ESG Chapter 3-Environmental Factos 思维导图模板

Ⅰ. Key Environmental Issues

Planetary Boundaries 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

Key Environmental Issues 关键的环境问题

Climate Change 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.

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

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

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

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

Climate Change Mitigation Strategies

1. Energy: deploying renewable energy sources (such as wind, solar, geothermal 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

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

4. Land us and forestery-Improving forest management and reducing deforestation

5. Agriculture-improving crop and grazing land management to 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）

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

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

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.

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）

Adaption strategies: <ul><li>Building flood defences</li><li>Planning more efficiently for scarce water resources</li><li>Developing drought-resilient crops</li><li>Protecting energy and public infrastructure</li><li>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）</li><li>Managing land use and forestry practices (也属于mitigation）</li><li>Developing clean cooling systems（也属于mitigation）</li></ul>

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

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

Pressures on Natural Resources 自然资源的压力

Pressure on natural resources caused by: <ol><li>Polulation growth;</li><li>Health improvements leading to people living longer;</li><li>Economic growth;</li><li>The accompanying increased consumption</li></ol>

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

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

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

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.

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;.

Natural capital定义: 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.

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

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"

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

Pollution, Waste & Circular Economy 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。

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...

Can caused by spills and leaks from untreated sewage 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

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)

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)

It is an alternative approach to the use-make-dispose economy. The circular economy is based on three principles: <ul><li>Design out waste and pollution</li><li>Keep products and materials in use</li><li>Regenerate natural systems</li></ul>

Ⅱ. Systemic Relationships Between 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

Physical Risk 物理风险 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

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

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

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

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

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

Impacts from activities that have been triggered by the  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

Direct impact- 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

Supply, Operational & Resource  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

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

Supply Chain Transparency & 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

Traceability is useful practive to indentify 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

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

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)

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

Scope 2: indirect GHG emissions associated with 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

Ⅲ. Key "Megatrends" & Drivers Influencing Environmental Change

Growth of Environmental 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

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

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)

Kyoto Protocol (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

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

Paris Agreement (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

碳中和实现时间轴： <ul><li>欧盟、美国-2050年</li><li>中国-2060年</li><li>印度-2070年</li></ul>

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

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.

Glosgow Climate Pact (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

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℃

IPCC-reducing emissions  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

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

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

17 global goals

7- affordable and clean energy 经济适用的清洁能源

11- sustainable cities and communities 可持续城市和社区

12- responsible consumption and production 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)

The International Maritime Organization 2020 Regulation: caps the maximum sulphur content（硫化物 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

International, Regional-level 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

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

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

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

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

<ol><li>Climate change mitigation</li><li>Climate change adaptation</li><li>Sustainable use of protection of water and marine resources</li><li>Transition to a circular economy, waste prevention and recycling</li><li>Pollution prevention and control</li><li>Protection of healthy ecosystems</li></ol>

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

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

Climate Benchmarks 气候基准

The EU has developed two types of climate benchmarks for equities and corporate bonds

①提供气候业绩的比较基准 （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）

具体基准

EU Paris-Aligned Benchmarks (EU PABs)

1. reduce carbon emissions intensity by at least 50% in their starting year 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

3. not invest in fossil fuels 不投资化石燃料

EU Climate Transition Benchmarks (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

Sustainable Finance Disclosure Regulation 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

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

以“可持续投资”为目标的产品

SFDR第9条: have sustainable investment as an objectives

1. at least one significant contribution 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

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

The Corporate Sustainability Reporting Directive (CSRD) 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

All large companies and all 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”

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

Task Force on Climate-related 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 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

Four thematic areas 四个主题的披露

Governance: 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

Risk management: 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 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

Network for Greening the 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

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

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

An Orderly Transition 有序转型

A Disorderly Transition 无需转型

A Hot House World 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

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

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

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"

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

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"

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

The highest level of investment 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

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

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

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

Effectiveness in Practice: 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”）

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

Carbon Taxes

Carbon taxation: 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

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.

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

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

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

Some governments: use internal carbon pricing as a tool in their procurement process, policy design and project assessments with climate change impacts

Financial institutions: use internal carbon pricing to  access their project portfolio

Carbon offsetting 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”

Challenges

because the market comprises both voluntary 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

additional complexities stem from how to  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)

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

Ⅳ. Assessment of Materiality 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

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 scoring system is used to benchmark 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

A useful starting point is analyzing  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

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 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

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

Equator Principles 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

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

2. Public Finance Initiatives 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

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

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

Examples of the types of public finance: <ul><li>Export credit</li><li>development banks</li><li>Concessionary lending to small and medium enterprises (SMEs)</li><li>Guarantees</li><li>Research and development (R&D)</li><li>Investment in infrastructure</li></ul>

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

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”

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

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

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

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

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

改善排放带来的股价提升 （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.

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

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

Carbon Disclosure Project (CDP) 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

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

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

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

环境分析的层次

A. Company or project level 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

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

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

B. Sector level 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

Some sectors-whether through their higher 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

Physical risk from natural disasters: such as 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

C. Country level 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

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

投资者角度：考虑特定国家的法律法规

D. Market level 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

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

评估环境风险的方法 approaches that are used by investors to access material environmental risks and opportunities

A. Carbon footprinting and 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

计算步骤

（1）GHG Protocol Standard 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

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

Scope 3: emissions cover all indirect emissions arising from the activities of an organization. These include emissions from both suppliers and consumers. Such as: <ul><li>Purchased goods and services</li><li>Business travel</li><li>Employee commuting</li><li>Waste disposal</li><li>Use of sold products</li><li>Transportation and distribution (upstream and downstream)</li><li>Investments</li><li>Leased assets and franchises</li></ul>

（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

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

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

Ⅶ. Opportunities relating to climate change and environmental issues 投资机会

A. The Circular Economy 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

there is increased interest from private investors into this area

Technologies in Decarbonising Sectos 脱碳行业发展的新技术

<ol><li>Low-carbon electricity（例如：太阳能光伏发电）</li><li>The electrification of industrial process</li><li>Buildings sector</li><li>Transport industry</li><li>Food industry</li></ol>

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

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

Clean energy and low-carbon building investment 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

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

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

3. Loan proceeds are strictly managed through project accounts 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

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

2021年绿色债券支持目录 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