綠色債券監理之發展──從私部門自治到公部門管制

本文討論了公私部門混合治理模式在綠色債券市場的應用，並以歐盟與台灣為例，比較兩者如何透過強制揭露等公部門監管手段，強化綠色債券市場的規範。
綠色債券的發展是為了促進環境永續，然而過去以來，綠色債券市場的規範主要來自於私部門組織所發布的自願性標準，這些標準雖然有助於市場的發展，但卻也因為缺乏強制性，而面臨漂綠的質疑。為了解決這個問題，歐盟於2023年通過了《歐洲綠色債券規則》，建立一套以資訊揭露為中心的監管框架。根據《歐洲綠色債券規則》的規定，所有在歐盟境內發行綠色債券的企業或組織，都必須遵守相關的資訊揭露義務，說明其資金用途，並由第三方機構進行審查。歐盟認為，透過強制資訊揭露，可以有效地鼓勵發行人遵守綠色標準，並提升投資人信心。
台灣方面，目前是由櫃買中心負責管理綠色債券市場，並透過訂定「永續發展債券作業要點」，作為規範綠色債券市場的主要依據。雖然櫃買中心並非政府機關，而是一個財團法人組織，但其業務推動與金管會的指示和監督息息相關。具體而言，金管會握有櫃買中心業務規則、審查準則的核定權，且櫃買中心與發行人簽訂櫃檯買賣契約、終止櫃檯買賣、以及停止或回復櫃檯買賣等重大決策，皆需向金管會報告備查。此外，金管會更有權在櫃檯買賣有價證券的發行人違反相關法令時，要求櫃買中心停止或終止該有價證券的買賣。
綜上，不論是歐盟或是台灣，皆透過公私部門混合治理的模式來強化綠色債券市場的監管。藉由強制資訊揭露、第三方機構審查等機制，可以有效提升綠色債券市場的透明度和可信度，促進綠色金融的發展。

This article discusses the application of the public-private hybrid governance model in the green bond market, using the European Union and Taiwan as examples to compare how both regions strengthen the regulation of the green bond market through public sector regulatory measures such as mandatory disclosure.
The development of green bonds aims to promote environmental sustainability. However, in the past, the regulation of the green bond market mainly came from voluntary standards issued by private sector organizations. While these standards have contributed to market development, they have also faced criticism for lacking enforceability and being susceptible to greenwashing. To address this issue, the EU passed the European Green Bond Standard in 2023, establishing a regulatory framework centered on information disclosure. According to the European Green Bond Standard, all companies or organizations issuing green bonds within the EU must comply with relevant disclosure obligations, detailing the use of funds and undergoing third-party review. The EU believes that mandatory information disclosure can effectively encourage issuers to adhere to green standards and boost investor confidence.
In Taiwan, the green bond market is currently managed by the Taipei Exchange, which has established the“Sustainable Development Bond Operational Guidelines＂as the main regulatory basis for the green bond market. Although the Taipei Exchange is not a government agency but a foundation, its operations are closely related to the instructions and supervision of the Financial Supervisory Commission (FSC). Specifically, the FSC holds the authority to approve the Taipei Exchange´s business rules and review criteria. Major decisions such as signing, terminating, or suspending overthe- counter trading contracts with issuers must be reported to the FSC for record. Additionally, the FSC has the power to require the Taipei Exchange to stop or terminate the trading of securities if the issuer violates relevant laws.
In summary, both the EU and Taiwan strengthen the regulation of the green bond market through a public-private hybrid governance model. By implementing mechanisms such as mandatory information disclosure and third-party review, they can effectively enhance the transparency and credibility of the green bond market, promoting the development of green finance.