ESG投资介绍：第一章
2024-02-07 17:00:50 0 举报AI智能生成
ESG入门第一章节内容梳理
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What is ESG Investing
什么是ESG投资
什么是ESG投资
定义
Definition:
ESG investing is an approach to managing assets where investors explicitly incorporate
environmental, social and governance (ESG) factors in their investment decisions with the long-term return
of an investment portfolio in mind,
ESG investing is an approach to managing assets where investors explicitly incorporate
environmental, social and governance (ESG) factors in their investment decisions with the long-term return
of an investment portfolio in mind,
Environmental Factors——研究自然问题
（与人无关）
（与人无关）
- Climate change
- Resource depletion
- Waste
- Pollution
- Deforestation
Social factos—研究大类人群问题
- Human rights
- Modern slavery
- Working conditions
- Child labor
- Employee relations
Governance factors—研究具体人群问题
- Bribery and corruption
- Executive pay
- Board diversity and structure
- Tax strategy
ESG Considerations non-financial:
they are difficult to value precisely and difficult to time
they are difficult to value precisely and difficult to time
相关理论发展
Corporate social responsibility (CSR):
is a broad business concept that describes a company's
commitment to conducting its business in an ethical way.
—从道德出发，发展为商业模式中的战略角色
is a broad business concept that describes a company's
commitment to conducting its business in an ethical way.
—从道德出发，发展为商业模式中的战略角色
Tripple bottom line (TBL) as the three Ps:
- People---social
- Planet---environmental (biosphere)
- Profit---economic (financial)
Long-Termism长期主义
Short-termism
短视表现
短视表现
1. Trading Practices—基于短期股价变动来做投资:
based on short-term momentum and price movements
based on short-term momentum and price movements
2. Prioritizes maximizing quarterly financials—优先考虑季度财务数据
less willing to take on projects such as research and development
less willing to take on projects such as research and development
Types of Responsible Investment
责任投资类别
责任投资类别
1. Socially Responsible Investment (SRI) —出于道德进行投资选择，只考虑E和S：
Approach that apply social and encironmental criteria in evaluating companies,
generally score companies
Approach that apply social and encironmental criteria in evaluating companies,
generally score companies
2. Best-in-Class Investment
选择各行业ESG分数高的公司进行投资，同时考虑E,S,G
Companies are scored on a variety of factos, selecting only the
companies that overcome adegined ranking hurdle
Companies are scored on a variety of factos, selecting only the
companies that overcome adegined ranking hurdle
All sector approach: 煤炭烟酒等行业可能被包含
Not all best-in-class funds are considered to be 'responsible investments'
Not all best-in-class funds are considered to be 'responsible investments'
目的：在保持与index内行业配比不变的前提下，尽量做分散化+提高ESG表现
Due to its all-sector approach, best-in-class investment is commonly used in investment
strategies that try to maintain certain characteristics of an index.
So security selection seeks to maintain regional and sectorial diversification along with
a similar profile to the parent market cap index while targeting companies with higher ESG ratings.
Due to its all-sector approach, best-in-class investment is commonly used in investment
strategies that try to maintain certain characteristics of an index.
So security selection seeks to maintain regional and sectorial diversification along with
a similar profile to the parent market cap index while targeting companies with higher ESG ratings.
3. Sustainable Investment
最小化自然资源和社会资源的消耗
Contribute in a sustainable economy, like an asset that minimizes natural and social resource depletion
Contribute in a sustainable economy, like an asset that minimizes natural and social resource depletion
4. Thematic Investment
选择某一主题进行投资
Investment in themes, two common thems focus on increased demand for energy and water
and the availability of alternative sources
Investment in themes, two common thems focus on increased demand for energy and water
and the availability of alternative sources
5. Geen Investment
只关注“E”这一个因素
是thematic/impact investment的子类别-a broad sub-category of thematic investing or impact investing
Green bonds, which raise money for climate and environmental projects, are commonly used in green investing
是thematic/impact investment的子类别-a broad sub-category of thematic investing or impact investing
Green bonds, which raise money for climate and environmental projects, are commonly used in green investing
6. Social Investment
只关注“S”这一个因素，有利于bottom of pyramid (BOP)
Social investing can also include social impact bonds
Social investing can also include social impact bonds
7. Impact Investment
结果导向：对公司经营产生ESG相关影响，或者生产出ESG优化的产品
Impact investing has increasingly mainstreamed into the public markets, measurable social and environmental
impact alongside a financial return
Impact investing has increasingly mainstreamed into the public markets, measurable social and environmental
impact alongside a financial return
8. Ethical and Faith-based Investment
基于道德和宗教信仰，常用负面筛选的方法
Ethical and faith-based investment, often using negative screening to avoid investing in
companies whose products and services are deemed morally objectionable
Typical exclusions include:
Ethical and faith-based investment, often using negative screening to avoid investing in
companies whose products and services are deemed morally objectionable
Typical exclusions include:
- tobacco
- alcohol
- pornography
- weapons
- nuclear power
9. Shareholder Engagement
主动参与公司运营，影响公司往ESG方向发展
Reflects active ownership by investors, who seek to influence a corporation's decisions on matters of ESG,
either through dialogue with corporate officers or votes at a shareholder assembly
Reflects active ownership by investors, who seek to influence a corporation's decisions on matters of ESG,
either through dialogue with corporate officers or votes at a shareholder assembly
参与有效性的判断
- Scale of ownership
- Quality of the engagement
- Divestment is a possible sanction
Why Integrate ESG
为什么整合ESG
为什么整合ESG
For Asset Owner
Impact and ethics perspective—投资者开始重视ESG
Client demand perspective—投资者偏好开始偏向ESG
For Asset Manager
Fiduciary duty perspective—从长期角度，受托责任要求投资时考虑ESG—Freshfields report
Fiduciary duties exist to ensure that those who manage other people's money act in their beneficiaries' interests.
