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題名 臺灣再生能源融資機制分析
Analysis of taiwan’s renewable energy financing mechanism作者 秦偉程
Chin, Wei-Chen貢獻者 蔡政憲
Tsai, Jason
秦偉程
Chin, Wei-Chen關鍵詞 台灣
再生能源
融資機制
投資
綠色金融
Taiwan
Renewable energy
Financing mechanisms
Investment
Green finance日期 2023 上傳時間 2-Aug-2023 13:44:29 (UTC+8) 摘要 In this study, the complexities of renewable energy financing in Taiwan are examined, breaking down the unique risks and opportunities associated with these types of investments. Given its enormous potential for sustainable development, Taiwan`s urgent mission is to boost its renewable energy sector. This paper delves into the complexities of current financing mechanisms and how they can be improved to manage a wide range of risks, from policy shifts to environmental concerns. It concludes that a more strategic approach to financing could encourage more investment in Taiwan`s renewable energy sector, thereby hastening the country`s green transformation. This insightful investigation has implications not only for Taiwan, but also for other markets around the world working to improve their renewable energy financing strategies. 參考文獻 Reference: Bhambhani, A. (2022, October 7). Austria’s Market Premium Subsidy Scheme In Force | TaiyangNews. https://taiyangnews.info/markets/austrias-market-premium-subsidy-scheme-in-force/ Carroll, D. (2023, June 12). CEFC backs developer’s vision for 100% renewables apartments. Pv Magazine Australia. https://www.pv-magazine-australia.com/2023/06/12/cefc-backs-developers-vision-for-100-renewables-apartments/ Chen, J., Li, L., Yang, D., & Wang, Z. (2023). The dynamic impact of green finance and renewable energy on sustainable development in China. Frontiers in Environmental Science. https://doi.org/10.3389/fenvs.2022.1097181 Chih-Yu, H., & Chiang-Liang, L. (2022). Effects of Taiwan’s Promotion of Solar PV on its Economy and for Net-zero Emissions. Advances in Management and Applied Economics, 12(2). https://doi.org/10.47260/amae/1224 Chiu, W.-H., Wen-Cheng, L., Chen, C.-N., & Chen, N.-P. (2021). Using an Analytical Hierarchy Process to Analyze the Development of the Green Energy Industry. Energies, 14(15), 4452. https://doi.org/10.3390/en14154452 Dinica, V. (2008). Initiating a sustained diffusion of wind power: The role of public–private partnerships in Spain. Energy Policy, 36(9), 3562–3571. https://doi.org/10.1016/j.enpol.2008.06.008 Dorfleitner, G., & Braun, D. (2019). Fintech, Digitalization and Blockchain: Possible Applications for Green Finance. In M. Migliorelli & P. Dessertine (Eds.), The Rise of Green Finance in Europe: Opportunities and Challenges for Issuers, Investors and Marketplaces (pp. 207–237). Springer International Publishing. https://doi.org/10.1007/978-3-030-22510-0_9 Đukan, M., & Kitzing, L. (2023). A bigger bang for the buck: The impact of risk reduction on renewable energy support payments in Europe. Energy Policy, 173, 113395. https://doi.org/10.1016/j.enpol.2022.113395 Durakovic, A. (2021, January 29). Wpd Denied Permit to Build Guanyin Offshore Wind Farm. Offshore Wind. https://www.offshorewind.biz/2021/01/29/wpd-denied-permit-to-build-guanyin-offshore-wind-farm/ Egli, F. (2020). Renewable energy investment risk: An investigation of changes over time and the underlying drivers. Energy Policy, 140, 111428. https://doi.org/10.1016/j.enpol.2020.111428 Egli, F., Steffen, B., & Schmidt, T. S. (2018). A