TAIPEI (TVBS News) — The Industrial Technology Research Institute (ITRI) announced on Friday (Nov. 3) a significant rebound of 8.6 percent in output as Taiwan's renewable energy market, powered by industry developments in solar and wind power, is expected to reach NT$200 billion in 2024.
The forecast was issued during an ITRI industry forum, which explored exciting new prospects surrounding net zero industries, as it laid focus on cross-discipline cooperations amid heightening trends in carbon solution exchange.
Jay Wang, vice director of the ITRI Industrial Economics and Knowledge Center, explained the global economy, having lived through the turbulence of the pandemic and the ongoing Russian-Ukraine war, has been burdened with high inflation and interest rates. Such conditions led to a hike in investment costs for renewable energy development.
Wang continued to stress the challenges humans are facing in the global commitment to reach a net-zero economy by 2050. Renewable energy is a critical source for achieving net-zero solution exchanges. However, he noted an oversupply has resulted in lower prices, forcing countries to adopt different methods.
Despite these challenges, Wang believes Taiwan has performed well in the development and innovation of renewable energy, particularly in offshore wind power, which has reached an accumulated capacity of 2GW to date.