ESG Chapter 3-Environmental Factos
2024-05-20 11:40:29 0 举报AI智能生成
ESG可持续金融投资学习内容第三章思维导图
作者其他创作
大纲/内容
Ⅰ. Key Environmental Issues
Planetary Boundaries
地球边界
地球边界
Atmospheric Aerosol Loading 大气气溶胶负荷
Stratospheric Ozone Depletion 臭氧消耗
Climate Change 气候变化（温室气体排放）
Ocean Acidification 海洋酸化
Novel Entities 新实体介入（塑料污染）
Biogeochemical Cycles 生物地球化学循环（phosphorus and nitrogen loading氮磷）
Freshwater (green water boundary) 淡水循环
Land-System Change 土地系统改变
Loss of Biosphere Integrity 生物圈完整性的丧失
Update by the Stockholm Resilience Centre from 2022,
six of nice planetary boundaries have already been crossed
截至2022年，9个地球边界已穿越6个
six of nice planetary boundaries have already been crossed
截至2022年，9个地球边界已穿越6个
Key Environmental Issues
关键的环境问题
关键的环境问题
Climate Change
气候改变（温室气体排放导致）
气候改变（温室气体排放导致）
Driven by the emission of greenhouse gases (GHGs) into the atmosphere,
accelerating climate change carries significant risks to human health, economies
and ecosystems.
accelerating climate change carries significant risks to human health, economies
and ecosystems.
应对方法
Climate Change Mitigation:
Reducing and stabilising the levels of
heat-trapping GHGs in the atmosphere
例如：碳中和、碳汇、2015巴黎协定
Reducing and stabilising the levels of
heat-trapping GHGs in the atmosphere
例如：碳中和、碳汇、2015巴黎协定
It is a human intervention that involves reducing the sources of GHG emissions
(for example, the buring of fossil fuels for electricity, heat or trasport) or
enhancing the sinks that store these gases (such as forests, oceans and soil) in
attempt to slow down the process of climate change
(for example, the buring of fossil fuels for electricity, heat or trasport) or
enhancing the sinks that store these gases (such as forests, oceans and soil) in
attempt to slow down the process of climate change
Carbon sing 碳汇/碳下沉/碳吸收
The goal of mitigation:
1. avoid dangerous interference with the cliamte system;
2. stabilise GHG levels in a timeframe sufficient to allow ecosystems
to adapt naturally to climate change;
3. ensure that food production is not threatened;
4. enable economic development to proceed in a sustainable manner
1. avoid dangerous interference with the cliamte system;
2. stabilise GHG levels in a timeframe sufficient to allow ecosystems
to adapt naturally to climate change;
3. ensure that food production is not threatened;
4. enable economic development to proceed in a sustainable manner
Paris Agreement of 2015:
-The agreement's long-term goal is to keep the increase in global average temperature below 2℃ (3.6℉)
above pre-industrial levels, and to limit the increase to 1.5℃ (2.7℉)
-Reaching net zero carbon dioxide emissions around 2050
-The agreement's long-term goal is to keep the increase in global average temperature below 2℃ (3.6℉)
above pre-industrial levels, and to limit the increase to 1.5℃ (2.7℉)
-Reaching net zero carbon dioxide emissions around 2050
Climate Change Mitigation Strategies
1. Energy: deploying renewable energy sources (such as wind, solar, geothermal
and hydro or biofuels from sustainable sources)
and hydro or biofuels from sustainable sources)
2. Buildings: retrofitting buildings to become more efficient and using building materials
and equipment that reduce buildings' carbon footprint
and equipment that reduce buildings' carbon footprint
3. Transport: adopting more sustainable transportation and infrastructure, particularly
in cities (such as electric vehicles, rail and metro and bus rapid transit, but also
decarbonising shipping, road and air transport
in cities (such as electric vehicles, rail and metro and bus rapid transit, but also
decarbonising shipping, road and air transport
4. Land us and forestery-Improving forest management and reducing deforestation
5. Agriculture-improving crop and grazing land management to
increase soil carbon storage
increase soil carbon storage
6. Carbon pricing-implementing carbon reduction policies and promote GHG
emissions in the form of carbon tax or cap-and-trade mechanism（碳税、碳交易）
emissions in the form of carbon tax or cap-and-trade mechanism（碳税、碳交易）
7. Industry and manufacturing-developing more energy-efficient processes and products,
and equipment and processes to facilitate carbon capture（碳捕获=碳吸收=carbon sink碳汇）,
power storage (e.g. batteries, pump systems),
recycling efficiency
and equipment and processes to facilitate carbon capture（碳捕获=碳吸收=carbon sink碳汇）,
power storage (e.g. batteries, pump systems),
recycling efficiency
Intergovernmental Panel on Climate Change (IPCC):
estimated that human activities have caused about 1.1℃ (1.8℉) of
global warming above pre-industrial levels, global warming is likely to reach
1.5℃ (2.7℉) by 2040, the 1.5℃ goal will not be met without immediate action
estimated that human activities have caused about 1.1℃ (1.8℉) of
global warming above pre-industrial levels, global warming is likely to reach
1.5℃ (2.7℉) by 2040, the 1.5℃ goal will not be met without immediate action
Case Study: The Race to Net Zero
Stabilizing global average temperature rise at any level depends on achieving
a balance between GHG sources going into and out of the atmosphere, that is,
reaching 'net-zero' emissions.
The current 'net-zero GHG emissions' strategy endorsed by many governments
and CEOs is intended to meet the Paris Agreement goal of keeping the temperature
from rising by more than 1.5℃.
The IPCC found that to have a 2/3 chance of limiting global average temperature
rises to 1.5℃ (2.7℉) requires reducing emissions 45% below 2005 levels by 2030,
net-zero emissions around 2050, and continued net negative emissions until
beyond 2100, coupled with deep reductions in emissions of other GHGs, such as methane.
As of April 2022, 88% of global emissions of greenhouse gases, 90% of GDP, and
85% of the world's population were in jurisdictions covered by net-zero targets.
Stabilizing global average temperature rise at any level depends on achieving
a balance between GHG sources going into and out of the atmosphere, that is,
reaching 'net-zero' emissions.
The current 'net-zero GHG emissions' strategy endorsed by many governments
and CEOs is intended to meet the Paris Agreement goal of keeping the temperature
from rising by more than 1.5℃.
The IPCC found that to have a 2/3 chance of limiting global average temperature
rises to 1.5℃ (2.7℉) requires reducing emissions 45% below 2005 levels by 2030,
net-zero emissions around 2050, and continued net negative emissions until
beyond 2100, coupled with deep reductions in emissions of other GHGs, such as methane.
As of April 2022, 88% of global emissions of greenhouse gases, 90% of GDP, and
85% of the world's population were in jurisdictions covered by net-zero targets.
Climate Change Adaption:
Adapting to the climate change already taking place and increasing
climate change resilience and reducing vulnerabilities to its harmful effects
例如：适应气候变化（修建防洪措施）
Adapting to the climate change already taking place and increasing
climate change resilience and reducing vulnerabilities to its harmful effects
例如：适应气候变化（修建防洪措施）
Adaption strategies:
- Building flood defences
- Planning more efficiently for scarce water resources
- Developing drought-resilient crops
- Protecting energy and public infrastructure
- Protecting coastlines and adapting to sea-level rise (保护沿海湿地和阻止海平面上升属于Mitgation）
- Managing land use and forestry practices (也属于mitigation）
- Developing clean cooling systems（也属于mitigation）
Researchers have observed that some effective climate policies
(such as the protection of coastal wetlands or the promotion of sustainable agroforestry)
contribute to both adaption and mitigation simultaneously
(such as the protection of coastal wetlands or the promotion of sustainable agroforestry)
contribute to both adaption and mitigation simultaneously
There can be trade-offs (权衡) between adaptation/resilience and mitigation.
For example, the decision to invest in a desalination plant that helps prevent a
potential water shortage in a crisis may be warranted, despite its high associated emissions.
尽管相关排放量很高，但投资海水淡化厂的决定可能是有道理的，
该海水淡化厂有助于防止危机中潜在的水资源短缺。所以会进行权衡
For example, the decision to invest in a desalination plant that helps prevent a
potential water shortage in a crisis may be warranted, despite its high associated emissions.
