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題名 論我國氣候相關資訊之揭露 — 以美國SEC草案為借鏡
A Study on Climate-related Disclosures in Taiwan‐Lessons From the Proposed Regulation of the U.S. SEC作者 劉又慈
Liu, You-Cih貢獻者 陳俊元
Chen, Chun-Yuan
劉又慈
Liu, You-Cih關鍵詞 氣候變遷
氣候資訊揭露
強制揭露
美國證券交易委員會
為投資者加強及標準化氣候相關揭露
Climate Change
Climate-Related Disclosures
Mandatory Disclosure
The U.S. Securities and Exchange Commission
The Enhancement and Standardization of Climate-Related Disclosures for Investors日期 2024 上傳時間 1-Mar-2024 14:25:47 (UTC+8) 摘要 現代社會快速發展，為滿足自身需求，人類行為模式對環境之損害加深、加快至環境無法負荷而造成氣候變遷問題，氣候變遷所導致之極端氣候事件、全球暖化等結果已對人類之生存、經濟發展產生威脅，引發各國政府及國際組織之重視，市場上亦開始出現對企業氣候相關資訊之需求。在此趨勢之下，TCFD、ISSB、GRI及SASB均制定出氣候相關揭露準則，公司可依各該架構揭露氣候方面資訊；惟各準則之內容略有不同且皆為自願性質，為提供投資者一致、可比較、可靠之資訊，美國聯邦證券交易委員會於2022年3月公布《為投資者加強及標準化氣候相關揭露》之草案強制上市公司揭露特定氣候資訊。 我國主管機關對於氣候變遷議題之重要性亦有認識，近幾年推出許多相關計畫作為應對，其中不乏強化資訊揭露之推動，除計畫外各項準則中亦可見氣候相關資訊揭露之要求。然而，與美國聯邦證券交易委員會觀察到之缺失相同，零散而無強制力之規定無法為投資者提供有用之資訊，並可能混淆投資者。是以，本文建議我國參考上開草案內容，於證券交易法總則中增訂氣候相關資訊揭露之法條，另將細節事項授權金管會制定，如此可達成將自願性要求轉為強制性規範之目的，又避免直接訂定氣候資訊揭露專法對現行制度大幅更動而可能引發之反彈。
Our society is developing rapidly. To meet growing needs, human behavior has intensified and accelerated damage to the environment to such a degree that environmental resilience can not deal with. This has resulted in climate change. Extreme weather events and global warming caused by climate change pose threats to human survival and the economy, prompting governments of various countries and international organizations to prioritize these issues. Meanwhile, there is a growing market demand for climate-related disclosure from businesses as well. To address this trend, the TCFD, ISSB, GRI, and SASB have established different standards for companies to disclose climate-related information. However, these frameworks consist of different contents and are all voluntary. To provide investors with consistent, comparable, and reliable information, the U.S. Securities and Exchange Commission proposed the proposed regulation 'The Enhancement and Standardization of Climate-Related Disclosures for Investors' in March 2022, making climate-related disclosure mandatory for listed companies. The competent authorities in Taiwan are also aware of the importance of climate change issues and have launched several programs in recent years in response to these issues. These programs include efforts to enhance climate-related disclosures. Despite these programs, several regulations require companies to disclose climate-related information. Nevertheless, similar to the observation of the U.S. Securities and Exchange Commission, scattered and non-mandatory regulations may not provide useful information for investors and could lead to confusion. This paper suggests that Taiwan should consider adopting the proposed regulation mentioned above and add climate-related provisions to Chapter I (General Principles) of the Securities and Exchange Act. Details could be authorised to the Financial Supervisory Commission for formulation. 