ESG投资介绍：第一章思维导图模板_ProcessOn思维导图、流程图

What is ESG Investing 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,

Environmental Factors——研究自然问题 （与人无关）

<ul><li>Climate change</li><li>Resource depletion</li><li>Waste</li><li>Pollution</li><li>Deforestation</li></ul>

Social factos—研究大类人群问题

<ul><li>Human rights</li><li>Modern slavery</li><li>Working conditions</li><li>Child labor</li><li>Employee relations</li></ul>

Governance factors—研究具体人群问题

<ul><li>Bribery and corruption</li><li>Executive pay</li><li>Board diversity and structure</li><li>Tax strategy</li></ul>

ESG Considerations non-financial: 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

Tripple bottom line (TBL) as the three Ps: <ol><li>People---social</li><li>Planet---environmental (biosphere)</li><li>Profit---economic (financial)</li></ol>

Long-Termism长期主义

Short-termism 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

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

Types of Responsible Investment 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

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

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'

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.

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

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

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

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

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

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: <ul><li>tobacco</li><li>alcohol</li><li>pornography</li><li>weapons</li><li>nuclear power</li></ul>

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

参与有效性的判断

<ol><li>Scale of ownership</li><li>Quality of the engagement</li><li>Divestment is a possible sanction</li></ol>

Why Integrate 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

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

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 analysis: The research process merges the findings of single,  independent studies to reach an overall conclusion.

Three reasons why the results differ: <ul><li>The alpha from ESG might be captured elsewhere in factors studies</li><li>The impact of different approaches in the different studies might cancel each other out</li><li>The costs of implementation consume the available alpha</li></ul>

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

Efficiency and productivity

Build efficiencies by: <ul><li>Conserving resources</li><li>Reducing costs</li><li>Enhancing productivity</li><li>Attract and retain quality employees</li><li>Employee motivation and productivity</li></ul>提高能源利用率，减少成本 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

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

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）

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.

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

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.

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

甜甜圈经济学-Doughnut economics 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

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

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.

Challenges In Integrating ESG 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

传统的受托责任观念不考虑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

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

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

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.

Putting ESG Into Practice 实践/落地

Investment Devision-Making 投/不投？

For institutional investors: Institutional investors reflect ESG considerations by incorporating ESG factors into investment decision-making, through corporate and policy engagement.

Factors included: <ul><li>within investment mandates</li><li>within the strategic asset allocation process</li><li>by applying a filter based on ratings</li><li>by integrating ESG issues into financial models</li><li>by using ESG factors to identify investment opportunities</li></ul>

For asset owners: 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

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）

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

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: <ul><li>is more sound and stable</li><li>levels the playing field</li><li>brings ESG more effectively into financial decision-making</li></ul>

Investors can: <ul><li>respond to policy consultations</li><li>participate in collective initiatives</li><li>make recommendations to policymakers</li></ul>

Key Initiatives 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)

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)

mobilize private sector finance for sustainable development

Principles for Responsible Investment 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

United Nations Framework Convention on Climate Change 联合国气候变化框架公约 (UNFCCC)

aims to stabilize GHG emissions to limit man-made climate change

UN Sustainable Development Goals 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)

Race to Zero 零排放竞赛（净零） 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

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

Value Reporting Foundation（VRF-会计角度）: 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

International Sustainability Standards Board (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