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| 題 名 | 巨災風險融資與證券化:強化氣候脆弱國家韌性建設的金融創新=Catastrophe Risk Financing and Securitization: Financial Innovation for Strengthening Resilience in Climate-Vulnerable Countries |
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| 作 者 | 曾薰慧; 王浩滄; | 書刊名 | 國際開發援助現場季刊 |
| 卷 期 | 22 2025.12[民114.12] |
| 頁 次 | 頁30-36+9-10 |
| 分類號 | 563.53 |
| 關鍵詞 | 氣候風險; 金融創新; 巨災債券; 韌性基礎建設; SIDS; |
| 語 文 | 中文(Chinese) |
| 中文摘要 | 氣候變遷衝擊全球,對開發中國家及小型島嶼開發中國家(SIDS)更是構成巨大威脅,常導致基礎設施嚴重破壞,造成不成比例的鉅額災損。該等國家的財政體質通常也較為脆弱,災害發生後,需要能立即取得緊急性資金,進行災難救援與復原。為能有效進行氣候及自然災害的風險管理,首先應進行風險分層,倘為發生頻率高但災害規模小、可自行承受的損失可風險自留,而低頻率但高嚴重性、無法自行承受的巨災風險,則應設法移轉。國際上已有巨災債券(Cat bonds)等發展成熟的創新金融工具可將保險公司的巨災風險移轉至資本市場。為協助開發中國家運用巨災債券之機制,世界銀行善用其多邊機構之身分,集合多國風險組成風險分擔池,協助主權政府以更有利的條件發行巨災債券,讓開發中國家的政府在遭遇大型災難時能迅速取得流動性資金。最著名案例為墨西哥MultiCat債券,此機制已成為該國災害風險融資策略的重要一環。國際間正進一步在發展能引導私部門資本投入氣候韌性基礎建設的創新金融機制。保險連結貸款(ILLP)或韌性債券(Resilience Bond)等新興工具的核心皆是設法將「韌性紅利」貨幣化,以補貼韌性建設之前期建設成本。未來此機制倘能發展成熟,將有助我國以及國際夥伴以更有效率方式在中低收入脆弱國家推動韌性基礎建設計畫。 |
| 英文摘要 | Climate change poses severe threats worldwide, particularly to developing countries and small island developing states (SIDS), where disasters often cause disproportionate damage to infrastructure and massive economic losses. These countries typically face fiscal constraints and require rapid access to emergency funding for response and recovery. Effective climate and disaster risk management begins with risk layering: frequent, low-impact losses can be retained, while low-frequency, high-severity catastrophe risks should be transferred. Mature financial instruments such as catastrophe bonds enable insurers to transfer such risks to capital markets. Leveraging its multilateral role, the World Bank has facilitated pooled risk-sharing mechanisms that help sovereign governments issue catastrophe bonds on more favorable terms, enabling rapid liquidity access following major disasters. Mexico’s MultiCat Program is a prominent example. Emerging tools such as insurance-linked loans and resilience bonds aim to monetize the resilience dividend to offset upfront investment costs. As these mechanisms mature, they hold significant potential for Taiwan and its partners to promote resilient infrastructure in vulnerable low- and middle-income countries more efficiently. |
本系統中英文摘要資訊取自各篇刊載內容。