碳市場是什麼？它們如何運作？What are carbon markets and how do they work?

 "What are carbon markets and how do they work?"（碳市場是什麼？它們如何運作？）

類型：Explainers（解說/說明文件）

發布日期：2025年8月29日

發布單位：UNDP 的 Climate Promise 計畫（這是 UNDP 旗下專注於氣候行動支持的平台，幫助超過140個國家和地區推動氣候承諾）

碳市場是交易「碳信用」（carbon credits）的系統。碳信用來自保護森林、恢復濕地、轉用再生能源、提升能源效率等活動所產生的溫室氣體減排或移除量。政府、企業或個人可購買這些信用來抵銷自身排放。信用經驗證後可交易，使用後即註銷不得重複使用。

它有兩大類型：

1.強制性碳市場（Compliance）：由各國法律或國際協議強制建立，例如歐盟ETS（2005年起）、中國全國ETS（2021年啟動，2024年大幅擴大，涵蓋全球約1/7化石燃料排放）、巴西2024年完成法規架構、紐西蘭、韓國、瑞士等。

2.自願性碳市場（Voluntary）：企業、個人或政府為自願減碳目標購買信用，供應方多為造林、森林管理、能源效率等專案，常惠及在地社區與原住民。

它為何重要？巴黎協定將全球升溫控制在1.5°C的目標面臨風險（現行政策恐導致3.1°C）。目前氣候融資缺口巨大，碳市場可動員資金：2024年全球碳定價已涵蓋28%排放，產生超過1,000億美元收入，用於低碳轉型、永續發展及支持原住民氣候行動。83%國家有意在國家自主貢獻（NDC）中使用國際市場機制。

主要挑戰：

@信用品質不一（近10億舊信用品質存疑）

@重複計算（double counting）

@漂綠（greenwashing）

對在地社區與生態的潛在負面影響

解決之道：採用高完整性標準（如ICVCM核心碳原則）、健全會計規則與社會環境保障。

聯合國開發計畫署（UNDP）的支持。UNDP透過「高完整性碳市場倡議」，協助各國設計政策法規、技術準備、保障措施，並與巴黎協定Article 6對齊。實例：巴西ETS收入5%分配給原住民；協助土耳其、印度建置ETS；柬埔寨規劃合規與自願市場投資；迦納、秘魯與瑞士合作率先實施Article 6.2合作方法。

所以設計良好、具透明度與完整性的碳市場，是加速低碳、氣候韌性經濟的重要工具，能有效募集資金、促進公平轉型，並讓原住民與在地社區真正受益。隨著巴黎規則手冊完成，全球高品質碳市場正加速發展。

企業：多用於達成 Scope 1-3 排放目標、提升 ESG 評級、回應投資者或消費者壓力。許多公司設定「內部碳價格」來引導投資。

流程：選擇專案 → 購買信用（spot 現貨或 offtake 長期合約） → 驗證與註冊 → 註銷碳權（retire）信用，避免重複使用 → 取得證明文件。

2025-2026 年市場狀況（最新趨勢）--自願碳市場正處於轉型期，從「數量導向」轉向「品質導向」（flight to quality）。2025 年市場出現「猶豫期」,註銷量（retirements，實際使用量）：約 157-211 百萬噸 CO₂e（不同來源略有差異，如 Sylvera 168 Mt、MSCI 202 Mt），較 2024 年微降 4.5-7%，但高品質信用需求穩定。

交易價值：約 10-14 億美元，部分來源顯示成長 6% 至約 10.4 億美元，平均價格約 6-7 美元/噸，但高品質信用（如 ARR 造林再造林）漲至 24-26 美元/噸，甚至更高。

供應與需求：供應過剩（累積未退休信用近 10-15 億噸），但高完整性信用（如符合 ICVCM Core Carbon Principles）供應有限，導致價格分化。高品質移除型（CDR，如直接空氣捕捉 DAC）價格可達 170-500 美元/噸。

正面信號：企業氣候承諾激增 227%，長期 offtake 合約價值暴增（2025 年約 122.5 億美元，較 2024 年成長 3 倍以上），顯示未來需求強勁。2026 年預期市場復甦，價值可能達 17-23 億美元，CAGR 高達 21-38%（至 2030-2035 年數十億至數百億美元規模）。

