Decarbonization strategies and achieving net-zero by 2050 in Taiwan: A study of independent power grid region

Emmanuel Binyet and Hsin-Wei Hsu

Technological Forecasting and Social Change, 2024, vol. 204, issue C

Abstract: Taiwan's 2050 net-zero commitment aligns with global trends, impacting technology forecasting and society. Hence, defined emissions reduction pathways encompass all sectors of the economy, along with a proposed net-zero roadmap. This work relies on the Taiwan 2050 calculator which is a stocks and flows database allowing to tailor emission reduction scenarios involving economic, demographic growth, and technological levers on the supply and demand side. As an independent power grid region heavily reliant on energy imports, Taiwan's transition experiences provide valuable insights for other nations/regions. Decarbonizing the electricity sector and implementing negative emission technologies are key for reaching net-zero. Emission reduction in the industrial sector can be enhanced further when co-firing with biofuels and hydrogen on top of carbon capture and storage and energy efficiency reforms. Massive electrification and biofuel blends will nearly decarbonize the transport sector. However, only a consequent carbon tax can incentivize the reforms and justify the increased production costs. A renewables dominant electricity generation mix will significantly raise electricity prices, but it will simultaneously increase energy security and create local employment opportunities. Lessons from Taiwan's transition can guide other nations/regions in decarbonization, energy security, sustainable growth, and understanding the social implications of these policies.

Keywords: Net-zero; Carbon neutrality; 2050; Greenhouse gas emissions; Emissions calculator; Carbon tax (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:tefoso:v:204:y:2024:i:c:s004016252400235x

DOI: 10.1016/j.techfore.2024.123439

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