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Environmental Protection Agency, 597 U.S. ---- (2022). （三）網路資料 1.Abrams, J., Mirabella, C., & Graf, M. (2022). White Paper. MindClick, https://gresb-prd-public.s3.amazonaws.com/2022/Case+Studies/MindClick_WhitePaper.pdf. 2.American Public Gas Association. (2022). Re: Comments in Response to the Proposed Rule Regarding “The Enhancement and Standardization of Climate-Related Disclosures for Investors” [File Number S7-10-22], https://www.sec.gov/comments/s7-10-22/s71022-20132264-302792.pdf. 3.American Trucking Associations. (2022). Comments of the: American Trucking Associations on the: The Enhancement and Standardization of Climate-Related Disclosures for Investors Proposed Rule, https://www.sec.gov/comments/s7-10-22/s71022-20132340-302905.pdf. 4.Aon. (2023). 2023 Weather, Climate and Catastrophe Insight, https://www.aon.com/getmedia/f34ec133-3175-406c-9e0b-25cea768c5cf/20230125-weather-climate-catastrophe-insight.pdf. 5.Bank of America. (2022). 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(2005). The motivations for adopting sustainability disclosure. MGSM Working Paper No. 2005–17. 2.Minor, R. (2022). The Enhancement and Standardization of Climate-Related Financial Disclosures and Recommendations for the Improvement of Environmental, Social, and Corporate Governance (ESG) Disclosures, 5-6. 描述 碩士
國立政治大學
風險管理與保險學系
110358002資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110358002 資料類型 thesis dc.contributor.advisor 陳俊元 zh_TW dc.contributor.advisor Chen, Chun-Yuan en_US dc.contributor.author (Authors) 劉又慈 zh_TW dc.contributor.author (Authors) Liu, You-Cih en_US dc.creator (作者) 劉又慈 zh_TW dc.creator (作者) Liu, You-Cih en_US dc.date (日期) 2024 en_US dc.date.accessioned 1-Mar-2024 14:25:47 (UTC+8) - dc.date.available 1-Mar-2024 14:25:47 (UTC+8) - dc.date.issued (上傳時間) 1-Mar-2024 14:25:47 (UTC+8) - dc.identifier (Other Identifiers) G0110358002 en_US dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/150297 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 風險管理與保險學系 zh_TW dc.description (描述) 110358002 zh_TW dc.description.abstract (摘要) 現代社會快速發展，為滿足自身需求，人類行為模式對環境之損害加深、加快至環境無法負荷而造成氣候變遷問題，氣候變遷所導致之極端氣候事件、全球暖化等結果已對人類之生存、經濟發展產生威脅，引發各國政府及國際組織之重視，市場上亦開始出現對企業氣候相關資訊之需求。在此趨勢之下，TCFD、ISSB、GRI及SASB均制定出氣候相關揭露準則，公司可依各該架構揭露氣候方面資訊；惟各準則之內容略有不同且皆為自願性質，為提供投資者一致、可比較、可靠之資訊，美國聯邦證券交易委員會於2022年3月公布《為投資者加強及標準化氣候相關揭露》之草案強制上市公司揭露特定氣候資訊。 我國主管機關對於氣候變遷議題之重要性亦有認識，近幾年推出許多相關計畫作為應對，其中不乏強化資訊揭露之推動，除計畫外各項準則中亦可見氣候相關資訊揭露之要求。然而，與美國聯邦證券交易委員會觀察到之缺失相同，零散而無強制力之規定無法為投資者提供有用之資訊，並可能混淆投資者。是以，本文建議我國參考上開草案內容，於證券交易法總則中增訂氣候相關資訊揭露之法條，另將細節事項授權金管會制定，如此可達成將自願性要求轉為強制性規範之目的，又避免直接訂定氣候資訊揭露專法對現行制度大幅更動而可能引發之反彈。 zh_TW dc.description.abstract (摘要) Our society is developing rapidly. To meet growing needs, human behavior has intensified and accelerated damage to the environment to such a degree that environmental resilience can not deal with. This has resulted in climate change. Extreme weather events and global warming caused by climate change pose threats to human survival and the economy, prompting governments of various countries and international organizations to prioritize