綠色經濟升溫

綠色經濟正從過去以減碳與氣候承諾為核心的發展邏輯，逐步轉向由能源安全、產業競爭力與資本配置效率共同驅動的新一輪成長。倫敦證券交易所集團（LSEG）最新發布的研究報告顯示，其追蹤的133項綠色產品與服務類別中，有99項在最新統計期內實現營收成長，反映全球綠色產業的成長動能並未因政策反覆或地緣政治變數而停滯，反而持續擴大其在資本市場中的份額與影響力。

LSEG’s latest report shows the global green economy has reached $10 trillion in market value, with stronger growth, profitability and capital-market momentum increasingly driven by energy security, industrial competitiveness and corporate decarbonization demand.

The global green economy is entering a new phase of expansion, with capital markets increasingly treating low-carbon business models not as a niche sustainability theme but as a core growth engine tied to energy security, industrial competitiveness and long-term earnings resilience.

報告指出，若將綠色經濟視為一個獨立產業，其市值在2025年已達10兆美元，規模超越醫療保健產業，成為僅次於科技與工業的全球第三大產業板塊；同時，綠色經濟目前已占全球上市股票總市值的9.9%。這項變化不僅凸顯低碳轉型相關產業的資本吸引力持續提升，也意味著綠色收入與綠色資產已從過去的利基市場，逐步成為全球股權市場的重要組成。

According to LSEG’s latest report, revenues expanded across 99 of the 133 green products and services categories it tracks, underscoring the breadth of growth across the sector. If classified as a standalone industry, the green economy would have reached a market capitalization of $10 trillion in 2025, overtaking health care to become the world’s third-largest sector behind only technology and industrials. It now represents 9.9% of global listed equities.

儘管美國近年在聯邦層級出現政策逆風，包括退出《巴黎協定》、部分回撤《降低通膨法案》（IRA）下的潔淨能源支持措施，但美國仍是全球最大綠色市場，按市值計占全球綠色市場的57%。此外，美國也已成為企業再生能源購電協議（PPA）最活躍的市場之一。報告指出，2025年Meta、Amazon、Google與Microsoft四家科技巨頭合計占全球企業潔淨電力PPA交易量的49%，顯示大型科技公司與資料中心營運商已成為推動綠電市場擴張的核心需求方。

LSEG全球永續投資研究主管Jaakko Kooroshy指出，綠色轉型已進入新階段，其驅動因素不再僅是去碳化本身，而是更深地與能源自主、供應鏈韌性及經濟競爭力連結。換言之，企業與投資人布局綠色資產，已不只是回應氣候政策或ESG壓力，更是在重塑未來產業優勢與資源掌控能力。

The report suggests that green growth has continued despite shifting political headwinds, particularly in the United States. Even with the U.S. withdrawal from the Paris Climate Agreement and policy retrenchment around parts of the Inflation Reduction Act’s clean energy support, the U.S. remains the largest green market globally by value, accounting for 57% of total green market capitalization. It has also emerged as the largest market for corporate clean power purchase agreements, with Meta, Amazon, Google and Microsoft together representing 49% of clean power PPA deals in 2025.

LSEG Global Head of Sustainable Investment Research Jaakko Kooroshy said the transition is increasingly being shaped not only by decarbonization imperatives but also by national energy resilience and economic strategy. That shift matters because it reframes green investment from a primarily ESG-driven allocation into a broader competitiveness play, particularly for companies exposed to volatile energy prices, supply chain risks and regulatory change.

從長期投資表現來看，綠色經濟的資本市場表現亦明顯優於整體大盤。報告顯示，自2008年以來，綠色經濟累計表現已超越全球股票市場133%，其年複合成長率（CAGR）達18%，高於整體市場的12%。值得注意的是，近年成長速度再度加快：2023年至2026年間，綠色經濟年複合成長率達13%，幾乎是2020年至2023年間增速的兩倍，顯示綠色產業正從早期政策扶植與概念投資，進一步邁向規模化、商業化與資本深化階段。

From an investment perspective, the green economy has significantly outperformed broader equity markets over the long term. Since 2008, green-economy assets have outperformed global equities by 133%, with a compound annual growth rate of 18%, compared with 12% for the broader market. The pace of expansion has also accelerated in recent years: between 2023 and 2026, the green economy posted a 13% CAGR, nearly double the growth rate seen during 2020 to 2023.

