In a bid to strengthen its national energy security, the Taiwanese Government has set ambitious renewable energy targets to be met by 2025. Attractive feed-in tariffs, a stable regulatory framework and the country’s strategic location have seen foreign firms keen to invest in this burgeoning market. As the sector begins to heat up, Heidi Vella finds out what it has in store.
In 2017, the Taiwanese Government declared that by 2025 it wants 20% of the country’s electricity supply to come from renewable sources – up from approximately 5% at the time.
The ambitious target is part of the state’s wider energy transformation plans. The government also wants to phase out nuclear power, which currently accounts for around 15% of local electricity generation, by 2025, as well as cut its carbon emissions to 2000 levels and reduce its reliance on oil and gas imports. Currently, Taiwan imports around 97% of its energy supply.
To achieve its renewable energy target, the country needs to build approximately 27GW of new renewable electricity capacity, which it aims to do through a combination of offshore wind and solar power.
Keenly aware that it is competing for investment dollars with its neighbours – Japan, Thailand, China, India and the Philippines – all of which have adopted green energy policies faster, the government has been quick to set out an attractive framework to lure in foreign financiers.
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