全球永續投資聯盟 (Global Sustainable Investment Alliance, GSIA , 2022) 報告近年來永續
投資是塑造全球資本市場的主要力量，在2022年的報告中顯示歐洲、加拿大、日本、澳大
利亞和紐西蘭的永續投資資產已達到 21.9 兆美元，由此看來，永續投資已是現在行業裡不
可忽視的一筆投資，永續投資是一個包含的投資方法，這些投資方法在各種可持續或負責
任投資策略的投資組合選擇和管理中考慮了環境、社會和治理 （Environment, Society, and 
Governance, ESG）因素，在 ESG 裡減少碳排放為其中主要的目的之一，根據聯合國 2024
碳排放報告中，2023年碳排放為57.1GtCO2 ，其中航空業的碳排放量為2% ，然比例不不 
但航空業本身即屬天比資源的 消耗產業 
本研究將採用質化研究方式，主要撰寫評鑑網站 AirlineRatings.com 在2024年評選出的
十大安全性航空公司，透過研究十大安全性航空公司永續報告的方式來了解航空公司對於
ESG執行的對策與措施，並探討ESG對於航空公司而言是否有負面影響。

The Global Sustainable Investment Alliance (GSIA) 2022 report highlights sustainable investing as 
a major force shaping global capital markets. In 2022, sustainable investment assets in Europe, Canada, 
Japan, Australia, and New Zealand reached $21.9 trillion, underscoring its significant presence in 
today's financial landscape. Sustainable investing is an inclusive approach that integrates 
Environmental, Social, and Governance (ESG) factors into portfolio selection and management through 
various sustainable or responsible investment strategies. 
  Reducing carbon emissions is a primary objective within ESG frameworks. According to the United 
Nations' 2024 carbon emissions report, global carbon emissions reached 57.1 gigatons of CO2 (GtCO2) 
in 2023, with the aviation industry accounting for 2%. While this percentage may seem modest, aviation 
 
 
      
 
is inherently a high-consumption industry regarding natural resources. 
  This study will employ a qualitative research approach, focusing on the top ten safest airlines as rated 
by AirlineRatings.com in 2024. By examining the sustainability reports of these airlines, we aim to 
understand their strategies and measures for implementing ESG practices. Furthermore, this research 
will explore whether ESG initiatives have any negative impacts on airlines

目錄 
中文摘要 .................................................................................................................................... I 
英文摘要 ................................................................................................................................... II 
目錄 ............................................................................................................................................ i 
表目錄 ...................................................................................................................................... iii 
圖目錄 ...................................................................................................................................... iv 
第壹章 緒論 ............................................................................................................................. 1 
第一節 研究背景 ............................................................................................................. 1 
第二節 研究目的 ............................................................................................................. 3 
第三節 研究問題 ............................................................................................................. 5 
第貳章 文獻探討 ..................................................................................................................... 6 
第一節 環境、社會和公司治理 （ESG） .................................................................... 6 
第二節 十大安全性航空介紹 ....................................................................................... 18 
第三節 航空公司的ESG對經營的探討 ...................................................................... 23 
第參章：研究方法 ................................................................................................................. 27 
第一節 研究架構 ........................................................................................................... 27 
第二節 研究問題 ........................................................................................................... 28 
第三節 研究設計 ........................................................................................................... 29 
第肆章：十大安全性航空ESG策略 .................................................................................... 30 
第一節 航空業的環境 ................................................................................................... 30 
第二節 航空業的社會責任 ........................................................................................... 43 
第三節 航空業的公司治理 ........................................................................................... 56 
第四節 ESG對經營是否有影響 ................................................................................... 70 
第五節 十大安全性航空ESG綜合例較分析 .............................................................. 76 
第伍章 結論與建議 ............................................................................................................... 81 
第一節 結論 ................................................................................................................... 81 
第二節 實務建議 ........................................................................................................... 84 
第三節 學術建議 ........................................................................................................... 84 
 
 
ii 
 
第四節 研究限制 ........................................................................................................... 85 
參考文獻 ................................................................................................................................. 86 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
iii 
 
