Green finance for mitigating greenhouse gases and promoting renewable energy development: Case study in Taiwan

Abstract

<abstract> <p>In recent years, the tools of green finance have evolved to foster green economic growth like renewable energy and climate change mitigation. Taking a case study of Taiwan not yet reviewed in the literature, the present study aimed to conduct a preliminary analysis for exploring the amazing growth in renewable energy over the past fifteen years (2010–2023) in connection with the achievements of green finance promotion over the past five years (2018–2022). The updated database was accessed on the websites of Taiwan's competent authorities. This work was divided into the following main parts: Taiwan's carbon neutrality policy and sustainable development goals (SDGs) relevant to green finance, the regulatory promotion for green finance action plans in Taiwan, and the status of green finance measures and achievements in Taiwan. The findings supported the idea that the implications of green policies for unlocking green finance and green investment significantly enhanced a positive influence on green energy industry development in Taiwan. In this regard, it showed the amazing growth of renewable energy generation, particularly in solar photovoltaics (PV) power and offshore wind power, since 2010. These findings were similar to those in Asian countries like China and Japan. Responding to Taiwan's SDGs policy by 2030 and the net-zero emissions in 2050, aspects relevant to climate change mitigation and adaptation were investigated in order to focus on the use of green finance tools.</p> </abstract>