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題名 強化綠色債券的信任： 區塊鏈與碳市場交易整合方案
Strengthening the Credibility of Green Bonds: Leveraging Blockchain for Carbon Trading Synergy and Addressing Greenwashing Concerns
作者 阮崑霖
Juan, Kun-Lin
貢獻者 陳恭
Chen, Kung
阮崑霖
Juan, Kun-Lin
關鍵詞 綠色債券
碳市場
物聯網
區塊鏈
分散式帳本
智能合約
Green Bonds
Carbon Market
Internet of Things(IoT)
Blockchain
Distributed Ledger
Smart Contracts
日期 2024
上傳時間 4-Sep-2024 14:05:44 (UTC+8)
摘要 隨著綠色金融的浪潮興起，綠色債券市場持續壯大，卻也同時面臨透明度不足和漂綠等挑戰。儘管國際間試圖透過制定標準來應對這些問題，這些自願性的措施並未完全遏止漂綠行為，而科技則能提供更進一步的解決方案。本文將探討透過整合區塊鏈技術，設計一個綠色債券的區塊鏈交易平台，進而強化數據揭露與監管，提升綠色債券市場的透明度和可信度。透過物聯網技術實時上傳綠色投資成效，並將此投資成效與碳權市場進行整合，確保發行方兌現其環保承諾。此綠色債券交易平台預期能降低漂綠風險，進一步促進綠色金融的可持續發展，並活絡碳交易市場，提升綠色債券對消費者的信任。
As the wave of green finance rises, the green bond market continues to grow but also faces challenges such as lack of transparency and greenwashing. Despite international efforts to address these issues through the establishment of standards, these voluntary measures have not entirely curbed greenwashing practices. Technology, however, can offer a further solution. This paper explores the integration of blockchain technology to design a blockchain-based trading platform for green bonds, thereby enhancing data disclosure and regulatory oversight, and increasing the transparency and credibility of the green bond market. Through the real-time upload of green investment performance using IoT technology, and integrating this performance with the carbon credit market, it ensures that issuers fulfill their environmental commitments. This green bond trading platform is expected to reduce the risk of greenwashing, further promote the sustainable development of green finance, invigorate the carbon trading market, and enhance consumer trust in green bonds.
參考文獻 Ana Reyna, C. M., Jaime Chen, Enrique Soler, Manuel Díaz. (2018). On blockchain and its integration with IoT. Challenges and opportunities. Future Generation Computer Systems, 88, 173-190. doi: https://doi.org/10.1016/j.future.2018.05.046 Boon-Hiong Chan. (2019). Transitioning into the future of securities post-trade (2nd ed.): Deutsche Bank Corporate Bank. Chiu, J. (2018). Blockchain-based Settlement for Asset Trading. 3. doi: http://dx.doi.org/10.2139/ssrn.3203917 Dan, A., & Tiron-Tudor, A. (2021). The determinants of green bond issuance in the European Union. Journal of risk and financial management, 14(9), 446. Duan, B. W. a. T. (2019). The Application of Blockchain Technology in Financial markets. Journal of Physics: Conference Series, 1176(4). EBA. (2023). EBA progress report on greenwashing monitoring and supervision: european banking authority. Eva Raquel Porras-Gonzalez, J. M. M.-M. a. J. M. G.-M. (2019). A critical analysis of the advantages brought by blockchain technology to the global economy. International Journal of Intellectual Property Management. HKMA. (2021). A prototype for green bond tokenisation by Digital Asset and GFT. HKMA. (2022). Bond Tokenisation in Hong Kong. HSBC. (2019). Gateway for sustainability linked bonds: HSBC. International Capital Market Association. (2017). The Green Bond Principle: ICMA. JPX Market Innovation & Research, I. N. S. C., Ltd (2023). Study Panel on the Use of Digital Bonds in ESG Investing. Katten, G. (2021). Issuing Green Bonds on the Algorand Blockchain. doi: https://doi.org/10.48550/arXiv.2108.10344 Leung. (2022). GREENWASHING IN THE CORPORATE GREEN BOND MARKETS: Hong Kong Monetary Authority. Li, C., Tang, W., Liang, F., & Wang, Z. (2024). The impact of climate change on corporate ESG performance: The role of resource misallocation in enterprises. Lingling Guo, J. C., Shihan Li, Yafei Li, Jinzhi Lu (2022). A blockchain and IoT-based lightweight framework for enabling information transparency in supply chain finance. 