趨勢：偏好自然基礎移除型（nature-based removals）信用，價格上漲；技術型移除（如 DAC、BECCS）成長快速；合規需求（如航空 CORSIA）開始滲透自願市場。

儘管 2025 年交易量下滑 25% 左右，但品質溢價明顯（高評級信用貴 30-46%），市場正朝成熟、高完整性方向發展。巴黎協定 Article 6 規則強化、ICVCM 標準普及，有助重建信任。

在哪裡購買碳信用？

購買管道多樣，從經紀商、平台到直接專案開發商。以下為常見主要平台與提供者（2025-2026 年主流）：

主要註冊機構（Registries）：信用在此註冊、驗證與註銷--

Verra (VCS)：市場最大，涵蓋多數專案。

Gold Standard：強調社會共益。

American Carbon Registry (ACR)、Puro.earth（技術移除）、Climate Action Reserve 等。

交易平台與經紀商（Marketplaces/Brokers）：

Xpansiv、AirCarbon Exchange (ACX)、Intercontinental Exchange (ICE)、CME Group：專業碳信用交易所。

South Pole、ClimatePartner、Regreener、Anthesis、Rabo Carbon Bank：提供一站式服務，適合企業。其他：Carbonplace、Toucan Protocol（區塊鏈相關）、Abatable 等。

企業/個人友好平台：

直接透過專案開發商（如大型造林或再生能源公司）簽 offtake 合約。

線上工具：如 Terrapass（個人）、Persefoni 或其他碳管理軟體整合購買。

建議：購買前確認信用是否符合高完整性標準（如 ICVCM CCP、SBTi 認可），查看第三方評級（如 Sylvera、Calyx Global），避免低品質或爭議專案。台灣企業可透過國際平台或本地永續顧問購買，注意稅務與報告要求。自願碳市場雖面臨挑戰（如漂綠疑慮、供應過剩），但 2026 年正加速向高品質、移除型信用轉型，成為企業實現淨零的重要工具。需求強勁，價格分化明顯，建議優先選擇有 robust 保障的信用，以確保真正減碳效益。

台灣金管會強制自2025年起，所有上市櫃公司須編製並公開永續報告書（資本額分階段適用IFRS S1/S2永續揭露準則）。

若企業購買碳信用用於碳中和或抵換殘餘排放，必須在報告中詳細揭露：

@購買碳信用的數量、來源（國內/國際）、類型（移除型/減排型）、核發機構（e.g., Verra VCS、Gold Standard、環境部自願減量額度）。

@是否符合高完整性標準（如ICVCM Core Carbon Principles）。

@原始排放數據（不得隱藏真實排放，僅用碳信用掩蓋）。

@碳信用在減碳路徑中的角色（減碳優先，抵換僅限殘餘排放）。

ICVCM 核心碳原則詳解ICVCM 核心碳原則（Core Carbon Principles, CCPs）詳解：

ICVCM （Integrity Council for the Voluntary Carbon Market）（自願碳市場完整性理事會），是一個獨立、非營利的全球治理機構，於 2021 年成立，目的是為自願碳市場（VCM）建立統一的高完整性標準。

其核心工具就是 10 項核心碳原則（CCPs），於 2023 年 3 月正式發布（2024 年 2 月更新版本），被視為「碳信用的全球最低品質門檻」。

只要碳信用所屬的「碳信用計劃（Program）」與「方法學（Methodology）」通過 ICVCM 評估，就能獲得 CCP Label（核心碳原則標籤），讓買家輕鬆辨識真正高品質、科學可靠、具社會環境共益的碳信用。

三大類別 + 10 項核心碳原則（完整官方定義與詳解）

A. 治理 —— 確保整個系統可信、透明、可追蹤

1. 有效治理:

碳信用計劃必須具備有效的治理架構，包括透明決策、問責機制、持續改進及品質控管。

→ 防止利益衝突、確保獨立性與專業性。

2. 追蹤:

必須使用註冊機構來唯一識別、記錄與追蹤所有減排活動與發行的碳信用。

→ 每一噸碳信用都有獨一無二的序號，可防偽、防重複使用（類似 Verra、Gold Standard 的區塊鏈或中央化註冊系統）。

3. 透明度:

所有經認證的減排活動資訊必須全面、公開、以電子格式提供，且易於非專業人士理解。

→ 買家與公眾可輕鬆查閱專案文件、方法學、驗證報告等。

4. 強健的獨立第三方驗證與核查:

碳信用計劃必須要求所有活動都經過獨立第三方進行嚴格的驗證（Validation）與核查（Verification）。

→ 杜絕自我審核，確保數據真實。

B. 排放影響 —— 確保真正減排或移除

5.額外性:

減排或移除必須是「額外的」——若沒有碳信用收入，這些減排根本不會發生。

→ 這是碳市場最核心也最常被質疑的原則。ICVCM 接受多種證明方式（投資分析、障礙分析、常規實務分析等），但必須科學嚴謹。

6. 永久性:

減排或移除必須是永久的；若有反轉風險（Reversal，例如森林火災），必須有措施處理並補償。

→ 自然基礎解決方案（森林、土壤）通常需設立緩衝池（Buffer Pool，通常至少 20%），或保險機制。技術移除（如 DAC）永久性更高。

7. 穩健的量化:

必須使用保守、完整、科學的方法來計算減排量，避免高估。

→ 包含基線設定、洩漏、不確定性扣除等，所有重大排放源都必須納入。

8. 無雙重計算:

同一減排量只能計入一次（不論是發行、聲稱或使用）。

→ 涵蓋雙重發行、雙重主張、雙重使用。特別重要於巴黎協定 Article 6 跨國交易時，需對應調整。

C. 永續發展 —— 確保對人與地球有益

9. 永續發展效益與保障措施:

碳信用計劃必須提供明確指引、工具與合規程序，確保專案符合或超越國際最佳實務的社會與環境保障（如勞工權利、原住民 FPIC、無強迫遷移、生物多樣性保護），並積極帶來正向永續發展效益。

→ 必須產生可驗證的共同效益（co-benefits），而非僅「無害」。

10. 貢獻淨零轉型:

專案不得鎖定與 2050 年淨零不相容的高排放技術或實務。

→ 例如不鼓勵新建燃煤電廠、不支持無法與再生能源結合的化石燃料設施，必須支持真正的轉型路徑。

CCPs 的實際應用與重要性

CCP Label：只有通過 ICVCM 評估的計劃與方法學，才能在碳信用上貼上 CCP 標籤。目前（2026 年初）已有 Verra、Gold Standard 等主要計劃通過多項方法學審核，高品質移除型信用（如造林再造林、技術 CDR）獲得標籤的比例快速上升。

對買家的意義：購買有 CCP Label 的信用，可大幅降低綠洗風險、提升 ESG 報告可信度，並符合 SBTi、Science Based Targets for Nature 等國際框架。

對開發商的意義：高品質信用通常能賣到更高價格（品質溢價常達 30-100% 以上）。

與巴黎協定連結：CCPs 與 Article 6 高度相容，許多國家已將 CCP 視為參與國際碳市場的參考標準。

官方連結：可在 UNDP Climate Promise 網站找到（https://climatepromise.undp.org/news-and-stories/what-are-carbon-markets-and-how-do-they-work

**What are carbon markets and how do they work?**  

**Type:** Explainer  

**Publication Date:** August 29, 2025  

**Publisher:** UNDP's Climate Promise initiative (a UNDP platform dedicated to supporting climate action, helping over 140 countries and regions advance their climate commitments)

Carbon markets are systems for trading **carbon credits**. These credits represent verified greenhouse gas emission reductions or removals achieved through activities such as protecting forests, restoring wetlands, switching to renewable energy, or improving energy efficiency. Governments, companies, or individuals can purchase these credits to offset their own emissions. Once verified, credits can be traded; after use, they are retired (canceled) and cannot be reused.

There are two main types:

1. **Compliance (mandatory) carbon markets** — Established by national laws or international agreements. Examples include:  

   - EU ETS (launched 2005)  

   - China's national ETS (started 2021, significantly expanded in 2024 to cover ~1/7 of global fossil fuel emissions)  

   - Brazil (legal framework completed in 2024)  

   - New Zealand, South Korea, Switzerland, etc.

2. **Voluntary carbon markets** — Companies, individuals, or governments buy credits to meet voluntary net-zero or reduction targets. Supply often comes from projects like afforestation, forest management, or energy efficiency, frequently benefiting local communities and Indigenous Peoples.

**Why are they important?**  

The Paris Agreement's 1.5°C goal is at risk (current policies could lead to ~3.1°C warming). The climate finance gap is massive. Carbon markets help mobilize funds: in 2024, global carbon pricing covered 28% of emissions and generated over US$100 billion in revenue for low-carbon transitions, sustainable development, and Indigenous-led climate action. 83% of countries plan to use international market mechanisms in their NDCs.