The Freshfields report recognizes that failing to consider long-term investment value drivers, which include ESG issues
Fiduciary duties exist to ensure that those who manage other people's money act in their beneficiaries' interests.
The Freshfields report recognizes that failing to consider long-term investment value drivers, which include ESG issues
Financial performance
公司内部角度：考虑ESG会使公司表现提升
Engaging with companies on ESG issues can create value for both
investors and companies by encouraging better ESG risk management
and more sustainable business practices
Engaging with companies on ESG issues can create value for both
investors and companies by encouraging better ESG risk management
and more sustainable business practices
组合管理角度：ESG组合投资并不一定带来超额收益
Meta studies suggest a positive correlation between ESG performance
and corporate financial performance, including stock prices. This correlation,
however, does not hold for fund performance, suggesting that the asset management
industry in general has not been consistently able to translate ESG into alpha.
Meta studies suggest a positive correlation between ESG performance
and corporate financial performance, including stock prices. This correlation,
however, does not hold for fund performance, suggesting that the asset management
industry in general has not been consistently able to translate ESG into alpha.
Meta analysis:
The research process merges the findings of single,
independent studies to reach an overall conclusion.
The research process merges the findings of single,
independent studies to reach an overall conclusion.
Three reasons why the results differ:
- The alpha from ESG might be captured elsewhere in factors studies
- The impact of different approaches in the different studies might cancel each other out
- The costs of implementation consume the available alpha
For Invested Company
Risk perspective
例如气候风险可能引发系统性风险
The climate now tops the risks agenda, while the economy has disappeared from the top five
(economic, environmental, geopolitical, social and technological), the growing likelihood and
impact of extreme weather events and the failure to address climate change
The climate now tops the risks agenda, while the economy has disappeared from the top five
(economic, environmental, geopolitical, social and technological), the growing likelihood and
impact of extreme weather events and the failure to address climate change
Efficiency and productivity
Build efficiencies by:
提高生产力，留住好员工
- Conserving resources
- Reducing costs
- Enhancing productivity
- Attract and retain quality employees
- Employee motivation and productivity
提高生产力，留住好员工
Reduced risk of fines and state intervention
政策改变会影响企业利润
One-third of corporate profits are at risk
One-third of corporate profits are at risk
Reduced negative externalities
外部性：externalities refers to situations where the
production or consumption of goods and services
creates costs or benefits to others that are not reflected
in the prices charged for them
生产和消费过程中产生的没有体现在
资产负债表上的影响，例如一次性餐盒对于外卖平台
production or consumption of goods and services
creates costs or benefits to others that are not reflected
in the prices charged for them
生产和消费过程中产生的没有体现在
资产负债表上的影响，例如一次性餐盒对于外卖平台
Externalities can either be negative or positive
负外部性：when externalities are negative,
private cost＜societal costs (内部成本＜外部成本）
private cost＜societal costs (内部成本＜外部成本）
ESG integration may reduce negative externalities.
The risks posed by 'externalized' environmental and social costs
in the real economy are central to the practice of investment, as
the internalization of these externalities could significantly impact
the costs and profits of companies' products and services,
affecting their bottom line.
Externalities can also have a drag on the wider economy, affecting the
total return investors may achieve in the long term.
The risks posed by 'externalized' environmental and social costs
in the real economy are central to the practice of investment, as
the internalization of these externalities could significantly impact
the costs and profits of companies' products and services,
affecting their bottom line.
Externalities can also have a drag on the wider economy, affecting the
total return investors may achieve in the long term.
