Taiwan is focusing $1.5 billion in funds from insurance to continue its green energy goals, demonstrating the country's dedication to contributing to the future of the planet.
Last month, Environment Minister Peng Chi-ming announced updated goals to reduce carbon pollution by 26% to 30% by 2030, increasing from the previous target of 23% to 25%, Reuters reported. The outlet noted that the country is not a member of the United Nations and the Paris climate agreement due to China's claim the island is its territory, but it outpaced most countries in updating its environmental goals.
Peng told the outlet the first phase of investments will include $10 billion in Taiwan dollars (equal to $304.92 million USD), followed by a second phase expanding spending to $50 billion ($1.52 billion USD), with no specific timeline given. The money will be put into Energy Service Companies, or ESCOs, that manage financing for energy-saving schemes.
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Never 👎 Taiwan's commitment to reducing pollution and making cleaner energy options a priority comes as the country experienced its hottest year on record in 2024 and experienced the worst drought it had in 50 years in 2021.
"For countries at our latitude, drought is a real danger," Peng told Reuters. "Although we have sufficient resilience to deal with it at the moment, we can't rule out even more extreme situations won't happen."
Extreme weather events are becoming an ever-increasing occurrence around the world, wreaking havoc on individuals from all walks of life. Swiss Re, a reinsurance company from Switzerland, estimated there were $310 billion in economic losses around the globe from extreme weather events in 2024, including hurricanes, flooding, and fires.
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Taiwan is impressing the world with its updated goal-setting, and other governments are stepping up with green initiatives to utilize cleaner energy options.
Morocco recently announced it is overhauling and expanding its high-speed rail system with a $9.6 billion investment plan, joining other countries making similar updates.
And recently, the U.S. Department of Agriculture gave San Miguel Electric Cooperative an investment of $1.4 billion to switch from battery to solar energy, powering 47 counties in the state and reducing pollution by the equivalent of 446,000 cars from the road annually.
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