台灣水泥產業低碳轉型策略分析：以台泥與亞泥為例

Abstract

水泥產業為人類社會不可或缺的建築材料，屬內需型傳統產業，然而其製造過程中由於使用大量石灰石以及需高溫環境窯燒，排放大量二氧化碳，排放量約佔全世界總二氧化碳排放量的 7 - 8%，此外水泥產業固定成本高，機器不停運轉使其十分耗能，因此水泥業被視為高碳排與高能耗的高污染產業。而在面臨全球暖化的挑戰以及提倡企業社會責任的趨勢下，ESG （Environment, Social, Governance）永續概念崛起，各國政府紛紛制定淨零碳排之目標與規範以因應趨勢，水泥業首當其衝，具低碳轉型的必要性與急迫性。

台灣政府目標於 2050 年達淨零碳排，近年規範許多碳排行為並建立碳費與碳排交易制度 ETS（Emission Trading System）預計於 2025 年上路，台灣兩間龍頭水泥業者：台灣水泥股份有限公司（以下簡稱台泥）以及亞洲水泥股份有限公司（簡稱亞泥）面對此政策與新市場機會紛紛展開低碳轉型然於策略上擁有明顯差異，台泥透過投資土耳其公司 OYAK 及葡萄牙公司 Cimpor 進入歐洲低碳水泥市場，亦跨足新能源事業包含再生能源發電、儲能、電池、充電樁等，亦於海外投資法國公司 NHOA 佈局南歐充電樁市場，而另一方面，亞泥專注研發低碳水泥技術且集中於亞洲市場，其在多角化策略上轉投資較多遠東集團旗下之子公司與其相關產業，其中子公司嘉惠電廠從事天然氣發電屬綠色能源發電業。本研究透過個案分析法中的多重個案研究及半結構訪談法試圖歸納出造成兩公司策略差異之原因，根據研究結果，該原因包含公司資源、企業文化以及管理者思維之差異，此外，本研究亦總結出五個低碳轉型之關鍵要素：企業目標與文化、綠能佈局、資金需求、時間以及市場選擇，最後於文末提出研究限制及未來研究方向建議。

The cement industry is an indispensable building material industry for human society and is considered a traditional industry driven by domestic demand. However, its manufacturing process emits a significant amount of carbon dioxide due to a massive usage of limestone and the requirement of high-temperature kilns, with its emissions accounting for approximately 7–8% of global CO₂ emissions. Furthermore, the cement industry is highly energy-intensive due to its high fixed costs and continuously operating machinery, making it a highly polluting industry with high carbon emissions and energy consumption.

In the face of global warming and the rising trend of corporate social responsibility, the concept of ESG (Environment, Social, Governance) sustainability has emerged. Governments around the world have set targets and regulations for achieving net-zero emissions. The cement industry is at the forefront of this shift and urgently needs to undergo a low-carbon transition.

The Taiwanese government aims to achieve net-zero emissions by 2050. In recent years, it has introduced various regulations on carbon emissions, established a carbon fee, and developed an Emissions Trading System (ETS), which is scheduled to be implemented in 2025. Taiwan's two leading cement companies — Taiwan Cement Corporation (TCC) and Asia Cement Corporation (ACC) — have responded to these policies and new market opportunities by pursuing low-carbon transitions, but their strategies differ significantly. TCC has invested in OYAK of Turkey and Cimpor of Portugal to enter the European low-carbon cement market and expanded into renewable energy industries such as renewable power generation, energy storage, batteries, and EV charging stations. It has also invested in French company NHOA to position itself in the Southern European EV charging market. Meanwhile, ACC focuses on developing low-carbon cement technologies and concentrates on the Asian market. In terms of diversification, ACC mostly invests in subsidiaries of the Far Eastern Group and related industries, including its subsidiary Chiahui Power Plant, which engages in natural gas power generation — a form of green energy.

This study adopts a multiple-case research design and semi-structured interview methodology to identify the reasons behind the strategic differences between the two companies. According to the research findings, these reasons include differences in company resources, corporate culture, and managerial mindset. Furthermore, this research identifies five key factors for low-carbon transitions: corporate goals and culture, green energy deployment, capital requirements, timing, and market selection. Finally, this paper discusses the research limitations and offers suggestions for future research directions.