dynamic analysis of financing conditions for renewable energy technologies. Nature Energy, 3(12), Article 12. https://doi.org/10.1038/s41560-018-0277-y Fatica, S., Panzica, R., & Rancan, M. (2021). The pricing of green bonds: Are financial institutions special? Journal of Financial Stability, 54, 100873. https://doi.org/10.1016/j.jfs.2021.100873 Fiedorczuk, J. (2015). Sustainable Development in Norway on the example of Government Pension Fund Global. Copernican Journal of Finance and Accounting, 4(1), 45–54. https://doi.org/10.12775/CJFA.2015.003 Financial Supervisory Commission Republic of China (Taiwan). (2022, September). Green Finance Action Plan 3.0. https://www.fsc.gov.tw/en/home.jsp?id=526&parentpath=0,4,419 Flammer, C. (2021). Corporate green bonds. Journal of Financial Economics, 142(2), 499–516. https://doi.org/10.1016/j.jfineco.2021.01.010 Ge, W., & Liu, M. (2015). Corporate Social Responsibility and the Cost of Corporate Bonds. Journal of Accounting and Public Policy, 34, 597–624. Green Investment Group Ltd. (2023). In GlobalData Company Deals and Alliances Profiles. GlobalData plc. https://www.proquest.com/reports/green-investment-group-ltd/docview/2348177185/se-2 Hsu, S.-T., & Wu, T.-C. (2017). Simulated Wind Action on Photovoltaic Module by Non-uniform Dynamic Mechanical Load and Mean Extended Wind Load. Energy Procedia, 130, 94–101. https://doi.org/10.1016/j.egypro.2017.09.401 Huang, Y.-H., & Wu, J.-H. (2011). Assessment of the feed-in tariff mechanism for renewable energies in Taiwan. Energy Policy, 39(12), 8106–8115. https://doi.org/10.1016/j.enpol.2011.10.005 Ian, M. (2023, May 17). How the Bilingual 2030 Policy will boost Taiwan’s global competitiveness. CommonWealth Magazine. https://english.cw.com.tw/article/article.action?id=3433 Jenkins, H., & Yakovleva, N. (2006). Corporate Social Responsibility in the Mining Industry: Exploring Trends in Social and Environmental Disclosure. Journal of Cleaner Production, 14, 271–284. https://doi.org/10.1016/j.jclepro.2004.10.004 Khalid, U. (2019, October 30). Green Investment Group closes NT$62.4B financing of Taiwanese wind farm. SNL Energy Finance Daily. https://www.spglobal.com/marketintelligence/en/news-insights/trending/q38ROsSfM3Z0OxPqt4cMUQ2 Kung, C.-C., Lan, X., Yang, Y., Kung, S.-S., & Chang, M.-S. (2022). Effects of green bonds on Taiwan’s bioenergy development. Energy, 238, 121567. https://doi.org/10.1016/j.energy.2021.121567 Li, J., Li, Z., Jiang, Y., & Tang, Y. (2022). Typhoon Resistance Analysis of Offshore Wind Turbines: A Review. Atmosphere, 13(3), 451. https://doi.org/10.3390/atmos13030451 Lin, T.-L., & Cheng, F.-T. (2022). Energy Democracy and Energy Transition in Taiwan. In J. Asuka & D. Jin (Eds.), Energy Transition and Energy Democracy in East Asia (pp. 67–79). Springer Singapore. https://doi.org/10.1007/978-981-19-0280-2_5 Liou, H. (2017). The Development of Electricity Grid, Smart Grid and Renewable Energy in Taiwan. Smart Grid and Renewable Energy, 08, 163–177. https://doi.org/10.4236/sgre.2017.86011 Liu, M.