CPC Corp [1328:TT], Taiwan’s government-owned oil and gas company, has received the island’s first emissions-offset crude oil cargo, as reported by Reuters on June 12. The 1.05m-barrel Azeri Light crude oil shipment was supplied by SOCAR Trading, the trading arm of Azerbaijan’s state oil firm SOCAR. Before the shipment landed in Taiwan, CPC signed its first agreement with SOCAR Trading to minimize the carbon footprint of oil processing and specify crude cargo trade patterns with certified carbon offsets. The carbon credits used to offset emissions were issued within the past six years and derive mainly from nature-based project. All credits were validated by the Verified Carbon Standard (VCS).
Taiwanese announced its goal of achieving carbon neutrality by 2050. As a result, Taiwanese businesses are increasingly conscious of the importance of emissions reduction. TSMC [TSM:US], one of the world’s leading semiconductor companies and one of Taiwan’s largest enterprises, has set out plans to eliminate all its carbon emissions by 2050, as well as open its first zero-waste manufacturing center in Taichung in 2023. In September 2021, many of the island’s leading companies, including Hon Hai Precision Industry [2317:TT], Chunghwa Telecom [2412:TT], and ASE Group [3711:TT], formed the Taiwan Alliance for Net Zero Emissions, with the intention of reaching net zero at office sites by 2030 and at production sites by 2050.