipei), Nick Bridge (Special Representative for Climate Change, United Kingdom), Catherine Nettleton (Representative of British Office Taipei), Nicholas Enersen, Director of The Trade Council of Denmark, Taipei), and Ministry of Foreign Affairs, Financial Supervisory Commission Taiwan, together with representatives from local and foreign companies, there are 68 guests in total participated in the dialogue. The purpose of the dialogue is to discuss the future development and collaborations in Taiwan’s green finance through the experiences of foreign experts.
Dr. Eugene Chien, the Board Chairman of TAISE, stated that Taiwan is currently striving towards energy transformation, the government aims to increase renewable energy by 20% in 2025 which composed of 6.7GW wind power and 20GW solar power. The investment into the industry is expected to reach NT$1.5 trillion, this will create new opportunities in infrastructure, employment, and finance as a result of facing climate change.
Robert Barker, Head of Sustainable Finance and Investment, Global Market Asia Pacific in BNP Paribas, shared the financial risk factors that the finance industry should consider in facing climate change, and the respective remodeling of investment that should be taking place. Take BNP as an example, the loan provided for sustainable investment in renewable energy has increased from $6.9 billion Euro in 2014 to $12.3 billion Euro in 2017.
Nick Bridge, Special Representative for Climate Change of United Kingdom, stated that the United Kingdom has proposed that in 2025, the greenhouse gas emission will reduce by 80% compare to 1990.This indicates that there will be an 11% growth in low carbon economy each year from 2015. Mr. Bridge stated that the green finance is a collaborative work which involves experts in finance, climate, policies and many other disciplines, working together in attracting investments into the economy.
Nicholas Enersen shared the experience of how Denmark went through four major progressions in the country’s energy plan after oil crisis in the 1970s. In 2017, wind power generates 43.6% of the country’s energy. The major progressions involved numerous strategies including: taxation implemented for pollution-intensive departments, research and development of green energy financing, Feed-in Tariff implemented by government, and sharing of profit with community to rise public acceptance.
Bart Linssen, Managing Director of Enercon Taiwan Limited, shared the examples in Germany and in Denmark where the public can participate. Bart stated that numerous multinational corporations such as Google and Philips purchase electricity with the local green energy providers through Power Purchase Agreement; this would keep the benefits of green energy to the local community which ultimately lead to growth of the local financing market.
Brenda Hu, Assistant Director General from Department of Planning in Financial Supervisory Commission, stated that the financing for renewable energy has grown by 16% since September 2016. As of September, 2018, there are 19 financial products related to green finance valued at NTD$49.4 billion Taiwan Stock Exchange.
Since the establishment of the Paris Agreement and the Sustainable Development Goals in 2015, the corporations have played critical roles in climate change actions. Renewable energy and green finance have particularly become the main focus in the Taiwan market in recent years. The dialogue discussed the future development of green finance from the perspectives of government departments, finance industry, energy industry and etc. The guests came from 9 financial service companies, 7 energy companies, and many others companies, 17 guests came from overseas. For the detailed discussions of the dialogue, please refer to the website of the event host – TAISE (taise.org.tw).
Image 2. Presentation by Nick Bridge, Special Representative for Climate Change of United Kingdom, focus on sharing United Kingdom’s activities and experiences in green finance.