尽管相关排放量很高，但投资海水淡化厂的决定可能是有道理的，
该海水淡化厂有助于防止危机中潜在的水资源短缺。所以会进行权衡
Pressures on Natural Resources
自然资源的压力
自然资源的压力
Pressure on natural resources caused by:
- Polulation growth;
- Health improvements leading to people living longer;
- Economic growth;
- The accompanying increased consumption
Depletion of Natural Resources自然资源枯竭
(non-renewable resources such as fossil fuels, minerals and metals)
例如：磷矿告急
(non-renewable resources such as fossil fuels, minerals and metals)
例如：磷矿告急
Technological innovation and circular economy have the potential
to reduce the need for virgin resources, but relative improvements
in efficiency may be offset by increased consumption of a given
product - an effect known as the Jevons paradox
to reduce the need for virgin resources, but relative improvements
in efficiency may be offset by increased consumption of a given
product - an effect known as the Jevons paradox
Water 全球水资源中，只有2.5%的淡水资源
Nearly 70% of the planet is covered by water,
but only 2.5% of it is fresh water
but only 2.5% of it is fresh water
Water scarcity is the lack of freshwater resources to meet
water demand. It is one of the largest global risks over
the next decade. UN Water reports that over two billion
people experience high water stress and about four billion
people experience severe water scarcity at least one month of the year.
water demand. It is one of the largest global risks over
the next decade. UN Water reports that over two billion
people experience high water stress and about four billion
people experience severe water scarcity at least one month of the year.
Biodiversity Loss 生物多样性的丧失
Biodiversity: variability among living organisms from all sources.
Biodiversity underpins ecosystem services, provides natural
resources and constitutes our 'natural capital;.
Biodiversity underpins ecosystem services, provides natural
resources and constitutes our 'natural capital;.
Natural capital定义:
the world's stocks of natural assets which inclulde geology,
soil, air, water and all living things.
the world's stocks of natural assets which inclulde geology,
soil, air, water and all living things.
Land Use and Forestry 多地利用和林业
The AFOLU (agriculture, forestry and other land use) sector is
responsible for 23% of total net anthropogenic emissions,
mainly from deforestation and agricultural emissions from livestock,
soil and nutrient management.
responsible for 23% of total net anthropogenic emissions,
mainly from deforestation and agricultural emissions from livestock,
soil and nutrient management.
There is increased investor focus on investee companies' contribution to deforestation.
Companies with exposure to deforestation in their supply chains may face
material financial risks, such as: Supply disruption; Cost volatility; Reputational damage
Companies with exposure to deforestation in their supply chains may face
material financial risks, such as: Supply disruption; Cost volatility; Reputational damage
Marine resources 海洋资源
Blue economy:
The oceans' resources are a source of economic growth
and are also known as the 'blue economy'
According to the World Bank, the blue economy is the
"sustainable use of ocean resources for economic growth,
improved livelihoods, and jobs while preserving the health
of ocean ecosystem"
The oceans' resources are a source of economic growth
and are also known as the 'blue economy'
According to the World Bank, the blue economy is the
"sustainable use of ocean resources for economic growth,
improved livelihoods, and jobs while preserving the health
of ocean ecosystem"
Due to the increase in the human population, the oceans have been
overfished, with a resulting decline of fish critical to the economy.
Fishing quotas（捕鱼配额） are politically agreed
overfished, with a resulting decline of fish critical to the economy.
Fishing quotas（捕鱼配额） are politically agreed
Pollution, Waste & Circular Economy
污染、废物、循环经济
污染、废物、循环经济
Air Pollution空气污染：引起每年全球超过10%的死亡
Increased air pollution adversely affects the environment;
huts on human health-mortality rate
(is the largest environmental cause of disease and
premature death in the world today);
destroys ecosystems; impoverished biodiversity;
and reduces crop harvests as a result of soil acidification.
空气污染的增加对环境产生不利影响; 对人类健康有负面影响
（是当今世界疾病和过早死亡的最大环境原因）;
破坏生态系统;生物多样性贫瘠，并因土壤酸化而减少作物收成。
huts on human health-mortality rate
(is the largest environmental cause of disease and
premature death in the world today);
destroys ecosystems; impoverished biodiversity;
and reduces crop harvests as a result of soil acidification.
空气污染的增加对环境产生不利影响; 对人类健康有负面影响
（是当今世界疾病和过早死亡的最大环境原因）;
破坏生态系统;生物多样性贫瘠，并因土壤酸化而减少作物收成。
Water Pollution 水资源污染：水中的'PM2.5'-微塑料
Water pollution occurs when contaminants
like harmful chemicals or microorganisms are introduced
into the natural environment through ocean, rivers, lakes...
like harmful chemicals or microorganisms are introduced
into the natural environment through ocean, rivers, lakes...
Can caused by spills and leaks from untreated sewage
or sanitation system and industrial waste discharge.
Plastic waste has also found itself in waterways
or sanitation system and industrial waste discharge.
Plastic waste has also found itself in waterways
Waste and Waste Management 废物管理：垃圾分类-垃圾填埋税
In developed countries, domestic waste disposal is funded
by national or local taxes. This practice may encourage
disposal contractors to find the cheapest disposal option,
such as landfill or incineration（填埋&焚烧）
- which generate GHG emissions and contribute to local pollution
rather than opting for solutions such as re-usage and recycling
by national or local taxes. This practice may encourage
disposal contractors to find the cheapest disposal option,
such as landfill or incineration（填埋&焚烧）
- which generate GHG emissions and contribute to local pollution
rather than opting for solutions such as re-usage and recycling
Increasing consumption and waste levels are putting more
pressure on space for landfill waste, which is causing landfill taxes
and circular economy business model (re-usage, recycling)
pressure on space for landfill waste, which is causing landfill taxes
and circular economy business model (re-usage, recycling)
Circular Economy 循环经济：保持资源价值
The circular economy is an economic model
that aims to avoid waste and to preserve the value
of resources (raw materials, energy and water)
that aims to avoid waste and to preserve the value
of resources (raw materials, energy and water)
It is an alternative approach to the use-make-dispose economy.
The circular economy is based on three principles:
The circular economy is based on three principles:
- Design out waste and pollution
- Keep products and materials in use
- Regenerate natural systems
Ⅱ. Systemic Relationships Between
Business Activities & Environmental
Issues
Business Activities & Environmental
Issues
Systemic Risks to the Financial System
气候变化/系统性风险
给金融系统带来的风险
气候变化/系统性风险
给金融系统带来的风险
Physical Risk 物理风险
stemming from more frequent or
severe weather events such as
flooding, droughts and storms
(accosiated with climate inaction)
stemming from more frequent or
severe weather events such as
flooding, droughts and storms
(accosiated with climate inaction)
对保险和再保险公司影响巨大-
Insurers and reinsurers are
particularly exposed to these effects
Insurers and reinsurers are
particularly exposed to these effects
Investment assets can be impact, for
example, storms and floods affect real
estate in their portfolio
飓风给沿海城市的房地产行业带来风险
example, storms and floods affect real
estate in their portfolio
飓风给沿海城市的房地产行业带来风险
Their liabilities can be affected if extreme weather leads to
increases in property insurance claims, or extreme weather
-included diseases and mortality leading to an increase in
life insurance/physical insurance claims
increases in property insurance claims, or extreme weather
-included diseases and mortality leading to an increase in
life insurance/physical insurance claims
Transitional Riaks 转型风险
climate risks and trade-offs
associated with action, as the world
shifts towards a low-carbon economy
(accosiated with climate action)
针对气候问题的行动带来的风险：
例如能源低碳转型给煤炭行业带来的
贬值风险-Stranded assets搁浅资产
climate risks and trade-offs
associated with action, as the world
shifts towards a low-carbon economy
(accosiated with climate action)
针对气候问题的行动带来的风险：
例如能源低碳转型给煤炭行业带来的
贬值风险-Stranded assets搁浅资产
Policy risks: increased emissions regulation and environmental standards
Legal risks: lawsuits claiming damages from entities (corporations or sovereign states)
believed to be liable for their contribution to climate change
believed to be liable for their contribution to climate change
Technology risks: low-carbon innovation disrupting established industries
商业活动对自然资源的影响
Indirect impact-
Impacts cased by parties in an organisation's supply chains
供应链影响
供应链影响
Impacts from activities that have been triggered by the
operations of the organisation 运营活动影响
operations of the organisation 运营活动影响
Indirect impacts may be difficult to predict and manage,
impacts on biodiversity can be either negative & positive
impacts on biodiversity can be either negative & positive
Direct impact-
activities directly
affecting biodiversity
activities directly
affecting biodiversity
Degraded land: is converted for the benefit of production activities
Surface water: is used for irrigation purposes
Toxic materials released
Local species: disturbed through the noise and light produced
at a processing site
at a processing site
Supply, Operational & Resource
Management Issues
Management Issues
环境KPI
Environmental Reporting Guidelines (UK) emphasis
the use of environmental key performance indicators (KPIs)
to capture the link between environmental and financial performance
Environmental Reporting Guidelines (UK) emphasis
the use of environmental key performance indicators (KPIs)
to capture the link between environmental and financial performance
双重重大性
The Non-Financial Reporting Directive (NFRD) introduced the concept of
'double materiality', asking companies to report both the impact of climate
change on their activities, also the impact of a company's activities on climate
change and the environment, companies should consider their whole value chain
The Non-Financial Reporting Directive (NFRD) introduced the concept of
'double materiality', asking companies to report both the impact of climate
change on their activities, also the impact of a company's activities on climate
change and the environment, companies should consider their whole value chain
Supply Chain Transparency
& Traceability
& Traceability
Transparency披露/透明化
Companies are expected to understand, manage
and disclose their exposure to supply chain ESG
risks or be left exposed to reputational, operational
and financial risks
and disclose their exposure to supply chain ESG
risks or be left exposed to reputational, operational
and financial risks
Traceability is useful practive to indentify
and trace the history, distribution, location
and application of products, parts and materials.