these issues. Meanwhile, there is a growing market demand for climate-related disclosure from businesses as well. To address this trend, the TCFD, ISSB, GRI, and SASB have established different standards for companies to disclose climate-related information. However, these frameworks consist of different contents and are all voluntary. To provide investors with consistent, comparable, and reliable information, the U.S. Securities and Exchange Commission proposed the proposed regulation 'The Enhancement and Standardization of Climate-Related Disclosures for Investors' in March 2022, making climate-related disclosure mandatory for listed companies. The competent authorities in Taiwan are also aware of the importance of climate change issues and have launched several programs in recent years in response to these issues. These programs include efforts to enhance climate-related disclosures. Despite these programs, several regulations require companies to disclose climate-related information. Nevertheless, similar to the observation of the U.S. Securities and Exchange Commission, scattered and non-mandatory regulations may not provide useful information for investors and could lead to confusion. This paper suggests that Taiwan should consider adopting the proposed regulation mentioned above and add climate-related provisions to Chapter I (General Principles) of the Securities and Exchange Act. Details could be authorised to the Financial Supervisory Commission for formulation. This approach would transform voluntary requirements into mandatory regulations, avoiding potential backlash that might arise from a drastic change to the existing system through the enactment of climate-related disclosure acts. en_US dc.description.tableofcontents 第一章 緒論 1 第一節 研究動機 1 第二節 研究範圍 2 第三節 研究目的 3 第四節 研究方法 4 第五節 論文架構 5 第二章 氣候資訊揭露制度之基礎 7 第一節 氣候相關揭露之必要性 7 第一項 氣候議題重要性 7 第二項 漂綠事件層出不窮 12 第三項 氣候資訊揭露之效益 14 第二節 現行氣候相關資訊揭露架構之發展 16 第一項 國際準則 16 第二項 各國制度 21 第三節 氣候資訊揭露要求之合憲性 24 第一項 言論自由之保障 25 第二項 兼顧實效性與合憲性之永續資訊監管 26 第三項 雙軌模式之永續資訊揭露制度 29 第四項 小結 29 第四節 氣候資訊之重大性內涵 30 第一項 重大性之傳統內涵 30 第二項 ESG資訊之重大性判斷 33 第三項 我國規範之反思 37 第四項 應用於氣候資訊之評析 39 第五節 本章結論 39 第三章 為投資者加強及標準化氣候相關揭露草案 42 第一節 草案之立法背景 42 第一項 美國現行監管架構 42 第二項 問題意識 47 第三項 立法目的 52 第二節 草案之主要規範內容 52 第一項 規範對象及受影響者 53 第二項 氣候相關風險揭露 54 第三項 氣候相關風險之影響揭露 57 第四項 治理揭露 59 第五項 風險管理揭露 60 第六項 財務報表指標揭露 62 第七項 溫室氣體排放指標揭露 65 第八項 指標及目標揭露 81 第九項 其他規範 82 第三節 SEC對實行揭露要求之經濟影響分析 83 第一項 成本效益 84 第二項 其他影響 92 第四節 各界對草案內容之反對意見 93 第一項 SEC立法權疑慮 93 第二項 範疇三排放揭露之爭論 103 第三項 重大性標準與財報指標揭露之1%門檻 106 第四項 草案過於理想化 107 第五節 草案推行狀況之最新後續 109 第六節 本章結論與評析 110 第四章 氣候資訊揭露於我國法制之實踐 114 第一節 我國近年推行之永續發展計畫 114 第一項 綠色金融行動方案 114 第二項 上市櫃公司永續發展行動方案 117 第三項 接軌IFRS永續準則藍圖 119 第四項 ESG Infohub網站 119 第二節 我國施行之氣候相關法規範 120 第一項 一般規範 120 第二項 氣候變遷因應法 128 第三項 我國制度與SEC草案之比較 136 第三節 我國現行氣候資訊揭露制度之缺失 138 第一項 主管機關之要求較零散 138 第二項 集中於溫室氣體排放方面 139 第三項 對揭露品質之管控不足 140 第四項 缺乏範疇三相關指引 140 第五項 除溫室氣體盤查與確信外，仍多為自願揭露性質 141 第四節 修正方向 142 第一項 於證交法中增訂氣候資訊揭露要求 142 第二項 加強董事會之職能 152 第三項 緩衝規定 154 第四項 其他協助 155 第五節 本章結論 155 第五章 結論與建議 158 參考文獻 164 附錄 179 zh_TW dc.format.extent 3490569 