隨著全球對淨零碳排目標的共識逐漸形成，自願性碳市場作為企業和個人自發參與碳減量的重要機制，其運作和定價機制受到廣泛討論，本研究探討了自願性碳抵換市場中自然碳匯專案下不同碳抵換類型的溢價問題，利用特徵價格模型、分量迴歸模型與統計配對法對專案中的碳抵換價格進行分析，旨在揭示不同類型碳抵換專案在市場中的溢價現象及其影響因素。
研究結果顯示，自然碳匯相關專案相較於科技為本的減碳專案具有更高的市場溢價，主要歸因於自然碳匯專案所帶來對環境和社會的附加共同效益，此外，研究發現不同的專案開發地、碳抵換類型以及其他控制變數對碳抵換價格的影響存在顯著差異，本研究結果顯示位於歐洲的自然碳匯專案平均溢價最高，溢價達到14.175美元/tCO2e，而位於北美洲的碳移除專案專案溢價程度最高，達到11.9美元/tCO2e，碳移除專案專案明顯比碳減少或避免專案具有更多的溢價。

As global consensus on the goal of achieving net-zero carbon emissions gradually forms, the voluntary carbon market, as an important mechanism for enterprises and individuals to participate in carbon reduction, has been widely discussed for its operation and pricing mechanisms. This study explores the premium of different types of carbon offsets under natural carbon sequestration projects in the voluntary carbon market. Using the hedonic pricing model and quantile regression model, this research analyzes the prices of carbon offsets in various projects to reveal the premium phenomena and influencing factors of different types of carbon offset projects in the market.
The research results indicate that natural carbon sequestration projects have higher market premiums compared to technology-based carbon reduction projects. This is primarily attributed to the additional environmental and social co-benefits brought by natural carbon sequestration projects. Furthermore, the study finds significant differences in the impact of different project development locations, types of carbon offsets, and other control variables on carbon offset prices. Specifically, natural carbon sequestration projects in Europe exhibit the highest average premium at $14.175 per ton of CO2e, while carbon removal projects in North America display the highest premium level at $11.9 per ton of CO2e. Carbon removal projects evidently attract higher premiums compared to carbon reduction or avoidance projects.

論文審訂書 i
誌謝 ii
摘要 iii
Abstract iv
目錄 v
表次 vi
第一章 前言 1
第一節 研究背景 1
第二節 研究問題 3
第二章 文獻探討 5
第一節 淨零碳排趨勢與碳市場演變 5
第二節 自願性碳市場 6
第三節 自然碳匯專案 9
第三章 自願碳抵換市場基本介紹 11
第一節 運作機制 11
第二節 碳抵換市場發展與法規 12
第四章 研究方法 15
第一節 資料來源 15
第二節 分析方法 22
第五章 研究結果 29
第一節 敘述性統計 29
第二節 特徵價格模型分析結果 38
第三節 統計配對ENTROPY BALANCING分析結果 47
第六章 結論與未來建議 53
第一節 研究結論 53
第二節 研究限制與未來建議 54
參考文獻 56

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