綠色溢價：以德國孿生債券爲例

Abstract

氣候變遷問題已然成為全球永續發展的一大議題，永續發展需要跨越國界與各利害關係人共同努力。綠色金融為實現永續轉型的重要工具，綠色債券更是將資金流導向永續發展領域的重要關鍵。然而，過去對於綠色債券的溢價研究仍缺乏定論，德國孿生債券則以其創新設計消除潛在偏誤，進一步揭示了綠色溢價的情況。本研究針對德國孿生債券的設計架構、實際發行情形以及綠色溢價情況進行深入分析，以為台灣債券市場發展提供建議。研究結果顯示，德國孿生債券中的綠色溢價長期存在，且政府發行綠色債券可降低財政負擔，滿足基礎建設轉型所需的大量資金需求。因此，本研究建議台灣可參考德國的做法，發行主權綠色債券以實施淨零轉型計劃，促進綠色金融市場發展，以達成淨零排放目標。

Climate change has been a significant issue for global sustainable development, requiring collaborative efforts among countries and stakeholders. Green finance is an essential tool for achieving sustainable transformation, and green bonds are a crucial means of directing capital flows towards sustainable development. However, there is still a lack of consensus on the premium associated with green bonds. The innovative design of Germany's twin bond structure has eliminated potential biases and further revealed the situation of greeniums. Therefore, this study conducts an in-depth analysis of the design framework, actual issuance, and greeniums situation of Germany's twin bonds to provide recommendations for Taiwan's green bond market development. The research results indicate that greeniums in Germany's twin bonds exist over the long term, and the issuance of government green bonds can reduce fiscal burdens and meet the significant funding needs required for infrastructure transformation. Therefore, this study suggests that Taiwan can refer to Germany's practice of issuing sovereign green bonds to implement net-zero transition plans, promote the development of green finance markets, and achieve the goal of net-zero emissions.