-Y., & Lin, D. (2021). A Case Study of Green Energy Roofs in Taiwan Using Financial Analyses. International Journal of Finance & Banking Studies, 10(3), 12–20. https://doi.org/10.20525/ijfbs.v10i3.1288 Polzin, F. (2017). Mobilizing private finance for low-carbon innovation – A systematic review of barriers and solutions. Renewable and Sustainable Energy Reviews, 77, 525–535. https://doi.org/10.1016/j.rser.2017.04.007 Roth, A., Brückmann, R., Jimeno, M., Dukan, M., Kitzing, L., Breitschopf, B., Alexander-Haw, A., & Blanco, A. L. A. (2021). Renewable energy financing conditions in Europe: Survey and impact analysis. In Renewable energy financing conditions in Europe: Survey and impact analysis [Report]. Aures. Schub, J. (2015). Green Banks: Growing Clean Energy Markets by Leveraging Private Investment with Public Financing. Journal of Structured Finance, 21(3), 26–35. https://doi.org/10.3905/jsf.2015.21.3.026 Semieniuk, G., & Mazzucato, M. (2018). Financing Green Growth. SOAS University of London. Shumkov, I. (2019, January 30). Taiwan cuts 2019 offshore wind FiT by 6%. Renewablesnow.Com. https://renewablesnow.com/news/taiwan-cuts-2019-offshore-wind-fit-by-6-641188/ Stricker, L., Pugnetti, C., Wagner, J., & Röschmann, A. Z. (2022). Green Insurance: A Roadmap for Executive Management. Journal of Risk and Financial Management, 15(5), 221. https://doi.org/10.3390/jrfm15050221 Strockl, R. (2020, September 21). Corporate PPAs—Powering ahead in Taiwan. WFW. https://www.wfw.com/articles/corporate-ppas-powering-ahead-in-taiwan/ Sun Exchange. (n.d.). Sun Exchange. The Sun Exchange. Retrieved June 13, 2023, from https://thesunexchange.com/ Sunnyfounder. (2022). Sunnyfounder. https://www.sunnyfounder.com/ Taiwan Power Co Ltd. (2023). In GlobalData Company Deals and Alliances Profiles. GlobalData plc. https://www.proquest.com/reports/taiwan-power-co-ltd/docview/2595009826/se-2 Targets-Policy Introduction-TWTPO. (n.d.). Retrieved June 10, 2023, from https://www.twtpo.org.tw/eng/intro/goal.aspx Trine. (n.d.). Trine. Retrieved June 13, 2023, from https://trine.com/ UK government’s sale of Green Investment Bank completed. (2017, August 18). GOV.UK. https://www.gov.uk/government/news/uk-governments-sale-of-green-investment-bank-completed UK Green Investment Bank. (2017, August 18). GOV.UK. https://www.gov.uk/government/organisations/uk-green-investment-bank 描述 碩士
國立政治大學
國際經營管理英語碩士學位學程(IMBA)
110933020資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110933020 資料類型 thesis dc.contributor.advisor 蔡政憲 zh_TW dc.contributor.advisor Tsai, Jason en_US dc.contributor.author (Authors) 秦偉程 zh_TW dc.contributor.author (Authors) Chin, Wei-Chen en_US dc.creator (作者) 秦偉程 zh_TW dc.creator (作者) Chin, Wei-Chen en_US dc.date (日期) 2023 en_US dc.date.accessioned 2-Aug-2023 13:44:29 (UTC+8) - dc.date.available 2-Aug-2023 13:44:29 (UTC+8) - dc.date.issued (上傳時間) 2-Aug-2023 13:44:29 (UTC+8) - dc.identifier (Other Identifiers) G0110933020 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/146487 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 國際經營管理英語碩士學位學程(IMBA) zh_TW dc.description (描述) 110933020 zh_TW dc.description.abstract (摘要) In this study, the complexities of renewable energy financing in Taiwan are examined, breaking down the unique risks and opportunities associated with these types of investments. Given its enormous potential for sustainable development, Taiwan`s urgent mission is to boost its renewable energy sector. This paper delves into the complexities of current financing mechanisms and how they can be improved to manage a wide range of risks, from policy shifts to environmental concerns. It concludes that a more strategic approach to financing could encourage more investment in Taiwan`s renewable energy sector, thereby hastening the country`s