and trace the history, distribution, location
and application of products, parts and materials.
This ensures the reliability of
sustainability claims in the areas of
human rights, labour, the environment
and anti-corruption
sustainability claims in the areas of
human rights, labour, the environment
and anti-corruption
供应链上下游中对环境产生影响的因素
Investors need to understand key
areas of environmental risks as a result of
supply chain factors.
Measurement, frameworks and investor
expectations around supply chains
keep evolving
Investors need to understand key
areas of environmental risks as a result of
supply chain factors.
Measurement, frameworks and investor
expectations around supply chains
keep evolving
例如：企业要对供应链上下游的供应商
和客户的碳排放负责——
In terms of GHG emissions, the initial focus
has been on direct emissions from core operations
('Scope 1' emissions) and purchased energy ('Scope 2').
However, there is increasing focus on how to measure
and incorporate indirect emissions from the whole value
chain, including those produced by suppliers and
customers ('Scope 3' emissions)
和客户的碳排放负责——
In terms of GHG emissions, the initial focus
has been on direct emissions from core operations
('Scope 1' emissions) and purchased energy ('Scope 2').
However, there is increasing focus on how to measure
and incorporate indirect emissions from the whole value
chain, including those produced by suppliers and
customers ('Scope 3' emissions)
GHG Emissions
Scope 1: direct greenhouse emissions that occur
from sources that are controlled or owned by
an organization
自己燃烧燃料、公司的车辆、无组织排放
from sources that are controlled or owned by
an organization
自己燃烧燃料、公司的车辆、无组织排放
Scope 2: indirect GHG emissions associated with
the purchase of electricity
企业用电、采暖、制冷
the purchase of electricity
企业用电、采暖、制冷
Scope 3: all indirect emissions arising from the
activities of an organization
采购、商务差旅、员工通勤、废物处理、
消费者使用商品产生的碳排放、上下游的运输和分配、
投资的其他企业产生的污染排放
activities of an organization
采购、商务差旅、员工通勤、废物处理、
消费者使用商品产生的碳排放、上下游的运输和分配、
投资的其他企业产生的污染排放
Ⅲ. Key "Megatrends" & Drivers
Influencing Environmental Change
Influencing Environmental Change
Growth of Environmental
and Climate Policies
and Climate Policies
国际气候和环境相关公约
开端：UNFCCC
UN Framework Convention on Climate Change
(1992)联合国气候变化框架公约
UN Framework Convention on Climate Change
(1992)联合国气候变化框架公约
It set a general goal "to avoid dangerous anthropogenic
interference with the climate system" and established
the principle of "common but differentiated
responsibilities" that distinguished the responsibilities and
obligations of developed and developing countries
interference with the climate system" and established
the principle of "common but differentiated
responsibilities" that distinguished the responsibilities and
obligations of developed and developing countries
The UNFCCC secretariat is responsible for the annual
Conference of the Parties (COP) that is held each year
so that national governments can evaluate progress
and establish new goals (including the non-binding
temperature limits established in 2015 in Paris at COP21)
Conference of the Parties (COP) that is held each year
so that national governments can evaluate progress
and establish new goals (including the non-binding
temperature limits established in 2015 in Paris at COP21)
Kyoto Protocol
(2005)京都议定书
(2005)京都议定书
The was adopted in 1997 and became effective in 2005
It was the first international convention to set targets for emissions of the main GHGs,
namely: CO2; methane (CH4); nitrous oxide (N2O)...
为温室气体排放设定目标的第一个国际公约
namely: CO2; methane (CH4); nitrous oxide (N2O)...
为温室气体排放设定目标的第一个国际公约
Only for developed nations and it is mandatory+top-down
只针对发达国家制定减排目标且强制贡献
只针对发达国家制定减排目标且强制贡献
Paris Agreement
(2015)巴黎协定
(2015)巴黎协定
长期目标：
The long-term goal is to keep the increase in global
average temperature to well below 2℃ above pre-industrial
levels, and to limit the increase to 1.5℃
把全球平均气温升幅控制在工业革命前水平以上低于2℃之内，
并努力将气温升幅限制在工业化前水平以上1.5℃之内
The long-term goal is to keep the increase in global
average temperature to well below 2℃ above pre-industrial
levels, and to limit the increase to 1.5℃
把全球平均气温升幅控制在工业革命前水平以上低于2℃之内，
并努力将气温升幅限制在工业化前水平以上1.5℃之内
碳中和实现时间轴：
- 欧盟、美国-2050年
- 中国-2060年
- 印度-2070年
Nationally Determined Contributions (NDCs)
are at the heart of the agreement. Instead of top-down imposed contributions, they
capture voluntary efforts by each country to reduce national emissions and adapt to
climate change, and require every signatory (both developed and developing nations) to
determine, plan and report on its NDCs, with updates to commitments every five years
are at the heart of the agreement. Instead of top-down imposed contributions, they
capture voluntary efforts by each country to reduce national emissions and adapt to
climate change, and require every signatory (both developed and developing nations) to
determine, plan and report on its NDCs, with updates to commitments every five years
To achieve this goal, emissions should be reduced as soon as possible and reach
net zero by the middle of the 21st century (2050). To stay below 1.5 °C of global warming,
emissions need to be cut by roughly 50% by 2030. This is an aggregate of each country's
nationally determined contributions.
net zero by the middle of the 21st century (2050). To stay below 1.5 °C of global warming,
emissions need to be cut by roughly 50% by 2030. This is an aggregate of each country's
nationally determined contributions.
Glosgow Climate Pact
(2021)格拉斯哥气候协定
(2021)格拉斯哥气候协定
COP26关键成果
The Glasgow Climate Pact captures the key outcomes of COP26 in Glasgow in 2021,
making the first time governments around the world were expected to announce
their updated climate policies since the Paris Agreement
The Glasgow Climate Pact captures the key outcomes of COP26 in Glasgow in 2021,
making the first time governments around the world were expected to announce
their updated climate policies since the Paris Agreement
2030年碳排放降低50%
The Pact is notable for a commitment to phase
down the use of unabated coal power and for
the recognition of shorter-term emissions
pathways (50% reduction in CO2 emissions by
2030, net zero around 2050) needed to reach
the goal of limiting global warming to 1.5℃
The Pact is notable for a commitment to phase
down the use of unabated coal power and for
the recognition of shorter-term emissions
pathways (50% reduction in CO2 emissions by
2030, net zero around 2050) needed to reach
the goal of limiting global warming to 1.5℃
IPCC-reducing emissions
45% below 2005 levels by 2030
45% below 2005 levels by 2030
Analysis suggests that median projected levels of warming by 2100 would fall to around 2.4℃ if all
Glasgow NDCs were met, with the potential to reach 1.8℃ if all other longer-term pledges were
implemented on time.
