氣候相關財務揭露(TCFD)對企業之影響—以台泥企業為例

Abstract

氣候變遷對未來充滿了挑戰與機會，對機構投資人而言，資本市場並未對氣候風險進行定價，而是經由政府對氣候風險的反應進行定價，以預測事件是否會發生。但對企業而言，氣候變遷所隱含的相關風險，包括受到極端氣候、政府政策法令與產業創新技術等影響，使投資的風險溢酬存在著劇烈波動的變數。因此，機構投資人與企業都應著眼於中長期發展及最有效率的資本配置策略。若資訊匱乏，將使因無法充分衡量長期的投資報酬而隱含風險，長期投資者勢必需要充分認知與掌握企業如何應對氣候變遷的風險與可能採行的轉型策略。 於是2015年國際金融穩定委員會(FSB)發起一項倡議，旨在推動一項企業氣候相關風險資訊透明化的計畫，成立氣候相關財務揭露小組進行相關計畫的評估與建立架構制度，於2017年發行氣候相關財務揭露建議書(TCFD)，其目的在擬定一套完善的揭露框架，讓企業願意且有一致性的氣候相關財務資訊揭露準則可以依循，協助企業釐清在氣候變遷的影響下，企業應如何識別氣候變遷潛在的風險與可能衍生的機會，透過與財務報表進行連結評估，讓企業能擬定或採行更好的風險管理行動，以幫助金融市場投資人、金融機構和保險公司等認知氣候變遷對企業的重大風險影響所在。 台泥企業在ESG永續發展的目標下，同時面臨氣候變遷的風險挑戰，亦相對應的存在著轉型機會，藉由TCFD報告書的揭露，台泥企業盤點內部事業體面對氣候變遷的短中長期風險，並推估潛在衍生的成本費用。由於，台泥企業率先提早進行因應氣候變遷的破壞式改革，對碳排、用水、用電等高耗能的水泥公司台泥而言，選擇主動出擊，提前轉型積極應對未來的風險，雖將使其短期資本支出提高，進而影響獲利與配息能力，但中長期的綠能轉型發展將使台泥企業脫胎換骨，最終將展現在其企業價值之上。

Climate change brings both challenges and opportunities for the future, and the capital market has not priced in climate risks actively. For enterprises, the climate change risks, including the physical impact of extreme weather, government policies and regulations, and innovative technologies, make the risk premium of investment fluctuate wildly. Without sufficient information, there will be hidden risks due to the inability to adequately measure long-term investment risks and returns. Long-term investors must fully understand how companies deal with climate change risks and potential transformation strategies. Therefore, in 2015, the International Financial Stability Board (FSB) launched an initiative to promote a plan for the transparency of climate-related risk information in financial markets. The Climate-related Financial Disclosure Recommendation (TCFD) was issued in 2017. The purpose is to formulate a comprehensive disclosure framework for companies to comply with consistent climate-related financial information disclosure. TCFD can help companies identify potential risks and opportunities from climate change. Companies can therefore link the climate-related risks to their financial statements so that they can manage the risks better to help investors, financial institutions, and insurance companies identify the significant impacts of climate-related risks on companies. Under the goal of ESG sustainable development, TCC is facing the challenges and opportunities brought by climate change. With the disclosure of the TCFD report, TCC takes stock of the short-, mid-, and long-term climate-related risks of its business and estimates the potential related costs. For TCC, a cement company with high energy consumption such as carbon emissions, water consumption, and electricity consumption, TCC chose to take initiatives and transform its business to actively respond to future risks. TCC will increase its short-term capital expenditure, which will affect its profitability and dividend distribution ability in the near term. However, in the medium and long term, the green energy transformation and development will make TCC enterprises reborn and sustain, which will ultimately be reflected in their enterprise value.