对话澳洲职责出资协会联席CEO：ESG整合怎么从品德诉求变为财政刚需

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　　文 | 新浪财经ESG评级中心李怅然

迷人的对话澳洲责任投资协会联席CEO：ESG整合如何从道德诉求变为财务刚需的插图

　　在全球经济绿色转型的浪潮中，ESG出资已从一种理念建议改变为价值发明的中心驱动力。ESG出资是否可以推进价值发明？金融组织在将ESG归入出资战略时面对哪些应战与时机？在其时复杂多变的经济和方针环境下，ESG出资的未来展开前景又将怎么？就以上问题，新浪财经对话了澳洲职责出资协会（Responsible Investment Association Australasia，以下简称RIAA）联席CEO Dean Hegarty。

澳洲职责出资协会（Responsible Investment Association Australasia）联席CEO Dean Hegarty

　　Hegarty 指出，在曩昔十年间，ESG 出资从一种边际战略展开成为危险评价的中心要素。研讨标明，高质量的 ESG 实践可以带来超量报答。例如，取得职责出资认证的澳大利亚股票基金在曩昔 10 年中完成了 13.20% 的报答率，而商场其他股票基金的报答率仅为 9.19%。尽管面对监管碎片化、“漂绿”危险以及政治动摇等应战，Hegarty 以为 ESG 出资的长时间趋势依然微弱。在澳大利亚，一切专业办理的基金中，有 93% 由那些揭露许诺进行职责出资的出资者办理。谈及美国现任政府对 ESG 出资的情绪，Hegarty 标明，美国方针的动摇或许会在短期内对商场形成扰动，但可再生动力出资和组织的受托职责仍将推进 ESG 进程。尽管负职责出资的展开进程不会一往无前，但其长时间趋势依然是明亮的。

　　以下为对话实录：

　　Q：依据您的研讨阅历，您是否以为 ESG 出资可以推进价值发明？那些饯别 ESG 准则的出资组织是否更有或许取得更高的报答？

　　A：在曩昔十年间，ESG 出资阅历了巨大的革新。开始，ESG 出资首要由那些深信本钱应与可继续展开方针相符合的出资者推进。他们以为，将资金投向可继续范畴不只是正确的挑选，更蕴含着一起的时机。但是，其时这还只是一个相对小众的战略。现在，ESG 要素现已成为任何优质财物办理者在进行高质量危险评价时不可或缺的一部分。

　　这种改变是由多种要素一起推进的，但有一个要害的实际不容忽视：出资者现已深入认识到，强有力的环境危险办理、杰出的公司办理与财政体现之间存在着严密的联络。这与价值发明的时机有关，尤其是在动力转型范畴。其时，全球正阅历一场从传统动力向清洁动力的深入转型。这一转型为那些可以敏锐洞悉并有用掌握这一趋势的出资者，带来了巨大的价值发明潜力。

　　但是，ESG 出资的含义远不止于价值发明。它在危险评价以及防止或至少合理计入价值丢失方面也发挥着重要效果。尽管这种效果不只限于环境范畴，但在环境方面尤为杰出。气候改变带来的影响不再是理论上的假定，而是现已可以被观察到，并且带来了实实在在的本钱。关于任何重视长时间价值的出资者来说，这些影响正变得越来越遍及、越来越严峻、也越来越贵重。假如不能恰当地辨认和评价这些危险，本钱将会不断攀升。

　　咱们的研讨显现，那些在 ESG 出资方面体现超卓的出资者可以取得明显的成绩报答。在澳大利亚及新西兰商场，RIAA依据其负职责出资规范认证了超越 350 只基金，并继续监测它们相关于更广泛商场的体现。这些基金在大多数时间规模和财物类别中的体现至少与商场平均水平适当，乃至更为超卓。例如，在 2024 年，取得认证的澳大利亚股票基金在曩昔 10 年中完成了 13.20% 的报答率，而商场其他部分的报答率仅为 9.19%。需求留意的是，这种优异体现与那些以最佳实践水平展开 ESG 出资的基金密切相关。就像任何出资战略相同，只是参加是不行的，要害在于怎么高质量地履行。

　　RIAA 的年度基准陈述对在澳大利亚运营的一切首要财物办理者的出资战略进行了评价，发现对改进长时间体现和危险缓解的预期是推进 ESG 添加的第二大驱动力，仅次于组织出资者的需求。

