自《巴黎協定》生效以來，自願性碳權市場成為促進國家和企業減排的重要途徑之一，其重要性日益凸顯。考慮到目前市場仍處於混亂、不透明的階段，價格高低並不一定能與品質掛鉤，本研究試圖通過碳權註銷數量來分析市場買家對自願性碳權市場的偏好，以掌握市場動態。本研究從宏觀角度探討自2004年以來，專案屬性對碳權註銷量的影響，通過多元線性迴歸模型的分析，我們發現專案屬性中的各個項目對註銷量有不同程度的影響，其中，在認證機構與時間趨勢的交互作用中，結果顯示CAR認證對註銷量的影響係數逐年上升，這與其整合加州碳交易市場有關。
近年來，越來越多國家選擇建立自身的自願性碳權市場，作為強制性市場的輔助策略，本研究的結果不僅有助於提升自願性碳權市場的透明度和有效性，還能為政策制定者和市場參與者提供有價值的佐證，推動市場的健康發展並實現全球減碳目標。

After the implementation of Paris Agreement, voluntary carbon market has become one of essential mechanism for countries and companies to reduce their emissions. Considering that the current market is not transparent and full of uncertainty, it is still hard to tell whether the quality of carbon credit is good or not merely by its prices. This study attempts to understand market dynamics by analyzing the retirements of the carbon credit, thereby gaining insights into buyers' preference of the voluntary carbon market.
From a macro perspective, this study examines the impact of project attributes on retirements of carbon credit since 2004. Through the application of multiple linear regression models, we found that various project attributes influence the offsetting volumes to different extents. Notably, in the model that analyzes interaction between registries and different time sections, the result showed that the coefficient of CAR registry on the retirements has increased gradually. Such reason may be related to its convergence with California carbon trading market.
Nowadays, an increasing number of countries have chosen to establish their own voluntary carbon markets as a supplementary strategy to the compliance markets. Our findings not only help enhance the transparency and effectiveness of the voluntary carbon market but also provide a preliminary but valuable evidence for policymakers and market participants, promoting healthy market development and achieving global emission reduction goals.

論文審定書 i
致謝 ii
摘要 iii
Abstract iv
第一章 緒論 1
1.1 研究背景與動機 1
1.2 研究問題 6
第二章 文獻探討 7
2.1 買家購買動機 7
2.2 買家考量因素 9
2.3 自願性碳權市場的質疑 11
2.4 研究缺口 13
第三章 產業現況 15
3.1 碳權市場的框架 15
3.2 強制性碳權市場 16
3.3 自願性碳權市場 17
3.4 台灣的碳權市場現況 24
第四章 研究方法 27
4.1 資料庫介紹 27
4.2 變數介紹 28
4.3 變數處理 34
4.4 分析方法 39
第五章 研究結果 42
5.1 敘述性統計 42
5.2 分析結果 47
第六章 結論與建議 55
6.1 研究結論 55
6.2 研究限制與未來建議 61
參考文獻 62

國家發展委員會. 十二項關鍵戰略https://www.ndc.gov.tw/Content_List.aspx?n=733396F648BE2845
Apple (2023, Sept 12) Apple 推出首批碳中和產品https://www.apple.com/tw/newsroom/2023/09/apple-unveils-its-first-carbon-neutral-products/
Badgley, G., Chay, F., Chegwidden, O. S., Hamman, J. J., Freeman, J., & Cullenward, D. (2022). California’s forest carbon offsets buffer pool is severely undercapitalized. Frontiers in Forests and Global Change, 5, 930426.
Blasch, J., & Farsi, M. (2014). Context effects and heterogeneity in voluntary carbon offsetting–a choice experiment in Switzerland. Journal of Environmental Economics and Policy, 3(1), 1-24.
Bösehans, G., Bolderdijk, J. W., & Wan, J. (2020). Pay more, fly more? Examining the potential guilt-reducing and flight-encouraging effect of an integrated carbon offset. Journal of Environmental Psychology, 71, 101469.