green transformation. This insightful investigation has implications not only for Taiwan, but also for other markets around the world working to improve their renewable energy financing strategies. en_US dc.description.tableofcontents TABLE OF CONTENTS 1. Introduction 1 2. Literature Review 2 3. Research Method: 4 3.1. Case Studies 4 3.2. Comparative Analysis 4 3.3. Synthesis and Recommendations 4 4. Current State and Effectiveness of Taiwan`s Renewable Energy Financing Mechanism: 6 4.1. Detailed analysis of Taiwan`s current renewable energy financing mechanisms 6 4.2. Evaluation of the effectiveness of these mechanisms in attracting investment for renewable energy projects 11 5. Potential of Green Finance in Taiwan 18 6. Investment Risks in Taiwan`s Renewable Energy Sector 32 6.1. Analysis of the investment risks associated with renewable energy projects in Taiwan. 32 6.1.1. Regulatory and Policy Risks 32 6.1.2. Technical and Performance Risks 33 6.1.3. Market and Financial Risks 35 6.1.4. Environmental and Social Risks 36 6.1.5. Risk Mitigation and Conclusion 37 6.2. Identification of the types and drivers of these risks, and their impacts on investor decisions. 37 6.2.1. Regulatory Risks 37 6.2.2. Market and Financial Risks 38 6.2.3. Technical and Performance Risks 38 6.2.4. Social and Environmental Risks 39 7. Recommendations for Improvement 41 7.1. Identification of limitations in the current financing mechanisms and proposal of improvements. 41 7.1.1. Limited Access to Capital 41 7.1.2. Regulatory Hurdles 41 7.1.3. Lack of Risk Mitigation Instruments 42 7.1.4. High Transaction Costs 43 7.1.5. Limited Investor Knowledge 43 8. Discussion 45 9. Conclusion 47 Reference: 50 List of Figures Figure 1. Picture of Sunnyfounder Rooftop Panels at Penghu, Taiwan 10 Figure 2. Picture of Formosa 2 Offshore Windfarm at Miaoli, Taiwan 23 Figure 3. Picture of the Sun Exchange Project at Johannesburg, South Africa 28 Figure 4. Picture of Broken Wind Turbines Caused by Typhoon Usagi in 2013, China 34 zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110933020 en_US dc.subject (關鍵詞) 台灣 zh_TW dc.subject (關鍵詞) 再生能源 zh_TW dc.subject (關鍵詞) 融資機制 zh_TW dc.subject (關鍵詞) 投資 zh_TW dc.subject (關鍵詞) 綠色金融 zh_TW dc.subject (關鍵詞) Taiwan en_US dc.subject (關鍵詞) Renewable energy en_US dc.subject (關鍵詞) Financing mechanisms en_US dc.subject (關鍵詞) Investment en_US dc.subject (關鍵詞) Green finance en_US dc.title (題名) 臺灣再生能源融資機制分析 zh_TW dc.title (題名) Analysis of taiwan’s renewable energy financing mechanism en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Reference: Bhambhani, A. (2022, October 7). Austria’s Market Premium Subsidy Scheme In Force | TaiyangNews. https://taiyangnews.info/markets/austrias-market-premium-subsidy-scheme-in-force/ Carroll, D. (2023, June 12). CEFC backs developer’s vision for 100% renewables apartments. Pv Magazine Australia. https://www.pv-magazine-australia.com/2023/06/12/cefc-backs-developers-vision-for-100-renewables-apartments/ Chen, J., Li, L., Yang, D., & Wang, Z. (2023). The dynamic impact of green finance and renewable energy on sustainable development in China. Frontiers in Environmental Science. https://doi.org/10.3389/fenvs.2022.1097181 Chih-Yu, H., & Chiang-Liang, L. (2022). Effects of Taiwan’s Promotion of Solar PV on its Economy and for Net-zero Emissions. Advances in Management and Applied Economics, 12(2). https://doi.org/10.47260/amae/1224 Chiu, W.