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題名 碳捕捉、利用與封存之永續商業模式分析: 以Petra Nova、Longship個案為例
Analyzing Sustainable Business Models for Carbon Capture, Utilization, and Storage (CCUS): Case Studies of Petra Nova and Longship作者 彭郁宸
Peng, Yu-Chen貢獻者 柯玉佳
Ko, Yu-Chia
彭郁宸
Peng, Yu-Chen關鍵詞 碳捕捉
利用與封存
商業模式
脫碳技術
永續轉型
氣候投資
Carbon Capture
Utilization and Storage
Business Model
Decarbonization Technology
Sustainability Transition
Climate Investment日期 2025 上傳時間 1-Sep-2025 16:07:12 (UTC+8) 摘要 面對氣候變遷與能源轉型的迫切需求，碳捕捉、利用與封存（CCUS）技術被視為邁向淨零排放的重要途徑。然而，CCUS專案普遍面臨高資本成本、長回收期與市場不確定性，形成技術商業化過程中的死亡之谷。因此設計出兼顧經濟性與永續性的商業模式，才能讓創新技術真正擴散。本研究以永續商業模式四構面（價值創造、供應鏈管理、利害關係人互動、財務結構）作為分析框架，探討在政策誘因、產業協作與市場條件交織的情境下，CCUS專案如何設計可行且具韌性的商業模式，以跨越死亡之谷並推動低碳轉型。透過比較美國Petra Nova與挪威Longship專案，分析兩者在全鏈模式下於資金安排、風險分攤、公共與私部門合作機制等面向的異同，進而提出支持CCUS發展所需的政策結構與產業策略建議。研究結果顯示，穩定的政策承諾、有效的契約設計（如CCfD）與清晰的責任分配機制，是降低投資風險、吸引資本投入及推動技術擴散的關鍵要素。透過系統性比較不同專案的融資與營運結構，本研究期望能為政策制定者提供建構誘因與市場穩定性的具體參考，協助企業與營運者在高風險市場中設計可行的營運策略，同時作為金融與投資機構評估此類專案融資架構與風險管理的重要依據。最終，期盼本研究能成為串聯政策、產業與資本的重要橋梁，使CCUS在碳中和的道路上真正扮演推動者的角色。
Amid the pressing demands of climate change and the energy transition, Carbon Capture, Utilization, and Storage (CCUS) technologies are regarded as a critical pathway toward achieving net-zero emissions. Yet CCUS projects often entail high capital intensity, long payback horizons, and market uncertainty, creating a “valley of death” in commercialization. Designing business models that balance economic viability with sustainability is therefore essential for enabling the diffusion of these innovative technologies. This study adopts the four-pillar framework of sustainable business models, value creation, supply chain management, stakeholder interaction, and financial structure, to examine how CCUS projects can develop viable and resilient business models under the intertwined conditions of policy incentives, industrial collaboration, and market dynamics to overcome the valley of death and accelerate low-carbon transitions. By comparing the Petra Nova project in the United States and the Longship project in Norway, this research analyzes the similarities and differences between full-chain models in terms of financing structures, risk-sharing mechanisms, and public-private partnerships, providing financial and industrial strategy recommendations essential for supporting CCUS deployment. The findings indicate that stable policy commitments, effective contractual designs, and clear liability allocation are key elements in reducing investment risks, attracting capital, and facilitating the widespread deployment of CCUS technologies. Through a systematic comparison of financing and operational structures across projects, this study aims to offer policymakers concrete references for constructing incentives and market stability, support firms and operators in designing feasible operational strategies in high-risk markets, and provide financial institutions and investors with frameworks for evaluating financing structures and risk management in CCUS projects. Ultimately, this research aims to bridge the gaps among policy, industry, and capital, thereby enabling CCUS to evolve into a transformative force in the transition to a low-carbon economy.