8(4), 576-587. doi: https://doi.org/10.1016/j.dcan.2022.03.020 Maher Alharby, A. v. M. (2017). Blockchain-based Smart Contracts: A Systematic Mapping Study. doi: https://doi.org/10.5121/csit.2017.71011 Focus to learn more Michael Doran, J. T. (2019). Critical challenges facing the green bond market: Baker McKenzie. Mohd Javaid , A. H., Ravi Pratap Singh , Rajiv Suman , Shahbaz Khan (2022). A review of Blockchain Technology applications for financial services. BenchCouncil Transactions on Benchmarks, Standards and Evaluations, 2(3). doi: https://doi.org/10.1016/j.tbench.2022.100073 Nakamoto, S. (2008). Bitcoin: A Peer-to-Peer Electronic Cash System. Pierro, M. D. (2017). What Is the Blockchain? Computing in Science & Engineering, 19(5), 92 - 95. doi: 10.1109/MCSE.2017.3421554 Poberezhna, A. (2018). Addressing Water Sustainability With Blockchain Technology and Green Finance. Transforming Climate Finance and Green Investment with Blockchains, 189-196. Schmittmann, Y. G. a. J. M. (2022). Green Bond Pricing and Greenwashing under Asymmetric Information. Sebastião Vieira de Freitas Netto, M. F. F. S., Ana Regina Bezerra Ribeiro & Gleibson Robert da Luz Soares (2020). Concepts and forms of greenwashing: a systematic review. Shafaq Naheed Khan, F. L., Chirine Ghedira-Guegan, Elhadj Benkhelifa & Anoud Bani-Hani (2021). Blockchain smart contracts: Applications, challenges, and future trends. Peer-to-Peer Networking and Applications 14, 2901-2925. . State and Trends of Carbon Pricing (2023): World Bank Szabo, N. (1997). Formalizing and Securing Relationships on Public Networks. doi: https://doi.org/10.5210/fm.v2i9.548 Tharaka Hewa, M. Y. M. L. (2021). Survey on blockchain based smart contracts: Applications, opportunities and challenges Journal of Network and Computer Applications, 177, 7-10. doi: https://doi.org/10.1016/j.jnca.2020.102857 TheWorldBank. (2021). What You Need to Know About IFC’s Green Bonds. 2024, from https://www.worldbank.org/en/news/feature/2021/12/08/what-you-need-to-know-about-ifc-s-green-bonds Tim Schloesser, K. S. (2022). Distributed Ledger Technology and Climate Finance. Underwood, S. (2016). Blockchain technology has the potential to revolutionize applications and redefine the digital economy. ACM, 59, Number 11, 15-17. Vangelis Malamas, T. K. D., Veni Arakelian & Gregory Chondrokoukis. (2023). A blockchain framework for digitizing securities issuance: the case of green bonds. doi: https://doi.org/10.1080/20430795.2023.2275212 Wang, S., & Wang, D. (2022). Exploring the relationship between ESG performance and green bond issuance. Frontiers in public health, 10, 897577. Wanli Chen, Q. W. (2020). The Role of Blockchain for the European Bond Market. Zerbib, O. D. (2018). Is There a Green Bond Premium? The yield differential between green and conventional bonds. 郭博堯. (2022). 聯合國碳交易市場之建構與展望. 17-19. 陳俊元. (2021). 綠色債券監理之研究：以國際準則發展為中心 證券市場發展季刊第 130 期. 曾婉禎. (2018). 我國綠色債券制度簡介: 金管會.
描述 碩士
國立政治大學
資訊管理學系
111356039
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111356039
資料類型 thesis
dc.contributor.advisor 陳恭zh_TW
dc.contributor.advisor Chen, Kungen_US
dc.contributor.author (Authors) 阮崑霖zh_TW
dc.contributor.author (Authors) Juan, Kun-Linen_US
dc.creator (作者) 阮崑霖zh_TW
dc.creator (作者) Juan, Kun-Linen_US
dc.date (日期) 2024en_US
dc.date.accessioned 4-Sep-2024 14:05:44 (UTC+8)-
dc.date.available 4-Sep-2024 14:05:44 (UTC+8)-
dc.date.issued (上傳時間) 4-Sep-2024 14:05:44 (UTC+8)-
dc.identifier (Other Identifiers) G0111356039en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/153160-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 資訊管理學系zh_TW
dc.description (描述) 111356039zh_TW
dc.description.abstract (摘要) 隨著綠色金融的浪潮興起，綠色債券市場持續壯大，卻也同時面臨透明度不足和漂綠等挑戰。儘管國際間試圖透過制定標準來應對這些問題，這些自願性的措施並未完全遏止漂綠行為，而科技則能提供更進一步的解決方案。本文將探討透過整合區塊鏈技術，設計一個綠色債券的區塊鏈交易平台，進而強化數據揭露與監管，提升綠色債券市場的透明度和可信度。透過物聯網技術實時上傳綠色投資成效，並將此投資成效與碳權市場進行整合，確保發行方兌現其環保承諾。此綠色債券交易平台預期能降低漂綠風險，進一步促進綠色金融的可持續發展，並活絡碳交易市場，提升綠色債券對消費者的信任。zh_TW
