氣候變遷是當今全球面臨最嚴重和最緊迫的問題之一，淨零排放 (Net Zero Emissions) 成了國際共識也是世界各國共同努力的目標。農地碳匯 (Agricultural Land Carbon Sink) 意指在農業土地上，透過農業生產過程中植物的光合作用，吸收並儲存二氧化碳於土壤中，對於實現淨零排放目標扮演至關重要的角色。本研究旨在探討一種結合農地碳匯和不動產投資信託 (REITs) 的金融應用工具。為此，本研究建立了一套符合國際碳權認證機構要求的土壤碳匯方法學，以提高碳交易的可信度和透明度。同時，研究結果顯示農地可以通過合理的土地利用和管理來提高農地碳儲存量，這對於農地碳匯的開發和應用具有關鍵指標作用。再者，本研究針對台灣現行農業現況分析也發現，在碳交易市場上，農地碳匯增量的現值普遍高於目前農地使用的利潤，也遠大於政府補貼金額且可以產生穩定且持續的期末淨現金流，這對農地持有者和投資人來說皆是有利的選項。由此可知，未來在國際碳市場的需求帶動下，農地碳匯 REITs 有機會成為極具潛力的碳匯金融商品，除了可以補償溫室氣體排放帶來的負面影響，協助企業及政府達到淨零排放目標外，還能解決台灣長久以來土地使用問題，成為農地持有者、投資人、企業、政府、環境的多贏策略。

Climate change is one of the most serious and pressing global challenges today, and achieving Net Zero Emissions has become an international consensus and a common goal for countries around the world. Agricultural Land Carbon Sink refers to the process of absorbing and storing carbon dioxide in the soil through the photosynthesis of plants during agricultural production, playing a crucial role in achieving the Net Zero Emissions target. This study aims to explore a financial application that combines Agricultural Land Carbon Sink with Real Estate Investment Trusts (REITs). To this end, we establish a soil carbon sink methodology that complies with international carbon credit certification requirements to enhance the credibility and transparency of carbon trading. Additionally, the research findings demonstrate that agricultural land can increase carbon storage through proper land use and management, which serves as a key indicator for the development and application of Agricultural Land Carbon Sink. Moreover, the analysis of the current agricultural situation in Taiwan reveals that the present value of the incremental agricultural land carbon sink is generally higher than the current profits from agricultural land use and significantly surpasses government subsidies while generating stable and sustained net cash flows. Thus, it presents advantageous options for landholders and investors. Based on the potential demand in the international carbon market, Agricultural Land Carbon Sink REITs have the opportunity to become highly promising carbon sink financial instruments. Apart from compensating for the negative impact of greenhouse gas emissions and assisting businesses and governments in achieving the Net Zero Emissions goal, they can also address Taiwan's long-standing land use issues, providing a win-win strategy for landholders, investors, businesses, governments, and the environment.

1. 前言 1
2. 文獻回顧 5
2.1 碳匯金融的崛起 6
2.2 自然碳匯經濟 7
2.3 土壤碳匯管理 8
2.4 碳匯方法學 9
2.5 碳匯轉換碳權 11
2.6 台灣自然碳匯研究 13
2.7 碳匯 REITs 14
3. 研究方法 16
3.1 土壤碳儲量評估 16
3.2 農地碳匯方法學 17
3.3 土地管理對碳匯的影響 21
3.4 土壤碳增量模型 22
3.5 農地持有者參與度分析 26
3.6 農地碳匯 REITs 投資效益分析 27
4. 實證結果 29
4.1 研究樣本 29
4.2 農地碳儲存量 32
4.3 農地持有者參與意願 36
4.4 農地碳匯 REITs 的報酬與風險評估 39
5. 結論 44
附錄 47
參考文獻 50

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