參考文獻 Abdelkafi, N., & Täuscher, K. (2016). Business models for sustainability from a system dynamics perspective. Organization & Environment, 29(1), 74-96. Amit, R., & Zott, C. (2001). Value creation in e‐business. Strategic management journal, 22(6‐7), 493-520. Anderson, O. L. (2025). CCUS in the United States of America. In Carbon Capture Utilization and Storage: Law, Policy and Standardization Perspectives (pp. 557-595). Springer. Bell, E., Harley, B., & Bryman, A. (2022). Business research methods. Oxford university press. Bocken, N. M., Short, S. W., Rana, P., & Evans, S. (2014). A literature and practice review to develop sustainable business model archetypes. Journal of Cleaner production, 65, 42-56. Boons, F., & Lüdeke-Freund, F. (2013). Business models for sustainable innovation: state-of-the-art and steps towards a research agenda. Journal of Cleaner production, 45, 9-19. Bui, M., Adjiman, C. S., Bardow, A., Anthony, E. J., Boston, A., Brown, S., Fennell, P. S., Fuss, S., Galindo, A., & Hackett, L. A. (2018). Carbon capture and storage (CCS): the way forward. Energy & Environmental Science, 11(5), 1062-1176. Chesbrough, H., & Rosenbloom, R. S. (2002). The role of the business model in capturing value from innovation: evidence from Xerox Corporation's technology spin‐off companies. Industrial and corporate change, 11(3), 529-555. Cusumano, M. A., Gawer, A., & Yoffie, D. B. (2019). The business of platforms: Strategy in the age of digital competition, innovation, and power (Vol. 320). Harper Business New York. Fattouh, B., Muslemani, H., & Jewad, R. (2024). Capture carbon, capture value: An overview of CCS business models. OIES Paper: CM. Friedlingstein, P., O'sullivan, M., Jones, M. W., Andrew, R. M., Gregor, L., Hauck, J., Le Quéré, C., Luijkx, I. T., Olsen, A., & Peters, G. P. (2022). Global carbon budget 2022. Earth system science data, 14(11), 4811-4900. Gassnova, S. (2020). Potential for reduced costs for carbon capture, transport and storage value chains (CCS). The Norwegian Full-Scale CCS Demonstration Project, 28, 1-61. Gaziulusoy, A. I., & Twomey, P. (2014). Emerging approaches in business model innovation relevant to sustainability and low-carbon transitions. VP2040 Foreground paper. Gentile, V., Cauchois, G., Ålund, I., & Renzi, N. (2023). Carbon footprint of the Northern Lights JV CO2 transport and storage value chain. In: Northern Lights. https://norli ghts. com/wp-conte nt/uploa ds/2023/11/Repor …. Hayek, F. A. (1967). Studies in philosophy, politics and economics. University of Chicago Press Chicago. Heldeweg, M. A., & Saintier, S. (2020). Renewable energy communities as ‘socio-legal institutions’: A normative frame for energy decentralization? Renewable and Sustainable Energy Reviews, 119, 109518. Kennedy, G. (2020). Wa parish post-combustion co2 capture and sequestration demonstration project (final technical report). Kenney, M., & Zysman, J. (2016). The rise of the platform economy. Issues in science and technology, 32(3), 61. Mazzucato, M. (2016). From market fixing to market-creating: a new framework for innovation policy. Industry and innovation, 23(2), 140-156. Mignon, I., & Bankel, A. (2023). Sustainable business models and innovation strategies to realize them: A review of 87 empirical cases. Business Strategy and the Environment, 32(4), 1357-1372. Muscio, A., Simonelli, F., & Vu, H. (2023). Bridging the valley of death in the EU renewable energy sector: Toward a new energy policy. Business Strategy and the Environment, 32(7), 4620-4635. Muslemani, H., Liang, X., Kaesehage, K., & Wilson, J. (2020). Business models for carbon capture, utilization and storage technologies in the steel sector: a qualitative