表目錄 
表2-1  ESG重點整理 ............................................................................................... 13 
表4-1 十大安全性航空環境重點整理 ..................................................................... 42 
表4-2 十大安全性航空社會責任重點整理 ............................................................. 55 
表4-3 十大安全性航空公司治理重點整理 ............................................................. 69 
表4-4 十大安全性航空ESG重點整理 .................................................................... 77 
表4-4-1十大安全性航空2023對例2024經營概況 ............................................... 78 
 
 
 
 
 
 
 
 
 
 
 
 
 
iv 
 
圖目錄 
圖1-1 2023年全球各行業碳排放量 ........................................................................... 2 
圖1-2 研究架構圖 ....................................................................................................... 5 
圖3-1 研究架構 ......................................................................................................... 27 
圖4-1 十大安全性航空2023對例2024經營概況 ....................................................... 76

一、中文文獻 
1.林茂文（2023）。航空業2050淨零碳排的推手：永續航空燃料。石油季刊，
59(2)，1-36。https://www-airitilibrary
com.ezproxy.lib.tku.edu.tw/Article/Detail?DocID=10229671-N202307060007-00001 
2. 林庭宇、張羽沛（2025）。 CEO權力與環境、社會、公司治理（ESG）評等
之影響。管理評論，44(1)，79-100。
https://doi.org/10.6656/MR.202501_44(1).CNI004 
3. 胡凱傑、李紫潔（2020）。航空公司永續行銷、企業形象與顧客忠誠度之關
係：考量消費者永續行為之干擾效果。品質學報，27(6)，366-390。
https://doi.org/10.6220/joq.202012_27(6).0002 
4. 國泰航空(2024)。穩步前行邁向可持續未來可持續發展報告2024(可持續發展 
報告)。取自國泰航空官網https://www.cathaypacific.com/content/dam/cx/about
us/sustainability/sustainability-reports/zh/cathay-pacific-sustainable-development
report-2024-tc.pdf 

5. 國泰航空(2024)。國泰航空二零二四年報告書(年度報告書)。取自國泰航空官
網https://www.cathaypacific.com/content/dam/cx/about-us/investor-relations/interim
annual-reports/zh/2024_cx_annual_report_zh.pdf 
二、英文文獻 
1. Abbas, I., Shaar, A., & El Osta, R. (2024). The pathway for achieving sustainable 
aviation fuel production in the Middle East and North Africa region. Environmental 
Progress & Sustainable Energy, 43(3), e14395. 
2. Ahmad, N., Mobarek, A., & Roni, N. N. (2021). Revisiting the impact of ESG on 
financial performance of FTSE350 UK firms: Static and dynamic panel data 
analysis. Cogent Business & Management, 8(1), 1900500. 
3. AIR NEW ZEALAND.(2024). AIR NEW ZEALAND Annual Report 2024. 
Retrieved from https://p-airnz.com/cms/assets/PDFs/air-nz-2024-annual-results
report.pdf 
4. Al Marzouqi, A. H., Khan, M., & Hussain, M. (2020). Employee social 
sustainability: Prioritizing dimensions in the UAE’s airlines industry. Social 
Responsibility Journal, 16(3), 349-367. 

5. AIR NEW ZEALAND. (2024). Climate Statement 2024. Retrieved from 
https://p-airnz.com/cms/assets/air-new-zealand-2024-climate-statement.pdf 
6. Almashhadani, M., & Almashhadani, A. A. (2023). Corporate governance science, 
culture and financial performance. International Journal of Business and 
Management Invention, 11(2), 55-60. 
7. Alaska Air Group. (2024). Alaska Air Group 2024 Annual Report. Retrieved from 
https://news.alaskaair.com/wp-content/uploads/2025/03/ALK-2024-Annual-Report
BMK.pdf 
8. Alaska_Airlines. (2023). Alaska_Airlines 2023 Sustainability Report.  
Retrieved from 2023 Sustainability Report 
9. Amicarelli, V., Lagioia, G., Patruno, A., Grosu, R. M., & Bux, C. (2021). 
ENHANCING THE SUSTAINABILITY OF THE AVIATION INDUSTRY: 
AIRLINES'COMMITMENT TO" GREEN" PRACTICES. Amfiteatru 
Economic, 23(15), 934-947. 
10. Annesi, N., Battaglia, M., Ceglia, I., & Mercuri, F. (2025). Navigating paradoxes: 
Building a sustainable strategy for an integrated ESG corporate 
governance. Management Decision, 63(2), 531-559. 
11. ANA. (2024). ANA Annual Report 2024. Retrieved from 
https://www.ana.co.jp/group/en/investors/irdata/annual/pdf/24/24_E_00.pdf 

