On October, Taiwan’s Ministry of Environment (MOENV) and Paraguay’s Ministry of Environment and Sustainable Development signed a memorandum of understanding to strengthen cooperation on carbon credits. The agreement was signed by Taiwanese Environment Minister Peng Chi-ming and his Paraguayan counterpart, Rolando de Barros Barreto, with Vice Foreign Minister Ger Bau-shuan and other representatives from both countries present as witnesses to the beginning of a new phase in the bilateral partnership.

The memorandum highlights both allies’ commitment to promoting a green economy, industrial modernization, and net emissions reduction, in addition to their support for the Paris Agreement and the United Nations Framework Convention on Climate Change.

Under the agreement, the countries will expand cooperation in areas such as capacity building, carbon credit regulation, governance frameworks, and specialized talent development. Paraguay, whose forest area and land represent potential sources of carbon credits, seeks to reduce its greenhouse gas emissions by 10 to 20% by 2030.

Minister Peng emphasized that Taiwan and Paraguay have complementary advantages in driving carbon emissions reductions, while Minister Barreto described Taiwan as a reliable technical partner and expressed his expectation of expanding cooperation in this area. This agreement follows the successful visit of a Taiwanese delegation to Paraguay in March, marking the first such agreement between the two allies.

Source and Credits to Taiwan News

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