multi-method study. Processes, 8(5), 576. Okkonen, L., & Suhonen, N. (2010). Business models of heat entrepreneurship in Finland. Energy Policy, 38(7), 3443-3452. Pieri, T., Nikitas, A., Castillo-Castillo, A., & Angelis-Dimakis, A. (2018). Holistic assessment of carbon capture and utilization value chains. Environments, 5(10), 108. Pires, J. C., Martins, F. G., Alvim-Ferraz, M. C., & Simões, M. (2011). Recent developments on carbon capture and storage: An overview. Chemical engineering research and design, 89(9), 1446-1460. Sandberg, M., Klockars, K., & Wilén, K. (2019). Green growth or degrowth? Assessing the normative justifications for environmental sustainability and economic growth through critical social theory. Journal of Cleaner production, 206, 133-141. Schaltegger, S., Beckmann, M., & Hansen, E. G. (2013). Transdisciplinarity in corporate sustainability: Mapping the field. Business Strategy and the Environment, 22(4), 219-229. Schaltegger, S., Hansen, E. G., & Lüdeke-Freund, F. (2016). Business models for sustainability: Origins, present research, and future avenues. Organization & Environment, 29(1), 3-10. Stubbs, W., & Cocklin, C. (2008). Conceptualizing a “sustainability business model”. Organization & Environment, 21(2), 103-127. Tebbiche, I., Mocellin, J., Huong, L. T., & Pasquier, L.-C. (2021). Circular Economy and carbon capture, utilization, and storage. In Biomass, Biofuels, Biochemicals (pp. 813-851). Elsevier. Teece, D. J. (2010). Business models, business strategy and innovation. Long range planning, 43(2-3), 172-194. Wang, R. (2024). Status and perspectives on CCUS clusters and hubs. Unconventional Resources, 4, 100065. Wang, X., Tang, R., Meng, M., & Su, T. (2023). Research on CCUS business model and policy incentives for coal-fired power plants in China. International Journal of Greenhouse Gas Control, 125, 103871. Williams, K. D. (2007). Ostracism. Annu. Rev. Psychol., 58(1), 425-452. Wu, N., Parsons, J. E., & Polenske, K. R. (2013). The impact of future carbon prices on CCS investment for power generation in China. Energy Policy, 54, 160-172. Yao, X., Zhong, P., Zhang, X., & Zhu, L. (2018). Business model design for the carbon capture utilization and storage (CCUS) project in China. Energy Policy, 121, 519-533. Zott, C., & Amit, R. (2010). Business model design: An activity system perspective. Long range planning, 43(2-3), 216-226. 描述 碩士
國立政治大學
科技管理與智慧財產研究所
112364116資料來源 http://thesis.lib.nccu.edu.tw/record/#G0112364116 資料類型 thesis dc.contributor.advisor 柯玉佳 zh_TW dc.contributor.advisor Ko, Yu-Chia en_US dc.contributor.author (Authors) 彭郁宸 zh_TW dc.contributor.author (Authors) Peng, Yu-Chen en_US dc.creator (作者) 彭郁宸 zh_TW dc.creator (作者) Peng, Yu-Chen en_US dc.date (日期) 2025 en_US dc.date.accessioned 1-Sep-2025 16:07:12 (UTC+8) - dc.date.available 1-Sep-2025 16:07:12 (UTC+8) - dc.date.issued (上傳時間) 1-Sep-2025 16:07:12 (UTC+8) - dc.identifier (Other Identifiers) G0112364116 en_US dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/159252 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 科技管理與智慧財產研究所 zh_TW dc.description (描述) 112364116 zh_TW dc.description.abstract (摘要) 面對氣候變遷與能源轉型的迫切需求，碳捕捉、利用與封存（CCUS）技術被視為邁向淨零排放的重要途徑。然而，CCUS專案普遍面臨高資本成本、長回收期與市場不確定性，形成技術商業化過程中的死亡之谷。因此設計出兼顧經濟性與永續性的商業模式，才能讓創新技術真正擴散。本研究以永續商業模式四構面（價值創造、供應鏈管理、利害關係人互動、財務結構）作為分析框架，探討在政策誘因、產業協作與市場條件交織的情境下，CCUS專案如何設計可行且具韌性的商業模式，以跨越死亡之谷並推動低碳轉型。透過比較美國Petra Nova與挪威Longship專案，分析兩者在全鏈模式下於資金安排、風險分攤、公共與私部門合作機制等面向的異同，進而提出支持CCUS發展所需的政策結構與產業策略建議。