　　Q：在您看来，金融组织在将 ESG 规范归入其出资战略时面对的首要应战是什么？另一方面，您以为那些成功饯别可继续出资实践的人会面对哪些时机？

　　A：跟着 ESG 出资需求的激增以及相关战略所招引本钱量的大幅添加，针对该范畴的立法和监管浪潮应运而生，这既是必定，也是必要的。鉴于快速的添加，法规有时显得零星也是可以了解的。不同司法管辖区拟定了各自的规矩，这些规矩不只在界说上存在差异，并且在具体要求上也各不相同。尽管现在这种涣散的局势正在逐渐整合，但因为本钱商场的全球性，出资在跨境活动时往往会通过多个司法管辖区，这使得相关应战依然存在。这也意味着，这些应战或许因区域而异。例如，在欧洲，立法基金标签（Legislated Fund Labelling）受到了广泛重视，而在澳大利亚和新西兰，职业认可的认证方法则更为遍及。

生动的对话澳洲责任投资协会联席CEO：ESG整合如何从道德诉求变为财务刚需的照片

　　RIAA 的研讨标明，“漂绿”危险是咱们一切人都面对的首要应战。假如出资者不信任产品上的声明和标签，他们就不会将本钱交给你。保证实现许诺是要害。另一个实际是，总会有短期要素导致商场动摇。政治改变、全球抵触、动力中止等都会影响商场。假如出资者采纳短期视角，这将一直带来应战。

　　与此相反，那些坚持长时间视角的人可以从革新的不断添加的势头中获益。正如我之前说到的，那些做得好的人有时机取得成绩报答，而跟着支撑这一方针的立法结构的不断完善，这种报答将得到进一步增强。这将被出资者需求的继续添加所扩大，他们越来越期望看到自己的本钱不只为更夸姣的未来发挥效果，一起也能带来杰出的财政报答。

　　Q：咱们发现，在一些国家，可继续出资呈现了后退的痕迹。尤其是近期，美国这一任政府对可继续展开的热心和支撑力度有所下降。此外，一些银行也退出了净零银行联盟。展望未来五到十年，您以为职责出资范畴最重要的趋势和发展是什么？美国在可继续展开方针上的改变是否会对包含澳洲在内的其他区域产生影响？

　　A：尽管美国的政治环境的确给一些人带来了应战，但优异的出资者一直着眼于长时间，而不只仅是四年一届的总统任期。无论谁入主白宫，推进职业添加的微观趋势都将继续存在。全球向低碳经济的转型、气候危险本钱的添加、出资者对可继续出资的需求以及监管趋势，这些要素都将连续。出资者依然专心于办理那些将刻画未来几十年的危险和时机。值得一提的是，尽管存在一些质疑的声响，但在特朗普上一任期内，咱们仍看到了可再生动力出资的明显添加。

　　组织正在调整其对可继续展开方针的表述方法，但它们并未抛弃其受托职责——即法律义务，为客户的最佳财政利益行事。现在，这要求出资者有必要考虑ESG要素对出资决策的影响。尽管用于描绘这一战略的遣词会继续演化，但本钱流向可继续出资范畴的趋势正在加快。事实上，澳大利亚一切专业办理的基金中，有93%现在由那些揭露许诺进行职责出资的出资者办理。此外，简直一切的出资司理（澳大利亚占比81%，新西兰占比87%）都已在他们的出资战略中施行了ESG整合。

　　咱们看到一些出资司理或银行因为政治或经济压力而退出了某些依据许诺的建议。历史上，这些类型的建议关于宣布出资者将走向何处的商业信号十分重要。但是，现在，跟着 ESG 的商业理由现已得到充沛建立，很多本钱流入更具可继续性的出资范畴，这些信号的价值现已大大下降。举动比许诺更能推进更好的成果。

　　这一进程不会一往无前，会有加快的阶段，也会有放缓的时间，但长时间趋势是清晰的。

　　以下为英文问答原文：

　　Q: Based on your research experience, do you think ESG investing contributes to value creation? Do investment institutions that practice ESG principles tend to achieve higher returns?

　　A: There has been a seismic shift in ESG investing over the past decade. Historically, it was an approach driven by investors who felt strongly that aligning their capital with sustainable outcomes was the right thing to do. There were some early adopters who identified there were unique opportunities if you did it well, but it was a niche strategy. Today, incorporating ESG factors is part of the baseline high quality risk assessment done by any quality asset manager.

　　This change has been driven by a myriad of factors, but it's impossible to ignore the reality that investors have recognised the link between factors like strong environmental risk management, good governance, and financial outcomes. That is partially about the opportunity for value creation - most obviously in areas like the energy transition. The global shift in how we fuel our growing economies and societies presents untold opportunity for value creation to those who navigate it effectively.

