邁向金融化的環境商品－－論碳權交易在永續發展架構下的法制定位

The Financialization of Environmental Commodities: Legal Analysis of Carbon Emission Trading under Sustainable Development Framework

經科學證明人類活動影響環境甚鉅，自工業革命以來所累積的溫室氣體已造成地球氣候變遷的重大危機，全球各國近數十年集思廣益，從聯合國公約建構的框架規範，歷經多次締約國大會，發展出「由下而上」個別國家、各產業之氣候治理與制度設計，期望於21世紀中葉達成淨零排放的目標，使人類社會得以永續發展。有鑑於傳統命令控制式之管制手段有時而窮，各國陸續引進經濟誘因管制措施，將碳定價機制納入政策選項，而其中「碳權交易制度」本於權利界定創造效率之經濟分析基礎，成為國家與企業履行減量目標承諾的重要輔助工具。
本文從排放權交易之原理與碳權法律性質開展論述，探討各類碳市場與交易模式，小至國家總量管制與交易，大至國際間減緩貢獻之移轉與制度連結，橫跨強制性與自願性的碳權交易市場。碳權之交易單位始於環境商品，而有別於傳統金融商品，惟各國基於自身歷史發展脈絡與實際市場需求形塑出金融工具或非屬金融之行政監理與立法規範模式；我國面臨全球多元治理的潮流，應尋求自己的淨零路徑，並得參考外國經驗評估設計可行的金融化碳權商品。
企業之於國家有如眾星拱月，我國上市櫃公司在臺灣邁向淨零的路上不容缺席，以求聚沙成塔，履行國家自主貢獻之承諾，然而不論是金融法抑或環境法之納管事業，近年來面臨森羅萬象的硬法與軟法規範，我國公司一旦依規範設定減量目標後即負有逐年減少碳排放之責任；為達成淨零排放目標，透過交易所媒合採購碳權商品進行抵換或作為其他抵減用途，乃企業於整體減碳進程中的合規選項。然而近年假借揭露永續資訊或宣告碳中和等環境聲明遂行漂綠的個案所在多有，國內外碳權品質亦參差不齊，本文爰嘗試自政策與法令分析角度，將碳權交易定位在現行永續發展的架構之中，期許我國建構出更為完善的氣候治理模式。

Scientific evidence has demonstrated that human activities have profoundly affected environment, and the accumulation of greenhouse gases since the Industrial Revolution has resulted in a major crisis of global climate change. Consequently, in recent decades, countries around the world have engaged in extensive deliberation, beginning with the framework norms established under the United Nations conventions. After several Conferences of the Parties, they have developed“bottom-up”climate governance undertaken by individual nations and various industries, with the aim of achieving net-zero emissions by the middle of the twenty-first century. As traditional command-and-control regulations were proved insufficient under some circumstances, more and more countries have introduced economic-incentive measures and carbon pricing mechanisms into their policy options. Among these economic-based mechanisms, carbon emission trading schemes have become a crucial supplementary tool to meet mitigation commitments.
To begin with, this essay introduces the principles of emissions trading, the nature of carbon allowance, carbon credit and different trading models, inclusive of mandatory and voluntary carbon markets. Although the trading units are originated as environmental commodities distinct from traditional financial instruments, individual countries have developed either financial or non-financial administrative supervision and legislative models shaped by their history and market demand. After referring to various global climate governance models, Taiwan government must find and choose the pathway toward net zero by evaluating the feasibility of financialized carbon products.
Enterprises in Taiwan cannot be absent from the nation’s pathway toward net zero as they strive to achieve the commitments under Taiwan’s nationally determined contribution. However, enterprises in recent years have been regulated by a variety of hard-laws as well as soft-laws. Once they set emission-reduction targets in accordance with rules or even“standards”, they are obligated to reduce carbon emissions year by year. In order to meet net-zero goals, purchasing carbon credits for“offset”has becomes a compliance option. Unfortunately, environmental claims—such as sustainability disclosures or carbon-neutral declarations—are abused to engage in greenwashing, and carbon credits has been accused of“phantom”. Accordingly, this essay situates carbon emission trading within the sustainable development framework to support Taiwan’s development of a robust climate governance model.