從歐盟金融服務永續揭露要求，看我國永續金融之推動

Lessons from Requirements on Sustainability Disclosure in Financial Service Sector in EU on the Development of Sustainable Finance in Taiwan

近年來，氣候變遷、環境永續議題受到相當關注，而在政策或作法上，透過永續金融加速永續目標之達成亦受到討論與重視。以永續金融作為實踐永續發展之一種手段時，統一的永續金融商品定義與內涵、以及適當的資訊揭露要求，將對永續金融市場之發展有幫助。本研究就歐盟與我國金融服務之永續資訊揭露規範進行資料蒐集與比較分析，認為歐盟金融服務之永續資訊揭露規範其效果仍待持續觀察，建議我國短期內在法制面或可暫先維持現行推動金融商品永續資訊揭露之作法，並可以考量在未來參採歐盟之作法，以精進現有之資訊揭露作為，包括：（1）明定永續發展與永續投資之定義與範圍，同時，考量我國永續發展之目標與相關政策、企業與國際接軌之必要等因素，優先建立環境永續經濟活動與環境永續投資之判斷原則，（2）如有明定環境永續經濟活動與環境永續投資之判斷原則，建議仿照歐盟之作法，要求上市櫃公司應就環境永續經濟活動有相對應的資訊揭露，以降低機構投資人之搜尋成本，並引導產業投入永續經濟活動，以及（3）為引導產業轉型至永續發展生態，可將金融商品分為輕綠金融商品、深綠金融商品、以及不涉及永續發展議題之金融商品，並要求不同程度與內容的資訊揭露。

In recent years, climate change and environmental sustainability issues have drawn considerable attention. It becomes an important subject on how the government can facilitate the realization of sustainable development goals via sustainable finance. It contributes to the development of sustainable financial market to standardize the definition, scope and content of sustainable financial products or services as well as related disclosure requirements. This paper employs a comparative study on sustainability disclosure regulations in financial service sector between the EU and Taiwan by collecting, comparing and analyzing their regulations or measures taken. Influences thereupon by sustainable finance disclosure and taxonomy regulations as recently passed by the EU authority are still under further discussion and observation. Therefore, this paper suggests to maintain the existing regulatory approach to facilitate the sustainable information disclosure in Taiwan, and at the meantime can take the following actions in the near future, including: (1) standardizing definition, scope and content of sustainable development and sustainable investment, especially developing criteria on environmental sustainable economic activities and environmental sustainable investment in order to contribute to the realization of national environmental policies and to help Taiwan enterprises to go global markets, (2) in the event that the criteria on environmental sustainable economic activities and environmental sustainable investment is defined, requiring the listed companies to disclose its environmental sustainable economic activities to reduce the information search cost of investors and to direct companies to devote themselves to environmental sustainable economic activities and (3) classifying financial products into light green, dark green and non-green financial products, establishing and differentiating sustainable information disclosure requirements respectively in order to guide domestic industries to transit into a sustainable development ecosystems.