本研究旨在探討永續金融發展下金融機構可能面臨的漂綠風險。隨著永續金融與ESG議題日益受到重視，金融機構逐漸被期待透過永續資訊揭露、永續／ESG金融商品及與企業互動，引導資金流向具環境與社會效益的活動。相較於既有研究多聚焦在一般企業漂綠或特定永續金融商品，本研究則以金融機構為核心，進一步探討其在永續資訊揭露、永續／ESG金融商品，以及與企業互動過程中可能出現的漂綠風險。
本研究採用問卷調查與半結構式訪談的混合研究方法，以金融從業人員及具永續金融相關實務經驗者作為研究對象，並以敘述性統計及內容分析法進行資料整理與分析。
研究結果顯示，金融機構漂綠風險主要可能出現在永續資訊揭露、永續／ESG金融商品，以及銀行與企業互動等情境中。其中，制度壓力、資訊可驗證性不足、第三方驗證依賴及資訊不對稱等因素，都可能提高漂綠風險發生的可能性。然而，多數受訪者認為，目前臺灣現行永續資訊揭露制度與相關監理機制，對金融機構仍具有一定約束效果，但在揭露標準一致性、資訊透明度與實質查核機制上，仍存在改善空間。
整體而言，本研究有助於補充金融機構漂綠風險相關研究，並可以作為金融機構推動永續金融、建立內部控管機制，以及主管機關研議永續資訊揭露與相關監理制度的參考。

This study explores the greenwashing risks that financial institutions may face under the development of sustainable finance. As sustainable finance and ESG-related issues gain increasing attention, financial institutions are expected to promote activities with environmental and social benefits through sustainability disclosures, sustainable/ESG financial products, and interactions with enterprises. Compared with previous studies focusing on corporate greenwashing or specific sustainable financial products, this study centers on financial institutions and examines potential greenwashing risks in sustainability disclosures, sustainable/ESG financial products, and bank-enterprise interactions.
This study adopts a mixed-method approach combining questionnaire surveys and semi-structured interviews. The research subjects include financial practitioners and individuals with practical experience related to sustainable finance. Descriptive statistics and content analysis were applied to analyze the collected data.
The findings indicate that greenwashing risks in financial institutions may mainly arise in sustainability disclosures, sustainable/ESG financial products, and bank-enterprise interactions. Institutional pressure, insufficient verifiability of sustainability information, reliance on third-party verification, and information asymmetry may increase the likelihood of greenwashing risks. However, most interviewees believed that Taiwan’s current sustainability disclosure system and related regulatory mechanisms still exert certain constraints on financial institutions, although there remains room for improvement in disclosure consistency, information transparency, and substantive verification mechanisms.
Overall, this study contributes to the literature on greenwashing risks in financial institutions and may serve as a reference for future sustainable finance practices and regulatory design.

法規/指引/原則與官方文件
歐盟
European Union. (2019). Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (Sustainable Finance Disclosure Regulation, SFDR).
https://eur-lex.europa.eu/eli/reg/2019/2088/oj/eng
European Union. (2020). Regulation (EU) 2020/852 on the establishment of a framework to facilitate sustainable investment and amending Regulation (EU) 2019/2088 (EU Taxonomy Regulation).
http://data.europa.eu/eli/reg/2020/852/oj
European Union. (2022). Directive (EU) 2022/2464 amending Regulation (EU) No 537/2014 and Directives 2004/109/EC, 2006/43/EC and 2013/34/EU, as regards corporate sustainability reporting (Corporate Sustainability Reporting Directive, CSRD).
http://data.europa.eu/eli/dir/2022/2464/oj
European Union. (2024). Directive (EU) 2024/1760 on corporate sustainability due diligence and amending Directive (EU) 2019/1937 and Regulation (EU) 2023/2859 (Corporate Sustainability Due Diligence Directive, CSDDD).
http://data.europa.eu/eli/dir/2024/1760/oj
European Union. (2026). Directive (EU) 2026/470 amending Directives 2006/43/EC, 2013/34/EU, (EU) 2022/2464 and (EU) 2024/1760 as regards certain corporate sustainability reporting requirements and certain corporate sustainability due diligence requirements.
https://eur-lex.europa.eu/eli/dir/2026/470/oj/eng
美國
Federal Trade Commission. (2012). Guides for the use of environmental marketing claims (16 C.F.R. Part 260).
https://www.ftc.gov/sites/default/files/attachments/press-releases/ftc-issues-revised-green-guides/greenguides.pdf
U.S. Securities and Exchange Commission. (2023). Investment company names (Release Nos. 33-11238, 34-98438, & IC-35000).