The significant gaps and uncertainties surrounding the implementation and financing of policies still
create the risk of missing the goals
Glasgow NDCs were met, with the potential to reach 1.8℃ if all other longer-term pledges were
implemented on time.
The significant gaps and uncertainties surrounding the implementation and financing of policies still
create the risk of missing the goals
Other International Agreements
UN SDGs 联合国可持续发展目标:
are a set of 17 global goals set
in 2015 by the UN General Assembly
seeking to address key global
challenges such as poverty, inequality
and climate change
are a set of 17 global goals set
in 2015 by the UN General Assembly
seeking to address key global
challenges such as poverty, inequality
and climate change
Although primarily intended as a framework for government action,
the SDGs are now regularly cited by corporate and investment actors as
material to their business planning and operations
the SDGs are now regularly cited by corporate and investment actors as
material to their business planning and operations
17 global goals
7- affordable and clean energy
经济适用的清洁能源
经济适用的清洁能源
11- sustainable cities and communities
可持续城市和社区
可持续城市和社区
12- responsible consumption and production
负责任消费和生产
负责任消费和生产
13- climage action 气候行动
14- life below water 水下生物
15- life on land 陆地生物
Kigali Amendment to the Montreal Protocol of 2016: is a global agreement to phase out the manufacture
of hydrofluorocarbons (HFCs)
of hydrofluorocarbons (HFCs)
The International Maritime Organization 2020 Regulation: caps the maximum sulphur content（硫化物
in the fuel oil used by ships
in the fuel oil used by ships
Carbon Offsetting and Reduction Scheme for International Aviation:
designed to help the aviation industry（航空行业）reach its aspirational goal of making all growth
in international flights after 2020 carbon-neutral
designed to help the aviation industry（航空行业）reach its aspirational goal of making all growth
in international flights after 2020 carbon-neutral
International, Regional-level
Climate Policy and Initiatives
国际、区域层面
Climate Policy and Initiatives
国际、区域层面
Sustainable finance in the EU
三大目标
To reorient capital flows:
by establishing a classification system (taxonomy)
for sustainable activities; and standards and labels
for green bonds, benchmarks and other financial
products; and increasing EU funding for sustainable
projects
确定可持续范围，避免“漂绿”行为
by establishing a classification system (taxonomy)
for sustainable activities; and standards and labels
for green bonds, benchmarks and other financial
products; and increasing EU funding for sustainable
projects
确定可持续范围，避免“漂绿”行为
To mainstream sustainability into risk management:
Incorporating sustainability into financial advice,
credit ratings and market research, more technical
proposals on the treatment of 'green' assets in
the capital requirements of banks and insurers
(so-called 'green supporting factor')
将可持续纳入风险管理
Incorporating sustainability into financial advice,
credit ratings and market research, more technical
proposals on the treatment of 'green' assets in
the capital requirements of banks and insurers
(so-called 'green supporting factor')
将可持续纳入风险管理
To foster transparency and long-term thinking:
Strengthening the disclosure requirements relating to
sustainability (on both the financial industry and companies)
加强披露
Strengthening the disclosure requirements relating to
sustainability (on both the financial industry and companies)
加强披露
EU Taxonomy 分类目录
aims to reduce the risk of green-washing
financial products by providing a
classification system to determine whether
economic activity is environmentally sustainable
提供分类系统以确定何种经济活动是环境可持续的
financial products by providing a
classification system to determine whether
economic activity is environmentally sustainable
提供分类系统以确定何种经济活动是环境可持续的
六大环境目标
Inclusion in the taxonomy is restricted to
activities that contribute to at least one
of the six environmental objectives
Inclusion in the taxonomy is restricted to
activities that contribute to at least one
of the six environmental objectives
- Climate change mitigation
- Climate change adaptation
- Sustainable use of protection of water and marine resources
- Transition to a circular economy, waste prevention and recycling
- Pollution prevention and control
- Protection of healthy ecosystems
Institutional investors and asset managers offering investment
products as environmentally sustainable would need to
explain whether and how they have used the taxonomy criteria.
This forms a part of the growing disclosure requirements for
investors relating to sustainability
products as environmentally sustainable would need to
explain whether and how they have used the taxonomy criteria.
This forms a part of the growing disclosure requirements for
investors relating to sustainability
1. at least one significant contribution of the six objectives
2. do no significant harm to other objectives
3. also pay attention to social and governance issues
2. do no significant harm to other objectives
3. also pay attention to social and governance issues
Climate Benchmarks
气候基准
气候基准
The EU has developed two types of
climate benchmarks for equities and
corporate bonds
climate benchmarks for equities and
corporate bonds
①提供气候业绩的比较基准
（例如：碳排放）
（例如：碳排放）
②以该基准构建投资组合，
投资目标与减碳目标一致
（和巴黎协议相一致）
投资目标与减碳目标一致
（和巴黎协议相一致）
具体基准
EU Paris-Aligned Benchmarks
(EU PABs)
(EU PABs)
1. reduce carbon emissions intensity by at least 50% in their starting year
减排至少50%
减排至少50%
2. have a four-to-one ratio of 'green' to 'brown" investments relative to
the investable universe 绿色投资：棕色投资=4：1
the investable universe 绿色投资：棕色投资=4：1
3. not invest in fossil fuels 不投资化石燃料
EU Climate Transition Benchmarks
(EU CTBs)
(EU CTBs)
1. require a 30% intensity reduction in starting year
2. at least an equal 'green' to 'brown' ratio= 1:1
3. but permit fossil fuel investments as part of a transition process
Sustainability Disclosures
可持续性披露
可持续性披露
Sustainable Finance Disclosure Regulation
可持续金融披露规定（SFDR）
可持续金融披露规定（SFDR）
针对金融市场参与者，可持续信息披露框架
产品分类
不关注ESG的产品：主流产品
SFDR第6/7条:
not promoted as incorporating
any ESG factors or objectives
not promoted as incorporating
any ESG factors or objectives
关注ESG的产品
具有ESG特征的产品
SFDR第8条:
products claimed to promote
environmental and social characteristics
products claimed to promote
environmental and social characteristics
以“可持续投资”为目标的产品
SFDR第9条:
have sustainable investment
as an objectives
have sustainable investment
as an objectives
1. at least one significant contribution
2. do no significant harm
(under the SFDR and the Taxonomy Regulation
2. do no significant harm
(under the SFDR and the Taxonomy Regulation
In October 2021, the final draft rules harmonizing disclosure requirements
for financial products under SFDR and the Taxonomy Regulation were published
by the European Supervisory Authorities, covering both pre-contractual and
periodic disclosures
2021 年 10 月，欧洲监管机构发布了协调 SFDR 和《分类条例》
下金融产品披露要求的最终规则草案，涵盖合同前和定期披露
for financial products under SFDR and the Taxonomy Regulation were published
by the European Supervisory Authorities, covering both pre-contractual and
periodic disclosures
2021 年 10 月，欧洲监管机构发布了协调 SFDR 和《分类条例》
下金融产品披露要求的最终规则草案，涵盖合同前和定期披露
Non-Financial Reporting Directive (NFRD)
非财务报告指令
requires companies, insurers and banks in scope
to publish a non-financial report on their ESG
performance together with their annual
management report
非财务报告指令
requires companies, insurers and banks in scope
to publish a non-financial report on their ESG
performance together with their annual
management report
The Corporate Sustainability Reporting Directive (CSRD)
公司可持续发展报告指令
公司可持续发展报告指令
Signed on 21 June 2022 and approved by the
European Parliament in November 2022, the CSRD is
replacing the NFRD (Non-Financial Reporting Directive)
to establish new non-financial reporting standards
and obligations
European Parliament in November 2022, the CSRD is
replacing the NFRD (Non-Financial Reporting Directive)
to establish new non-financial reporting standards
and obligations
All large companies and all
listed companied on EU-regulated markets
listed companied on EU-regulated markets
The companies in scope would have to report in line with
upcoming EU sustainability reporting standards and have
the resulting information is made available in a digital format
to be incorporable into a "European Single Access Point" (ESAP)
that aims to serve as a "one-stop-shop" for sustainability-related
information regarding EU companies and investment products
范围内的公司必须根据即将出台的欧盟可持续发展报告标准进行报告
并以数字格式提供由此产生的信息，以纳入“欧洲单一接入点”（ESAP）
旨在作为欧盟公司和投资产品可持续发展相关信息的“一站式商店”
upcoming EU sustainability reporting standards and have
the resulting information is made available in a digital format
to be incorporable into a "European Single Access Point" (ESAP)
that aims to serve as a "one-stop-shop" for sustainability-related
information regarding EU companies and investment products
范围内的公司必须根据即将出台的欧盟可持续发展报告标准进行报告
并以数字格式提供由此产生的信息，以纳入“欧洲单一接入点”（ESAP）
旨在作为欧盟公司和投资产品可持续发展相关信息的“一站式商店”
双重实质性/重大性Double Materiality
The two-way impacts between companies and climate change, the environment, and society
公司生产运营和气候变化环境改变是互相影响的
公司生产运营和气候变化环境改变是互相影响的
Task Force on Climate-related
Financial Disclosures (TCFD)
Financial Disclosures (TCFD)
Launched in 2015 by the Financial Stability Board (FSB)
