TAIPEI: Taiwan's climate adaptation capabilities can significantly aid global climate governance, Environment Minister Peng Chi-ming said Tuesday. 'As a major economy and a hub for technological innovation, Taiwan's capabilities in renewable energy, climate adaptation, and low-carbon technological innovation can be of great help to global climate governance,' Peng stated in a written statement. He referred to the process of decision-making and action at the international and national levels to manage the global climate system and address climate change. According to Anadolu Agency, Peng underscored that climate change has greatly affected countries around the world, and Taiwan, as a member of the international community, also faces "serious challenges" in this area. He outlined Taiwan's plans to adopt a comprehensive strategy that includes a carbon pricing system and the launch of three major funds to stimulate the development of green industries. This includes a NT$10 billion ($308 million) Green Growth Fun d. The plan further includes launching an emissions trading system in the next four years and establishing a carbon fee system that will take effect in 2025. Peng also highlighted Taiwan's comprehensive climate strategy under President Lai Ching-te's administration, which includes a second energy transition aimed at accelerating the development of renewable energy sources such as geothermal, hydrogen, biomass, and ocean energy. In addition to this, the nation is pushing for a green and digital transformation across industries alongside a shift to net-zero lifestyles. Peng mentioned that Taiwan established a National Climate Change Committee to tackle climate issues from a national development perspective, focusing on seven key areas, including sustainable finance and adaptive resilience. These initiatives follow Taiwan's recent incorporation of its 2050 net-zero emissions target into law through the Climate Change Response Act. "Taiwan will participate in global climate action through enhanced domestic pol icies and systems," Peng added.