-H., Wen-Cheng, L., Chen, C.-N., & Chen, N.-P. (2021). Using an Analytical Hierarchy Process to Analyze the Development of the Green Energy Industry. Energies, 14(15), 4452. https://doi.org/10.3390/en14154452 Dinica, V. (2008). Initiating a sustained diffusion of wind power: The role of public–private partnerships in Spain. Energy Policy, 36(9), 3562–3571. https://doi.org/10.1016/j.enpol.2008.06.008 Dorfleitner, G., & Braun, D. (2019). Fintech, Digitalization and Blockchain: Possible Applications for Green Finance. In M. Migliorelli & P. Dessertine (Eds.), The Rise of Green Finance in Europe: Opportunities and Challenges for Issuers, Investors and Marketplaces (pp. 207–237). Springer International Publishing. https://doi.org/10.1007/978-3-030-22510-0_9 Đukan, M., & Kitzing, L. (2023). A bigger bang for the buck: The impact of risk reduction on renewable energy support payments in Europe. Energy Policy, 173, 113395. https://doi.org/10.1016/j.enpol.2022.113395 Durakovic, A. (2021, January 29). Wpd Denied Permit to Build Guanyin Offshore Wind Farm. Offshore Wind. https://www.offshorewind.biz/2021/01/29/wpd-denied-permit-to-build-guanyin-offshore-wind-farm/ Egli, F. (2020). Renewable energy investment risk: An investigation of changes over time and the underlying drivers. Energy Policy, 140, 111428. https://doi.org/10.1016/j.enpol.2020.111428 Egli, F., Steffen, B., & Schmidt, T. S. (2018). A dynamic analysis of financing conditions for renewable energy technologies. Nature Energy, 3(12), Article 12. https://doi.org/10.1038/s41560-018-0277-y Fatica, S., Panzica, R., & Rancan, M. (2021). The pricing of green bonds: Are financial institutions special? Journal of Financial Stability, 54, 100873. https://doi.org/10.1016/j.jfs.2021.100873 Fiedorczuk, J. (2015). Sustainable Development in Norway on the example of Government Pension Fund Global. Copernican Journal of Finance and Accounting, 4(1), 45–54. https://doi.org/10.12775/CJFA.2015.003 Financial Supervisory Commission Republic of China (Taiwan). (2022, September). Green Finance Action Plan 3.0. https://www.fsc.gov.tw/en/home.jsp?id=526&parentpath=0,4,419 Flammer, C. (2021). Corporate green bonds. Journal of Financial Economics, 142(2), 499–516. https://doi.org/10.1016/j.jfineco.2021.01.010 Ge, W., & Liu, M. (2015). Corporate Social Responsibility and the Cost of Corporate Bonds. Journal of Accounting and Public Policy, 34, 597–624. Green Investment Group Ltd. (2023). In GlobalData Company Deals and Alliances Profiles. GlobalData plc. https://www.proquest.com/reports/green-investment-group-ltd/docview/2348177185/se-2 Hsu, S.-T., & Wu, T.-C. (2017). Simulated Wind Action on Photovoltaic Module by Non-uniform Dynamic Mechanical Load and Mean Extended Wind Load. Energy Procedia, 130, 94–101. https://doi.org/10.1016/j.egypro.2017.09.401 Huang, Y.-H., & Wu, J.-H. (2011). Assessment of the feed-in tariff mechanism for renewable energies in Taiwan. Energy Policy, 39(12), 8106–8115. https://doi.org/10.1016/j.enpol.2011.10.005 Ian, M. (2023, May 17). How the Bilingual 2030 Policy will boost Taiwan’s global competitiveness. CommonWealth Magazine. https://english.cw.com.tw/article/article.action?id=3433 Jenkins, H., & Yakovleva, N. (2006). Corporate Social Responsibility in the Mining Industry: Exploring Trends in Social and Environmental Disclosure. Journal of Cleaner Production, 14, 271–284. https://doi.org/10.1016/j.jclepro.2004.10.004 Khalid, U. (2019, October 30). Green Investment Group closes NT$62.4B financing of Taiwanese wind farm. SNL Energy Finance Daily. https://www.spglobal.com/marketintelligence/en/news-insights/trending/q38ROsSfM3Z0OxPqt4cMUQ2 Kung, C.