氣候揭露全球陷分歧

2026年，全球企業在氣候風險揭露方面正迎來一個複雜性與範疇同步擴大的新時代。儘管多年來各方努力尋求共識，但美國和歐盟兩大經濟體在去年各自採取的監管措施，使其在該議題上的立場漸行漸遠，加劇了區域間的政策碎片化。然而，與此同時，全球有越來越多的司法管轄區開始實施新的氣候揭露法規，迫使跨國企業必須建立具體的治理流程來處理合規數據。

In 2026, global corporations are entering a new era of climate risk disclosure defined by increasing complexity and scope. Despite years of progress toward consensus, regulatory actions taken by the United States and the European Union last year have steered them onto divergent paths, exacerbating regional policy fragmentation. Simultaneously, however, a growing number of jurisdictions worldwide are implementing new climate disclosure laws, compelling multinational companies to establish concrete governance processes to manage compliance data.

背景分析：美歐政策風向轉變

導致當前分歧局面的核心因素，是美歐領導層的政治轉變與政策調整。在美國，川普總統上任後，由其任命的美國證券交易委員會（SEC）主席保羅·阿特金斯（Paul Atkins）迅速尋求在法庭上放棄對拜登時代氣候風險揭露規則的辯護。阿特金斯更廣泛地致力於為美國上市公司「鬆綁」，認為過多的規則為企業帶來了不必要的摩擦。目前該規則已被聯邦上訴法院暫停，並陷入僵局。

Background Analysis: A Shift in U.S. and EU Policy Winds

The core factors driving the current divergence are political shifts and policy adjustments in the leadership of the U.S. and EU. In the United States, following President Donald Trump's inauguration, the Securities and Exchange Commission (SEC), under Chair Paul Atkins, quickly sought to abandon the defense of the Biden-era climate-risk disclosure rule in court. Atkins is more broadly focused on deregulation for U.S.-listed companies, arguing that excessive rules create more friction than benefit. The rule has since been stayed by a federal appeals court and remains in limbo.

與此同時，歐盟在2025年也經歷了一次監管上的「鬆綁」。歐盟委員會的提案旨在簡化企業永續報告的相關法律，最終達成的政治協議大幅提高了《企業永續報告指令》（CSRD）和《企業永續盡職調查指令》（CSDDD）的適用門檻，據估計，這將分別導致90%和70%的公司被排除在指令範疇之外，相關報告時程也已推遲至2028年。

Meanwhile, the European Union also underwent a regulatory "rollback" in 2025. A proposal from the European Commission aimed to simplify corporate sustainability reporting laws. The final political agreement significantly raised the employee and revenue thresholds for the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD). It is estimated that this will remove 90% and 70% of companies from the scope of each directive, respectively, with reporting timelines delayed until 2028.

全球趨勢：地方與國際層級的揭露要求不減反增

儘管美歐在聯邦層級出現倒退，但企業面臨的揭露壓力並未減輕。在美國國內，加州和紐約州正引領潮流。加州的兩項氣候法案中，要求年營收超過10億美元企業報告溫室氣體排放的SB 253法案仍在執行，已有94家公司自願提交報告。紐約州則在去年底通過法律，要求州內的重排放企業揭露其溫室氣體排放。

在國際層面，根據國際永續準則理事會（ISSB）的數據，全球已有近40個司法管轄區已經或計劃採用與ISSB框架一致的氣候揭露標準。英國和墨西哥的法規已生效，而澳洲和西班牙等國的相關法律也將於今年上線。

Global Trends: Disclosure Requirements Grow at Local and International Levels

Despite rollbacks at the federal level in the U.S. and EU, the disclosure pressure on companies has not diminished. Within the U.S., states like California and New York are leading the charge. Of California's two climate bills, SB 253, which requires companies with over $1 billion in annual revenue to report greenhouse gas emissions, remains in effect, with 94 companies having already submitted reports voluntarily. New York passed a law late last year requiring certain heavy-emitters in the state to disclose their greenhouse gas emissions.

On the international front, according to the International Sustainability Standards Board (ISSB), nearly 40 jurisdictions globally have adopted or are planning to adopt climate disclosure standards aligned with the ISSB's frameworks. Regulations are already active in the United Kingdom and Mexico, with laws in Australia and Spain set to go online this year.

市場反應：投資者壓力成關鍵驅動力

Market Response: Investor Pressure Emerges as a Key Driver

面對複雜的監管環境，市場的反應呈現出有趣的動態。Domini影響力投資公司執行長卡羅爾·萊布爾（Carole Laible）指出，企業並未大規模撤回資訊揭露。晨星Sustainalytics的調查也顯示，高達55%的全球資產所有者認為ESG法規是「有益的」，且多數認為美歐的政策倒退是「錯誤的一步」。

In response to this complex regulatory environment, the market's reaction reveals an interesting dynamic. Carole Laible, CEO of Domini Impact Investments, noted that corporations have not rolled back their disclosures on a large scale. A survey by Morningstar Sustainalytics also shows that 55% of global asset owners view ESG regulation as a "net-help," with a plurality viewing the U.S. and EU rollbacks as "a step in the wrong direction."

投資者的持續壓力正填補監管留下的空白。萊布爾表示：「從基層消費者到最高層的機構投資者，如果大家都在要求資訊，企業就會開始提供。」

Persistent pressure from investors is filling the vacuum left by regulation. "If you do have a lot of investors asking [for information] - and if it goes from a grassroots consumer to the highest level institutional investor - corporations start providing and disclosing that information," Laible said.

為應對這種碎片化的趨勢，許多有遠見的企業正積極「升級」內部治理。例如，eBay已將其永續發展長領導的ESG團隊置於財務辦公室內，並成立了ESG揭露指導委員會，以確保能靈活應對全球各地的報告標準。該公司永續長蕾妮·莫林（Renee Morin）表示，此舉是為了更好地適應歐盟、加州及其他地區不斷變化的要求，並非「巨大的飛躍」，而是對現有系統的「微調」。事實證明，無論監管如何變化，建立強大的內部數據治理流程已成為企業在當今環境下保持競爭力的核心。

To navigate this fragmentation, many forward-thinking companies are actively "leveling up" their internal governance. For example, eBay has placed its ESG team, led by its Chief Sustainability Officer, within the finance office and established an ESG Disclosure Steering Committee to ensure agility in complying with global reporting standards. eBay's CSO, Renee Morin, stated that this is to better adapt to the evolving requirements of the EU, California, and other jurisdictions, describing it not as a "big leap" but more as "tweaking the systems." It has become clear that regardless of regulatory shifts, building robust internal data governance processes is now core to maintaining a competitive edge in the current landscape.