12. ANA. (2023). Sustainability Report ANA 2023. Retrieved from  
ana sustainability report 2023.pdf 
13. Australia, B., Link, P., Hallam, M., & Maloba, S. (2022). BRIDGING THE 
PRICE GAP FOR SUSTAINABLE AVIATION FUEL (SAF). 
14. Bose, I. (2018). The strategic environment of the aviation industry in UAE: A case 
study on Etihad Airways. IIUM Journal of Case Studies in Management, 9(1), 21
27. 
15. Boateng, A., Wang, Y., Ntim, C., & Glaister, K. W. (2021). National culture, 
corporate governance and corruption: A cross‐country analysis. International 
Journal of Finance & Economics, 26(3), 3852-3874. 
16. Braun, M., Grimme, W., & Oesingmann, K. (2024). Pathway to net zero: 
Reviewing sustainable aviation fuels, environmental impacts and pricing. Journal 
of Air Transport Management, 117, 102580. 
17. .Çabuk, S., Güreş, N., İnan, H., & Arslan, S. (2019). A survey on the attitudes of 
passengers towards Green Airlines. Yaşar Üniversitesi E-Dergisi, 14(55), 237-250. 

18. Chopra, S. S., Senadheera, S. S., Dissanayake, P. D., Withana, P. A., Chib, R., 
Rhee, J. H., & Ok, Y. S. (2024). Navigating the challenges of environmental, social, 
and governance (ESG) reporting: The path to broader sustainable 
development. Sustainability, 16(2), 606. 
19. Cikaliuk, M., Eraković, L., Jackson, B., Noonan, C., & Watson, S. (2020). Board 
leadership and governance for clear-sighted CEO succession at Air New 
Zealand. Journal of Management & Organization, 26(5), 774-797. 
20. Dorfleitner, G., Halbritter, G., & Nguyen, M. (2015). Measuring the level and risk 
of corporate responsibility–An empirical comparison of different ESG rating 
approaches. Journal of Asset Management, 16(7), 450-466. 
21. Dominguez, I. (2023). Flying Towards Extinction: The Role of the Aviation 
Industry in Perpetuating International Wildlife Trafficking. J. Air L. & Com., 88, 
235. 
22. Dragomir, V. D., Dumitru, M., & Feleagă, L. (2021). Political interventions in 
state-owned enterprises: The corporate governance failures of a European airline. 
Journal of accounting and public policy, 40(5), 106855. 
23. Eccles, R. G., Krzus, M. P.,& Ribot S. (2014). The integrated reporting 
movement: Meaning, momentum, motives, and materiality. John Wiley & Sons. 

24. Emirates GROUP. (2024). Emirates GROUP Annual Report 2023/24. Retrieved 
from  https://c.ekstatic.net/ecl/documents/annual-report/2023-2024.pdf 
25. FINNAIR. (2024). FINNAIR Annual Report 2024. Retrieved from 
Annual Report 
26. Global Sustainable Investment Alliance.(2022). GLOBAL SUSTAINABLE 
INVESTMENT REVIEW 2022. Retrieved from. https://www.gsi-alliance.org/wp
content/uploads/2023/12/GSIA-Report-2022.pdf 
27. Grimme, W., Maertens, S., Bingemer, S., & Gelhausen, M. C. (2021). Estimating 
the market potential for long-haul narrowbody aircraft using origin-destination 
demand and flight schedules data. Transportation Research Procedia, 52, 412-419. 
28. Hasaneya, R., Mohammed, K., Shankar, S., Fernando, I., Sonambekar, C., &       
Garg, N. (2023). Assessing the Effects of the COVID-19 Pandemic on the Aviation    
Sector and Exploring Strategies for Industry Recovery. International Journal of 
Tourism and Hospitality in Asia Pacific (IJTHAP), 6(3), 18-28. 
29.Henisz, W., Koller, T., & Nuttall, R. (2019). Five ways that ESG creates 
value. McKinsey Quarterly, 4, 1-12. 

