台塑集團（Formosa Plastics Group, FPG）是台灣最大的企業集團之一，也是全球最大的石化與塑膠製造商之一。該集團獲得了近20億美元的永續連結貸款，並被納入超過40個ESG（環境、社會與公司治理）標籤基金。然而，台塑的歷史紀錄顯示，它在環境法規上是屢犯不改的「慣犯」，對人類健康、生態系統與全球氣候皆構成嚴重威脅。

台塑集團在永續發展上的失敗，也未為其財務表現帶來正面助益。自2024年初以來，該集團主要公司市值已腰斬，利潤大幅下滑與債務攀升，也導致其信用評等遭主要機構下調。

本報告檢視了台塑集團的ESG表現，發現以下重點：

• 氣候：儘管台塑聲稱目標為「2050年達到碳中和」，但其實際行動與控制全球升溫小於1.5°C的可行路徑「高度不一致」。該集團在制訂減碳策略與轉型計畫方面未達標準。2022 年，台塑集團下四大公司（部分數據可能有重疊）的範疇一、二與三碳排放量合計高達1.43億噸二氧化碳當量（MtCO2e），超過165個國家的溫室氣體排放量。
• 環境：自2010年以來，台塑集團因164項環境違規行為，已累積超過5.35億美元罰款。2016 年台塑在越南造成該國史上最嚴重的海洋污染災難，數百公里海岸遭有毒化學物質污染，影響數萬民眾生計。2019年，美國德州的水污染案件以5000萬美元達成和解，但至今台塑仍持續污染當地水域，後續又新增了2800萬美元罰款。
• 人權：台塑集團在美國路易斯安那州推動的「陽光計畫」（Sunshine Project）遭聯合國人權專家嚴厲批評，稱此計畫及該地區內的其他石化擴張計畫屬於一種「環境種族主義」，並威脅人民的「平等與不歧視權、生命權、健康權、適足生活權與文化權」。越南環境災難也導致社區被迫遷移，受害者抗議時遭逮捕與過度執法。
• 勞動：台塑集團旗下的福懋興業（Formosa Taffeta）在越南同奈省的紡織工廠被指控嚴重侵犯勞動權，包括脅迫勞動、工資違規與職業安全問題。包括挪威政府全球退休基金（GPFG）在內的多家投資機構，已因此將其剔除出投資組合。
• 治理：台塑集團的公司架構極為複雜，包含眾多公司、子公司與關係企業，並透過交叉持股形成環狀股東關係，掩蓋了最終實益所有權與實際控制人。

本報告介紹台灣、美國與越南的案例，揭示該集團一系列未能落實環境、社會與公司治理相關標準的情況，並記錄其如何成為台灣最大俄煤進口商之一。

種種證據顯示，台塑集團的問題並非個別子公司脫序行為或單一事件，而是反映了一種更廣泛的企業文化，不斷將提升集團疲弱的獲利能力置於人類、地球與法規之上。在此脈絡下，台塑集團不僅對盡責的投資人和利害關係人構成聲譽與法律風險，更與長期重視永續發展、人性尊嚴與氣候行動的價值觀嚴重不符。

本報告最後提出具體建議，說明金融機構、ESG評等機構與信用評等機構應如何與台塑集團接觸，並建議台塑集團如何改善其劣跡斑斑的紀錄。

【中文研究報告下載】

Formosa Plastics Group (FPG) is Taiwan’s largest industrial conglomerate and one of the world’s largest petrochemicals and plastics producers. It has received close to US$2 billion in sustainability-linked loans and is included in over 40 ESG-labelled funds.  Yet FPG’s track record demonstrates that it has been a “serial offender” against environmental regulations, posing a threat to human health, local ecosystems, and the global climate.

FPG’s sustainability failures have not helped it financially. The Group’s largest companies have lost half of their share value since the start of 2024, while a significant fall in profits and rising debts have triggered downgrades by major credit rating agencies.

This report examines how Formosa Plastics Group performs in relation to  environmental, social and governance (ESG) standards. It finds that:

• Climate. The conglomerate’s objective to “achieve carbon neutrality by 2050” is not matched by its actions, which are “strongly misaligned” with a credible pathway to limiting global warming to 1.5°C. It has fallen short on benchmarks to develop decarbonisation strategies and transition plans. The scope 1, 2 and 3 emissions attributed to FPG’s four main companies, which may include some degree of overlap, amounted to 143 MtCO2e in 2022, higher than the greenhouse gas emissions of 165 countries.
• Environment. FPG has accrued over US$535 million in financial penalties for 164 separate environmental violations since 2010.It was responsible for Vietnam’s worst-ever industrial disaster when a 2016 discharge of toxic chemicals devastated over a hundred miles of coastline, affecting tens of thousands of livelihoods. In 2019, it reached a US$50 million settlement for water violations in Texas, USA, but continues to pollute local waterways and has accrued a further $28 million in fines.
• Human Rights. FPG’s proposed Sunshine Project in Louisiana, USA, has drawn criticism from UN human rights experts, who condemned this and other petrochemical expansion plans in the region as a form of “environmental racism” that pose a threat to the “right to equality and non-discrimination, the right to life, the right to health, right to an adequate standard of living and cultural rights.”The environmental disaster in Vietnam also displaced communities, while protests by the victims have been met with arrests and excessive force.
• Labor. Formosa Taffeta has been accused of serious labor rights violations at a textile factory in Dong Nai Province, Vietnam, including coerced labor, wage violations and occupational safety issues. A number of investors, including Norway’s Government Pension Fund Global (GPFG), excluded investment in the company as a result.
• Governance. FPG’s complex network of corporations, subsidiaries, and affiliates involves circular share­holder relationships between and among the constituent companies, which obscures beneficial ownership and control.

We present case studies from Taiwan, United States and Vietnam that highlight a series of failings to uphold environmental, social and governance standards, as well as documenting how the company has emerged as one of Taiwan’s leading importers of Russian coal.

The evidence suggests that FPG’s failings are not isolated incidents or the actions of rogue subsidiaries — they represent a broader corporate culture that has repeatedly placed attempts to bolster the Group’s faltering profitability above people, planet, and regulatory compliance. In this context, FPG poses not only a reputational and regulatory risk, but a clear values misalignment for responsible investors and stakeholders concerned with long-term sustainability, human dignity, and climate action.

The report concludes with a series of recommendations on how financial institutions, ESG and credit rating agencies should engage with Formosa Plastics companies, as well as recommendations on how the Group could improve on its poor track record.

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