綠色融資市場同步升溫。LSEG報告指出，2025年全球綠色債券發行規模達6,050億美元，較前一年增加5.7%，再創歷史新高。其中企業債占68%，顯示企業部門已成為綠色融資的主力。若從用途來看，能源管理與能源效率相關領域吸納最多資金，占今年第一季綠色債券未償餘額3.3兆美元中的34%。這也反映在高利率與資本支出壓力並存的環境下，節能、用能優化與能源基礎設施升級，仍是最容易獲得市場資金支持的綠色投資主軸。

Green finance markets are also expanding in parallel. Green bond issuance reached a record $605 billion in 2025, up 5.7% from the previous year, with corporate issuers accounting for 68% of the total. Energy management and efficiency represented the largest use of proceeds, accounting for 34% of the $3.3 trillion in outstanding green bonds as of the first quarter of this year. The figures indicate that companies continue to prioritize investments that can improve operational efficiency, reduce energy costs and support emissions reductions while remaining financeable in a higher-cost capital environment.

在企業財務表現方面，報告也提供了值得關注的訊號。LSEG比較約4,000家FTSE企業後發現，若一家公司的綠色收入占比超過50%，其稅息折舊攤銷前利潤（EBITDA）通常比非綠色同業高出2至4個百分點，顯示當綠色業務具備足夠規模後，可能轉化為更好的獲利能力與營運韌性。不過，若企業綠色收入占比低於50%，其表現反而往往不如非綠色同業。LSEG認為，這可能反映企業仍處於轉型初期，尚需承擔技術投資、產品重組與商業模式調整的成本，因此短期內壓縮獲利。

LSEG’s analysis also points to an emerging profitability divide within the green economy. Among roughly 4,000 FTSE companies, firms generating more than 50% of their revenues from green activities delivered EBITDA margins 2 to 4 percentage points higher than non-green peers. By contrast, companies with less than 50% green revenues tended to underperform conventional peers, a pattern the report suggests may reflect the cost burden of early-stage diversification and transition investments before green business lines reach scale.

併購市場也出現相似趨勢。由於綠色交易通常涉及較高前期資本支出與基礎設施建置成本，2023年至2025年間，綠色交易平均規模達2.57億美元，高於非綠色交易的1.5億美元。報告並指出，綠色併購目前仍主要由本身已有綠色收入基礎的企業主導，非綠色企業收購綠色資產的比例僅4%，意味著市場上的綠色整併仍以「強者擴張」為主，而非傳統高碳企業大規模轉向綠色資產配置。從產業別來看，工業與公用事業部門合計占綠色交易總額逾半、達1,760億美元，其中公用事業部門的交易更有71%屬於綠色交易，凸顯能源轉型與基礎設施升級仍是綠色資本流動的主戰場。

Mergers and acquisitions show a similar pattern of consolidation around established green players. Between 2023 and 2025, the average green deal size was $257 million, well above the $150 million average for non-green transactions, reflecting the capital intensity of many clean energy, infrastructure and industrial decarbonization projects. Green M&A activity also remains concentrated among companies already generating green revenues, with only 4% of non-green acquirers purchasing green assets. Industrials and utilities together accounted for more than half of total green deal value, at $176 billion, while 71% of utility-sector deal value was green in nature.

整體而言，LSEG的最新觀察顯示，全球綠色經濟已不再只是政策導向的附屬投資主題，而是逐漸成為影響企業估值、融資能力與產業競爭地位的核心結構性力量。對企業而言，未來關鍵不僅在於是否宣示淨零或永續承諾，更在於能否將綠色收入、綠色資本支出與低碳商業模式真正轉化為可持續的獲利來源；對投資人而言，綠色經濟的下一階段競爭，也將從「是否投資綠色」轉向「誰能辨識具規模化能力與現金流韌性的綠色資產」。

Taken together, the findings suggest that the green economy is no longer being defined solely by climate ambition or policy support. It is increasingly becoming a structural feature of global capital allocation, industrial strategy and corporate growth planning. For companies, that raises the stakes around turning sustainability commitments into scalable revenue streams and durable operating advantages. For investors, it shifts the focus from whether to gain exposure to the green economy toward identifying which green assets and business models are most capable of delivering both transition value and financial returns over the long term.