Taiwan told its net zero investment strategy is ‘little more than a hollow statement’

Taiwan has "no plans at all" when it comes to attracting net zero investors, while it's current climate finance approach is "little more than a hollow statement", according to a leading industry insider.

Well-known American economist Jeffrey Sachs warned that the island-nation's "50-30-20" policy does not mean much for investors as it lacks details and specifics.

The former director of the Earth Institute at Columbia University in New York City referred to the "50-30-20" net zero plans of Taiwan's government, which has stated it aims to pursue an "energy mix" of 50 percent natural gas, 30 percent coal, and 20 percent renewable energy within the next two years. 

Nuclear power will be scrapped altogether, according to the current plans.

However, so far, Taiwan has failed to roll out any legislative proposals and has not formulated any details or specifics to implement its 50-30-20 approach. 

Therefore, the country is not providing asset owners any incentive to invest in Taiwan's energy infrastructure, Sachs warned while speaking in the capital of Taipei.

"What Taiwan's government is working toward is an 80 percent fossil fuel system, which makes no sense when taking into account its goal to attain carbon neutrality by 2050," he added.

By 2030, "Taiwan's own export products could become terribly damaged by the fact that it is a fossil fuel based economy still, because the world is moving to decarbonization."

The Asian country should develop a "clear energy plan" that goes beyond its goal of 20 percent renewables in its energy mix and reduces its current heavy reliance on fossil fuels, Sachs continued.

Sachs was in Taiwan to receive the Tang Prize in Sustainable Development for contributions that have brought about a more specific and targeted approach to sustainable investments and for his role in helping to bring the Paris Agreement on Climate Change under the attention of the international business community.

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