First Carbon Dioxide Removal Project: TCX Lists Blue Carbon Project to Assist Enterprises in Meeting International Supply Chain Requirements
To achieve Taiwan's 2050 net-zero target and accelerate corporate net-zero transitions, Taiwan Carbon Solution Exchange (TCX) has taken significant steps since launching its international carbon trading platform last December. TCX is scheduled to officially launch its first Verra-registered carbon project—the Myanmar mangrove blue carbon project, which is also TCX's first Nature-Based and Carbon Dioxide Removal (CDR) project on 13th June, 2024.
According to TCX, studies indicate that mangroves sequester carbon at rates three to five times higher than tropical forests. The anaerobic conditions of coastal wetland soils slow organic matter decomposition, allowing soil carbon sequestration for hundreds or even thousands of years. Additionally, mangroves are primarily found in tropical and subtropical countries and are closely linked to local community development. Therefore, blue carbon projects often provide multiple co-benefits, including sustainable development and biodiversity enhancement, and are regarded as high-quality projects in the international carbon market. Myanmar holds 4.4% of the world's mangrove area, ranking eighth globally, yet only 3% of its mangroves are in protected areas, leading to rapid degradation and loss. The Myanmar mangrove blue carbon project, through community-based mangrove restoration and planting, not only achieves carbon reduction but also meets 9 United Nations Sustainable Development Goals (SDGs), including providing local villagers with jobs, enriching fisheries and forestry resources, offering community infrastructure, reducing natural disaster impacts on coastal areas, improving local livelihoods, and enhancing biodiversity, thereby promoting sustainable community development.
According to the Intergovernmental Panel on Climate Change (IPCC) report, CDR plays an essential role in achieving global climate targets. Many international corporations have already set net-zero goals and are investing in carbon removal solutions. For example, Apple has committed to be carbon neutral for its entire carbon footprint by 2030. First, Apple plans to reduce 75% of Scope 1 to Scope 3 greenhouse gas emissions compared with 2015 and offset the remaining emissions through investments in high-quality carbon removal solutions. To support this, Apple has established dedicated funds focusing on nature-based CDR solutions. TCX emphasizes that Taiwan's industries hold significant positions in the international supply chain. Future product development trends are expected to integrate elements of technology, lifestyle, and sustainability. Enterprises should not only consider the requirements of major international companies but also proactively plan to facilitate their own net-zero transition.
TCX members can now find information about this project on the TCX international carbon credit trading platform, and place orders for purchase from June 13. Furthermore, TCX will continue to introduce high-quality nature-based carbon projects. A green carbon project is expected to launch at the end of this month to meet the diverse carbon credit needs of enterprises and help industries alleviate carbon anxiety.
Sources: Taiwan Carbon Solution Exchange