壮观的对话澳洲责任投资协会联席CEO：ESG整合如何从道德诉求变为财务刚需的图片

　　But it's not just about value creation. You can't overlook the benefits ESG investing provides to assessing risk and avoiding, or at the very least pricing in value loss. This isn't restricted to the environment but that’s where this is most keenly felt. The consequences of a changing climate are no longer theoretical, they're observable and they cost money. Importantly, for anyone assessing long term value, they're also becoming more prevalent, more severe, and more expensive. If you're not appropriately identifying and valuing those risks, then there are growing costs.

　　Our research highlights the performance opportunities available for those getting it right. Within the Australasian market Responsible Investment Association Australasia (RIAA) certifies over 350 funds against our Responsible Investment (RI) standard, and we monitor their performance against the wider market. They perform at least as well, if not better against most time horizons and asset classes. For example, in 2024, certified Australian Share Funds reported a 13.20% return over 10 years, compared to a return of 9.19% for the rest of the market. It is important to note, that this performance correlates to those funds doing ESG investing at a best practice level. Like any investment strategy, it's not enough to simply do it, you need to be doing it well.

　　RIAA’s annual Benchmark Report, assessing the investment strategies of all the major asset managers operating in Australia, found that expectation of improved long-term performance and risk mitigation as the second biggest driver of ESG growth, behind institutional demand.

　　Q: What are the primary challenges that financial institutions face when integrating ESG criteria into their investment strategies? Conversely, what opportunities do you see for those who successfully adopt sustainable investment practices?

　　A: As the demand for ESG investing, and the subsequent volume of capital captured by the strategies exploded, there has been an inevitable (and necessary) wave of legislation and regulation imposed on the sector. Given the speed of the growth we've seen, it's perhaps also inevitable legislation has been at times piecemeal, with different jurisdictions imposing different rules, sometimes different definitions and often different requirements. While that's now starting to consolidate, it's challenging given the global nature of capital markets as investments in one part of the world move through multiple jurisdictions. It also means, the challenges can be localised. In Europe, we've seen the huge focus on legislated fund labelling, while Australia and New Zealand have opted in, industry endorsed certification.

　　RIAA research shows the risk of greenwashing is the major challenge we're all facing. If investors don't trust the claims and labels on products, they're not going to give you their capital. Making sure you deliver on your promises is key. The other reality is that there are always going to be short term factors that create market volatility. Political changes, global conflicts, energy disruptions all impact the market. If an investor takes a short-term view this will always present challenges.

　　The flipside to this, is that those who maintain a long-term view are able to benefit from the growing momentum of change. As I mentioned earlier, those doing it well have the opportunity of performance returns, which will only be boosted by a growing legislative framework that supports it. This will be amplified by continuing demand growth from investors, who have a growing desire to see their capital working for a better future while also delivering great financial outcomes.

　　Q: We are seeing a retreat in sustainable investment in some countries. Especially recently, the new U.S. administration has shown decreased enthusiasm and support for sustainable development. In addition, some major banks have recently withdrawn from the Net-Zero Banking Alliance. Looking ahead, what do you see as the most significant trends and developments in responsible investment over the next five to ten years? Do you think the U.S. policy shift on sustainable development will impact other regions, such as Australia?

　　A: The political environment in the U.S. has made it tricky for some, but good investors think long term, well beyond a four-year presidency. The mega trends that have driven the industries growth will continue regardless of who is in the White House. The global transition to a low-carbon economy, the increasing cost of climate risk, investor demand, and regulatory trends all continue. Investors remain focused on managing risks and opportunities that will shape the decades ahead. It's important to point out that despite the rhetoric, we saw significant growth in renewable investment during the last Trump presidency.

　　Organisations are changing the way they talk about their sustainability goals, but they are not walking back from their fiduciary duty (i.e. legal obligation) to act in the best financial interests of clients. Today, this requires considering the impact of ESG factors on investment decision-making. While the language used to describe the strategy will continue to evolve, it's clear that the flow of capital towards the approach is only growing. In fact, 93% of all professionally managed funds in Australia are now managed by investors with a public commitment to responsible investment and almost all investment managers (81% in Australia, 87% in New Zealand) already implement ESG integration within their investment strategies.

　　We have seen some investment managers or banks withdrawing from specific commitment-based initiatives due to political or economic pressures. Historically, these types of initiatives were critical to send business signals of where investors were going. Now though, as the business case for ESG is well established and large volumes of capital flow into more sustainable opportunities, these signals are far less valuable. Actions drive greater outcomes than commitments.

　　It's not going to be a linear path. There will be surges and there will be slowdowns. But the long-term direction of travel is clear.

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