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　　文 | 新浪財經ESG評級中心 李欣然

　　在全球經濟綠色轉型的浪潮中，ESG投資已從一種理念倡導轉變爲價值創造的核心驅動力。ESG投資是否能夠推動價值創造？金融機構在將ESG納入投資策略時面臨哪些挑戰與機遇？在當前複雜多變的經濟和政策環境下，ESG投資的未來發展前景又將如何？就以上問題，新浪財經對話了澳洲責任投資協會（Responsible Investment Association Australasia，以下簡稱RIAA）聯席CEO Dean Hegarty。

澳洲責任投資協會（Responsible Investment Association Australasia）聯席CEO Dean Hegarty

　　Hegarty 指出，在過去十年間，ESG 投資從一種邊緣策略發展成爲風險評估的核心要素。研究表明，高質量的 ESG 實踐能夠帶來超額回報。例如，獲得責任投資認證的澳大利亞股票基金在過去 10 年中實現了 13.20% 的回報率，而市場其他股票基金的回報率僅爲 9.19%。儘管面臨監管碎片化、“漂綠”風險以及政治波動等挑戰，Hegarty 認爲 ESG 投資的長期趨勢依然強勁。在澳大利亞，所有專業管理的基金中，有 93% 由那些公開承諾進行責任投資的投資者管理。談及美國現任政府對 ESG 投資的態度，Hegarty 表示，美國政策的波動可能會在短期內對市場造成擾動，但可再生能源投資和機構的受託責任仍將推動 ESG 進程。儘管負責任投資的發展過程不會一帆風順，但其長期趨勢仍然是明朗的。

　　以下爲對話實錄：

　　Q：基於您的研究經驗，您是否認爲 ESG 投資能夠推動價值創造？那些踐行 ESG 原則的投資機構是否更有可能獲得更高的回報？

　　A：在過去十年間，ESG 投資經歷了巨大的變革。最初，ESG 投資主要由那些堅信資本應與可持續發展目標相契合的投資者推動。他們認爲，將資金投向可持續領域不僅是正確的選擇，更蘊含着獨特的機遇。然而，當時這還只是一個相對小衆的策略。如今，ESG 因素已經成爲任何優質資產管理者在進行高質量風險評估時不可或缺的一部分。

　　這種轉變是由多種因素共同推動的，但有一個關鍵的現實不容忽視：投資者已經深刻認識到，強有力的環境風險管理、良好的公司治理與財務表現之間存在着緊密的聯繫。這與價值創造的機遇有關，尤其是在能源轉型領域。當前，全球正經歷一場從傳統能源向清潔能源的深刻轉型。這一轉型爲那些能夠敏銳洞察並有效把握這一趨勢的投資者，帶來了巨大的價值創造潛力。

　　然而，ESG 投資的意義遠不止於價值創造。它在風險評估以及避免或至少合理計入價值損失方面也發揮着重要作用。雖然這種作用不僅限於環境領域，但在環境方面尤爲突出。氣候變化帶來的影響不再是理論上的假設，而是已經可以被觀察到，並且帶來了實實在在的成本。對於任何關注長期價值的投資者來說，這些影響正變得越來越普遍、越來越嚴重、也越來越昂貴。如果不能恰當地識別和評估這些風險，成本將會不斷攀升。

　　我們的研究顯示，那些在 ESG 投資方面表現出色的投資者能夠獲得顯著的業績回報。在澳大利亞及新西蘭市場，RIAA根據其負責任投資標準認證了超過 350 只基金，並持續監測它們相對於更廣泛市場的表現。這些基金在大多數時間範圍和資產類別中的表現至少與市場平均水平相當，甚至更爲出色。例如，在 2024 年，獲得認證的澳大利亞股票基金在過去 10 年中實現了 13.20% 的回報率，而市場其他部分的回報率僅爲 9.19%。需要注意的是，這種優異表現與那些以最佳實踐水平開展 ESG 投資的基金密切相關。就像任何投資策略一樣，僅僅參與是不夠的，關鍵在於如何高質量地執行。

　　RIAA 的年度基準報告對在澳大利亞運營的所有主要資產管理者的投資策略進行了評估，發現對改善長期表現和風險緩解的預期是推動 ESG 增長的第二大驅動力，僅次於機構投資者的需求。

