綠色債券洗綠防止－以管制模式為中心

Abstract

隨著氣候議題發酵，永續轉型的落實亦日益迫切，綠色債券作為綠色計畫資金籌集的金融工具之一，不僅具經濟利益，更有助加速永續轉型推動。然而因綠色債券發行存在資訊不對稱問題，使市場未必得正確識別綠色性，從而可能導致不肖發行人藉以洗綠。 為避免洗綠將使市場不信任綠色債券，需解決該等資訊不對稱問題，惟因現行證券相關規範無法妥適處理綠色債券特有的洗綠疑慮，故我國證券櫃檯買賣中心即於2017年推出《綠色債券作業要點》對綠色債券發行進行規範。該作業要點雖歷經數次增修，然仍無法改善綠色債券市場中認定標準不一、揭露不透明、監督機制運作疑慮以及究責機制不足的問題，從而無法改善綠色債券資訊不對稱的缺失，使市場仍留有洗綠懷疑。 為對我國現行綠色債券監管規範進行檢討，本文將先以GBP與CBS的國際市場準則出發，研討市場管制模式下存在的問題，並參輔《中國綠色債券原則》與EUGBS，以探討公權力宜介入綠色債券監管的程度。本文認為，建立共通的綠色債券規範有所必要，雖可部分借用市場專業協助建構規範，然公權力仍需為一定程度監督並共同建立規範內容；且在維持可比性的前提下，可利用「遵循或解釋」部分放寬遵法要求，以適度因應多元綠色債券的需求以及快速變動的綠色科技，並可避免過度打擊市場發展。

With worsening climate change, it requires sustainability transitions to mitigate the problems. Green bonds are financial instruments that can finance green projects good for the environment, and they can also bring financial benefits to investors at the same time. However, there are information asymmetry problems with green bonds, making the market uncertain about whether they are truly green or not. The problems create some rooms for issuers to greenwash. Hence, it is necessary to resolve the information asymmetry problems in order to prevent greenwashing, which may affect the trust of market participants on green bonds. Current securities regulations are not sufficient to solve greenwashing problems. In response, Taipei Exchange rolled out the “Taipei Exchange Operational Directions for Green Bonds” (the Directions) in 2017 to regulate the issuances of green bonds. Despite the Directions being updated many times, it is still not enough. Inconsistent green bonds standards, information opacity, gatekeeper dysfunction and lack of liability concerns still remain. This thesis first examines the existing international market regulations of GBP and CBS to identify the defects of market self-regulation and then considers the ”China Green Bond Principles” and the EUGBS to study what are the appropriate regulatory model and proper extent of interference by authorities. This thesis concludes that public authorities and private sectors have to mutually make contributions to build consistent regulations for green bonds. This thesis advises regulators to adopt “comply or explain” approach to provide some flexibilities to maintain the freedom and resilience of the markets. Thus, regulations will not overly restrict the markets and can be adaptable to the fast-changing green technologies, which can promote green bonds and beat greenwash at the same time.