The TCFD provides a set of recommendations and a framework
for companies and financial institutions to provide better
information to support investors, lenders, insurers and other
financial stakeholders to identify, build and quantify climate-related
risks and opportunities in their decisions
全球范围内气候信息披露指引
The TCFD provides a set of recommendations and a framework
for companies and financial institutions to provide better
information to support investors, lenders, insurers and other
financial stakeholders to identify, build and quantify climate-related
risks and opportunities in their decisions
全球范围内气候信息披露指引
The TCFD also took the view that better information will
help investors engage with companies (engagement), and
help to promote a smooth transition to a more sustainable,
low-carbon economy
help investors engage with companies (engagement), and
help to promote a smooth transition to a more sustainable,
low-carbon economy
Four thematic areas
四个主题的披露
四个主题的披露
Governance:
the organisations' governance around climate-related risks and opportunities
the organisations' governance around climate-related risks and opportunities
Strategy:
the actual and potential impacts of climate-related risks and opportunities
on the organisation's businesses, strategy and financial planning
the actual and potential impacts of climate-related risks and opportunities
on the organisation's businesses, strategy and financial planning
Risk management:
the processes used by the organisation to identify, assess and manage
climate-related risks
the processes used by the organisation to identify, assess and manage
climate-related risks
Metrics and targets:
the metrics and targets used to access and manage relevant climate-related
risks and opportunities
the metrics and targets used to access and manage relevant climate-related
risks and opportunities
The TCFD introduced the influential classification of climate-related risks into physical and transition risks,
recommending that companies report on both of these dimensions. One notable recommendation was the
use of climate scenario analysis
recommending that companies report on both of these dimensions. One notable recommendation was the
use of climate scenario analysis
Network for Greening the
Financial System (NGFS)
绿化金融体系网络
Financial System (NGFS)
绿化金融体系网络
金融机构实现巴黎协定
目标的作用
目标的作用
It comprises over 70 central banks and financial supervisors.
It was set up to strengthen the global response required to
meet the goals of the Paris Agreement, and to enhance the
role of the financial system to manage risks and to mobilise
capital for green and low-carbon investments in the broader
context of environmentally sustainable development
It was set up to strengthen the global response required to
meet the goals of the Paris Agreement, and to enhance the
role of the financial system to manage risks and to mobilise
capital for green and low-carbon investments in the broader
context of environmentally sustainable development
The NGFS has developed technical guidance
including publishing a set of climate scenarios
for the regulatory supervision of climate risks
为全球金融机构开展气候风险的情景分析和
压力测试提供情景模板，提供环境和气候
相关风险的分析模型和工具
including publishing a set of climate scenarios
for the regulatory supervision of climate risks
为全球金融机构开展气候风险的情景分析和
压力测试提供情景模板，提供环境和气候
相关风险的分析模型和工具
An Orderly Transition
有序转型
有序转型
A Disorderly Transition
无需转型
无需转型
A Hot House World
温室世界
温室世界
Incorporate ESG considerations into central banks' reserve management
在央行的储备管理中纳入ESG考量
在央行的储备管理中纳入ESG考量
国家层面
France
Energy Transition for Green Growth Law
requires mandatory disclosures from major institutional
investors around their exposure to climate risks and
efforts to mitigate climage change
investors around their exposure to climate risks and
efforts to mitigate climage change
US
资产管理行业对于ESG的考虑相对更保守
The USA has historically had a more conservative stance
on this issue compared to the UK and the EU; with
ongoing debate as to whether trustees may, may not or
should consider ESG and climate factors in the
management of their investment
on this issue compared to the UK and the EU; with
ongoing debate as to whether trustees may, may not or
should consider ESG and climate factors in the
management of their investment
In 2021, the Federal Reserve launched a Financial Stability
Climate Committee and a Supervision Climate Committee
to investigate the micro-and macro-prudential implications
of climate change, including the possibility of
"climate stress testing"
Climate Committee and a Supervision Climate Committee
to investigate the micro-and macro-prudential implications
of climate change, including the possibility of
"climate stress testing"
In 2022, the Securities and Exchange Commission (SEC)
unveiled proposals to require companies to report on:
1. the governance and impacts of climate-related risks;
2. GHG emissions (Scope 1, Scope 2, and, where material,
Scope 3 emissions) and other climate-related financial
statement metrics, some of which would need to be
subject to audit/assurance;
3. cliamte-related targets and goals and transition plans
unveiled proposals to require companies to report on:
1. the governance and impacts of climate-related risks;
2. GHG emissions (Scope 1, Scope 2, and, where material,
Scope 3 emissions) and other climate-related financial
statement metrics, some of which would need to be
subject to audit/assurance;
3. cliamte-related targets and goals and transition plans
UK
2021 Pensions Schemes Act
require UK pension schemes, among increased
climate requirements, to consider "the steps that
might be taken to achieve the Paris Agreement goal"
climate requirements, to consider "the steps that
might be taken to achieve the Paris Agreement goal"
China
‘2060’目标
At the UN General Assembly in 2020, the country's policymakers
committed to have its CO2 emissions peak before the year 2030
and to achieve carbon neutrality before 2060
committed to have its CO2 emissions peak before the year 2030
and to achieve carbon neutrality before 2060
The highest level of investment
in the low-carbon energy transition
投资低碳能源转型水平最高
in the low-carbon energy transition
投资低碳能源转型水平最高
Efforts: the roll-out of a national carbon market
and China's seven ministerial agencies, including
the central bank, having previously indicated their
support for institutional investors to perform
environmental stress tests and for mandatory
environmental disclosures for issuers of
public debt and equity
and China's seven ministerial agencies, including
the central bank, having previously indicated their
support for institutional investors to perform
environmental stress tests and for mandatory
environmental disclosures for issuers of
public debt and equity
Japan
now committed to net-zero GHG emissions by 2050
India
In 2021, COP 26, India will achieve net-zero emissions by 2070
Carbon Pricing
Introduction: Putting a price on carbon emissions
are often called the polluter pays principle.
The most common types of carbon pricing are the
emission trading system (ETS) and carbon taxes
are often called the polluter pays principle.
The most common types of carbon pricing are the
emission trading system (ETS) and carbon taxes
Emissions Trading System (ETS)
A system based on the exchange of permits for emission units, where actors who exceed their
emissions limits are required to buy permits from those that have emitted less
超过碳排放限额的机构可以向其他机构购买碳排放配额
emissions limits are required to buy permits from those that have emitted less
超过碳排放限额的机构可以向其他机构购买碳排放配额
The overall quantity of emissions is fixed, and market mechanisms are used to set their price
支付的价格由市场机制确定
支付的价格由市场机制确定
Effectiveness in Practice:
depends on the design of the ETS
depends on the design of the ETS
If the scheme is too restrictive, it may encourage the offshoring of industries into jurisdictions with
fewer constraints (a phenomenon known as 'carbon leakage'), and thus fail to reduce emissions
如果该计划过于严格，它可能会鼓励将行业离岸外包到限制较少的司法管辖区（这种现象称为“碳泄漏”）
fewer constraints (a phenomenon known as 'carbon leakage'), and thus fail to reduce emissions
如果该计划过于严格，它可能会鼓励将行业离岸外包到限制较少的司法管辖区（这种现象称为“碳泄漏”）
As a result, free allocation of allowance (to give the industry an initial 'buffer')
has been a widely used feature of ETSs, although in some cases, overallocation
resulted in the price of an emissions unit being too low to properly incentivise decarbonisation
因此，免费分配配额（为行业提供初始“缓冲”）一直是碳排放交易体系广泛使用的特征，
尽管在某些情况下，过度分配导致排放单位的价格太低，无法适当激励脱碳
has been a widely used feature of ETSs, although in some cases, overallocation
resulted in the price of an emissions unit being too low to properly incentivise decarbonisation
因此，免费分配配额（为行业提供初始“缓冲”）一直是碳排放交易体系广泛使用的特征，
尽管在某些情况下，过度分配导致排放单位的价格太低，无法适当激励脱碳
Carbon Taxes
Carbon taxation:
directly setting an explicit price on GHG emissions
directly setting an explicit price on GHG emissions
The tax is a fee imposed on companies that burn carbon-based fuels, including coal, oil,
gasoline, and natural gas. 对企业排放的二氧化碳直接征收税费
gasoline, and natural gas. 对企业排放的二氧化碳直接征收税费
This has the advantage of predictability 价格可预测
Internal or Shadow Carbon Pricing
Concept
Shadow carbon pricing a theoretical or assumed cost per ton of carbon emissions
A shadow price is a monetary value a company assigns to its greenhouse gas emissions per ton.