研究結果顯示，穩定的政策承諾、有效的契約設計（如CCfD）與清晰的責任分配機制，是降低投資風險、吸引資本投入及推動技術擴散的關鍵要素。透過系統性比較不同專案的融資與營運結構，本研究期望能為政策制定者提供建構誘因與市場穩定性的具體參考，協助企業與營運者在高風險市場中設計可行的營運策略，同時作為金融與投資機構評估此類專案融資架構與風險管理的重要依據。最終，期盼本研究能成為串聯政策、產業與資本的重要橋梁，使CCUS在碳中和的道路上真正扮演推動者的角色。 zh_TW dc.description.abstract (摘要) Amid the pressing demands of climate change and the energy transition, Carbon Capture, Utilization, and Storage (CCUS) technologies are regarded as a critical pathway toward achieving net-zero emissions. Yet CCUS projects often entail high capital intensity, long payback horizons, and market uncertainty, creating a “valley of death” in commercialization. Designing business models that balance economic viability with sustainability is therefore essential for enabling the diffusion of these innovative technologies. This study adopts the four-pillar framework of sustainable business models, value creation, supply chain management, stakeholder interaction, and financial structure, to examine how CCUS projects can develop viable and resilient business models under the intertwined conditions of policy incentives, industrial collaboration, and market dynamics to overcome the valley of death and accelerate low-carbon transitions. By comparing the Petra Nova project in the United States and the Longship project in Norway, this research analyzes the similarities and differences between full-chain models in terms of financing structures, risk-sharing mechanisms, and public-private partnerships, providing financial and industrial strategy recommendations essential for supporting CCUS deployment. The findings indicate that stable policy commitments, effective contractual designs, and clear liability allocation are key elements in reducing investment risks, attracting capital, and facilitating the widespread deployment of CCUS technologies. Through a systematic comparison of financing and operational structures across projects, this study aims to offer policymakers concrete references for constructing incentives and market stability, support firms and operators in designing feasible operational strategies in high-risk markets, and provide financial institutions and investors with frameworks for evaluating financing structures and risk management in CCUS projects. Ultimately, this research aims to bridge the gaps among policy, industry, and capital, thereby enabling CCUS to evolve into a transformative force in the transition to a low-carbon economy. en_US dc.description.tableofcontents 第一章 緒論 1 第一節 研究背景 1 第二節 研究動機 2 第三節 研究目的與問題 4 第四節 研究架構及限制 6 第二章 文獻回顧與理論基礎 8 第一節 商業模式理論與永續商業模式理論脈絡 8 一、商業模式理論 8 二、永續商業模式理論 14 第二節 CCUS技術、產業現況與商業模式應用 18 一、CCUS關鍵技術介紹 18 2.2.1.1碳捕捉技術（Carbon Capture Technologies） 19 2.2.1.2 二氧化碳運輸技術（CO₂ Transportation Technologies） 21 2.2.1.3二氧化碳封存技術（CO₂ Storage Technologies） 21 2.2.1.4二氧化碳再利用技術（CO₂ Utilization Technologies） 21 二、CCUS產業現況 22 三、CCUS價值鏈模式 23 2.2.3.1 全鏈價值鏈模式（Full chain model） 25 2.2.3.2 部分鏈價值鏈模式（Partial chain model） 28 2.2.3.3 全鏈模式與部分鏈模式之比較分析 31 四、 CCUS運營模式 32 2.2.4.1垂直整合商業模式（Vertically Integrated Business Model） 33 2.2.4.2合資商業模式（Joint Venture Business Model） 34 2.2.4.3營運商商業模式（CCUS Operator Business Model） 35 2.2.4.4運輸商商業模式（CO₂ Transporter Business Model） 35 第三章 研究方法與設計 38 第一節 研究方法 38 第二節 研究架構 39 第三節 研究流程 42 第四章 個案研究與分析 42 第一節 PETRA NOVA個案公司背景描述 43 第二節 PETRA NOVA個案分析與討論 49 第三節 LONGSHIP個案公司背景描述 58 第五章 LONGSHIP個案分析與討論 60 第五節 研究發現 67 第五章 結論與建議 70 第一節 研究結論 70 第二節 理論意涵 71 第三節 實務意涵 73 第四節 研究限制 76 第五節 未來研究建議 