Benefit from sustainability megatrends
新兴市场城镇化-Emerging markets and urbanization
技术创新-Technological innovation
人口结构变化（老龄化）、财富不均衡-
Demographic changes and wealth inequality
Demographic changes and wealth inequality
气候改变、资源短缺-Climate change and resource scarcity
实质/重大性的演变-Ecolution of Materiality
双重实质性/重要性—公司与气候之间相互影响-
Double materiality: not just climate-related impacts on the company
that can be material but also impacts of a company on the climate
Double materiality is an extension of the accounting concept of financial materiality.
Double materiality: not just climate-related impacts on the company
that can be material but also impacts of a company on the climate
Double materiality is an extension of the accounting concept of financial materiality.
For Macro Environment
Economics perspective
Environmental issues:
经济发展需要建立在可持续的基础之上
negative megatrends will create drag on
economic prosperity and may increase instability
identified climate change as a potential systemic risk
经济发展需要建立在可持续的基础之上
negative megatrends will create drag on
economic prosperity and may increase instability
identified climate change as a potential systemic risk
甜甜圈经济学-Doughnut economics
The Stockholm Resilience Centre has identified
'nine planetary boundaries'
The Stockholm Resilience Centre has identified
'nine planetary boundaries'
核心边界：气候变化，生物圈完整性
Core boundaries: climate change and
biosphere integrity
Core boundaries: climate change and
biosphere integrity
Social challenges:
社会问题凸显，例如贫富差距加大
Social issues have a significant impact on the wider economy
e.g. poverty, human rights, demographic changes and wealth inequality
社会问题凸显，例如贫富差距加大
Social issues have a significant impact on the wider economy
e.g. poverty, human rights, demographic changes and wealth inequality
Regulatory perspective—政策监管推进-重视ESG
Among national and international regulators the financial sector
can play an important role in meeting global challenges, such as
climate change, modern slavery and tax avoidance.
Among national and international regulators the financial sector
can play an important role in meeting global challenges, such as
climate change, modern slavery and tax avoidance.
Challenges In Integrating ESG
整合ESG的挑战
整合ESG的挑战
Prior to implement ESG
认为ESG对投资结果有负面影响
The perception that implementing ESG may have
a negative impact on investment performance
The perception that implementing ESG may have
a negative impact on investment performance
传统的受托责任观念不考虑ESG
Fiduciary duty prevents investors from integrating ESG
Fiduciary duty prevents investors from integrating ESG
没有足够的ESG产品提供选择
The advice given by investment consultants and retail
financial advisers often not been supportive of
products that integrate ESG
The advice given by investment consultants and retail
financial advisers often not been supportive of
products that integrate ESG
After deciding to implement ESG
不理解、不懂
The lack of understanding of how to build an
investment mandate that promotes ESG
or lack of understanding of what the needs
of asset owners regarding ESG
The lack of understanding of how to build an
investment mandate that promotes ESG
or lack of understanding of what the needs
of asset owners regarding ESG
没有足够的资源，没有数据、工具、人力、技术
lack of significant resources, such as human
resources, technical capability,
data and tools
lack of significant resources, such as human
resources, technical capability,
data and tools
假装在做ESG—洗绿，影响ESG的credibility
Greenwashing describes misleading claims
about environmental practices, performance
or products, which has impacted the credibility
of efforts in responsible investment.
Greenwashing describes misleading claims
about environmental practices, performance
or products, which has impacted the credibility
of efforts in responsible investment.
Putting ESG Into Practice
实践/落地
实践/落地
Investment Devision-Making
投/不投？
投/不投？
For institutional investors:
Institutional investors reflect ESG considerations by incorporating ESG
factors into investment decision-making, through corporate and policy
engagement.
Institutional investors reflect ESG considerations by incorporating ESG
factors into investment decision-making, through corporate and policy
engagement.
