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为维持全球需求的增长able Investment Strategies [International]

机构投亚博赞助欧冠资者赞助的报告亚博篮球怎么下串
越来越多的机构投资者和资产管理公司正致力亚博赞助欧冠于将公司的环境、社会和治理（ESG）政策和实践与传统的金融分析工具相结合

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越来越多的机构投资者和资产管理公司正致力亚博赞助欧冠于将公司的环境、社会和治理（ESG）政策和实践与传统的金融分析工具相结合

“We see ESG factors as a vital aspect of the investment decision-making process,” says Cindy Rose, Head of Responsible Investing — Stewardship, Aberdeen Asset Management PLC. “Over the longer term, companies that manage their ESG opportunities and risks, along with their financials, will have a competitive advantage.”

摩根士丹利资本国际新兴市场ESG领导者指数（MSCI Emerging Markets ESG Leaders Index）就是这种正差异的一个指标，该指数提供了相对于同行业同行而言，ESG表现较高的公司的敞口。过去9年，摩根士丹利资本国际新兴市场指数（MSCI Emerging Markets Index）的表现一直优于摩根士丹利资本国际新兴市场指数（MSCI Emerging Markets Index）。截至2017年7月，ESG指数上涨13.83%，而非ESG指数上涨11.6%。

增长部分
瑞银资产管理公司（UBS Asset Management）董事总经理、可持续和影响力投资主管迈克尔•巴尔丁格（Michael Baldinger）表示：“可持续投资是目前金融业增长最快的领域之一。事实上，该行业的规模几乎翻了一番，从2012年的14万亿美元增至2016年的22万亿美元。

Baldinger说，从地域上看，约三分之二的需求来自欧洲，机构投资者通常会要求管理者展示他们是如何将ESG整合到各个资产类别中的。虽然美国现在落后，但亚博赞助欧冠需求增长速度是欧洲的三倍，而且在几年内，它很可能成为最大的市场。

Baldinger补充说，日本是亚洲增长最快的市场，尽管中国市场也有所回升。

“Many Chinese companies now have ESG policies and disclose their ESG actions,” says Ruby Lv, Marketing Director, SynTao - Sustainability Solutions in Shanghai. “The Hong Kong stock exchange requires listed companies to disclose ESG information. If a company doesn’t do it, it must explain why it chose not to disclose.”

解决方案
One of the challenges facing investors considering allocations to the ESG sector is the diversity of terms, definitions and meanings. “There are many funds with ESG or SRI in their titles, but none of them are the same,” Rose says. A carbon-friendly fund, for instance, will have different characteristics than a no-tobacco fund. In addition, fund managers may use different methodologies for assessing the quality of an ESG investment.

因此，机构投资者需要深入了解亚博赞助欧冠ESG或SRI基金的战略和基础资产如何与其原则声明以及财务目标保持一致。罗斯说：“一个养老基金可能主要关注可持续性，而另一个则可能优先考虑治理问题。”。“这是经理人选拔过程中的一个重要推动因素。”

Reflecting the wide range of investor interest, understanding and commitment to ESG strategies, asset managers like Aberdeen and UBS offer different types of sustainability solutions. “We integrate material ESG considerations into investment decisions across our four asset classes, taking a risk-based approach when analyzing each investment,” Rose says.

瑞银是为机构客户提供筛选、综合ESG分析和定制解决方案的资产管理公司之一。这包括创新的可持续投资产品，如基于气候感知规则的股票策略，以及衡量投资组合对ESG影响的影响方法。

“通过致力于提供可持续的投资解决方案，提供强劲的回报，大型资产管理公司可以在向资产所有者提供这一价值主张方面发挥关键作用，从而帮助可持续投资成为主流，”Baldinger说。—Richard Westlund

ESG Investing Finds a Big Home in China

Don’t be surprised if the next driver you hail with a smartphone app in Shanghai pulls up in an electric sedan.

Financial support is pouring into Chinese electric car manufacturing, ride-hailing apps, bike-sharing, and other zero-emission ways of getting around thanks to booming investor interest in environmentally sustainable transportation. One result is that drivers-for-hire with electric cars are increasingly common in Shanghai.

Transportation is just one of many sectors now supported by ESG (environmental, social, governance) investors, asset managers, government policymakers, and a wide range of manufacturers and service providers in China. Solar power, elder care, water conservation, and eco-friendly, pre-fabricated buildings are also on the ESG agenda.

By 2020, the government plans to have increased clean energy's contribution to the nationwide energy mix to 15 percent and boost pre-fabricated housing to 20 percent of all new residential construction, according to Kevin E. Lee, Executive Vice Chairman at CMIG, China’s first ESG-focused investment group.

China's investment community is clearly on board. ESG and “responsible investing” conferences drew large crowds in recent months in Tianjin, and at a Beijing event sponsored by the Asset Management Association of China.

Meanwhile, the government has been promoting credit instruments called “green bonds” as a right-thing-to-do financing channel for environmentally friendly infrastructure projects, consumer product manufacturing, and power generation.

绿色债券不仅是为了支持国家对抗空气、土地和水污染而设计的，例如为太阳能发电站提供资金，而且还支持那些产品和工程技术能够在全球市场上竞争的公司。

A policy circular released in late 2016 by the government’s National Development and Reform Commission (NDRC), on behalf of the Central Committee of the Communist Party of China, put the onus on lower level governments in cities, counties, and provinces to support bond financing for infrastructure projects that protect nature and improve environmental conditions.

发改委表示，地方的支持应该是政府对投资债券融资项目的各种形式的支持。

“Local governments should actively guide social capital to participate in green project construction” through “investment subsidies, subsidy guarantees, bond discounts, fund injections and other means,” according to the policy. Building projects pegged as “green” can involve water conservation systems and industrial parks with low-emission power sources.

ESG在中国西部宁夏回族自治区的一个太阳能发电和扶贫项目就是一个例子。曾经在沙漠中谋生的农民现在利用宁夏太阳能农场太阳能电池板中生长的牧草养羊。一个建造太阳能发电厂的CMIG部门也帮助农民为养羊业提供资金。

A recent report by Deloitte predicted Chinese government preferential policies will continue supporting green corporate bonds and similar ESG investment initiatives for the long term. Beijing wants “all types of financial institutions, securities investment funds and other investment products, the Social Security Fund, and corporate pension and social funds” to invest in “green companies, enterprises and other institutional investment bonds,” the report said.

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