30. Heiets, I., Oleshko, T., & Leshchinsky, O. (2021). Airline-within-Airline business 
model and strategy: case study of Qantas Group. Transportation Research 
Procedia, 56, 96-109. 
31. Hu, Y., Hassan, A., & Atif, S. (2024). Examining the Interplay between CEPSA’s 
ESG Performance and Financial Performance: An Overview of the Energy Sector 
Transformation. Sustainability, 16(7), 2772. 
32. Imperatives, S. (1987). Report of the World Commission on Environment and 
Development: Our common future. Accessed Feb, 10(42,427). 
33. Ilkhanizadeh, S., & Karatepe, O. M. (2017). An examination of the consequences 
of corporate social responsibility in the airline industry: Work engagement, career 
satisfaction, and voice behavior. Journal of Air Transport Management, 59, 8-17. 
34. Kaźmierczak, M. (2022). A literature review on the difference between CSR and 
ESG. Zeszyty Naukowe. Organizacja i Zarządzanie/Politechnika Śląska, (162). 
35. Kolesnyk, M. V. (2022). Issues of current modification of business models under 
the influence of socially oriented management. Ukrayinsʹkyy zhurnal prykladnoyi 
ekonomiky ta tekhniky, 7(2), 225-233. 
36. Kuo, T. C., Kremer, G. E. O., Phuong, N. T., & Hsu, C. W. (2016). Motivations 

and barriers for corporate social responsibility reporting: Evidence from the airline 
industry. Journal of Air Transport Management, 57, 184-195. 
37. Leppäjärvi, P. (2024). Airline Resilience in the Dual Crisis-Case Finnair: Strategic 
Adaptations in Finnair's East Asia Operations During the COVID-19 and the 
Russia-Ukraine War. 
38. Lee, J. W., Lui, T. F. M., & Lam, H. M. (2022). Hong Kong’s Law for Foreign 
Investment in the Airline Industry: A Pioneer of'Principal Place of Business'?. 
39. Lu, W. M., Wang, W. K., Hung, S. W., & Lu, E. T. (2012). The effects of corporate 
governance on airline performance: Production and marketing efficiency 
perspectives. Transportation Research Part E: Logistics and Transportation 
Review, 48(2), 529-544. 
40. Morgan Stanley Capital International. (2024). MSCI Sustainability and Climate 
Trends to 2024 Watch. Retrieved from 
https://www.msci.com/documents/1296102/42241274/2024++MSCI+Sustainability
 +and+Climate+Trends+to+Watch+Paper+Final+.pdf?3 

41. Morgan Stanley Capital International. (2025). MSCI SUSTAINABILITY AND 
CLIMATE Trends to Watch 2025. Retrieved from. 
https://www.msci.com/documents/1296102/51277550/2025+Sustainability+and+Cl
 imate+Trends+Paper.pdf 
42. Moir, L. (2001). What do we mean by corporate social responsibility?. Corporate 
Governance: The international journal of business in society, 1(2), 16-22. 
43. Moussa, A. S., & Elmarzouky, M. (2024). Beyond Compliance: How ESG 
Reporting and Strong Governance Influence the Cost of Capital in UK 
Firms. JRFM, 17(8), 1-21. 
44. Müller, R., Caron, M. A., Drouin, N., Lereim, J., Alonderienė, R., Chmieliauskas, 
A., ... & Šuminskienė, R. (2025). Governance of ESG implementations: governance 
dimensions and their structural implementation. International Journal of Managing 
Projects in Business, 18(1), 118-138. 
45. Nagy, Z., Kassam, A., & Lee, L. E. (2015). Can ESG add alpha. MSCI, Retrieved 
from.https://www.stern.nyu.edu/sites/default/files/assets/documents/Research_I
 nsight_Can_ESG_Add_Alpha.pdf 

