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Time is running out to act on climate change. But rather than climate action being a drain on our economy, our Taiwan report shows it will significantly boost GDP and accelerate phenomenal growth. 

 

With decarbonization acting as a new economic engine, Taiwan plays a key role in providing the skills, technology and innovation for this global transformation.  


By moving now with bold action, we can not only avoid the worst impacts of climate change, but also create prosperous long-term economic growth for Taiwan and the world. 


But we only do this if we do it together and we do it now – we are at a turning point.

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Taiwan’s turning point

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Technical Appendix Report

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Economic imperative—our turning point

The cost of action and inaction

The cost of doing nothing is economically devastating


US$1.4 trillion lost from Taiwan’s economy by 2070

The economic cost of unchecked climate change is the equivalent to the 1999 Chi-Chi earthquake occurring about three times a year between now and 2070.


Source: Risk Management Solutions Inc. (2000). Event Report–Chi Chi, Taiwan Earthquake; Statista. (2021). Taiwan: Gross Domestic Product (GDP) in current prices from 1985 to 2025.


We have a narrow window of time to change the future. Decisions need to be made in the next decade to combat the worst impact and accelerate economic growth.

 

Acting on climate change is the new economic engine

 

US$1.3 trillion added to Taiwan’s economy by 2070.

A gain of US$165 billion in 2070 alone – equivalent to 3 times the entire market value of the Hon Hai Precision Industry, one of Taiwan’s largest electronic manufacturers.


Source: Yahoo! Finance. (2021). Hon Hai Precision Industry Co. Ltd. 

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The opportunity and impacts

Taiwan faces a critical and consequential choice

Taiwan has much to lose from inaction

Unchecked climate change will impact over 95% of Taiwan’s current economic output. The five most affected industries are services （government and private）, manufacturing, retail and tourism, construction, and conventional energy.


Source: Deloitte Economics Institute.

 

Taiwan has much to gain from action

Rapid decarbonization could enable Taiwan to change its fuel mix to 8% biofuels by 2070. This transition would see Taiwan restructure its economy toward growth in advanced industrial sectors, leverage clean energy export markets and make clean energy technologies affordable globally.


Source: Deloitte Economics Institute.

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Time to act—accelerating to zero

Four phases will shape our economic and climatic future

  1. 2021－2025－Bold climate plays：Decisions begin to impact decarbonization.
  2. 2025－2035－Coordinated change：Economic shifts occur in policy, energy, and consumers. New global supply chains emerge—supplying energy needs of Taiwan/others
  3. 2035－2045－Turning point：Decarbonization of high-emitting industries nearly complete, cost of new low-emission technologies decreasing, and net economic gains shared more widely.
  4. Beyond 2045－A low-emission future：Taiwan’s economy would be near net zero emissions and operates in a world that keeps global warming to around 1.5°C.  Manufacturing and services gain significantly through productivity gains and lower costs as well as through avoided climate damages.
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