There are three main work items in this project; the implementation results achieved for each work item are summarized below. Work item 1: improvement of voluntary reduction mechanism and supporting works of offset project review The outcomes of “improvement of voluntary reduction mechanism” are listed as below. (1) Review the 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) Assist in amending the "Regulations of Management for Greenhouse Gas Offset Projects". (4) Summarize and document the common technical issues in the review process of the offset project for the reviewers and applicant's reference. In terms of “supporting works of offset project review”, the work results include: (1) a total of 4 greenhouse gas reduction outcomes approval review meetings; (2) 38 offset projects / reduction methodology review, and 40 review meetings of technical experts are completed; (3) the results of the project review and expert meeting are compiled and submitted to the Taiwan EPA for record every month. Work item 2: GHGs management of development projects The main results of this work item include three as follows. (1) Institutionalize the review and support of environmental impact assessment greenhouse gas projects related to greenhouse gas management. As a result, the review guidelines for 5 major types and 13 sub-types of development activities were summarized and documented to support further review work. (2) Project review: a total of 71 cases were reviewed and analyzed, and 3 environmental impact assessment monitoring cases were tracked. (3) Performance measurement: according to statistics, so far, the incremental emissions from development projects that have passed the environmental impact assessment are 105.69 million tons, a reduction of 59.49 million tons, and a net increase of 46.2 million tons. Approximately 30.65 million tons of emission reduction credits have been issued, of which some credits are restricted on usage and the others are no limit on usage. (4) Matching platform construction: establish a matching platform to support the regional reduction actions. According to the updated statistics on 12/31, there are 47 cases have been uploaded to this platform, total reduction potentials are 281.7 tons. Work item 3: economic analysis of implementation of response measures on GHGs There are five outcomes for this work item, listed as bellow. (1) Summarize the ISO-14007 and ISO-14008 and apply them on the monetary measurement of PM2.5 external cost on Taiwan electricity generation sector to be a reference case for further application. (2) Review the GACMO database and modify the abatement cost results of each measure through Taiwan’s localization parameters to provide a starting point for further application work. (3) Performance measurement of offset project mechanism: This year's performance includes creating 8.25 billion of carbon reduction environmental benefits and 22.9 billion in economic output value. (4) Performance measurement of GHGs management on development projects: require the No. 6 Naphtha Cracking Complex reduce the GHGs emission. This requirement creates 0.29 billion NTD carbon reduction environmental benefit and 5.05 billion economic output value. (5) Decision supporting tools building for project review: update the WACC and offset project benchmark values of various domestic industries in Taiwan.

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