It is typically used to evaluate the potential cost or benefit of different strategies or investments
aimed at reducing a company's emissions.
It is typically used to evaluate the potential cost or benefit of different strategies or investments
aimed at reducing a company's emissions.
Benifits/Usages
Many companies (especially in energy-intensive sectors)
use the practice of shadow carbon pricing to guide their
decision-making process
企业自己设定的碳定价，理论上（假设的）碳排放成本
use the practice of shadow carbon pricing to guide their
decision-making process
企业自己设定的碳定价，理论上（假设的）碳排放成本
For example, the major oil company, BP,
uses a price assumption of US$100 (￡72)
per tonne of CO2 by 2030 to better understand
the potential impact of future climate regulation
on the profitability of a project, a new business
model or an investment 可用于预估项目成本及利润
uses a price assumption of US$100 (￡72)
per tonne of CO2 by 2030 to better understand
the potential impact of future climate regulation
on the profitability of a project, a new business
model or an investment 可用于预估项目成本及利润
Its use reveals hidden risks and enables businesses to
build this factor into future valuations and estimates
of capital expenditure
企业内部做到自我节制，帮助揭示隐藏的风险
并使企业能够将这一因素纳入未来的资本支出估值和估计中
build this factor into future valuations and estimates
of capital expenditure
企业内部做到自我节制，帮助揭示隐藏的风险
并使企业能够将这一因素纳入未来的资本支出估值和估计中
Some governments: use internal carbon pricing as a tool
in their procurement process, policy design and project
assessments with climate change impacts
in their procurement process, policy design and project
assessments with climate change impacts
Financial institutions: use internal carbon pricing to
access their project portfolio
access their project portfolio
Carbon offsetting
碳抵消
碳抵消
the extent to which an activity provides an emission reduction in one part of
the economy may be seen as compensating for the emission of greenhouse gases elsewhere
碳抵消是一种交易机制，允许政府、个人或企业等实体通过支持减少、避免或消除其他地方排放的项目来
补偿其温室气体排放。换句话说，碳补偿重点是通过投资减排项目来抵消排放。
当一个实体投资碳抵消计划时，它会收到碳信用额，即用于计算一个实体向另一个实体带来的净气候效益的“代币”
the economy may be seen as compensating for the emission of greenhouse gases elsewhere
碳抵消是一种交易机制，允许政府、个人或企业等实体通过支持减少、避免或消除其他地方排放的项目来
补偿其温室气体排放。换句话说，碳补偿重点是通过投资减排项目来抵消排放。
当一个实体投资碳抵消计划时，它会收到碳信用额，即用于计算一个实体向另一个实体带来的净气候效益的“代币”
Challenges
because the market comprises both voluntary
and regulated aspects, with uneven levels of
transparency and scientific rigour
and regulated aspects, with uneven levels of
transparency and scientific rigour
the counterfactual nature of offsetting and
the risk of claiming credits for emission
reductions that would have happened anyway
the risk of claiming credits for emission
reductions that would have happened anyway
additional complexities stem from how to
account for carbon credits across jurisdictions
and over time
account for carbon credits across jurisdictions
and over time
Positive outcomes
COP 26 has been progressed around carbon
markets and international cooperation
(Article 6 of the Paris Agreement)
markets and international cooperation
(Article 6 of the Paris Agreement)
introducing more stringent rules around
the use of past credits, adjustments to
avoid double counting of reductions,
and restrictions around what projects
are eligible to count as a genuine offset
the use of past credits, adjustments to
avoid double counting of reductions,
and restrictions around what projects
are eligible to count as a genuine offset
Ⅳ. Assessment of Materiality
of Environmental Issues
环境问题的重大性评估
of Environmental Issues
环境问题的重大性评估
1. Coporate & Project Finance
公司和项目融资层次
公司和项目融资层次
Investors looking to identify and measure
a company's environmental impact or
materiality would need to analyse both
quantitative and qualitative environmental
factors to make an informed evaluation of
the environmental risks embedded within
投资者需要识别和计量公司的环境影响及重要性
a company's environmental impact or
materiality would need to analyse both
quantitative and qualitative environmental
factors to make an informed evaluation of
the environmental risks embedded within
投资者需要识别和计量公司的环境影响及重要性
A scoring system is used to benchmark
the company against its peers.
可使用scoring system
the company against its peers.
可使用scoring system
Materiality is also highly influenced by
the industry or sector of the company,
as well as its country and jurisdictions
where projects are located, this is also
relevant in the financing and investments
of infrastructure project
重要性也受到公司所在行业或部门以及项目
所在国家和司法管辖区的高度影响
the industry or sector of the company,
as well as its country and jurisdictions
where projects are located, this is also
relevant in the financing and investments
of infrastructure project
重要性也受到公司所在行业或部门以及项目
所在国家和司法管辖区的高度影响
A useful starting point is analyzing
how to use energy, water and waste
how to use energy, water and waste
Energy consumption
It can be measured by the level of absolute emissions
of GHGs, and the amount of CO2 emission. It also
includes savings in energy and performance relative
to a benchmark year and can be provided on an
annualised or lifetime basis, based on estimates or
actual measurement
通过绝对排放水平来衡量温室气体和二氧化碳排放量
of GHGs, and the amount of CO2 emission. It also
includes savings in energy and performance relative
to a benchmark year and can be provided on an
annualised or lifetime basis, based on estimates or
actual measurement
通过绝对排放水平来衡量温室气体和二氧化碳排放量
Water utilisation
It can be calculated as the costs generated by
water usage efficiency in operations taken directly
from the ground, surface waters or purchased
计算生产运营中用水效率产生的成本
water usage efficiency in operations taken directly
from the ground, surface waters or purchased
计算生产运营中用水效率产生的成本
Water and wastewater treatment can be assessed
against indicators tracking reductions in pollutants
and harmful substances in supply areas, and incident
reports and sanctions
可以根据跟踪供水区污染物和有害物质减少的指标以及
事故报告和制裁来评估水和废水处理
against indicators tracking reductions in pollutants
and harmful substances in supply areas, and incident
reports and sanctions
可以根据跟踪供水区污染物和有害物质减少的指标以及
事故报告和制裁来评估水和废水处理
Waste utilisation
Is measured as the costs generated from the
disposal of waste in operations
计量为在生产运营中处置废物所产生的成本
disposal of waste in operations
计量为在生产运营中处置废物所产生的成本
Equator Principles
赤道原则
赤道原则
when assessing project infrastructure initiatives, the
International Finance Corporation's (IFC) Equator Principles,
which are based on IFC's Performance Standards, have
become a globally recognised risk management framework
金融机构在决定为项目提供融资时可利用赤道原则来进行判断
International Finance Corporation's (IFC) Equator Principles,
which are based on IFC's Performance Standards, have
become a globally recognised risk management framework
金融机构在决定为项目提供融资时可利用赤道原则来进行判断
Equator Principles are adopted by financial institutions
for determining, assessing and managing environmental
and social risk in project finance. They set out the
performance standards that address environmental factors
and other social-oriented standards
金融机构用赤道原则确定、评估和管理项目融资中的环境和社会风险
for determining, assessing and managing environmental
and social risk in project finance. They set out the
performance standards that address environmental factors
and other social-oriented standards
金融机构用赤道原则确定、评估和管理项目融资中的环境和社会风险
2. Public Finance Initiatives
公共财政倡议
公共财政倡议
Public finance is a key policy instrument to both
incentivise and enable the transition to green growth
公共财政是激励和促进向绿色增长转型的关键政策工具
incentivise and enable the transition to green growth
公共财政是激励和促进向绿色增长转型的关键政策工具
Domestically, governments are a significant economic actor
e.g. commissioning new buildings, roads and other forms of
