This week, ‘40 years, 40 stories’ proudly presents Jeffrey Chen, Chairman of Macquarie Asset Management’s Green Investment Group (GIG), Taiwan, and the Australia New Zealand Chamber of Commerce (ANZCham). Jeffrey has played a key role in advancing Australian business interests in Taiwan, supporting the green energy transition and leading ANZCham in promoting our business connections. Here is his story:
I was born and raised in Taiwan and received my Bachelor of Engineering in environmental engineering from the National Chung Hsing University. After university, I worked at the Taiwan Water Corporation before immigrating to Sydney, Australia where I then studied and received my PhD from the University of New South Wales (UNSW).
My business ties with Australia and Taiwan started in 1990 when I was working with Brambles Limited to develop their Asia business strategy. After conducting a comprehensive market study, Taiwan was chosen as our number one priority for investment and the beachhead for growing talent for our Asia business. We invested in the Taiwanese environmental business by bringing in Australian technology and management capability and established Asia’s first renewable energy business.
In my current role as Chairman of Green Investment Group (GIG), Taiwan, which sits within Macquarie Asset Management (MAM), I oversee GIG businesses in Taiwan. These include offshore wind, solar, energy storage and other energy transition businesses. In this role, I have been very proud to play a part in accelerating Taiwan's green energy transition and supporting Taiwan to achieve its renewable energy goals.
Taiwan is in the middle of a green energy transition. The Formosa offshore wind farms have placed Taiwan at the centre of Asia’s growing offshore wind market and are playing a key role in the delivery of Taiwan’s green energy goals. Taiwan aims to increase electricity generated from renewable power from 5% to 20% by 2025, reducing reliance on coal and becoming nuclear-free. The transition to a renewable energy-led system is being driven by the expansion of offshore wind power and Taiwan’s ambition to deliver 5.7 GW of offshore wind by 2025 and an additional 10 GW by 2035.
GIG was an early participant in identifying development opportunities for Taiwan’s offshore wind industry. Macquarie played a key role in the development and delivery of Taiwan’s first commercial-scale offshore wind farm, Formosa 1; has just completed installation of all 47 wind turbines in the Formosa 2 wind farm; and its offshore wind platform Corio Generation is a major partner in the development of the Formosa 3 wind farm. Together, the Formosa 1, Formosa 2 and Formosa 3 wind farms are estimated to power some 2 million Taiwanese homes with clean, green power each year. Through these projects, GIG is bringing its extensive offshore wind expertise to Taiwan, together with strong environmental protections, and is delivering innovative, ground-breaking projects whose success is paving the way for future offshore wind developments in Taiwan.
Having been elected in 2021, I am also the Chairman of the Australian New Zealand Chamber of Commerce (ANZCham), the premier industry organisation of Australian and New Zealand business in Taiwan.
In this capacity, I support and promote investments in Australia, New Zealand and Taiwan, as well as business relationships between the markets. ANZCham members include major Australian and New Zealand companies in Taiwan, Australians and New Zealanders working for multinational and domestic corporations, and Taiwanese nationals with ties to Australia and New Zealand. ANZCham offers a range of business events and social activities providing a valuable forum for business networking, information sharing and exchange and helping underpin the long-standing strong trade, economic and social ties between Australia, New Zealand and Taiwan.
The membership numbers of ANZCham have increased by 30% since last year, which speaks to the success of Australia-Taiwan business connections. I have been very pleased to be able to contribute to this.