Renewable Energy and Taiwan
Taiwan’s Government have set ambitious plan for renewable energy and offshore wind installation goals. Local industries are in great needs for renewable energy for green transition which setting up significant opportunities for Swedish companies across the value chain.
RENEWABLE ENERGY DEVELOPMENT IN TAIWAN
In addition to the ambitious development in renewable energy, the Taiwanese government has set clear pathway to achieve the objectives. While the key direction will be inclined to the development in solar and offshore wind industries, other sources of energies are also of potential.
TAIWAN INDUSTRIES ARE IN GREAT NEED OF RENEWABLE ENERGY
Manufacturing industry is the economic driver of Taiwan and accounts for 32% of total GDP but also responsible half of the GHG emission and 56% of electricity consumption in Taiwan. Taiwan government in April, 2022 announced Taiwan’s roadmap towards 2050 Net Zero target and the industry plays the critical role if Taiwan will reach its goal.
Taiwan is an export-oriented economy with export being 65% of GDP and Taiwanese suppliers are important players in global supply chain, especially for high-tech industries. International brand like Apple, demands its supply chain to be carbon neutral by 2030 which drives Taiwanese suppliers to speed up for green transition. For example, TSMC, the global largest IC foundry manufacturer and part of Apple supply chain has made two biggest CPPA in Asia in 2020 of 920MW of offshore wind power and 1,2GW of on-shore wind and offshore wind power in 2021 respectively.
TAWAIN IS THE 2ND BIGGEST OFFSHORE WIND MARKET IN ASIA
Global offshore wind power installation is set to increase sevenfold by 2030 with Asia at the heart of the boom with the largest number of installations in the region. Starting from 2020, the Taiwanese government has established a 3-phase plan to develop its offshore wind industry and to meet the long-term energy transition goal. The ambitious goal to achieve 5.7GW by 2025 and 20.7GW by 2035 which makes Taiwan the 2nd biggest offshore market in Asia. The market has attracted numerous international and local stakeholders to the market, from developer, EPC and wind turbine manufacturers.....etc.
With the dynamics in the supply chain and the openness towards new technology, Taiwan is becoming one of the most diverse renewable energy markets in Asia. Swedish companies from across the renewable energy supply chain can grow their market share aided by Taiwan’s attractive regulatory framework, high percentage of international players and strong sustainability focus.