46. Naciti, V., Cesaroni, F., & Pulejo, L. (2022). Corporate governance and 
sustainability: A review of the existing literature. Journal of Management and 
Governance, 1-20. 
47. Ölçen, O., & Önler, B. (2021). Soil and Water Pollution Awareness and Fare 
Purchasing Behaviour of Passengers in Air Carriers. Journal of Aviation 
Research, 3(2), 209-226. 
48. Pham, T. N., Tran, P. P., Le, M. H., Vo, H. N., Pham, C. D., & Nguyen, H. D. 
(2022). The effects of ESG combined score on business performance of enterprises 
in the transportation industry. Sustainability, 14(14), 8354. 
49. Qantas.(2024). Qantas Annual Report 2024. Retrieved from 
https://investor.qantas.com/FormBuilder/_Resource/_module/doLLG5ufYkCyEPjF
 1tpgyw/file/annual-reports/2024-Annual-Report.pdf 
50. Qatar Airways. (2024). Qatar Airways GROUP Annual Report 2023/24. Retrieved 
from https://d21buns5ku92am.cloudfront.net/69647/documents/54686
1719916085-3345_Annual%20Report%202023%2024_V24%201-7cb0c9.pdf 
51. Qantas. (2024). Sustainability Report 2024. Retrieved from 
https://investor.qantas.com/FormBuilder/_Resource/_module/doLLG5ufYkCyEPjF
 1tpgyw/file/annual-reports/QAN_2024_Sustainability_Report.pdf 

52. Rau, P. R., & Yu, T. (2024). A survey on ESG: investors, institutions and 
firms. China Finance Review International, 14(1), 3-33. 
53. Riionheimo, S. L. (2023). Institutional reflections on firm's corporate 
sustainability practices: Case All Nippon Airways. 
54. ROY, B., DE LA TORRE, A. W., MARTIN, M. J., & MADURAPPERUMA, P.  
A comparative Study of Vegetation Structure and Regeneration between 2018, 2022 
and 2023 Monitoring Surveys in the Dubai Desert Conservation Reserve, Managed 
by:Emirates. https://www.ddcr.org/media/frzgw5z4/a-comparative-study-of
vegetation-structure-and-regeneration-between-2018-2022-and-2023-monitoring
surveys-in-the-dubai-desert-c.pdf 
55. Rodriguez, H. (2023). Sustainable Aviation Fuel Implementation Strategies for 
European Airports (Master's thesis). 
56. Sahut, J. M., & Pasquini-Descomps, H. (2015). ESG impact on market 
performance of firms: International evidence. Management international, 19(2), 
40-63. 
57. Santana, E. M., & Gómez, V. G. (2024). ENVIRONMENTAL 
SUSTAINABILITY IN THE AVIATION SECTOR ADDENDUM 2023. 

58. Shohaieb, D., Elmarzouky, M., & Albitar, K. (2022). Corporate governance and 
diversity management: Evidence from a disclosure perspective. International 
Journal of Accounting & Information Management, 30(4), 502-525. 
59. Soomro, Y. A., Hameed, I., Shakoor, R., Butt, A. S., & Khani, S. (2012). Factors 
effecting consumer preferences in airline industry. Far East Journal of Psychology 
and Business, 7(1), 63-79. 
60. S&P Global, (2025). Corporate Sustainability Assessment. Retrieved from 
https://portal.s1.spglobal.com/survey/documents/CSA_CorporateSustainabilityAsse
 ssment_factsheet.pdf 
61. S&P Global, (2025). S&P Global ESG Scores Methodology Sustainable 1 – 
March 2025. Retrieved from 
https://portal.s1.spglobal.com/survey/documents/spglobal_esg_scores_methodol
 ogy.pdf 
62. Spasojevic, B., & Lohmann, G. (2022). Air route development-Lessons from 
Australia. Journal of Air Transport Management, 104, 102274. 

63. Streimikiene, D., Lasickaite, K., Skare, M., Kyriakopoulos, G., Dapkus, R., & 
Duc, P. A. (2021). The impact of corporate social responsibility on corporate image: 
evidence of budget airlines in Europe. Corporate Social Responsibility and 
Environmental Management, 28(2), 925-935. 
64. Sugimoto, S. (2016). The ANA Group’s Circular and Environment 
Strategy. Chapters, 49-66. 
65. Sulistya, I. A. P., & Ginaya, G. (2020). Corporate social responsibility 
implementation on aviation company: A case study in Qatar Airways. International 
Journal of Green Tourism Research and Applications, 2(1), 41-46. 
66..Toivonen, N. (2014). On Air-Finnair Employees in Social Media: New 
Opportunities of Activism. 
67. United Nations Environment Programme. (2024). Emissions Gap Report 2024: 
No more hot air … please! With a massive gap between rhetoric and reality, 
countries draft new climate commitments. Retrieved from. 
https://doi.org/10.59117/20.500.11822/46404 

