投资者解决水资源稀缺对他们的投资组合的影响

On a recent trip to New York, Piet Klop, senior adviser for responsible investment at Dutch pension fund manager and adviser PGGM, took in an encouraging sight. At the headquarters of financial data provider Bloomberg, Klop saw a giant map projected on the atrium wall that highlighted the world’s most water-stressed regions. The map was overlaid with another showing how oil and gas company assets might be exposed to water risk.

Klop recognized the water map as part of the World Resources Institute’s Aqueduct Water Risk Atlas, an online tool he had helped develop while in his previous post as a senior fellow at Washington-based WRI. Last year Bloomberg made this tool part of BMAP, the interactive mapping platform available through its terminals.

对于KLOP，其宙斯特，荷兰的公司在资产中管理了1880亿欧元（20.3亿美元），遇到地图也发出了海洋变革。“看到我展示了[水风险]肯定会从曾经是非政府组织对现在准备好的奶粉时间和主流投资者兴趣的关注的影响，”他说。

Recent events have concentrated investors’ attention on the problems that water scarcity could pose to companies and portfolios. FromCaliforniato Asia and South America, many regions of the world are suffering serious droughts. Corporations have taken a hit: Last June officials in northern India ordered Coca-Cola Co. to close a local bottling plant amid protests that the U.S. beverage giant was extracting too much groundwater, and this year a Chilean drought has hampered production for the nation’s copper miners. The World Economic Forum’s全球风险2015年报告lists water crises as the top threat facing humanity when it comes to overall impact.

但是缺乏透明，标准化的公司用水的数据是挫败真正的投资者对水风险的行动，总结了一个March reportfrom Ceres, a Boston-based nonprofit sustainability advocacy group.

“投资者仍然是第一个基地，”Ceres水计划高级经理和报告的主要作者Monika Freyman说。“这种日益增长的认可，需要花更多的时间在[水风险]上，而且他们觉得他们所做的事情真的不充分。需要做更多的工作。“

PGGM’s Klop echoes this frustration as he and his colleagues work to address the potential problems that water shortages could cause within the portfolio they manage for €162 billion Pensioenfonds Zorg en Welzijn (PFZW), which oversees the retirement savings of Dutch health care employees and social workers. Although PGGM and PFZW have identified water as one of the portfolio’s four key sustainable-investment themes, Klop confirms that there hasn’t yet been a single case in which water risk alone has led PGGM to exclude or divest from a particular corporation.

他认为量化给定公司的水威胁的最佳方式是水依赖的比例water security或者与本地供应相比，公司需求量为多少。

A product like WRI’s Aqueduct atlas addresses only the security side of the equation. “What I always thought was going to be the most difficult data, the security data, has in fact moved much faster than the company data — the dependency data,” Klop says. “There’s still a lack of consistent, comparable data on corporates’ water performance.”

Klop points out that few companies are willing to even disclose the exact locations of their production facilities or those of their main suppliers, which would allow investors to begin mapping corporate water security risks. He believes identifying a company’s or a portfolio’s risk level must start with lobbying businesses to be more transparent about water use.

这是联合国支持的负责任投资的努力参与努力的目标。The London-based investor network’s water effort — its first focus on this particular risk, says PRI managing director Fiona Reynolds — launched last August at the White House, where roughly 30 organizations convened to discuss food security and their roles in President Barack Obama’s Climate Data Initiative.

In what Reynolds says will be a two- to three-year exercise, the PRI has teamed up with Swiss nonprofit the World Wildlife Fund and professional services firm PricewaterhouseCoopers to identify the leaders and laggards in water management across 78 companies from various sectors. The PRI and its investor steering committee will talk with the leaders to understand what best practices should look like, create a set of questions and suggestions for water-guzzling companies and start engaging that group by the second half of this year.

Reynolds says investors are responding enthusiastically: So far, 39 firms representing a combined $4.5 trillion in assets have signed on as participants.

一些投资者正在to integrate water risks into their strategies, using the limited data available. At Breckinridge Capital Advisors, a high-grade fixed-income manager based in Boston, staff formally layered water risks into the investment process about two years ago. Robert Fernandez, director of environmental, social and governance research, says the $21 billion firm scores municipal bonds on their threat of repricing because of potential water scarcity.Those with good scores include bonds for public water utilities in western Washington and west-central Florida; water systems in eastern Alabama and western Texas rate poorly.

Breckinridge draws on information from the U.S. Drought Monitor (a weekly map of drought conditions produced by the National Oceanic and Atmospheric Administration, the U.S. Department of Agriculture and the National Drought Mitigation Center at the University of Nebraska–Lincoln), the Palmer Drought Severity Index (another weekly index, run by U.S. government agency the National Integrated Drought Information System) and reports of water-related violations filed by the Environmental Protection Agency.

为了得分公司债券，Breckinridge使用来自纽约的MSCI ESG研究和Apprastalytics，Amsterdam总部环境研究公司的专有数据，以及对公司的可持续发展报告的毛孔。Fernandez Notes的项目或设施级别的企业用水量的信息将非常有用，对更精确定价的水风险非常有用。

纽约的可持续金融产品策略的Lenora Suki表示，超越了对公司的耗水量的透明度，需要计算水上风险分析工具，这些工具将如何影响水问题，这些工具最终会影响估值的估值。本月Bloomberg为一组精选的投资者组是一个估值工具的试点版本，旨在量化各个公司因水资源稀缺而受损的吹嘘。

“下一步是超越只是说，”有这种风险和风险“，能够说出我们认为估值后果可能是什么，”苏士说。

Paul Reig, who leads the design and development of WRI’s Aqueduct atlas, says that over the past year or so his team has expanded its analysis of how water risks affect specific commodities in energy and agriculture. “[Focusing on specific sectors] is often a hot-ticket item for investors,” he says.