農業甲烷成銀行ESG最大漏洞

最新研究指出，全球銀行業對高甲烷排放農業企業的融資，正成為氣候風險與ESG監管中的重大漏洞。

根據永續金融研究機構 Planet Tracker 最新報告，甲烷（Methane）自工業革命以來已造成約0.5°C全球暖化，占目前全球升溫約30%。由於甲烷在20年期間的暖化效應超過二氧化碳80倍，因此被視為減緩短期氣候升溫最快速的槓桿之一。

A new report has warned that financing provided to high-methane agricultural companies is becoming a significant climate and ESG disclosure gap for the global banking industry.

According to research from Planet Tracker, methane has contributed approximately 0.5°C of global warming since the industrial revolution, accounting for nearly 30% of current warming. Because methane is more than 80 times more potent than carbon dioxide over a 20-year period, it is considered one of the fastest levers available to slow near-term climate change.

報告指出，農業活動（包括畜牧與稻米種植）占全球甲烷排放約40%，甚至高於化石燃料部門。

The report found that agriculture - including livestock and rice production - generates roughly 40% of global methane emissions, exceeding emissions from fossil fuels.

其中，全球最大肉品企業 JBS 被點名為全球最大農業甲烷排放企業，其排放量約為第二名 Marfrig 的三倍。

銀行融資成ESG揭露灰色地帶

Planet Tracker分析15家大型肉品、乳製品與稻米企業後發現，25家國際銀行共向這些企業提供約1,590億美元貸款與債券承銷服務。

Brazilian meat giant JBS was identified as the world’s largest agricultural methane emitter, producing approximately three times more methane emissions than second-ranked Marfrig.

Financing Activities Create ESG Disclosure Gap

Planet Tracker analyzed financing provided to 15 major meat, dairy, and rice companies and found that 25 global banks collectively facilitated approximately $159 billion in loans and underwriting activities.

其中，融資規模最大的五家銀行分別為：

報告指出，目前多數銀行ESG與淨零目標僅涵蓋「直接貸款（financed emissions）」，卻未納入「融資協助（facilitated emissions）」所帶來的排放。

換言之，銀行即使協助高污染企業發行債券或安排聯貸，相關排放往往不會出現在自身碳揭露中。

Planet Tracker表示，這形成金融業氣候揭露中的重大制度缺口。

農業甲烷成下一波金融監管焦點

報告指出，目前僅 Rabobank 設有明確農業甲烷減排目標，但仍僅限於直接融資排放。

此外，雖然已有12家銀行部分或全面承認甲烷是獨立氣候風險來源，但除了Rabobank之外，尚無其他銀行制定量化甲烷減排目標。

The top five banks by financing volume were:

The report highlighted that most banks’ sustainability and net-zero targets only cover direct lending exposure, known as financed emissions, while excluding facilitated emissions linked to bond underwriting and syndicated lending activities.

As a result, banks may continue arranging financing for highly polluting clients without those emissions appearing in their own climate disclosures.

Methane Becoming a Financial Risk Issue

The report found that only Rabobank has established explicit agricultural methane reduction targets, although those targets still only apply to financed emissions.

Planet Tracker認為，現行ESG標準本身也存在不足。例如全球最廣泛使用的 Greenhouse Gas Protocol（GHG Protocol）目前尚未強制要求揭露範疇三（Scope 3）排放，也未納入「融資協助排放」。

報告估算，現有制度實際上可能僅涵蓋銀行食品加工客戶不到1%的溫室氣體排放。

金融業面臨新一輪氣候壓力

While 12 banks now partially or fully recognize methane as a distinct climate driver, no institution besides Rabobank has implemented quantitative methane reduction targets.

Planet Tracker also criticized current ESG accounting standards, particularly the Greenhouse Gas Protocol, which does not currently require Scope 3 emissions disclosure and excludes facilitated emissions from reporting requirements.

The organization estimated that existing standards capture less than 1% of greenhouse gas emissions generated by banks’ food-processing clients.

Planet Tracker分析師 Ailish Layden 表示，由於農業占全球甲烷排放比例極高，銀行應利用融資影響力，限制未採取減排行動企業取得資金。

Ailish Layden, author of the report, said banks should use their financial leverage to pressure agricultural companies into reducing methane emissions.

報告建議，銀行應將甲烷視為重大財務風險，建立涵蓋直接融資與融資協助的量化甲烷目標，以降低未來氣候、法規與聲譽風險。

The report recommended that financial institutions recognize methane as a material financial risk and establish quantitative reduction targets covering both financed and facilitated emissions.

市場人士指出，隨著全球氣候政策從碳排擴展至短期高暖化氣體管理，甲烷可能成為下一波ESG金融監管核心議題。尤其畜牧、乳製品與農業供應鏈相關金融活動，未來恐面臨更嚴格揭露與壓力測試要求。

Industry observers believe methane could become a major new focus of ESG regulation as climate policy expands beyond carbon dioxide to address shorter-term, high-impact greenhouse gases. Livestock, dairy, and agricultural supply chain financing are expected to face increasing scrutiny from regulators and investors in the coming years.