　　Q：在您看來，金融機構在將 ESG 標準納入其投資策略時面臨的主要挑戰是什麼？另一方面，您認爲那些成功踐行可持續投資實踐的人會面臨哪些機遇？

　　A：隨着 ESG 投資需求的激增以及相關策略所吸引資本量的大幅增長，針對該領域的立法和監管浪潮應運而生，這既是必然，也是必要的。鑑於快速的增長，法規有時顯得零散也是可以理解的。不同司法管轄區制定了各自的規則，這些規則不僅在定義上存在差異，而且在具體要求上也各不相同。儘管目前這種分散的局面正在逐步整合，但由於資本市場的全球性，投資在跨境流動時往往會經過多個司法管轄區，這使得相關挑戰依然存在。這也意味着，這些挑戰可能因地區而異。例如，在歐洲，立法基金標籤（Legislated Fund Labelling）受到了廣泛關注，而在澳大利亞和新西蘭，行業認可的認證方式則更爲普遍。

　　RIAA 的研究表明，“漂綠”風險是我們所有人都面臨的主要挑戰。如果投資者不信任產品上的聲明和標籤，他們就不會將資本交給你。確保兌現承諾是關鍵。另一個現實是，總會有短期因素導致市場波動。政治變化、全球衝突、能源中斷等都會影響市場。如果投資者採取短期視角，這將始終帶來挑戰。

　　與此相反，那些保持長期視角的人能夠從變革的不斷增長的勢頭中受益。正如我之前提到的，那些做得好的人有機會獲得業績回報，而隨着支持這一目標的立法框架的不斷完善，這種回報將得到進一步增強。這將被投資者需求的持續增長所放大，他們越來越希望看到自己的資本不僅爲更美好的未來發揮作用，同時也能帶來良好的財務回報。

　　Q：我們發現，在一些國家，可持續投資出現了倒退的跡象。尤其是近期，美國這一任政府對可持續發展的熱情和支持力度有所下降。此外，一些銀行也退出了淨零銀行聯盟。展望未來五到十年，您認爲責任投資領域最重要的趨勢和進展是什麼？美國在可持續發展政策上的轉變是否會對包括澳洲在內的其他地區產生影響？

　　A：儘管美國的政治環境確實給一些人帶來了挑戰，但優秀的投資者始終着眼於長期，而不僅僅是四年一屆的總統任期。無論誰入主白宮，推動行業增長的宏觀趨勢都將持續存在。全球向低碳經濟的轉型、氣候風險成本的增加、投資者對可持續投資的需求以及監管趨勢，這些因素都將延續。投資者仍然專注於管理那些將塑造未來幾十年的風險和機遇。值得一提的是，儘管存在一些質疑的聲音，但在特朗普上一任期內，我們仍看到了可再生能源投資的顯著增長。

　　機構正在調整其對可持續發展目標的表述方式，但它們並未放棄其受託責任——即法律義務，爲客戶的最佳財務利益行事。如今，這要求投資者必須考慮ESG因素對投資決策的影響。雖然用於描述這一策略的措辭會繼續演變，但資本流向可持續投資領域的趨勢正在加速。事實上，澳大利亞所有專業管理的基金中，有93%現在由那些公開承諾進行責任投資的投資者管理。此外，幾乎所有的投資經理（澳大利亞佔比81%，新西蘭佔比87%）都已在他們的投資策略中實施了ESG整合。

　　我們看到一些投資經理或銀行由於政治或經濟壓力而退出了某些基於承諾的倡議。歷史上，這些類型的倡議對於發出投資者將走向何處的商業信號十分重要。然而，如今，隨着 ESG 的商業理由已經得到充分確立，大量資本流入更具可持續性的投資領域，這些信號的價值已經大大降低。行動比承諾更能推動更好的結果。

　　這一過程不會一帆風順，會有加速的階段，也會有放緩的時刻，但長期趨勢是明確的。

　　以下爲英文問答原文：

　　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.  

　　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.

　　新浪財經ESG評級中心簡介

　　新浪財經ESG評級中心是業內首箇中文ESG專業資訊和評級聚合平臺，致力於宣傳和推廣可持續發展，責任投資，與ESG（環境、社會和公司治理）價值理念，傳播ESG的企業實踐行動和榜樣力量，推動中國ESG事業的發展，促進中國ESG評估標準的建立和企業評級的提升。

　　依託ESG評級中心，新浪財經發布多隻ESG創新指數，爲關注企業ESG表現的投資者提供更多選擇。同時，新浪財經成立中國ESG領導者組織論壇，攜手中國ESG領導企業和合作伙伴，通過環境、社會和公司治理理念，推動建立適合中國時代特徵的ESG評價標準體系，促進中國資產管理行業ESG投資發展。

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責任編輯：李欣然