Broekhoff, D., Gillenwater, M., Colbert-Sangree, T., and Cage, P. 2019. “Securing Climate Benefit: A Guide to Using Carbon Offsets.” Stockholm Environment Institute & Greenhouse Gas Management Institute. Offsetguide.org/pdf-download/
Bumpus, A. G., & Liverman, D. M. (2008). Accumulation by decarbonization and the governance of carbon offsets. Economic geography, 84(2), 127-155.
Cacho, O. J., Lipper, L., & Moss, J. (2013). Transaction costs of carbon offset projects: A comparative study. Ecological Economics, 88, 232-243.
Climate Action Reserve. California Compliance Offset Program. https://www.climateactionreserve.org/how/california-compliance-projects/
Conte, M. N., & Kotchen, M. J. (2010). Explaining the price of voluntary carbon offsets. Climate Change Economics, 1(02), 93-111.
Dhanda, K. K., & Hartman, L. P. (2011). The ethics of carbon neutrality: A critical examination of voluntary carbon offset providers. Journal of Business Ethics, 100, 119-149.
Forest Trends’ Ecosystem Marketplace. 2023. State of the Voluntary Carbon Markets 2023. Washington DC: Forest Trends Association.
Forest Trends’ Ecosystem Marketplace. 2024. State of the Voluntary Carbon Market 2024. Washington DC: Forest Trends Association.
Fujii, H., Webb, J., Mundree, S., Rowlings, D., Grace, P., Wilson, C., & Managi, S. (2024). Priority change and driving factors in the voluntary carbon offset market. Cleaner Environmental Systems, 13, 100164.
Guigon, P., Bellassen, V., & Ambrosi, P. (2009). Voluntary Carbon Markets: What the Standards Say.. (Doctoral dissertation, auto-saisine).
Guigon, P. (2010), “Voluntary Carbon Markets : How Can They Serve Climate Change Policies”, OECD Environmental Working Paper No. 19, 2010, OECD publishing
Günther, S. A., Staake, T., Schöb, S., & Tiefenbeck, V. (2020). The behavioral response to a corporate carbon offset program: A field experiment on adverse effects and mitigation strategies. Global Environmental Change, 64, 102123.
Hamilton K, Bayon R, Turner G, Higgins D. 2007. State of the voluntary carbon market 2007 – Picking Up Steam. Washington DC, United States: New Carbon Finance and The Ecosystem Marketplace.
ICAO. (2019, Mar) CORSIA Emissions Unit Eligibility Criteria https://www.icao.int/environmental-protection/CORSIA/Pages/CORSIA-Emissions-Units.aspx
IPCC. Global Warming of 1.5 ºC. https://www.ipcc.ch/sr15/
Kainou,K. (2022, Mar 16) Collapse of the Clean Development Mechanism scheme under the Kyoto Protocol and its spillover: Consequences of ‘carbon panic’ https://cepr.org/voxeu/columns/collapse-clean-development-mechanism-scheme-under-kyoto-protocol-and-its-spillover
Kotchen, M. J. (2009). Offsetting green guilt. Stanford Social Innovation Review, 7(2), 26-31.
Kreibich, N., & Hermwille, L. (2021). Caught in between: credibility and feasibility of the voluntary carbon market post-2020. Climate Policy, 21(7), 939-957.
Lee, D. H., Kim, D. H., & Kim, S. I. (2018). Characteristics of forest carbon credit transactions in the voluntary carbon market. Climate Policy, 18(2), 235-245.
Lou, J., Hultman, N., Patwardhan, A., & Mintzer, I. (2023). Corporate motivations and co-benefit valuation in private climate finance investments through voluntary carbon markets. npj Climate Action, 2(1), 32.
Lou, J., Hultman, N., Patwardhan, A., & Qiu, Y. L. (2022). Integrating sustainability into climate finance by quantifying the co-benefits and market impact of carbon projects. Communications Earth & Environment, 3(1), 137.