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110358002 en_US dc.subject (關鍵詞) 氣候變遷 zh_TW dc.subject (關鍵詞) 氣候資訊揭露 zh_TW dc.subject (關鍵詞) 強制揭露 zh_TW dc.subject (關鍵詞) 美國證券交易委員會 zh_TW dc.subject (關鍵詞) 為投資者加強及標準化氣候相關揭露 zh_TW dc.subject (關鍵詞) Climate Change en_US dc.subject (關鍵詞) Climate-Related Disclosures en_US dc.subject (關鍵詞) Mandatory Disclosure en_US dc.subject (關鍵詞) The U.S. Securities and Exchange Commission en_US dc.subject (關鍵詞) The Enhancement and Standardization of Climate-Related Disclosures for Investors en_US dc.title (題名) 論我國氣候相關資訊之揭露 — 以美國SEC草案為借鏡 zh_TW dc.title (題名) A Study on Climate-related Disclosures in Taiwan‐Lessons From the Proposed Regulation of the U.S. SEC en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 一、中文文獻 （一）書籍 1.楊雅惠、許嘉棟（2014），台灣金融體制之變遷綜觀（初版），財團法人台灣金融研訓院。 2.劉連煜（2020），現代證券交易法實例研習（十七版），元照。 （二）期刊 1.官生平（2023），ESG績效揭露國際標準現況與發展，品質月刊，第59卷第3期。 2.張心悌（2023），ESG與董事監督義務，月旦法學雜誌，第341期，頁64-79。 3.陳仲嶙、蔡昌憲、劉冠佳（2022），企業社會揭露的法律管制模式—兼顧時效性與合憲性的觀點，中研院法學期刊，第31期，頁163-254。 4.陳肇鴻（2023），董事會面對ESG目標的治理責任—以金融機構氣候風險管理為例，臺灣財經法學論叢，第5卷第1期，頁219-260。 5.黃朝琮（2022），環境、社會與治理（ESG）資訊揭露之規範—以重大性之判斷為核心，臺北大學法學論叢，第122期，頁1-111。 6.蔡昌憲（2023），董事會之永續治理角色與董事監督義務，臺灣財經法學論叢，第5卷第1期，頁155-218。 7.鄭惠宜（2023），從公司治理評鑑看上市櫃公司對ESG資訊揭露之法律風險，當代法律，第17期，頁49-56。 8.鄭暄蓉（2023），ESG資訊揭露之國際發展趨勢，證券暨期貨月刊，第41卷第4期，頁5-18。 9.駱秉寬（2022），獨立董事和董事會如何引領ESG的永續文化與策略，當代法律，創刊號，頁59-63。 （三）學位論文 1.高梓鈞（2023），論我國 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19.國立臺北大學商學院全球變遷與永續科學研究中心，2023臺灣永續投資調查， https://cgcss.ntpu.edu.tw/lyadmin/pages/uploads/file/f1_xwk0lax0oc.pdf。 20.張瑞婷（2023），IFRS第S1號及第S2號永續揭露準則之發布、影響及因應，資誠聯合會計師事務所， https://www.tpex.org.tw/event/web/supervise_IFRS112/112年IFRS宣導會講義(新竹場)_2永續揭露準則S1及S2介紹.pdf。 21.淨零未來，綠色金融3.0助攻，低利融資引導建築業者低碳轉型， https://www.vistrondigital.com/posts/綠色金融助攻。 22.產業發展整合資訊網，歐盟將實施企業永續發展報告指令(CSRD)，統一歐盟永續報告揭露標準， https://proj.ftis.org.tw/isdn/Message/MessageView/1672?mid=126&page=1。 23.就享知，ISO 14064-1溫室氣體排放盤查原則，https://www.digiknow.com.tw/knowledge/62ea222c8338d。 24.黃建澤（2022），溫室氣體盤查規定與碳審計—會計師確信服務，安永，https://www.ey.com/zh_tw/climate-change-sustainability-services/greenhouse-gas-protocol-and-carbon-audit。 25.經理人，ESG 是什麼？何謂 ESG？企業永續關鍵字 CSR、ESG、SDGs 一次學，https://www.managertoday.com.tw/articles/view/62727。 26.經濟日報，綠天鵝壓力測試給台灣的啟示，https://money.udn.com/money/story/5628/7356277。 27.經濟日報，環署預告查驗機構管理辦法 三大重點， https://money.udn.com/money/story/5612/7358110。 28.綠色和平，什麼是漂綠？從石油、航班到牛扒 4個減碳排放失實案例，https://www.greenpeace.org/hongkong/issues/climate/update/31646/什麼是漂綠？從石油、航班到牛扒-4個減碳失實案例/。 29.領導力企管，ISO 14064-1：2018 溫室氣體盤查標準 Greenhouse gases Part 1：Specification with guidance，https://www.isoleader.com.tw/home/iso-coaching-detail/ISO14064-1。 30.領導力企管，CDP 碳揭露專案 Carbon Disclosure Project，https://www.isoleader.com.tw/home/iso-coaching-detail/CDP 31.環境資訊中心，【氣候變遷Q&A】(5) 什麼是二氧化碳當量(CO2e)與全球溫暖化潛勢(GWP)？ 人類製造出來的主要溫室氣體有哪些？，https://e-info.org.tw/node/67588。 32.聯合新聞網，證交所：ESG InfoHub 引領ESG資訊新浪潮， https://udn.com/news/story/7239/7595427。 33.贊贊小屋，合併報表持股比例：會計是如何權益法認列投資， https://zanzan.tw/archives/4657。 二、英文文獻 （一）期刊 1.Bingler, J. 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