隨著全球氣候變遷與減碳趨勢興起，金融機構作為資金配置的核心平台，永續金融已成為投資決策之關鍵考量。另類投資具備長天期特性，能有效將資金導入具永續價值的基礎建設與公共建設。本研究透過分析國際機構法人結合另類投資與永續金融之個案，歸納其經驗以供借鏡；同時，探討台灣壽險業者於辦理專案運用及公共投資時所面臨的困境。在「兆元投資國家發展方案」的政策指引下，本研究進一步分析《保險業資金辦理專案運用公共及社會福利事業投資管理辦法》與《證券與不動產投資信託及證券投資顧問法》修法後，另類投資與永續金融結合之契機。最後，透過與五位資產管理專家訪談，為我國發展另類投資市場提供政策建議。
研究發現，國際機構法人主要透過深耕在地化投資、直接或間接布局再生能源、開發創新收益商品、參與公私協作案件、發掘私募基金案源價值，以及利用REIT承接穩定資產，藉此建構完整的永續投資路徑。針對國內市場，金管會認定之永續標的可被視為配合政府政策之資金運用，將提升機構投資人參與專案運用投資意願。此外，具備高度永續性質的促參案如污水處理、長照機構與新式焚化爐，以及合適作為基金架構REIT的離岸風電與低碳資料中心，均為實踐永續金融的潛在標的。
針對我國另類投資市場發展，本研究提出五點政策建議：擴大基礎建設與公共建設的認定範圍、發揮國發基金與四大基金之種子引導功能、藉由參與國際共同投資模式開發案源及培育另類投資資產管理人才、推動基礎建設及公共建設納入基金架構REIT，以及增加另類投資與永續金融結合之商品創新。
期望透過本研究之成果，能為我國政府與金融機構在推動永續金融與另類投資布局時，提供參考與政策指引。

Amid the rising global focus on climate change and decarbonization, sustainable finance has emerged as a cornerstone of investment decision-making for financial institutions acting as capital allocation platforms. Alternative investments, characterized by their long-term nature, effectively channel capital into infrastructure and public projects with sustainable value. This study summarizes international experiences by analyzing cases where institutional investors have integrated alternative investments with sustainable finance. Concurrently, it examines the challenges faced by Taiwanese life insurers in special projects and public investments. Under the policy guidance of the Trillion NT Dollar Investment National Development Plan, this research further analyzes the opportunities arising from the integration of alternative investments and sustainable finance following the amendments to the Regulations Governing Use of Insurer's funds in Special Projects, Public Investments and Social Welfare Enterprises and the Securities and Real Estate Investment Trust and Securities Investment Consulting Act. Finally, through interviews with five asset management experts, this study provides policy recommendations for the development of Taiwan’s alternative investment market.
The research findings indicate that international institutional investors establish comprehensive sustainable investment pathways by deepening localized investments, deploying capital directly or indirectly into renewable energy, developing innovative yield products, participating in Public-Private Partnership projects, leveraging the deal-sourcing value of private equity funds, and utilizing REITs to manage stable assets. Regarding the domestic market, if sustainable targets recognized by the Financial Supervisory Commission can be aligned with government’s policies, the investment appetite of institutional investors will be significantly enhanced. Furthermore, PPP projects with high sustainability profiles, such as wastewater treatment, long-term care facilities, and modern waste-to-energy plants, alongside offshore wind power and low-carbon data centers suitable for fund-structured REITs, serve as potential benchmarks for practicing sustainable finance.
To advance Taiwan’s alternative investment market, this study proposes five policy recommendations: expanding the defined scope of infrastructure and public projects; leveraging the guiding role of the National Development Fund and the four major government funds; developing project pipelines and cultivating alternative investment talents through international co-investment models; promoting the inclusion of infrastructure and public projects into fund-structured REITs; and fostering product innovation that integrates alternative investments with sustainable finance.
It is hoped that the results of this research will provide practical guidance and policy references for the government and financial sectors in advancing sustainable finance and alternative investment strategies.

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二、英文部分
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