Chapter 1
Introduction to
ESG Investing
Ⅰ. What is ESG investing?
ESG的定义
Environmental factors 研究自然问题 与“人”无关
Social factors 研究大类人群问题
Governance factors 研究具体人群问题
与“人”有关
ESG相关理论的发展
Corporate social responsibility 从道德出发，发展为商业模式中的战略角色
Tripple bottom line
people social
planet environmental
profit economic (governance)
Ⅱ. Types of responsible investment
1. Socially Responsible Investment 出于道德进行投资选择，只考虑E和S
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
煤炭、烟酒等行业可能被包含进去
3. Sustainable Investment 最小化自然资源和社会资源的消耗
4. Thematic Investment 选择某一主题进行投资，例如：海水淡化
5. Green Investment 只关注“E”这一个因素
6. Social Investment 只关注“S”这一个因素
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
8. Ethical and Faith-based
Investment
基于道德和宗教信仰，常用负面筛选的方
法来排除投资选项
9. Shareholder Engagement
主动参与公司运营，深度影响公司朝ESG方向发展
参与有效性的判断
scale of ownership
quality of the engagement
divestment is a possible sanction
Ⅲ. Why integrate ESG?
For Asset Owner（有钱人）
1. Impact and ethics perspective 投资者开始重视ESG
2. Client demand perspective 投资者偏好开始偏向ESG
For Asset Manager
3. Fiduciary duty perspective 从长期角度，受托责任要求在投资时考虑
ESG
4. Financial performance
公司内部角度：考虑ESG会使公司表现提升
组合管理角度：ESG组合投资并不一定带来超额收益 原因
For Invested Company
5. Risk perspective 例如：气候风险可能引发系统性风险
6. Efficiency and productivity 提高能源利用率，减少成本，提高生产力
7. Reduced risk of fines and state intervention 政策改变会影响企业利润
8. Reduced negative externalities 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
9. Benefit from sustainability megatrends
Emerging markets and urbanization
Technological innovation
Demographic changes and wealth
inequality
Climate change and resource
scarcity
For Macro Envrionment
10. Economics perspective
经济发展需要建立在可持续的基础之上
甜甜圈经济学：nine
‘planetary
boundaries’
社会问题凸显，例如：贫富差距加大
11. Regulatory perspective 政策监管推进
Ⅵ. Key initiatives 举措
United Nations Initiatives
United Nations Global Compact 联合国全球契约组织 针对公司
United Nations Environment Programme Finance
Initiative 联合国环境规划署金融倡议
Principles for Responsible Investment 负责任投资原则
United Nations Framework Convention on Climate
Change 联合国气候变化框架公约
UN Sustainable Development Goals 联合国可持续发展目标
针对主权国家
针对金融机构
Reporting Initiatives
综合披露问题
Global Reporting Initiative
Value Reporting Foundation
International Business Council ESG
Disclosure Framework
专题披露问题 Climate Disclosure Standards Board
Corporate Reporting Dialogue
Other Initiatives
地区
Asia Investor Group on Climate Change
The EU’s Sustainable Finance Disclosure Regulation
Global Sustainable Investment Alliance
专题
The International Corporate
Governance Network
Global Impact Investing Network
Task Force on Climate-related
Financial disclosures
Ⅴ. Putting ESG into practice
Investment decision-making
Corporate engagement
Policy engagement
Ⅳ. Challenges in integrating ESG
Prior to implement ESG
认为ESG对投资结果有负面影响
传统的受托责任观念不考虑ESG
没有足够的ESG产品提供选择
不愿做
After deciding to implement ESG
不理解、不懂
没有足够的资源，没有数
据、工具、人力、技术……
假装在做ESG，“洗绿”
不会做
Asset Owner
Stock
Asset Manager A
Invested Company A
Invested Company B
……
Asset Manager B
……
Bond
Asset Manager A
Invested Company A
Invested Company B
……
Asset Manager B
……
Macro Environment
Investment Process
Asset Allocation Manager Selection Portfolio Construction
责任投资
财务指标 传统投资考虑
非财务指标
difficult to value precisely
difficult to time
CDP (former Carbon Disclosure Project)
接受ESG后