Taiwan aims to obtain more than $ 1.5 billion in investment of insurance funds to help finance the green energy transition of the island as part of its climate change objectives and carbon reduction, said Environment Minister, Peng Chi-Mog.

Although most countries lost the deadline of the UN on Monday to establish new climatic objectives, Taiwan has been anxious to demonstrate that he is a responsible member of the international community and before the curve to address the problem.

Taiwan is not a member of the UN due to China’s objections that considers that the island is its own territory, and therefore is not signatory for the Paris climate agreement.

The president of Taiwan, Lai Ching-TE, last month announced a more ambitious carbon emission reduction objective to reduce greenhouse gas emissions by 26% to 30% by 2030 compared to 2005 levels. The above objective was 23% to 25%.

Peng, speaking this week in his ministry near the Taiwan presidential office, said that ECOs, or energy service companies that design, build and organize financing for energy savings schemes, were an attractive investment.

The Ministry of Environment, together with the Minister of Economy and the Financial Regulator of Taiwan, the Financial Supervision Commission, has formed a working group to channel funds from the insurance industry at ECO.

The first phase investment is planned at T $ 10 billion ($ 304.92 million), expanding to T $ 50 billion ($ 1.52 billion) in the second phase, Peg added, who owns a doctorate in atmospheric sciences and was a Meteorological Issuer.

“ECOs can provide long -term stable yields and are suitable for the insurance industry to invest,” he added, without giving a time frame.

Taiwan is eliminating coal power plants and changing to liquefied natural gas, as well as investing in solar and wind projects.

Peng said Taiwan Subtropical faced worse heat waves, stronger tifones and more intense droughts, and therefore had to take climate change seriously.

Taiwan registered his hottest year recorded in 2024, and in 2021 Taiwan experienced his worst drought in half a century after there are no typhons, on which the island is based to replace its reservoirs, it touched land the previous year.

“For countries in our latitude, drought is a real danger,” said Peng. “Although we have enough resilience to deal with that at this time, we cannot rule out even more extreme situations will not happen.”

($ 1 = 32,7960 dollars from Taiwan)

(Roger Tung reports; writing and additional reports by Ben Blanchard; Gerry Doyle edition)