Maloney, A. (2022). The Voluntary Carbon Market: Managing the Private Provision of Public Goods. Gettysburg College Headquarters, 1(1), 7
Martin, P., & Walters, R. (2013). Fraud risk and the visibility of carbon. International Journal for Crime, Justice and Social Democracy, 2(2), 27-42.
Merger, E., Pistorius, T. Effectiveness and legitimacy of forest carbon standards in the OTC voluntary carbon market. Carbon Balance Manage 6, 4 (2011). https://doi.org/10.1186/1750-0680-6-4
Millard-Ball, A. (2013). The trouble with voluntary emissions trading: Uncertainty and adverse selection in sectoral crediting programs. Journal of Environmental Economics and Management, 65(1), 40-55.
Miltenberger, O., Jospe, C., & Pittman, J. (2021). The good is never perfect: why the current flaws of voluntary carbon markets are services, not barriers to successful climate change action. Frontiers in Climate, 3, 686516.
Pearse, R., & Böhm, S. (2014). Ten reasons why carbon markets will not bring about radical emissions reduction. Carbon Management, 5(4), 325-337.
Ritchie, B. W., Kemperman, A., & Dolnicar, S. (2021). Which types of product attributes lead to aviation voluntary carbon offsetting among air passengers?. Tourism Management, 85, 104276.
Schmidt, C. W. (2009). Carbon offsets: Growing pains in a growing market.
Schneider, L. (2009). Assessing the additionality of CDM projects: practical experiences and lessons learned. Climate Policy, 9(3), 242-254.
Spash, C. L., & Theine, H. (2016). Voluntary Individual Carbon Trading. SRE - Discussion Papers No. 2016/04 https://doi.org/10.57938/855b1e47-5f25-401e-8c24-c4582c2c1538
Stefan Gössling , John Broderick , Paul Upham , Jean-Paul Ceron , Ghislain Dubois , Paul Peeters & Wolfgang Strasdas (2007) Voluntary Carbon Offsetting Schemes for Aviation: Efficiency, Credibility and Sustainable Tourism, Journal of Sustainable Tourism, 15:3, 223-248, DOI: 10.2167/jost758.0
Streck, C. (2021). How voluntary carbon markets can drive climate ambition. Journal of energy & natural resources law, 39(3), 367-374.
Taiyab, N. (2006). Exploring the market for voluntary carbon offsets (No. 8). Iied.
The Economist (2006, Aug 3). Sins of emission. The Economist 380(8489), 57. https://www.economist.com/leaders/2006/08/03/sins-of-emission
The Guardian (2023, Jan 18). Revealed: more than 90% of rainforest carbon offsets by biggest certifier are worthless, analysis shows https://www.theguardian.com/environment/2023/jan/18/revealed-forest-carbon-offsets-biggest-provider-worthless-verra-aoe
UNFCCC, What is the Kyoto Protocol? https://unfccc.int/kyoto_protocol
UNFCCC. Mechanisms under the Kyoto Protocol. https://unfccc.int/process/the-kyoto-protocol/mechanisms
Valiergue, A., & Ehrenstein, V. (2023). Quality offsets? A commentary on the voluntary carbon markets. Consumption Markets & Culture, 26(4), 298-310.
Verra. (2017). CCB Standards, Version 3.1. Retrieved from https://verra.org/wp-content/uploads/CCB-Standards-v3.1_ENG.pdf
The World Bank. 2022. “State and Trends of Carbon Pricing 2022” (May), World Bank, Washington, DC. Doi: 10.1596/978-1-4648-1895-0. License: Creative Commons Attribution CC BY 3.0 IGO
World Bank. 2023. State and Trends of Carbon Pricing 2023. Washington, DC: World Bank. Doi: 10.1596/978-1-4648-2006-9. License: Creative Commons Attribution CC BY 3.0 IGO
World Bank. 2024. State and Trends of Carbon Pricing 2024. Washington, DC: World Bank. DOI: 10.1596/978-1-4648-2127-1. License: Creative Commons Attribution CC BY 3.0 IGO.