This project includes four main work items; the implementation results achieved for each work item are summarized below. Work item 1: improvement of voluntary reduction mechanism The outcomes of this work item are listed as below. (1) Review the current status of the international voluntary reduction mechanism, including CDM, VCS, JI, and GS. Based on the information provided in the comments, the suggested amendments to Taiwan's voluntary reduction mechanism are proposed. (2) Compare the review process of domestic and international reduction projects and make recommendations on the current review process in Taiwan. (3) Propose the draft of the "Regulation of Reward for Greenhouse Gas Emission Sources to Meet the Performance Standards" and assist in amending the "Regulations of Management for Greenhouse Gas Offset Projects". (4) With reference to the international credit reduction code format, the "Guidelines to the Credit Format Reduction" is proposed and announced. Work item 2: supporting work of reduction project review The implementation results achieved for this item includes the followings. (1) project review: a total of 7 greenhouse gas reduction outcomes approval review meetings, 68 offset projects / reduction methodology review, and 52 review meetings of technical experts are completed. The results of the project review and expert meeting are compiled and submitted to the Taiwan EPA for record every month. (2) analysis of international case study: Translate 5 of reduction methodologies related to residential and transportation sector, and 5 case study analysis of CDM projects. (3) decision supporting tools building for project review: Update the WACC and offset project benchmark values of various domestic industries in Taiwan. (4) preliminary investigation of frontier research topic: Review the international literature and technical reports to explore possible further application of blockchains on carbon management. Work item 3: GHGs management of development projects The main results of this work item include three as follows. (1) new institutional mechanism building: Assist in the drafting of the "Principle of GHGs Emission Offset for Development Project" (draft) to guide the project developers to implement the GHGs reduction work, and to contribute funds or technologies to assist small emission sources outside the scope of the development project to reduce emission. (2) project review: A total of 105 cases were reviewed and analyzed, 4 environmental impact assessment monitoring cases were tracked and inspected, and 7 greenhouse gas management inspections for the No. 6 Naphtha Cracking Complex were performed. (3) performance measurement: According to statistics, so far, the incremental emissions from development projects that have passed the environmental impact assessment are 95.15 million tons, a reduction of 57.2 million tons, and a net increase of 37.95 million tons. The social benefits of greenhouse gas reductions resulting from Taiwan's EPA review process are calculated to be 71.67 billion NTD annually. Work item 4: economic analysis of response measures for GHGs There are four outcomes for this work item, listed as bellow. (1) review the international context and development status of the impact assessment of response measures as a reference basis for subsequent localized impact assessment. (2) The benefit transfer method is used to calculate the carbon emission cost and air pollution emission health cost of different vehicles (including 4 specifications of automobiles and 4 specifications of motorcycle). Based on the calculation results mentioned above, the carbon reduction benefits and air pollution health co-benefits brought by the replacement of low-carbon vehicles for automobiles and locomotives were discussed in the final report. (3) estimate the production-based and consumption-based emissions from 2010 to 2016 in Taiwan and combine economic output data to understand the changes in Taiwan's carbon productivity in recent years. In addition, it also conducts a comparative analysis with Taiwan's main trading partners to determine the relative performance of Taiwan in the world. (4) propose a framework that integrates the environmental benefits of carbon reduction into the conventional finance analysis framework and analyze and discuss the subsidies for biogas power generation in sanitary landfills through this framework.

Early Action Project and Offset Project, Carbon Pricing, Additionality of investment, Reduction costs for GHGs, Economic Impact Analysis, Environmental impact assessment