Factors included:
- within investment mandates
- within the strategic asset allocation process
- by applying a filter based on ratings
- by integrating ESG issues into financial models
- by using ESG factors to identify investment opportunities
For asset owners:
Asset owners and asset managers can embed ESG into strategic asset allocation (SAA)
Asset owners and asset managers can embed ESG into strategic asset allocation (SAA)
For direct investment:
Asset managers and asset owners who invest directly can incorporate ESG issues
within their security selection process
Asset managers and asset owners who invest directly can incorporate ESG issues
within their security selection process
Corporate Engagement
Shareholder engagement:
Investors can encourage investees to improve their ESG practices
例如：参加AGM（in annual general meeting expressing their views through voting on resolutions）
Investors can encourage investees to improve their ESG practices
例如：参加AGM（in annual general meeting expressing their views through voting on resolutions）
Engagement can also happen outside of this process (with an investment firm, individually or through
a collective initiative), discussing ESG issues with an investee company's board or management
a collective initiative), discussing ESG issues with an investee company's board or management
Policy Engagement
让金融系统更稳定、更公平、更高效考虑ESG
Investors can work with regulators, standard setters and other parties
(e.g. consultants, stock exchanges, etc.) to design a financial system that:
Investors can work with regulators, standard setters and other parties
(e.g. consultants, stock exchanges, etc.) to design a financial system that:
- is more sound and stable
- levels the playing field
- brings ESG more effectively into financial decision-making
Investors can:
- respond to policy consultations
- participate in collective initiatives
- make recommendations to policymakers
Key Initiatives
关键举措
关键举措
联合国相关措施
United Nations Global Compact
联合国全球契约组织 (UNGC)
联合国全球契约组织 (UNGC)
Human rights
Labour
Environment
Anti-corruption
United Nations Environment Programme Finance Initiative
联合国环境规划署金融倡议 (UNEP FI)
联合国环境规划署金融倡议 (UNEP FI)
mobilize private sector finance for
sustainable development
sustainable development
Principles for Responsible Investment
负责任投资原则 (PRI)
负责任投资原则 (PRI)
三个加入PRI的最低要求(3 minimum requirements):
1. Investment policy that covers the firm's responsible
investment approach, covering＞50% of assets under
management (AUM);
2. Internal or external staff responsibility for implementing
responsible investment policy;
3. Senior-level commitment and accountability mechanisms
for responsible investment implementation
1. Investment policy that covers the firm's responsible
investment approach, covering＞50% of assets under
management (AUM);
2. Internal or external staff responsibility for implementing
responsible investment policy;
3. Senior-level commitment and accountability mechanisms
for responsible investment implementation
United Nations Framework Convention on Climate Change
联合国气候变化框架公约 (UNFCCC)
联合国气候变化框架公约 (UNFCCC)
aims to stabilize GHG emissions to
limit man-made climate change
limit man-made climate change
UN Sustainable Development Goals
联合国可持续发展目标 (SDGs）
联合国可持续发展目标 (SDGs）
17个目标
are the UN's blueprint to address the key global challenges
Glosgow Financial Alliance for Net Zero
格拉斯哥净零金融联盟 (GFANZ)
格拉斯哥净零金融联盟 (GFANZ)
Race to Zero 零排放竞赛（净零）
halve（减半） global GHG emissions by 2030
halve（减半） global GHG emissions by 2030
All members are in line with the Paris Agreement
披露相关措施
Reporting Initiatives:
ESG-Related Initiatives
综合披露问题
ESG-Related Initiatives
综合披露问题
Global Reporting Initiative (GRI)—ESG综合披露，双重实质性：
the GRI Standards used by the United Nations Global Compact Signatories,
provide guidance on disclosure across environmental, social and economic
factors for all stakeholders, including investors
模块化-披露-问责制
the GRI Standards used by the United Nations Global Compact Signatories,
provide guidance on disclosure across environmental, social and economic
factors for all stakeholders, including investors
模块化-披露-问责制
Value Reporting Foundation（VRF-会计角度）:
to provide investors and corporates with a comprehensive
corporate reporting framework
to provide investors and corporates with a comprehensive
corporate reporting framework
International Business Council ESG Disclosure Framework :
aims to bring greater consistency and comparability to sustainability
reporting by establishing common metrics for company disclosure
aims to bring greater consistency and comparability to sustainability
reporting by establishing common metrics for company disclosure
International Sustainability Standards Board (ISSB):
in 2021, the IFRS Foundation Trestees announced a new standard
setting board-the ISSB
in 2021, the IFRS Foundation Trestees announced a new standard
setting board-the ISSB
Corporate Sustainability Reporting Directive (CSRD)
专题披露问题
Task Force on Climate-related Financial Disclosures (TCFD)
Former Carbon Disclosure Project (CDP)
Climate Disclosures Standards Board (CDSB)
其他举措
地区
Asia Investor Group on Climate Change (AIGCC)
The EU'S Sustainable Finance Disclosure Regulation (SFDR)
Global Sustainable Investment Alliance (GSIA)
促进全球合作/地域和国家的深度报告
专题
The International Corporate Governance Network (ICGN)
公司治理方面
Global Impact Investing Network (GIIN)
降低影响力投资的障碍（数据库）
投资流程框架
Investment Process
Asset Allocation-资产配置
Manager Selection-选择管理人
Portfolio Construction-投资组合构建
Macro Environment
Asset Owner
资产所有者
资产所有者
Stock（股票）
Asset Manager A
Invested Company A
(Investee-被投资方)
(Investee-被投资方)
Invested Company B
……
Asset Manager B
……
Bond（债券）
Asset Manager A
Invested Company A
Invested Company B
……
Asset Manager B
……
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