dc.description.abstract (摘要) As the wave of green finance rises, the green bond market continues to grow but also faces challenges such as lack of transparency and greenwashing. Despite international efforts to address these issues through the establishment of standards, these voluntary measures have not entirely curbed greenwashing practices. Technology, however, can offer a further solution. This paper explores the integration of blockchain technology to design a blockchain-based trading platform for green bonds, thereby enhancing data disclosure and regulatory oversight, and increasing the transparency and credibility of the green bond market. Through the real-time upload of green investment performance using IoT technology, and integrating this performance with the carbon credit market, it ensures that issuers fulfill their environmental commitments. This green bond trading platform is expected to reduce the risk of greenwashing, further promote the sustainable development of green finance, invigorate the carbon trading market, and enhance consumer trust in green bonds.en_US
dc.description.tableofcontents 第一章 緒論 8 第一節 動機與目的 8 第二節 方法與結構 9 第三節 研究貢獻 11 第二章 文獻回顧 12 第一節 綠色債券背景初探 12 一、綠色債券發展回顧 12 二、國際綠色債券市場準則 13 第二節 綠色債券漂綠問題分析 16 第三節 碳權市場背景初探 18 一、碳權市場現況 18 二、自願碳市場的金融商品 20 第三章 區塊鏈平台與綠色債券整合 25 第一節 綠色債券區塊鏈平台文獻回顧 25 一、區塊鏈文獻回顧 25 二、智能合約與綠色債券 26 第二節 物聯網技術與綠色投資數據蒐集 32 第三節 區塊鏈上的碳交易 34 第四章 區塊鏈綠色債券預售型碳代幣交易平台提案 36 第一節 預售型碳代幣結合綠色債券 36 第二節MOI發行挑戰與潛在問題 38 第三節MOI發行挑戰解決方案 40 第四節 區塊鏈平台設計與架構 44 一、債券架構 44 二、債券資產架構 45 三、預售型碳代幣基本資料 46 四、區塊鏈平台架構 47 五、區塊鏈交易平台參與方 49 六、區塊鏈碳信用鑄造銷毀架構 50 第五節 區塊鏈交易平台運作流程 50 一、債券發行流程 50 二、私鑰託管 51 三、一級市場交易流程 51 四、二級市場交易 53 五、預售型碳代幣與綠色債券比較 56 六、IoT數據上傳 57 七、CERT認證及交易流程 58 八、遠期交付CERT補足流程 60 九、平台管理方（政府）的角色 61 結語 62 第五章 結論 63 結論 63 研究限制 63 未來研究方向 64 參考資料 65zh_TW
dc.format.extent 2241683 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111356039en_US
dc.subject (關鍵詞) 綠色債券zh_TW
dc.subject (關鍵詞) 碳市場zh_TW
dc.subject (關鍵詞) 物聯網zh_TW
dc.subject (關鍵詞) 區塊鏈zh_TW
dc.subject (關鍵詞) 分散式帳本zh_TW
dc.subject (關鍵詞) 智能合約zh_TW
dc.subject (關鍵詞) Green Bondsen_US
dc.subject (關鍵詞) Carbon Marketen_US
dc.subject (關鍵詞) Internet of Things(IoT)en_US
dc.subject (關鍵詞) Blockchainen_US
dc.subject (關鍵詞) Distributed Ledgeren_US
dc.subject (關鍵詞) Smart Contractsen_US
dc.title (題名) 強化綠色債券的信任： 區塊鏈與碳市場交易整合方案zh_TW
dc.title (題名) Strengthening the Credibility of Green Bonds: Leveraging Blockchain for Carbon Trading Synergy and Addressing Greenwashing Concernsen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Ana Reyna, C. M., Jaime Chen, Enrique Soler, Manuel Díaz. (2018). On blockchain and its integration with IoT. Challenges and opportunities. Future Generation Computer Systems, 88, 173-190. doi: https://doi.org/10.1016/j.future.2018.05.046 Boon-Hiong Chan. (2019). Transitioning into the future of securities post-trade (2nd ed.): Deutsche Bank Corporate Bank. Chiu, J. (2018). Blockchain-based Settlement for Asset Trading. 3. doi: http://dx.doi.org/10.2139/ssrn.3203917 Dan, A., & Tiron-Tudor, A. (2021). The determinants of green bond issuance in the European Union. Journal of risk and financial management, 14(9), 446. Duan, B. W. a. T. (2019). The Application of Blockchain Technology in Financial markets. Journal of Physics: Conference Series, 1176(4). EBA. (2023). EBA progress report on greenwashing monitoring and supervision: european banking authority. Eva Raquel Porras-Gonzalez, J. M. M.-M. a. J. M. G.