**Key challenges:**  

- Inconsistent credit quality (nearly 1 billion older credits are questionable)  

- Double counting  

- Greenwashing  

- Potential negative impacts on local communities and ecosystems  

**Solutions:** Adopt high-integrity standards (e.g., ICVCM Core Carbon Principles), robust accounting rules, and strong social & environmental safeguards.

**UNDP's support**  

Through its High Integrity Carbon Markets Initiative, UNDP helps countries design policies, legal frameworks, technical readiness, safeguards, and alignment with Paris Agreement Article 6. Examples:  

- Brazil allocates 5% of ETS revenue to Indigenous Peoples  

- Assistance to Turkey and India in building ETS  

- Cambodia planning compliance + voluntary market investments  

- Ghana, Peru, and Switzerland pioneering Article 6.2 cooperative approaches

Well-designed, transparent, and high-integrity carbon markets are powerful tools to accelerate low-carbon, climate-resilient economies, mobilize finance, promote just transitions, and ensure real benefits for Indigenous Peoples and local communities. With the Paris Rulebook finalized, high-quality global carbon markets are accelerating.

**For companies:** Often used to meet Scope 1-3 targets, improve ESG ratings, or respond to investor/consumer pressure. Many set internal carbon prices to guide investments.

**Basic process:** Select project → Purchase credits (spot or long-term offtake agreements) → Verify and register → Retire credits (to prevent reuse) → Obtain proof of retirement.

**2025-2026 market status (latest trends)**  

The voluntary carbon market is transitioning from quantity-driven to quality-driven ("flight to quality"). In 2025, a "hesitation period" occurred: retirements ~157–211 million tCO₂e (Sylvera ~168 Mt, MSCI ~202 Mt), down 4.5–7% from 2024, but demand for high-quality credits remained stable.

Trading value: ~US$1.0–1.4 billion (some sources show ~6% growth to ~US$1.04 billion), average price ~US$6–7/t, but high-quality credits (e.g., ARR afforestation/reforestation) rose to US$24–26/t or higher.

Supply & demand: Overall surplus (accumulated unretired credits ~1–1.5 billion t), but high-integrity credits (ICVCM CCP-compliant) are limited → price polarization. High-quality removal credits (e.g., DAC direct air capture) reach US$170–500/t.

Positive signals: Corporate climate commitments surged 227%; long-term offtake contract values exploded (~US$12.25 billion in 2025, 3×+ growth from 2024), signaling strong future demand. 2026 recovery expected, with market value potentially reaching US$1.7–2.3 billion (CAGR 21–38% toward tens to hundreds of billions by 2030–2035).

Trends: Preference for nature-based removals (prices rising); tech-based removals (DAC, BECCS) growing fast; compliance needs (e.g., aviation CORSIA) spilling into voluntary markets.

Although 2025 transaction volumes fell ~25%, quality premiums are clear (high-rated credits 30–46% more expensive). The market is maturing toward high integrity, aided by stronger Paris Article 6 rules and ICVCM standard adoption, rebuilding trust.

**Where to buy carbon credits?**  

Options include brokers, platforms, or direct from project developers. Main registries (for registration, verification, retirement):  

- Verra (VCS) — largest market share  

- Gold Standard — strong social co-benefits  

- American Carbon Registry (ACR), Puro.earth (tech removals), Climate Action Reserve, etc.

Trading platforms & brokers:  

- Xpansiv, AirCarbon Exchange (ACX), Intercontinental Exchange (ICE), CME Group — professional exchanges  

- South Pole, ClimatePartner, Regreener, Anthesis, Rabo Carbon Bank — one-stop services for companies  

- Others: Carbonplace, Toucan Protocol (blockchain-related), Abatable, etc.

User-friendly for companies/individuals:  

- Direct offtake contracts with developers (large forestry/renewable projects)  

- Online tools: Terrapass (individuals), Persefoni or other carbon management software integrations

Recommendation: Before buying, confirm credits meet high-integrity standards (e.g., ICVCM CCP, SBTi-approved), check third-party ratings (Sylvera, Calyx Global), and avoid low-quality or controversial projects. Taiwanese companies can use international platforms or local sustainability consultants, while noting tax and reporting requirements.