infrastructure, for example: highlighting the importance of
aligning public procurement and sustainability
国内项目或采购招标，倾向使用环保材料的供应商
强调协调公共采购和可持续性的重要性
e.g. commissioning new buildings, roads and other forms of
infrastructure, for example: highlighting the importance of
aligning public procurement and sustainability
国内项目或采购招标，倾向使用环保材料的供应商
强调协调公共采购和可持续性的重要性
Governments also contribute to international development,
with public sector financing often blended with funding from
multilateral development finance institutions in developing
countries and disbursed through investment vehicles
国际上，与多边发展的金融机构合作提供绿色发展资金
with public sector financing often blended with funding from
multilateral development finance institutions in developing
countries and disbursed through investment vehicles
国际上，与多边发展的金融机构合作提供绿色发展资金
Examples of the types of public finance:
- Export credit
- development banks
- Concessionary lending to small and medium enterprises (SMEs)
- Guarantees
- Research and development (R&D)
- Investment in infrastructure
3. 资产管理行业
Contributions to ESG Factors
As stewards of capital, asset managers play a key role in helping to steer capital towards sustainability,
whether directly or indirectly, the decisions made by asset managers can make positive or negative
contributions to ESG factors such as the global emissions trajectory
whether directly or indirectly, the decisions made by asset managers can make positive or negative
contributions to ESG factors such as the global emissions trajectory
SASB Standardised Frameworks
SASB materiality map
Sustainability Accounting Standards Board (SASB)
provides an interactive proprietary tool
that identifies and compares disclosure topics
across different industries and sectors,
described as a 'materiality map'
SASB提供了一个交互式专有工具，用于识别和比较
不同行业和部门的披露主题，称为“重要性地图”
Sustainability Accounting Standards Board (SASB)
provides an interactive proprietary tool
that identifies and compares disclosure topics
across different industries and sectors,
described as a 'materiality map'
SASB提供了一个交互式专有工具，用于识别和比较
不同行业和部门的披露主题，称为“重要性地图”
新型行业分类方式
（可持续工业分类系统）
SASB’s analysis reflects
the varied nature of
different sectors
（可持续工业分类系统）
SASB’s analysis reflects
the varied nature of
different sectors
E.g. GHG emissions are assessed to be material
for more than 50% of industries in sectors
such as extractives and mineral processing
and transportation, but for less than 50% of
industries in sectors such as healthcare or
technology and communications - where the
management of energy, waste and hazardous
materials feature more prominently
据评估，在采掘业、矿物加工和运输等行业中，
超过50%的行业温室气体排放是实质性的，
但在医疗保健或技术和通信等行业中，只有不到
50%的行业温室气体排放，在这些行业中，
能源、废物和有害物质的管理更为突出
for more than 50% of industries in sectors
such as extractives and mineral processing
and transportation, but for less than 50% of
industries in sectors such as healthcare or
technology and communications - where the
management of energy, waste and hazardous
materials feature more prominently
据评估，在采掘业、矿物加工和运输等行业中，
超过50%的行业温室气体排放是实质性的，
但在医疗保健或技术和通信等行业中，只有不到
50%的行业温室气体排放，在这些行业中，
能源、废物和有害物质的管理更为突出
每一个行业都有一套可持续性会计准则
选取指标
发布报告
One initiative aims to identify "ESG upside" for large,
listed companies if they bring ESG performance in
line with top-rated peers.
其中一项举措旨在确定大型上市公司的“ESG优势”
前提是这些公司的ESG表现与顶级同行保持一致
listed companies if they bring ESG performance in
line with top-rated peers.
其中一项举措旨在确定大型上市公司的“ESG优势”
前提是这些公司的ESG表现与顶级同行保持一致
Controlling for industry, size and sector, improving
performance on carbon emissions is found to be
the most material variable for over 2,000 large,
listed companies.
对于2000多家大型上市公司来说，控制行业、规模
和部门、提高碳排放绩效是最重要的变量
performance on carbon emissions is found to be
the most material variable for over 2,000 large,
listed companies.
对于2000多家大型上市公司来说，控制行业、规模
和部门、提高碳排放绩效是最重要的变量
On average, companies could unlock up to a
3% share price increase across all sectors, with
the potential for double-digit increases in
high-emitting sectors, such as energy
平均而言，所有行业的股价涨幅均高达3%，
高排放行业有可能实现两位数的涨幅
3% share price increase across all sectors, with
the potential for double-digit increases in
high-emitting sectors, such as energy
平均而言，所有行业的股价涨幅均高达3%，
高排放行业有可能实现两位数的涨幅
改善排放带来的股价提升
（前四个行业）
（前四个行业）
1. Utilities
2. Energy
3. Materials
4. Consumer discretionary
Other Standardused Frameworks
Global Reporting Initiative (GRI)
an international independent standards organization
that helps businesses, governments, and other
organizations understand and communicate their
impacts on issues such as climate change, human
rights, and corruption.
an international independent standards organization
that helps businesses, governments, and other
organizations understand and communicate their
impacts on issues such as climate change, human
rights, and corruption.
GRI provides the world's most widely used
sustainability reporting standards
提供了世界上使用最广泛的可持续发展报告标准
sustainability reporting standards
提供了世界上使用最广泛的可持续发展报告标准
has a much wider stakeholder and materiality lens
具有更广泛的利益相关者和重要性视角
具有更广泛的利益相关者和重要性视角
Carbon Disclosure Project (CDP)
asking companies to disclose their climate impact
asking companies to disclose their climate impact
reporting zooms in on emissions and supply chains
报告放大了对排放和供应链的关注
报告放大了对排放和供应链的关注
International Sustainability Standards Board (ISSB)
aims to develop a comprehensive global
baseline of high-quality sustainability disclosure
standards to meet investors' information needs
旨在制定“高质量的可持续发展披露标准的
综合全球基线，以满足投资者的信息需求
baseline of high-quality sustainability disclosure
standards to meet investors' information needs
旨在制定“高质量的可持续发展披露标准的
综合全球基线，以满足投资者的信息需求
In 2021, the IFRS Foundation, which works on the
development of accounting standards announced
the consolidation of the Climate Disclosure Standards
Board (CDSB), SASB, and Integrated Reporting into a
single organization: ISSB
2021年，致力于制定会计准则的国际财务报告准则基金会
（IFRS Foundation）宣布将CDSB和SASB合并，并将报告
整合为一个组织：ISSB
development of accounting standards announced
the consolidation of the Climate Disclosure Standards
Board (CDSB), SASB, and Integrated Reporting into a
single organization: ISSB
2021年，致力于制定会计准则的国际财务报告准则基金会
（IFRS Foundation）宣布将CDSB和SASB合并，并将报告
整合为一个组织：ISSB
未来趋势: 建立统一的可持续信息披露标准
Ⅴ. Approaches for Environmental
Analysis and Risk Management
环境分析喝风险管理的方法
Analysis and Risk Management
环境分析喝风险管理的方法
环境分析的层次
A. Company or project level
公司或项目层次
公司或项目层次
At a company or project level, an assessment
of material environmental risk factors will inform
key financial metrics in financial statements
重大环境风险的评估会为关键财务指标提供信息
of material environmental risk factors will inform
key financial metrics in financial statements
重大环境风险的评估会为关键财务指标提供信息
Analysts and portfolio managers will have an internal
environmental scoring system, qualitative and
quantitative assessments are then made to determine
the materiality of environmental risks to a particular
company; and how it will affect key efficiency or
profitability ratios which might be used to value and
compare across different companies
environmental scoring system, qualitative and
quantitative assessments are then made to determine
the materiality of environmental risks to a particular
company; and how it will affect key efficiency or
profitability ratios which might be used to value and
compare across different companies
投资者角度：企业是如何管理环境风险的
it is important to undertake an analysis
of how well the company is managing
these environmental risks
it is important to undertake an analysis
of how well the company is managing
these environmental risks
B. Sector level
行业层次
行业层次
Environmental and climate-related factors
have varying degrees of impact on
different sectors.