https://www.sec.gov/files/rules/final/2023/33-11238.pdf
U.S. Securities and Exchange Commission. (2024). The enhancement and standardization of climate-related disclosures for investors (Release Nos. 33-11275 & 34-99678).
https://www.sec.gov/files/rules/final/2024/33-11275.pdf
U.S. Securities and Exchange Commission. (2025). Investment company names: Extension of compliance date (Release No. IC-35500).
https://www.sec.gov/files/rules/final/2025/33-11368.pdf
U.S. Securities and Exchange Commission. (2026). Rescission of climate-related disclosure rules (Release Nos. 33-11421 & 34-105572; Proposed rule).
https://www.sec.gov/files/rules/proposed/2026/33-11421.pdf
United States Congress. (1940). Investment Advisers Act of 1940, 15 U.S.C. §§ 80b-1–80b-21.
https://www.govinfo.gov/content/pkg/COMPS-1878/pdf/COMPS-1878.pdf
臺灣
金融監督管理委員會（2021年7月6日）。發布環境、社會與治理（ESG）相關主題證券投資信託基金之資訊揭露事項審查監理原則。
https://www.fsc.gov.tw/ch/home.jsp?dataserno=202107060002&dtable=News&id=96&mcustomize=news_view.jsp&parentpath=0
金融監督管理委員會（2023）。我國接軌IFRS永續揭露準則藍圖。
https://esg.fsc.gov.tw/Cms_Data/Contents/FSC/Media/Files/news-release/%E9%99%84%E4%BB%B61-%E6%88%91%E5%9C%8B%E6%8E%A5%E8%BB%8CIFRS%E6%B0%B8%E7%BA%8C%E6%8F%AD%E9%9C%B2%E6%BA%96%E5%89%87%E8%97%8D%E5%9C%96.pdf
金融監督管理委員會（2024）。金融機構防漂綠參考指引。
https://law.fsc.gov.tw/LawContent.aspx?id=GL003919
金融監督管理委員會（2024年10月17日）。金管會提醒全體上市櫃公司明（114）年起均應編製永續報告書。
https://www.fsc.gov.tw/ch/home.jsp?dataserno=202410170001&dtable=News&id=96&mcustomize=news_view.jsp&parentpath=0%2C2
金融監督管理委員會。（2025）。《公開發行公司年報應行記載事項準則》。金融監督管理委員會主管法規共用系統。
https://law.fsc.gov.tw/EngLawList.aspx?id=FL007032&utm_source=chatgpt.com
金融監督管理委員會、環境部、經濟部、交通部、內政部及農業部（2024）。永續經濟活動認定參考指引（第二版）。
https://www.fsc.gov.tw/userfiles/file/1_%E6%B0%B8%E7%BA%8C%E7%B6%93%E6%BF%9F%E6%B4%BB%E5%8B%95%E8%AA%8D%E5%AE%9A%E5%8F%83%E8%80%83%E6%8C%87%E5%BC%95%E7%AC%AC%E4%BA%8C%E7%89%88.pdf
臺灣證券交易所。（2025）。《上市上櫃公司永續發展實務守則》。臺灣證券交易所法規分享知識庫。
https://twse-regulation.twse.com.tw/m/LawContent.aspx?FID=FL052368&utm_source=chatgpt.com
氣候變遷因應法（2023）。
https://law.moj.gov.tw/LawClass/LawAll.aspx?pcode=O0020098

正式判決書/行政處分書及官方網站
Advertising Standards Authority. (2022, October 19). ASA ruling on HSBC UK Bank plc (Complaint Ref. G21-1127656).
https://www.asa.org.uk/rulings/hsbc-uk-bank-plc-g21-1127656-hsbc-uk-bank-plc.html
Australian Securities and Investments Commission. (2024, August 2). ASIC’s first greenwashing case results in landmark $11.3 million penalty for Mercer (Media Release No. 24-173MR).
https://www.asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-173mr-asic-s-first-greenwashing-case-results-in-landmark-11-3-million-penalty-for-mercer/
Australian Securities and Investments Commission. (2024, September 25). ASIC’s Vanguard greenwashing action results in record $12.9 million penalty (Media Release No. 24-213MR).
https://www.asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-213mr-asic-s-vanguard-greenwashing-action-results-in-record-12-9-million-penalty/
Australian Securities and Investments Commission. (2025, March 18). Active Super ordered to pay $10.5 million penalty in ASIC’s third greenwashing court action (Media Release No. 25-042MR).
https://asic.gov.au/about-asic/news-centre/find-a-media-release/2025-releases/25-042mr-active-super-ordered-to-pay-10-5-million-penalty-in-asic-s-third-greenwashing-court-action/
Federal Court of Australia. (2024). Australian Securities and Investments Commission v Mercer Superannuation (Australia) Limited [2024] FCA 850.