Despite challenges (greenwashing concerns, oversupply), the voluntary market in 2026 is accelerating toward high-quality, removal-focused credits — a key tool for corporate net-zero goals. Demand is strong, prices are polarizing; prioritize credits with robust safeguards for real emission reductions.

**Taiwan-specific note**  

From 2025, Taiwan's FSC mandates all listed companies to prepare and disclose sustainability reports (phased application of IFRS S1/S2 standards by capital size).  

When using purchased carbon credits for carbon neutrality or offsetting residual emissions, companies must disclose in reports:  

- Quantity, source (domestic/international), type (removal/reduction), issuing body (e.g., Verra VCS, Gold Standard, MOENV voluntary reduction credits)  

- Whether they meet high-integrity standards (e.g., ICVCM CCP)  

- Original emissions data (cannot hide true emissions; credits are only for residuals after reduction priority)  

- Role of credits in the decarbonization pathway (reductions first, offsets only for residuals)

**ICVCM Core Carbon Principles (CCPs) in detail**  

The Integrity Council for the Voluntary Carbon Market (ICVCM), an independent non-profit global governance body founded in 2021, sets unified high-integrity standards for the voluntary carbon market (VCM).  

Its core tool: the 10 **Core Carbon Principles (CCPs)**, released March 2023 (updated Feb 2024), considered the global minimum quality threshold for carbon credits.  

Programs and methodologies passing ICVCM assessment earn the CCP Label — making high-quality, scientifically sound, socially & environmentally beneficial credits easy to identify.

**Three categories + 10 principles (official definitions & explanations)**

**A. Governance** — Ensures the system is trustworthy, transparent, and traceable  

1. Effective governance: Programs must have transparent decision-making, accountability, continuous improvement, and quality controls → prevents conflicts of interest and ensures independence/professionalism.  

2. Tracking: Use registries to uniquely identify, record, and track all credits → each tonne has a unique serial number to prevent fraud/reuse (e.g., Verra/Gold Standard centralized or blockchain registries).  

3. Transparency: All certified activity info must be fully public, electronic, and accessible to non-experts → buyers/public can easily review project docs, methodologies, verification reports.  

4. Robust independent third-party validation & verification: All activities require strict independent third-party validation and verification → eliminates self-auditing and ensures data integrity.

**B. Emission impact** — Ensures real, additional reductions/removals  

5. Additionality: Reductions/removals must be "additional" — would not occur without carbon credit revenue → core & most contested principle; ICVCM accepts investment/barrier/common-practice analyses if rigorous.  

6. Permanence: Reductions/removals must be permanent; reversal risks (e.g., forest fires) require mitigation & compensation → nature-based solutions need buffer pools (≥20%) or insurance; tech removals (DAC) have higher permanence.  

7. Robust quantification: Use conservative, comprehensive, science-based methods to avoid overestimation → includes baseline setting, leakage, uncertainty deductions, and all major emission sources.  

8. No double counting: Same reduction counted only once (issuance, claiming, or use) → covers double issuance/claiming/usage; critical for Paris Article 6 cross-border trades with corresponding adjustments.

**C. Sustainable development** — Ensures benefits to people & planet  

9. Sustainable development benefits & safeguards: Programs must provide clear guidance, tools, and compliance procedures to meet/exceed international best practices for social/environmental safeguards (labor rights, Indigenous FPIC, no forced displacement, biodiversity protection) and actively deliver verifiable co-benefits → not just "do no harm," but positive impacts.  

10. Contribution to net-zero transition: Projects must not lock in high-emission technologies/practices incompatible with 2050 net-zero → e.g., no new coal plants or fossil facilities incompatible with renewables; must support genuine transition pathways.

**Practical application & importance**  

CCP Label: Only assessed programs/methodologies get the label. As of early 2026, Verra, Gold Standard, etc., have many methodologies approved; high-quality removal credits (ARR, tech CDR) increasingly labeled.  

For buyers: CCP-labeled credits reduce greenwashing risk, boost ESG report credibility, and align with SBTi, Science Based Targets for Nature, etc.  

For developers: High-quality credits command higher prices (30–100%+ premium).  

Link to Paris Agreement: CCPs highly compatible with Article 6; many countries reference them for international market participation.

Official source: UNDP Climate Promise website (https://climatepromise.undp.org/news-and-stories/what-are-carbon-markets-and-how-do-they-work)