76 參考文獻 78 附錄 81 zh_TW dc.format.extent 1214411 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0112364116 en_US dc.subject (關鍵詞) 碳捕捉 zh_TW dc.subject (關鍵詞) 利用與封存 zh_TW dc.subject (關鍵詞) 商業模式 zh_TW dc.subject (關鍵詞) 脫碳技術 zh_TW dc.subject (關鍵詞) 永續轉型 zh_TW dc.subject (關鍵詞) 氣候投資 zh_TW dc.subject (關鍵詞) Carbon Capture en_US dc.subject (關鍵詞) Utilization and Storage en_US dc.subject (關鍵詞) Business Model en_US dc.subject (關鍵詞) Decarbonization Technology en_US dc.subject (關鍵詞) Sustainability Transition en_US dc.subject (關鍵詞) Climate Investment en_US dc.title (題名) 碳捕捉、利用與封存之永續商業模式分析: 以Petra Nova、Longship個案為例 zh_TW dc.title (題名) Analyzing Sustainable Business Models for Carbon Capture, Utilization, and Storage (CCUS): Case Studies of Petra Nova and Longship en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Abdelkafi, N., & Täuscher, K. (2016). Business models for sustainability from a system dynamics perspective. Organization & Environment, 29(1), 74-96. Amit, R., & Zott, C. (2001). Value creation in e‐business. Strategic management journal, 22(6‐7), 493-520. Anderson, O. L. (2025). CCUS in the United States of America. In Carbon Capture Utilization and Storage: Law, Policy and Standardization Perspectives (pp. 557-595). Springer. Bell, E., Harley, B., & Bryman, A. (2022). Business research methods. Oxford university press. Bocken, N. M., Short, S. W., Rana, P., & Evans, S. (2014). A literature and practice review to develop sustainable business model archetypes. Journal of Cleaner production, 65, 42-56. Boons, F., & Lüdeke-Freund, F. (2013). Business models for sustainable innovation: state-of-the-art and steps towards a research agenda. Journal of Cleaner production, 45, 9-19. Bui, M., Adjiman, C. S., Bardow, A., Anthony, E. J., Boston, A., Brown, S., Fennell, P. S., Fuss, S., Galindo, A., & Hackett, L. A. (2018). Carbon capture and storage (CCS): the way forward. Energy & Environmental Science, 11(5), 1062-1176. Chesbrough, H., & Rosenbloom, R. S. (2002). The role of the business model in capturing value from innovation: evidence from Xerox Corporation's technology spin‐off companies. Industrial and corporate change, 11(3), 529-555. Cusumano, M. A., Gawer, A., & Yoffie, D. B. (2019). The business of platforms: Strategy in the age of digital competition, innovation, and power (Vol. 320). Harper Business New York. Fattouh, B., Muslemani, H., & Jewad, R. (2024). Capture carbon, capture value: An overview of CCS business models. OIES Paper: CM. Friedlingstein, P., O'sullivan, M., Jones, M. W., Andrew, R. M., Gregor, L., Hauck, J., Le Quéré, C., Luijkx, I. T., Olsen, A., & Peters, G. P. (2022). Global carbon budget 2022. Earth system science data, 14(11), 4811-4900. Gassnova, S. (2020). Potential for reduced costs for carbon capture, transport and storage value chains (CCS). The Norwegian Full-Scale CCS Demonstration Project, 28, 1-61. Gaziulusoy, A. I., & Twomey, P. (2014). Emerging approaches in business model innovation relevant to sustainability and low-carbon transitions. VP2040 Foreground paper. Gentile, V., Cauchois, G., Ålund, I., & Renzi, N. (2023). Carbon footprint of the Northern Lights JV CO2 transport and storage value chain. In: Northern Lights. https://norli ghts. com/wp-conte nt/uploa ds/2023/11/Repor …. Hayek, F. A. (1967). Studies in philosophy, politics and economics. University of Chicago Press Chicago. Heldeweg, M. A., & Saintier, S. (2020). Renewable energy communities as ‘socio-legal