某些行业受环境风险影响更大
have varying degrees of impact on
different sectors.
某些行业受环境风险影响更大
Some sectors-whether through their higher
carbon intensity or location of their assets
- have higher exposure to:
carbon intensity or location of their assets
- have higher exposure to:
Environmental risks: such as chemicals, energy,
steel and cement, extractives, food or beverages,
and transportation
steel and cement, extractives, food or beverages,
and transportation
Physical risk from natural disasters: such as
to buildings or urban infrastructure
to buildings or urban infrastructure
投资者角度：估值时考虑环境风险溢价
companies in these sectors tend to be influenced by an environmental risk premium,
which may affect the discount rate used
这些行业的公司往往会受到环境风险溢价的影响这可能会影响所使用的折现率
companies in these sectors tend to be influenced by an environmental risk premium,
which may affect the discount rate used
这些行业的公司往往会受到环境风险溢价的影响这可能会影响所使用的折现率
C. Country level
国家层次
国家层次
A country's environmental regulations, emission
targets and their enforcement may vary in emphasis
across different jurisdictions
一个国家的环境法规、排放目标及其执行在不同司法管辖
区的侧重点可能有所不同，对投资决策也会产生影响
targets and their enforcement may vary in emphasis
across different jurisdictions
一个国家的环境法规、排放目标及其执行在不同司法管辖
区的侧重点可能有所不同，对投资决策也会产生影响
Country analysis is relevant not just to corporate securities,
but also to government bonds. Climate change can have
a direct impact on a sovereign's ability or willingness to pay
but also to government bonds. Climate change can have
a direct impact on a sovereign's ability or willingness to pay
投资者角度：考虑特定国家的法律法规
D. Market level
市场层次
市场层次
Central banks are called upon by their local constituencies to intervene as climate rescuers of last resort
整体宏观经济/金融体系的角度，央行扮演最后干预者的角色
整体宏观经济/金融体系的角度，央行扮演最后干预者的角色
投资者角度：影响战略资产配置（长期投资策略）
market-wide impacts can influence investors' strategic asset allocation and long-term investment strategy
market-wide impacts can influence investors' strategic asset allocation and long-term investment strategy
评估环境风险的方法
approaches that are used by investors to
access material environmental risks and
opportunities
approaches that are used by investors to
access material environmental risks and
opportunities
A. Carbon footprinting and
other carbon metrics
other carbon metrics
碳足迹
Carbon footprinting
One of the most common approaches used by companies and investors.
A portfolio carbon footprint effectively measures carbon emissions and
intensity associated with the operations of the companies in a portfolio
衡量产品全生命周期总的碳排放
One of the most common approaches used by companies and investors.
A portfolio carbon footprint effectively measures carbon emissions and
intensity associated with the operations of the companies in a portfolio
衡量产品全生命周期总的碳排放
计算步骤
（1）GHG Protocol Standard
温室气体核算体系标准-界定scope 1, 2, 2
温室气体核算体系标准-界定scope 1, 2, 2
Scope 1: emissions are direct greenhouse emissions that occur
from sources that are controlled or owned by an organization
Such as fuel combustion, company vehicles, fugitive emissions
公司自身拥有的设备所产生的直接碳排放
from sources that are controlled or owned by an organization
Such as fuel combustion, company vehicles, fugitive emissions
公司自身拥有的设备所产生的直接碳排放
Scope 2: emissions are indirect GHG emissions associated with
the purchase of electricity
Such as purchased electricity heat and steam
公司购买电，取暖，制冷
the purchase of electricity
Such as purchased electricity heat and steam
公司购买电，取暖，制冷
Scope 3: emissions cover all indirect emissions arising from the
activities of an organization. These include emissions from both
suppliers and consumers. Such as:
activities of an organization. These include emissions from both
suppliers and consumers. Such as:
- Purchased goods and services
- Business travel
- Employee commuting
- Waste disposal
- Use of sold products
- Transportation and distribution (upstream and downstream)
- Investments
- Leased assets and franchises
（2）计算每家公司的碳排放量
（3）计算组合的碳排放量
计算公式
Total Carbon Emissions:
Weighted average carbon intensity:
优缺点
comparisons, backward-looking, static
其他碳指标
Net zero/Science-based targets
Emission trajectories
Temperature alignment
Capital expenditures, 'green' recenues and research and development
B. Natural capital approach
Natural Capital Protocol: 识别、计量、估计企业对自然资本的影响和依赖程度
TNFD Task Force on Nature-related Financial Disclosures
自然相关的披露
自然相关的披露
C. Climate scenario analysis
目标
Financial impact: pricing climate risk
Alignment: 估计温度目标是否一致
Ⅵ. Apply material environmental
factors to financial modelling, ratio
analysis and risk assessment
factors to financial modelling, ratio
analysis and risk assessment
案例学习：衡量基础设施资产的可持续性
1.找到一个环境因素的清单
2.列出每一个环境因素的风险点
风险点对财务指标的影响
风险点对财务指标的影响
Ⅶ. Opportunities relating to climate
change and environmental issues
投资机会
change and environmental issues
投资机会
A. The Circular Economy
循环经济
循环经济
Products and materials are repaired, reused and recycled
B. Clean and Technological Innovation
Cleantech 清洁技术
unsubsidised solar and wind have become the cheapest source
of new electricity in most regions around the world
of new electricity in most regions around the world
there is increased interest from private investors into this area
Technologies in Decarbonising Sectos
脱碳行业发展的新技术
脱碳行业发展的新技术
- Low-carbon electricity（例如：太阳能光伏发电）
- The electrification of industrial process
- Buildings sector
- Transport industry
- Food industry
The challenge is harder when it comes to decarbonising heat and cooling
More difficult is the decarbonisation of high-temperature processes
The largest area of funding in 2020 was renewable energy,
followed by electrified transport and heat
2020 年获得最多资金的领域是可再生能源，其次是电气化运输和供热
followed by electrified transport and heat
2020 年获得最多资金的领域是可再生能源，其次是电气化运输和供热
C. Green and ESG-related Products
Green bonds and other labelled debt
Green bods were created to fund projects that have
positive environmental and/or climate benefits
positive environmental and/or climate benefits
Clean energy and low-carbon building investment
continues to dominate allocations
continues to dominate allocations
Green Bond Principles (GBP)
promote the integrity of the green bond market by recommending transparency,
disclosure and reporting 通过提高透明度、披露和报告来促进绿色债券市场的诚信
disclosure and reporting 通过提高透明度、披露和报告来促进绿色债券市场的诚信
Climate Bonds Initiative: has regular information about the state of the green bond market
Green Loan Principles (GLP)
1. There is clear green use of loan proceeds
贷款资金的绿色用途
贷款资金的绿色用途
2. The project's sustainability objectives have been
clearly evaluated and communicated to lenders
可持续性目标已被清晰地评估，贷款人知晓
clearly evaluated and communicated to lenders
可持续性目标已被清晰地评估，贷款人知晓
3. Loan proceeds are strictly managed through project accounts
贷款资金通过专项账户严格管理
贷款资金通过专项账户严格管理
4. Detailed and strict reporting is mandated
详细和严格的报告
详细和严格的报告
CICERO "Shades of Green"
Dark green
目前实现气候适应型和低碳未来的长期远景的解决方案和项目
Medium green
解决方案和项目朝着长期愿景取得发展，但尚未完全实现
Light green
不是长期愿景的一部分，但仍然对环境友好的解决方案和项目
Brown
不能实现气候适应型和低碳未来的长期愿景的解决方案和项目
D. Blue Economy
sustainable use of ocean resources for economic growth,
a broader perspective on sustainable economic and social
activity associated with the world's oceans and coastal areas
可持续的利用海洋资源来促进经济增长，改善生计和就业
同时维护海洋生态系统的健康
a broader perspective on sustainable economic and social
activity associated with the world's oceans and coastal areas
可持续的利用海洋资源来促进经济增长，改善生计和就业
同时维护海洋生态系统的健康
2021年绿色债券支持目录
行业分类：一级目录
行业分类：一级目录
节能环保产业
清洁生产产业
清洁能源产业
生态环境产业
基础设施绿色升级
绿色服务
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