Finance and the Art of Sustainable Development

From how wepay for our morning coffee化妆的化妆全球经济建筑那finance’s role in society is constantly transforming. We should welcome the innovation this produces. The 2008–’09 financial crisis, which was largely the result of poor policy and behavior in the developed world, reminded us what happens when the financial community isn’t operating responsibly.

As the planet becomes more crowded and as many of its inhabitants enjoy ever higher standards of living, the stresses on our economy and environment will deepen. The global consumer class is forecast to grow by 3 billion在接下来的30年里。为了避免影响全球稳定的不需要的结果，我们必须以我们接近能源的方式做出根本的变化，基础设施开发那agriculture那health care and social safety nets. Estimates by the United Nations Conference on Trade and Development (UNCTAD) show that to achieve sustainability in these areas, some $5 trillion to $7 trillion in investments is necessary. Yet present funding gaps are estimated to be as high as$2 trillion to $3 trillion.To overcome this deficit, the private sector — private capital, in particular — will have to step up and play a bigger role than it has in the past.

世界银行和联合国等国际行动者正在通过2015年后发展议程思考。这U.N.千年发展目标(MDGs), which conclude at the end of next year, made major headway in tackling poverty, disease and hunger since their inception in 2000. The next set of development goals will focus on a broader array of issues, such as reducing energy systems’ carbon footprint, improving infrastructure and ensuring adequate health coverage for people of all ages.

Below are five ways that the financial community, especially asset managers and institutional investors, can help build a more sustainable world:

Focus on the long term.财务需要对可持续性进行长期的视角，从资产所有者如何与公司投资组合的互动到获得资金和融资的项目类型。

In a recent哈佛商业评论文章，McKinsey＆Co.的全球董事总经理，兼标Wiseman，CEOCanada Pension Plan Investment Board(CPPIB), point out that the largest asset owners — that is, pension funds, insurance firms, sovereign wealth funds and mutual funds — own 73 percent of the top 1,000 companies in the U.S., up from 47 percent in 1973. Asset owners should have a significant influence in the orientation of businesses. The plague of short-termism is destructive to investment returns and needs to be corrected.

这role of long-term capital owners will also become even more critical in infrastructure financing, as banks continue to deleverage.主权财富基金其中，世界各地有超过40个，总管理超过6万亿美元，是长期前瞻性资产池的示例。例如，CPPIB是印度最大的基础设施投资者之一。匹配长期资本的长期投资项目来自主权财富基金，养老基金和保险公司对全球发展议程至关重要，需要金融，经济和工程人才。

Develop smart养老金系统。我们的全球人口衰老。这种现象是在发达国家和发展中国家的发展中发生的。在美国，社会保障面临欠惠。越来越多，越来越多的工人正在失去定义的福利养老金。例如，在中国，工作年龄人口将在未来15年内缩小1200万，只需1亿人进入65岁及以上的年龄括号。这种趋势在一个尚未制定精致养老金系统的国家开始。

Urban Basic Pension Fund Cash Flows in China

人们如何保存退休人员将不得不改变就业将更加稳定的世界，人们将居住更长时间，各国政府不会有资源支持老年人。金融界必须通过这一挑战思考，并为更好的挑战制定精益，高回报和长期策略。

Have影响投资yield greater impact.影响投资，生产市场回报对社会企业的想法，直观地吸引。然而在实践中，实现了这样的目标是非常具有挑战性的。由于它的兴奋，影响投资中没有任何进展。According to the World Economic Forum, there has been less than $40 billion committed to impact investments, despite market projections that the asset class will exceed $500 billion by 2020. Although 80 percent of U.S.-based pension fund managers are familiar with impact investing, only 9 percent surveyed felt that it is aviable investment approach那according to the WEF.

有针对性的净净回报率的影响投资基金

Source: World Economic Forum

Impact investing can be a critical element of the sustainable development agenda, but it requires focus. Impact investors need to show scalable and repeatable investment processes, prioritize key sectors and regions that are ripe for this type of capital and work with development groups to bring more financeable projects to the market.

Set a price on碳。Climate change is no longer a controversial topic. Political leaders from both sides of the spectrum, from former Treasury secretaryHenry Paulson,a Republican, to former vice president戈尔是民主党人，阐明了气候变化所带来的关键挑战。气候科学家，99％的人认为，人类改变了气候模式并导致全球变暖。美国军队为其部分称为气候变化，是人类面临的最大威胁之一。企业和政府需要采用CAP和贸易和碳税等系统，以帮助哄充商家参与者将较少的碳交给大气层。在世纪末，气候变化的无所作为的成本将高于战略行动和经济转型的成本。我们拥有适应气候变化的影响和减轻气候变化的影响。金融社会需要帮助这些新技术提供资金并将其缩放。

Carbon Emissions Baseline Scenario 2010–’50

资料来源：经合组织

促进资产的进一步国际化。全球储蓄与全球投资需求之间存在不匹配，这慢慢纠正。今天，美国机构投资者的资亚博赞助欧冠产占额外10％的资产，尽管新兴经济体占世界国内生产总值的50％以上，但其增长继续超过发达市场的增长。向发展中国家发达的全球资产释放将促进许多民粹匮乏的经济体中存在的企业精神和能力。

aniket shah是一家投资专家，拥有投资投资研究所，一部分Investec资产管理那in New York.

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