68.United Nations Global Compact.(2004).Who Cares Wins, Retrieved from. 
https://documents1.worldbank.org/curated/en/280911488968799581/pdf/113237
WP-WhoCaresWins-2004.pdf 
69. Upadhaya, B., Munir, R., Blount, Y., & Su, S. (2018). Diffusion of corporate 
social responsibility in the airline industry. International Journal of Operations & 
Production Management, 38(4), 1020-1040. 
70. Virgin Australia Group. (2024). Working towards a sustainable future Virgin 
Australia Group | Sustainability Report 2024. Retrieved from 
virgin-australia-sustainability-report-2024.pdf 
71. Whitelegg, J. (2000). AVIATION: the social, economic and environmental impact 
of flying. Ashden Trust, London. 
72. Xue Yu Chen, 2024. "A literature review of corporate governance," Edelweiss 
Applied Science and Technology, Learning Gate, vol. 8(6), pages 8945-8949. 
73. Zhang, Y., & Zhang, A. (2021). COVID-19 and bailout policy: The case of Virgin 
Australia. Transport Policy, 114, 174-181. 

三、網路文獻 
1. 交通部觀光署觀光統計資料庫.(n.d.).113年國人出國統計總數共16,849,683
人 REtrieved March 21, 2025, from https://stat.taiwan.net.tw/ 
3. 紐西蘭航空(2025年3月23號)。關於新西蘭航空  
取自紐西蘭航空官網 關於新西蘭航空 | 新西蘭航空香港官方網站 
4. 澳洲航空(2025年 3月23號)。關於我們 
取自澳洲航空官網 關於我們 | 澳洲航空 
5. 阿提哈德航空(2025年3月24號)。關於我們 
取自阿提哈德航空官網關於阿提哈德航空 - 阿拉伯聯合大公國航空公司 
6.全日空(2025 年3月24號)。About ANA Group 取自全日空官網 
7. About ANA Group | ANA Group Corp.'s Information 
8.芬蘭航空(2025年3月24日)。Blue Wings 故事 
取自芬蘭航空官網 https://www.finnair.com/hk-zh/bluewings 
9. 國泰航空(2025年3月24日)。 關於我們的航空公司 
取自國泰航空官網 國泰航空世界 

10. Airline Ratings.(2024). Virgin Australia Ranked Third In World's Safest Airlines 
For 2024, Retrieved from https://www.airlineratings.com/articles/virgin-australia
ranked-third-in-worlds-safest-airlines-for-2024) 
11. Alaskaair.(2025, March 24). About us Retrieved from 
https://www.alaskaair.com/content/about-us 
12. Etihad Airways(2025, February 19) Etihad Airways announces highest-ever profit 
of AED 1.7 billion (US$ 476 million) in 2024 
13. 
Etihad Airways. https://www.etihad.com/en/news/etihad-airways-announces
highest-ever-profit-of-aed-17-billion-usd-476-million-in-2024 
14. Etihad Airways.(2025).Etihad Our responsibility. Retrieved from 
https://www.etihad.com/en-tw/about-us/social-responsibility 
15. Qatar Airways.(2025, March 24). About Qatar Airways 
https://www.qatarairways.com/press-releases/en-WW/about/ 

16. Virgin Australia(2024, October 13) Virgin Australia delivers strong FY24 results, 
driven 
by 
ongoing 
transformation. 
Virgin 
Australia 
https://www.virginaustralia.com/au/en/newsroom/2024/10/virgin-australia-delivers
strong-fy24-results-driven-ongoing-transformation/ 
17.World Travel Awards.(2025, March 24).Etihad Airways. Retrieved from 
Etihad Airways nominee profile – World Travel Awards 
18. Virgin Australia. (2025, March 23). About Virgin Australia Retrieved from 
https://www.virginaustralia.com/au/en/about-us