金融機構內部碳管理策略分析

Abstract

面對全球氣候變遷風險與淨零轉型需求加速，金融機構作為資金配置與風險控管之關鍵中介，於碳管理體系中扮演舉足輕重的角色。為有效內化氣候風險、提升資產組合韌性，內部碳定價（Internal Carbon Pricing, ICP）制度已成為金融業實踐碳管理與強化氣候治理之核心策略工具。然目前相關實務與學術研究多聚焦於製造業，金融機構之減碳管理以及於營運層級導入ICP制度之架構與成效，尚缺乏系統性實證探討。 本研究聚焦於金融機構營運部門之碳排放管理，結合國際案例分析與國內實證模擬，探討ICP制度導入對碳管理行為與營運成本結構之潛在影響。首先，綜整五家具代表性之國際金融機構（花旗銀行、摩根大通、匯豐銀行、高盛與巴克萊銀行）於 2019 至 2023 年間範疇一至三碳排放資料與碳管理措施，分析其ICP制度、碳抵換策略與永續治理成果。進一步以國內某金融機構 48 個營業據點為實證樣本，建構多元迴歸模型並模擬不同碳價情境，評估其對營運成本、設備回收期與節能誘因之影響，並探討制度試行成效與應用挑戰。 研究結果顯示，國際金融機構普遍採行影子價格與內部碳費雙軌策略，涵蓋範疇三碳排行為，並結合部門責任分攤與碳基金制度，以強化減碳誘因與治理整合度。國內試行結果亦發現，不同部門對碳價變動之敏感性存在顯著差異，制度設計應考量配額設定、公平性與操作性，以提升內部制度之實施成效。綜合實證結果與制度比較分析，本文進一步提出ICP導入建議，並強調其與碳費、碳交易及碳抵換制度整合之潛力，期能提供我國金融機構與政策制定者具實務應用價值之參考依據。

Facing the accelerating global climate risks and increasing demands for net-zero transitions, financial institutions, as critical intermediaries in capital allocation and risk management, play a pivotal role in carbon management systems. To effectively internalize climate-related risks and enhance portfolio resilience, Internal Carbon Pricing (ICP) has emerged as a core strategic tool for financial institutions to implement carbon management and strengthen climate governance. However, existing research and practices have primarily concentrated on manufacturing sectors, leaving a systematic gap regarding the framework and effectiveness of ICP implementation at the operational level within financial institutions. This study focuses on carbon emission management within financial institutions’ operational units by combining international case analysis with domestic empirical simulations to investigate the potential impacts of ICP introduction on carbon management behavior and operational cost structures. Firstly, the carbon emissions (Scopes 1–3) and carbon management measures from 2019 to 2023 of five representative international financial institutions (Citibank, JPMorgan Chase, HSBC, Goldman Sachs, and Barclays) are reviewed. The analysis examines their ICP frameworks, carbon offset strategies, and sustainability governance outcomes. Furthermore, using 48 operational units of a domestic financial institution as empirical samples, a multiple regression model is developed to simulate various carbon pricing scenarios, evaluating their impacts on operational costs, equipment payback periods, and incentives for energy efficiency. This empirical analysis also explores the effectiveness and challenges associated with the initial trial implementation of ICP. The results indicate that international financial institutions commonly adopt dual-track strategies consisting of shadow pricing and internal carbon fees, incorporating Scope 3 emissions. These institutions further utilize departmental responsibility allocations and carbon fund mechanisms to strengthen carbon reduction incentives and governance integration. Empirical findings from the domestic institution reveal significant variations in departmental sensitivity to carbon price changes, suggesting that the ICP system design should carefully consider quota allocations, fairness, and operational feasibility to enhance its internal implementation effectiveness. Integrating empirical results with comparative institutional analysis, this paper further proposes recommendations for ICP implementation and highlights its potential synergies with carbon fees, emissions trading, and carbon offsetting systems. It aims to offer practical and valuable references for financial institutions and policy makers in Taiwan.