https://download.asic.gov.au/media/bq0nxstc/24-173mr-asic-v-mercer-superannuation-australia-limited-judgment-2-aug-2024.pdf
Federal Court of Australia. (2024). Australian Securities and Investments Commission v Vanguard Investments Australia Ltd (No 2) [2024] FCA 1086.
https://download.asic.gov.au/media/ot1k4one/24-213mr-asic-v-vanguard-investments-australia-ltd-no-2-2024-fca-1086-judgment.pdf
Federal Court of Australia. (2025). Australian Securities and Investments Commission v LGSS Pty Ltd (No 3) [2025] FCA 205.
https://download.asic.gov.au/media/rj4lqhcj/25-042mr-asic-v-lgss-pty-ltd-no-3-judgment.pdf
Landgericht Stuttgart. (2022). Urteil vom 31. Januar 2022, Az. 36 O 92/21 KfH [Judgment of January 31, 2022, Case No. 36 O 92/21 KfH].
https://www.verbraucherzentrale-bawue.de/sites/default/files/2022-02/lg-stuttgart-31.1.22-az-36-o-9221-kfh.pdf
U.S. Securities and Exchange Commission. (2022). In the matter of BNY Mellon Investment Adviser, Inc. (Investment Advisers Act Release No. 6032; Investment Company Act Release No. 34591; Administrative Proceeding File No. 3-20867).
https://www.sec.gov/files/litigation/admin/2022/ia-6032.pdf
U.S. Securities and Exchange Commission. (2022, May 23). SEC charges BNY Mellon Investment Adviser for misstatements and omissions concerning ESG considerations.
https://www.sec.gov/newsroom/press-releases/2022-86
U.S. Securities and Exchange Commission. (2022). In the matter of Goldman Sachs Asset Management, L.P. (Investment Advisers Act Release No. 6189; Administrative Proceeding File No. 3-21245).
https://www.sec.gov/files/litigation/admin/2022/ia-6189.pdf
U.S. Securities and Exchange Commission. (2022, November 22). SEC charges Goldman Sachs Asset Management for failing to follow its policies and procedures involving ESG investments.
https://www.sec.gov/newsroom/press-releases/2022-209
U.S. Securities and Exchange Commission. (2023). In the matter of DWS Investment Management Americas, Inc. (Investment Advisers Act Release No. 6432; Administrative Proceeding File No. 3-21709).
https://www.sec.gov/files/litigation/admin/2023/ia-6432.pdf
U.S. Securities and Exchange Commission. (2023, September 25). Deutsche Bank subsidiary DWS to pay $25 million for anti-money laundering violations and misstatements regarding ESG investments.
https://www.sec.gov/newsroom/press-releases/2023-194
U.S. Securities and Exchange Commission. (2024). In the matter of Invesco Advisers, Inc. (Investment Advisers Act Release No. 6770; Administrative Proceeding File No. 3-22239).
https://www.sec.gov/files/litigation/admin/2024/ia-6770.pdf
U.S. Securities and Exchange Commission. (2024, November 8). SEC charges Invesco Advisers for making misleading statements about supposed investment considerations.
https://www.sec.gov/newsroom/press-releases/2024-179
U.S. Securities and Exchange Commission. (2024). In the matter of WisdomTree Asset Management, Inc. (Investment Advisers Act Release No. 6753; Investment Company Act Release No. 35351; Administrative Proceeding File No. 3-22195).
https://www.sec.gov/files/litigation/admin/2024/ia-6753.pdf
U.S. Securities and Exchange Commission. (2024, October 21). SEC charges advisory firm WisdomTree with failing to adhere to its own investment criteria for ESG-marketed funds.
https://www.sec.gov/newsroom/press-releases/2024-173
Verbraucherzentrale Baden-Württemberg. (2023, November 20). Greenwashing bei der Geldanlage: Werbung mit Nachhaltigkeit [Greenwashing in investment: Advertising with sustainability].
