重思氣候治理、金融與國際經貿之互動：以促進綠色產業專案融資為例

Abstract

面對全球氣候變遷與能源轉型壓力，綠色產業成為各國發展重點。我國離岸風電作為低碳轉型的關鍵產業，卻在融資面臨重大挑戰，顯示現行制度對資金引導效果有限。 本論文以離岸風電專案融資為切入點，探討在氣候治理推動下，如何透過制度變革促進資金流向綠色產業，實現低碳經濟轉型。研究採文獻分析法，建構「市場推力」與「監理阻力」雙軌架構，交叉分析永續金融、審慎監理與國際經貿法間的制度互動。 研究發現，氣候治理的興起與《赤道原則》等永續金融倡議雖提供市場推力，實務上卻因《巴塞爾資本協定》等審慎監理規範並未納入氣候風險，導致銀行融資決策受限，也造成本國銀行參與離岸風電不足、外商銀行主導的現象。 為突破制度困境，本文主張推動「綠色審慎監理」，將氣候因素納入風險評估與資本要求中，又為確保確實解決規範衝突之問題，本論文提出「標準化」的建議，以國際金融法統合各國實踐，並嘗試結合國際貿易法與國際投資法中的例外條款與標準引入機制，強化綠色審慎監理之措施正當性與實踐一致性。本文提供一個制度轉型的新視角，助力實現綠色金融與永續發展目標的雙重平衡。

Offshore wind power plays a key role in low-carbon transformation in Taiwan, yet it faces persistent financing challenges. These barriers reveal the limited capacity of current financial regulations to effectively channel capital into green industries. This thesis examines project financing of offshore wind through the lens of climate governance, aiming to identify institutional reforms that can mobilize capital toward sustainable development. Adopting a dual-track analytical framework of “market forces” and “regulatory resistance,” the research analyzes the interaction between sustainable finance, prudential regulation, and international economic law. Findings suggest that while voluntary initiatives such as the Equator Principles offer important market incentives, their impact is constrained by traditional prudential rules—especially the Basel Accords—which overlook climate risks. This misalignment restricts domestic banks' participation and allows foreign banks to dominate Taiwan’s offshore wind financing landscape. To address this gap, the study proposes the development of “green prudential regulation” by integrating climate risk into capital requirements. Besides the reform of international finance law, it further argues that international trade and investment law—through exception clauses and evolving standard-setting practices—can legitimize and reinforce this regulatory transition. This research offers a new institutional perspective to align financial stability with sustainability goals.