institutions’: A normative frame for energy decentralization? Renewable and Sustainable Energy Reviews, 119, 109518. Kennedy, G. (2020). Wa parish post-combustion co2 capture and sequestration demonstration project (final technical report). Kenney, M., & Zysman, J. (2016). The rise of the platform economy. Issues in science and technology, 32(3), 61. Mazzucato, M. (2016). From market fixing to market-creating: a new framework for innovation policy. Industry and innovation, 23(2), 140-156. Mignon, I., & Bankel, A. (2023). Sustainable business models and innovation strategies to realize them: A review of 87 empirical cases. Business Strategy and the Environment, 32(4), 1357-1372. Muscio, A., Simonelli, F., & Vu, H. (2023). Bridging the valley of death in the EU renewable energy sector: Toward a new energy policy. Business Strategy and the Environment, 32(7), 4620-4635. Muslemani, H., Liang, X., Kaesehage, K., & Wilson, J. (2020). Business models for carbon capture, utilization and storage technologies in the steel sector: a qualitative multi-method study. Processes, 8(5), 576. Okkonen, L., & Suhonen, N. (2010). Business models of heat entrepreneurship in Finland. Energy Policy, 38(7), 3443-3452. Pieri, T., Nikitas, A., Castillo-Castillo, A., & Angelis-Dimakis, A. (2018). Holistic assessment of carbon capture and utilization value chains. Environments, 5(10), 108. Pires, J. C., Martins, F. G., Alvim-Ferraz, M. C., & Simões, M. (2011). Recent developments on carbon capture and storage: An overview. Chemical engineering research and design, 89(9), 1446-1460. Sandberg, M., Klockars, K., & Wilén, K. (2019). Green growth or degrowth? Assessing the normative justifications for environmental sustainability and economic growth through critical social theory. Journal of Cleaner production, 206, 133-141. Schaltegger, S., Beckmann, M., & Hansen, E. G. (2013). Transdisciplinarity in corporate sustainability: Mapping the field. Business Strategy and the Environment, 22(4), 219-229. Schaltegger, S., Hansen, E. G., & Lüdeke-Freund, F. (2016). Business models for sustainability: Origins, present research, and future avenues. Organization & Environment, 29(1), 3-10. Stubbs, W., & Cocklin, C. (2008). Conceptualizing a “sustainability business model”. Organization & Environment, 21(2), 103-127. Tebbiche, I., Mocellin, J., Huong, L. T., & Pasquier, L.-C. (2021). Circular Economy and carbon capture, utilization, and storage. In Biomass, Biofuels, Biochemicals (pp. 813-851). Elsevier. Teece, D. J. (2010). Business models, business strategy and innovation. Long range planning, 43(2-3), 172-194. Wang, R. (2024). Status and perspectives on CCUS clusters and hubs. Unconventional Resources, 4, 100065. Wang, X., Tang, R., Meng, M., & Su, T. (2023). Research on CCUS business model and policy incentives for coal-fired power plants in China. International Journal of Greenhouse Gas Control, 125, 103871. Williams, K. D. (2007). Ostracism. Annu. Rev. Psychol., 58(1), 425-452. Wu, N., Parsons, J. E., & Polenske, K. R. (2013). The impact of future carbon prices on CCS investment for power generation in China. Energy Policy, 54, 160-172. Yao, X., Zhong, P., Zhang, X., & Zhu, L. (2018). Business model design for the carbon capture utilization and storage (CCUS) project in China. Energy Policy, 121, 519-533. Zott, C., & Amit, R. (2010). Business model design: An activity system perspective. Long range planning, 43(2-3), 216-226. zh_TW
