Taiwan sees surge in green electricity transactions as market expands

Taiwan's green electricity market has experienced a notable uptick in transactions, reflecting the island's deepening commitment to sustainable energy. The Ministry of Economic Affairs (MOEA) reported a 41% increase in green electricity transactions for the first half of 2024, reaching a total of 1.04bn kWh, as reported by TVBS.

According to the MOEA's Bureau of Standards, Metrology, and Inspection, green electricity certificate transactions rose sharply from 740,000 certificates, representing 740mn kWh, in the same period last year. This growth underscores a broader trend towards embracing renewable energy, driven by global net-zero emission targets.

Since the initiation of green electricity transfers in May 2020, Taiwan has accumulated 4.816mn certificates, equivalent to 4.816bn kWh, by June 2024. The market saw annual transaction volumes of 1.125bn kWh in 2022 and 1.721bn kWh in 2023, indicating robust annual growth rates of 67% and 53%, respectively.

The expansion of the green electricity market has been buoyed by cross-industry collaborations, spanning sectors such as energy, electronics, finance, and biotechnology. This diversification has injected vitality into the market, with new buyers consistently entering the fold, thus further stimulating the demand for green energy.

Looking ahead, the MOEA anticipates Taiwan’s green electricity generation to reach 35.6bn kWh by the end of the year. Corporate demand is projected at 22.1bn kWh annually, suggesting a growth trajectory of approximately 3bn kWh per year. Meanwhile, supply is expected to rise by 7 to 8bn kWh, potentially outpacing demand and reinforcing the country's green energy infrastructure.