-M. (2019). A critical analysis of the advantages brought by blockchain technology to the global economy. International Journal of Intellectual Property Management. HKMA. (2021). A prototype for green bond tokenisation by Digital Asset and GFT. HKMA. (2022). Bond Tokenisation in Hong Kong. HSBC. (2019). Gateway for sustainability linked bonds: HSBC. International Capital Market Association. (2017). The Green Bond Principle: ICMA. JPX Market Innovation & Research, I. N. S. C., Ltd (2023). Study Panel on the Use of Digital Bonds in ESG Investing. Katten, G. (2021). Issuing Green Bonds on the Algorand Blockchain. doi: https://doi.org/10.48550/arXiv.2108.10344 Leung. (2022). GREENWASHING IN THE CORPORATE GREEN BOND MARKETS: Hong Kong Monetary Authority. Li, C., Tang, W., Liang, F., & Wang, Z. (2024). The impact of climate change on corporate ESG performance: The role of resource misallocation in enterprises. Lingling Guo, J. C., Shihan Li, Yafei Li, Jinzhi Lu (2022). A blockchain and IoT-based lightweight framework for enabling information transparency in supply chain finance. 8(4), 576-587. doi: https://doi.org/10.1016/j.dcan.2022.03.020 Maher Alharby, A. v. M. (2017). Blockchain-based Smart Contracts: A Systematic Mapping Study. doi: https://doi.org/10.5121/csit.2017.71011 Focus to learn more Michael Doran, J. T. (2019). Critical challenges facing the green bond market: Baker McKenzie. Mohd Javaid , A. H., Ravi Pratap Singh , Rajiv Suman , Shahbaz Khan (2022). A review of Blockchain Technology applications for financial services. BenchCouncil Transactions on Benchmarks, Standards and Evaluations, 2(3). doi: https://doi.org/10.1016/j.tbench.2022.100073 Nakamoto, S. (2008). Bitcoin: A Peer-to-Peer Electronic Cash System. Pierro, M. D. (2017). What Is the Blockchain? Computing in Science & Engineering, 19(5), 92 - 95. doi: 10.1109/MCSE.2017.3421554 Poberezhna, A. (2018). Addressing Water Sustainability With Blockchain Technology and Green Finance. Transforming Climate Finance and Green Investment with Blockchains, 189-196. Schmittmann, Y. G. a. J. M. (2022). Green Bond Pricing and Greenwashing under Asymmetric Information. Sebastião Vieira de Freitas Netto, M. F. F. S., Ana Regina Bezerra Ribeiro & Gleibson Robert da Luz Soares (2020). Concepts and forms of greenwashing: a systematic review. Shafaq Naheed Khan, F. L., Chirine Ghedira-Guegan, Elhadj Benkhelifa & Anoud Bani-Hani (2021). Blockchain smart contracts: Applications, challenges, and future trends. Peer-to-Peer Networking and Applications 14, 2901-2925. . State and Trends of Carbon Pricing (2023): World Bank Szabo, N. (1997). Formalizing and Securing Relationships on Public Networks. doi: https://doi.org/10.5210/fm.v2i9.548 Tharaka Hewa, M. Y. M. L. (2021). Survey on blockchain based smart contracts: Applications, opportunities and challenges Journal of Network and Computer Applications, 177, 7-10. doi: https://doi.org/10.1016/j.jnca.2020.102857 TheWorldBank. (2021). What You Need to Know About IFC’s Green Bonds. 2024, from https://www.worldbank.org/en/news/feature/2021/12/08/what-you-need-to-know-about-ifc-s-green-bonds Tim Schloesser, K. S. (2022). Distributed Ledger Technology and Climate Finance. Underwood, S. (2016). Blockchain technology has the potential to revolutionize applications and redefine the digital economy. ACM, 59, Number 11, 15-17. Vangelis Malamas, T. K. D., Veni Arakelian & Gregory Chondrokoukis. (2023). A blockchain framework for digitizing securities issuance: the case of green bonds. doi: https://doi.org/10.1080/20430795.2023.2275212 Wang, S., & Wang, D. (2022). Exploring the relationship between ESG performance and green bond issuance. Frontiers in public health, 10, 897577. Wanli Chen, Q. W. (2020). The Role of Blockchain for the European Bond Market. Zerbib, O. D. (2018). Is There a Green Bond Premium? The yield differential between green and conventional bonds. 郭博堯. (2022). 聯合國碳交易市場之建構與展望. 17-19. 陳俊元. (2021). 綠色債券監理之研究：以國際準則發展為中心 證券市場發展季刊第 130 期. 曾婉禎. (2018). 我國綠色債券制度簡介: 金管會.zh_TW