Ongoing Research Project
Cross-National Assessment of Green Finance Instruments for Net-Zero Transitions: A Comparative Study of Taiwan and India
淨零轉型下綠色金融工具之跨國評估：臺灣與印度之比較研究
- Duration
- 2026–2027
- Funder
- National Science and Technology Council (NSTC)
- Grant no.
- 115-2923-H-002-003-MY2
A two-year NSTC–ICSSR Taiwan–India study comparing how green finance instruments — green bonds, ESG funds, and sustainability-linked investments — perform under Taiwan's mature financial system and India's fast-growing market, and how they can be designed to accelerate net-zero transitions.
About this project
Reaching net zero depends not only on technology but on finance — and green finance instruments behave very differently from one economy to the next. This project runs a cross-national comparison of Taiwan and India, two major emitters with contrasting financial systems and net-zero deadlines: Taiwan by 2050, India by 2070.
Taiwan has a mature financial sector and a formalised ESG framework but limited access to international climate finance; India is industrialising rapidly with ambitious renewable-energy goals yet faces financing gaps and uneven policy enforcement. Comparing the two reveals how regulatory structure, market maturity, and institutional capacity shape what green finance can actually deliver.
The study assesses instruments such as green bonds, ESG funds, and sustainability-linked investments through a mixed-methods design — OLS regression, Data Envelopment Analysis (DEA), and Tobit modelling on emissions and investment data, alongside stakeholder interviews, document analysis, and case studies with regulators, banks, and ESG fund managers in both countries. Two composite indices — a Policy Effectiveness Index and Market Penetration Metrics — operationalise the institutional and market dimensions of each system.
Delivered through bilateral academic exchanges between NTU and partners in India, the project will produce a typology of green finance tools, identify the barriers and enabling conditions behind them, and offer evidence-based policy recommendations for aligning financial systems with long-term net-zero goals across Asia.
The two-year programme (2026–2027) is a joint NSTC–ICSSR Taiwan–India collaboration, carried out with the Maulana Azad National Institute of Technology (MANIT), Bhopal.
邁向淨零不僅取決於技術，更取決於金融——而綠色金融工具在不同經濟體中的成效 差異甚大。本計畫對臺灣與印度進行跨國比較：兩者皆為主要排放國，卻擁有截然 不同的金融體系與淨零期程——臺灣訂於 2050 年，印度則為 2070 年。
臺灣金融體系成熟、具備正式的 ESG 架構，但取得國際氣候資金的管道有限；印度則 處於快速工業化階段，再生能源目標宏大，卻面臨資金缺口與政策執行不一的挑戰。 兩者的對照，得以揭示法規結構、市場成熟度與制度能量如何形塑綠色金融的實際成效。
本研究評估綠色債券、ESG 基金與永續連結投資等工具，採用混合研究方法： 以最小平方法（OLS）回歸、資料包絡分析（DEA）與 Tobit 模型分析排放與投資數據， 並輔以對兩國監理機關、銀行與 ESG 基金經理人的利害關係人訪談、文件分析與個案 研究。研究並建構兩項綜合指標——政策有效性指數與市場滲透度指標——以量化 各體系的制度與市場面向。
計畫透過臺大與印度夥伴間的雙邊學術交流推動，將建立綠色金融工具的類型學， 辨識其背後的障礙與促進條件，並提出以證據為基礎的政策建議，協助亞洲各國金融 體系與長期淨零目標接軌。
本兩年期計畫（2026–2027）為國科會與印度社會科學研究委員會（NSTC–ICSSR） 臺印雙邊合作，由印度馬拉納．阿扎德國立理工學院（MANIT，博帕爾）共同參與。