-C., Lan, X., Yang, Y., Kung, S.-S., & Chang, M.-S. (2022). Effects of green bonds on Taiwan’s bioenergy development. Energy, 238, 121567. https://doi.org/10.1016/j.energy.2021.121567 Li, J., Li, Z., Jiang, Y., & Tang, Y. (2022). Typhoon Resistance Analysis of Offshore Wind Turbines: A Review. Atmosphere, 13(3), 451. https://doi.org/10.3390/atmos13030451 Lin, T.-L., & Cheng, F.-T. (2022). Energy Democracy and Energy Transition in Taiwan. In J. Asuka & D. Jin (Eds.), Energy Transition and Energy Democracy in East Asia (pp. 67–79). Springer Singapore. https://doi.org/10.1007/978-981-19-0280-2_5 Liou, H. (2017). The Development of Electricity Grid, Smart Grid and Renewable Energy in Taiwan. Smart Grid and Renewable Energy, 08, 163–177. https://doi.org/10.4236/sgre.2017.86011 Liu, M.-Y., & Lin, D. (2021). A Case Study of Green Energy Roofs in Taiwan Using Financial Analyses. International Journal of Finance & Banking Studies, 10(3), 12–20. https://doi.org/10.20525/ijfbs.v10i3.1288 Polzin, F. (2017). Mobilizing private finance for low-carbon innovation – A systematic review of barriers and solutions. Renewable and Sustainable Energy Reviews, 77, 525–535. https://doi.org/10.1016/j.rser.2017.04.007 Roth, A., Brückmann, R., Jimeno, M., Dukan, M., Kitzing, L., Breitschopf, B., Alexander-Haw, A., & Blanco, A. L. A. (2021). Renewable energy financing conditions in Europe: Survey and impact analysis. In Renewable energy financing conditions in Europe: Survey and impact analysis [Report]. Aures. Schub, J. (2015). Green Banks: Growing Clean Energy Markets by Leveraging Private Investment with Public Financing. Journal of Structured Finance, 21(3), 26–35. https://doi.org/10.3905/jsf.2015.21.3.026 Semieniuk, G., & Mazzucato, M. (2018). Financing Green Growth. SOAS University of London. Shumkov, I. (2019, January 30). Taiwan cuts 2019 offshore wind FiT by 6%. Renewablesnow.Com. https://renewablesnow.com/news/taiwan-cuts-2019-offshore-wind-fit-by-6-641188/ Stricker, L., Pugnetti, C., Wagner, J., & Röschmann, A. Z. (2022). Green Insurance: A Roadmap for Executive Management. Journal of Risk and Financial Management, 15(5), 221. https://doi.org/10.3390/jrfm15050221 Strockl, R. (2020, September 21). Corporate PPAs—Powering ahead in Taiwan. WFW. https://www.wfw.com/articles/corporate-ppas-powering-ahead-in-taiwan/ Sun Exchange. (n.d.). Sun Exchange. The Sun Exchange. Retrieved June 13, 2023, from https://thesunexchange.com/ Sunnyfounder. (2022). Sunnyfounder. https://www.sunnyfounder.com/ Taiwan Power Co Ltd. (2023). In GlobalData Company Deals and Alliances Profiles. GlobalData plc. https://www.proquest.com/reports/taiwan-power-co-ltd/docview/2595009826/se-2 Targets-Policy Introduction-TWTPO. (n.d.). Retrieved June 10, 2023, from https://www.twtpo.org.tw/eng/intro/goal.aspx Trine. (n.d.). Trine. Retrieved June 13, 2023, from https://trine.com/ UK government’s sale of Green Investment Bank completed. (2017, August 18). GOV.UK. https://www.gov.uk/government/news/uk-governments-sale-of-green-investment-bank-completed UK Green Investment Bank. (2017, August 18). GOV.UK. https://www.gov.uk/government/organisations/uk-green-investment-bank zh_TW
