Taiwan's Renewable Energy Growth
Taiwan is on a transformative journey in renewable energy. The island nation boasts a hydropower capacity of approximately 4.7 GW, harnessing its geographical advantages to produce clean energy efficiently.
In the solar PV market, Taiwan reached a remarkable cumulative installed capacity of 9,723.8 MW in 2022. This market continues to experience rapid growth, with projections indicating a CAGR of more than 12% from 2022 to 2035. Taiwan's strategic location provides it with abundant solar irradiance, exceeding 2,000 kWh/(m² year), making it an ideal hub for both photovoltaic (PV) and concentrated solar power (CSP) projects.In addition, Taiwan's wind energy sector has also seen significant expansion, with the installed capacity reaching 1,581 MW in 2022, generating 3,577 GWh of electricity. The country's strategic investments in wind turbines, floating platforms, substations, and underwater cables highlight the sector's tremendous potential in Taiwan's renewable energy landscape.
The country's government has set ambitious targets to generate 20% of its energy from renewable sources by 2025, a substantial increase from 5% in 2020. This ambitious goal is backed by comprehensive policies and substantial investments aimed at curbing carbon emissions and enhancing overall sustainability. The Ministry of Economic Affairs (MOEA) has outlined a clear roadmap for this transition, emphasizing the promotion of green energy, increased utilization of natural gas, reduction of coal-fired power generation, and achieving a nuclear-free status.
Furthermore, Taiwan is also actively working towards net-zero emissions by 2050, demonstrating its commitment to combatting climate change. Cabinet approvals for draft amendments to climate legislation in 2020, included the integration of a carbon pricing scheme, and highlighted Taiwan's proactive approach towards environmental stewardship. The nation's strategic vision aims for renewable energy to constitute more than 60% of Taiwan's power supply by 2050, showcasing its dedication to a sustainable future for generations to come.
Sources:
- https://www.globaldata.com/store/report/taiwan-hydropower-market-analysis
- https://www.globaldata.com/store/report/taiwan-solar-pv-market-analysis
- https://en.wikipedia.org/wiki/Wind_power_in_Taiwan
- https://www.trade.gov/market-intelligence/taiwan-renewable-energy-market
- https://www.moea.gov.tw/MNS/english/Policy/Policy.aspx?menu_id=32904&policy_id=19
- https://www.reuters.com/business/environment/taiwan-invest-green-energy-smart-grids-reach-net-zero-emissions-goal-2022-04-22