https://www.verbraucherzentrale-bawue.de/greenwashing
公平交易委員會。（2022年10月12日）。公平交易委員會處分書（公處字第111071號）。公平交易委員會。
https://www.ftc.gov.tw/uploadDecision/b864b115-8fe8-4f49-8091-ed8badacc3ad.pdf
公平交易委員會。（2022年10月12日）。節能標章過期仍刊載，誤導消費者，罰！。公平交易委員會。
https://www.ftc.gov.tw/internet/main/doc/docDetail.aspx?uid=126&docid=17173
公平交易委員會。（2023年2月22日）。公平交易委員會處分書（公處字第112011號）。公平交易委員會。
https://www.ftc.gov.tw/upload/1121101-1120106.pdf
公平交易委員會。（2023年2月23日）。節能標章勿亂用 業者廣告不實開罰！。公平交易委員會。
https://www.ftc.gov.tw/internet/main/doc/docDetail.aspx?uid=126&docid=17419
公平交易委員會。（2023年4月26日）。第1646次委員會議紀錄。公平交易委員會。
https://www.ftc.gov.tw/uploadDecision2/30df2d03-6e70-41c3-8135-3d073411ffad.pdf
公平交易委員會。（2023年4月26日）。用逾期的「節能標章」刊登廣告！挨罰。公平交易委員會。
https://www.ftc.gov.tw/internet/main/doc/docDetail.aspx?uid=126&docid=17470&mid=126
公平交易委員會。（2025年6月25日）。第1757次委員會議紀錄。公平交易委員會。
https://www.ftc.gov.tw/uploadDecision2/268133e4-4426-4865-8e23-e487d2ef5e76.pdf
公平交易委員會。（2025年6月25日）。節能標章有期限，過期仍刊登廣告觸法！公平交易委員會。
https://www.ftc.gov.tw/internet/main/doc/docDetail.aspx?uid=126&docid=18127&mid=126

新聞網站
ESG Dive. (2024, November 11). SEC charges Invesco $17.5M for misleading ESG statements.
https://www.esgdive.com/news/sec-enforcement-charges-invesco-17-5m-esg-fund-integration-greenwashing/732549/
Makortoff, K. (2022, October 19). Watchdog bans HSBC climate ads in fresh blow to bank’s green credentials. The Guardian.
https://www.theguardian.com/business/2022/oct/19/watchdog-bans-hsbc-ads-green-cop26-climate-crisis
Reed Smith. (2023, March 27). New judgement in advertisement dispute between consumer association and investment company.
https://www.reedsmith.com/articles/new-judgement-in-advertisement-dispute/
Reuters. (2022, May 23). BNY Mellon unit pays $1.5 million over ESG fund misstatements, SEC says.
https://www.reuters.com/markets/us/us-sec-charges-bny-mellon-investment-adviser-misstatements-over-esg-policies-2022-05-23/
Reuters. (2022, November 22). SEC charges Goldman Sachs Asset Management with not following ESG investments.
https://www.reuters.com/world/us/sec-charges-goldman-sachs-asset-management-not-following-esg-investments-2022-11-22/
Reuters. (2023, September 25). DWS to pay $25 mln to end US probe into greenwashing allegations.
https://www.reuters.com/legal/dws-pay-25-mln-over-us-charges-over-esg-misstatements-other-violations-2023-09-25/
Reuters. (2024, August 2). Australia fines Mercer Superannuation $7.4 mln for misleading ESG claims.
https://www.reuters.com/business/finance/australia-fines-mercer-superannuation-7-mln-misleading-claims-its-investments-2024-08-02/
Reuters. (2024, September 25). Australia court fines Vanguard unit $9 mln over ethical investment claims.
https://www.reuters.com/business/finance/australia-court-fines-vanguard-unit-9-mln-over-ethical-investment-claims-2024-09-25/
Reuters. (2024, October 21). WisdomTree pays $4 million over SEC ‘greenwashing’ charges.
https://www.reuters.com/business/finance/wisdomtree-pays-4-million-over-sec-greenwashing-charges-2024-10-21/
Reuters. (2025, March 18). Australia’s Active Super hit with $6.7 million penalty for false environmental claims.
https://www.reuters.com/business/environment/australias-active-super-hit-with-67-million-penalty-false-environmental-claims-2025-03-18/
Reuters. (2025, April 2). Deutsche Bank-owned asset manager DWS fined $27 million for ‘greenwashing’.
https://www.reuters.com/sustainability/german-asset-manager-dws-fined-25-mln-eur-greenwashing-case-2025-04-02/

期刊論文與書籍
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https://doi.org/10.1080/1351847X.2025.2457944
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https://doi.org/10.3390/su16104159
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https://doi.org/10.1111/corg.12599
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https://hal.science/hal-00448861
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https://doi.org/10.1016/j.pacfin.2024.102450
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http://ssrn.com/abstract_id=3427748
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https://doi.org/10.1016/j.pacfin.2024.102600
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Gorovaya, N., & Makrominas, M. (2025). Identifying Greenwashing in Corporate-social Responsibility Reports Using Natural-language Processing. European Financial Management, 31(1), 427-462.
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https://doi.org/10.1016/j.cjpre.2025.07.005
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https://doi.org/10.1111/acfi.13352
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https://doi.org/10.3390/su14095157
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