100天后，可持续投资是否更容易？

Who the president is matters to sustainable investing.

One hundred days into Joe Biden’s presidency, his administration’s executive orders and agency actions have reinstated and advanced an environment that empowers sustainable investing. President Biden has also assembled a strong climate-change team and bestowed significant authority on it, including establishing a new White House Office of Domestic Climate Policy, headed by Gina McCarthy, and appointing former Secretary of State John Kerry to the U.S. National Security Council as special presidential envoy for climate.

All of this sets our children and grandchildren and wildlife up for a more secure future — but threats to sustainable investing remain.

Days 1–50: Making Sustainability Great Again

重新加入巴黎协议。On February 19, the U.S. officially rejoined the Paris Agreement, a global framework to reduce climate change. With a provision for “making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development,” the agreement should strengthen and support capital flows into sustainable investing.

重新激活4000亿美元的清洁能源贷款计划。3月3日，Energy Jennifer Granholm秘书宣布，她正在重新激活托管奥巴马时代方案，授权为联邦贷款和贷款担保提供超过400亿美元的清洁能源启动和项目。在奥巴马政府期间，能源部为30亿美元的贷款为30亿美元，并在该过程中推出了公用事业级太阳能作为私营部门资助的增长行业。虽然该计划大致成功，但贷款保证的履行率不可思议地从电动车制造商特斯拉 - 现在是世界上最大的公开交易公司之一 - 太阳能公司巩固了苏利诺瓦拉的失败。当Solyndra违约贷款违约时，该计划遭到偏不受欢迎，并且在特朗普管理期间大多是休眠。

Rejecting last-minute Trump administration rules.3月10日，劳工部宣布，在员工退休金担保法（ERISA）下，它不会强制执行两个午夜特朗普行政规则，该法规定了私营部门雇员福利计划的最低标准。规则 - 将限制退休基金在环境，社会和治理（ESG）考虑或优先考虑代理投票和战略参与的ESG问题的基础上的能力 - 是对特朗普总统的回应executive orderto review all regulations that burden fossil-fuel companies.

相反，劳工部计划“更好地认识到环境，社会和治理整合可以在计划投资的评估和管理中发挥重要作用的”工艺规则“，同时继续秉承基本的信托义务，”根据a陈述从阿里Khawar本金deputy assistant secretary for the Employee Benefits Security Administration.

Days 43–100: Moving Toward a More Sustainable Economy

The Securities and Exchange Commission examines climate and ESG. On March 3, the SEC’s Division of Examinations announced that its 2021 priorities would include heightened focus on climate-related risks for investment advisers. Five weeks later, the division issued a风险警报鼓励ESG基金和顾问衡量他们的营销索赔，披露和关于ESG的其他公开陈述是否准确，并与内部公司实践一致。风险警报还鼓励企业记录和维持其ESG投资流程的记录，以持续整个业务持续投资，充分涉及投资其政策和程序，并通过合规人员投资欧洲央行。

The risk alert echoed elements of the Operating Principles for Impact Management, the most widely accepted credible minimum standards for what constitutes impact investing, in pushing fund managers to explain how they evaluate investments using goals established under global ESG frameworks. This suggests that the7150亿美元的影响投资市场— where investors are held to a higher environmental and social standard than simply considering ESG issues in investment decisions — is indeed influencing the much larger sustainable investing market, which is projected to hit38万亿美元by year-end.

The SEC launches the Climate and ESG Task Force.On March 4, the SEC announced the formation of the first-ever Climate and ESG Task Force within the Division of Enforcement. The专案组专注于识别气候和ESG-related misconduct, including detecting any material misstatements or gaps in issuers’ disclosures of climate risks under existing rules and assessing compliance and disclosure issues relating to ESG strategies.

审查以前的SEC工作队，例如零售战略工作队和财务报告和审计工作队，表明气候和ESG工作队可以迅速采取行动，并为可能已经订婚的个人和公司产生调查和执法行动与ESG相关的不当行为。

The SEC requests comment on climate disclosure.3月15日，代理秒主席艾莉森赫里尼李发出了一个陈述requesting public comment on climate disclosure. The regulator sought responses on what data and metrics are most useful, what the SEC could learn from existing voluntary frameworks, and whether there should be a single set of global standards, among other issues.

本申请公众评论先进，第二届2010年1月，即法例和监管，国际协议，业务趋势以及气候变化的实际影响是气候变化可能会产生披露要求的实例的例子。虽然这种奥巴马时代指导当时是进步的，但这不是一个约束力的规则。在制作新的气候相关的披露要求中，证券委员会可以从欧盟欧盟分类物中受益于可持续活动，金融稳定委员会关于气候相关的财务披露的工作队以及其他举措自2010年以来就气候变化具有先进的集体思考。

Biden sets new emission-reduction targets.On April 22, at the Leaders Summit on Climate that Biden convened, he announced that the U.S. would target reducing emissions by 50 to 52 percent below 2005 levels by 2030. This 2030 target represents an intermediate milestone in the larger goal of reaching net-zero emissions economy-wide no later than 2050 as part of the Paris Agreement.

国际气候融资计划揭晓。Also on April 22, the Biden administration released the climate finance plan it had called for in its January 27 executive order. Plan details included doubling annual public climate finance to developing countries relative to Obama’s second term and enhancing interagency coordination on its deployment, mobilizing private finance internationally, ending international official financing for carbon-intensive fossil-fuel-based energy, supporting the flow of capital toward low-emissions climate-resilient pathways, and measuring and reporting on international climate finance. In aggregate, the plan represents the alignment of U.S. foreign policy with the low-carbon transition.

拜登准备了关于气候相关财务风险的行政命令。On April 14, Politicoreportedthat the Biden administration had drafted an executive order asking federal agencies to incorporate climate risk into how they supervise housing; power and energy; banking and insurance; agriculture; and federal lending, purchasing, and contracting. Specifically, the draft executive order guides White House climate and economic advisers to work with the Office of Management and Budget on a government-wide strategy to measure, mitigate, and disclose climate risks facing federal agencies, including risks from natural disasters and rising sea levels. Although the final version of this executive order has not yet been released, it is clear that the Biden administration is aligning with the spirit of the Task Force on Climate-related Financial Disclosures by seeking to more effectively evaluate climate-related risks and make better-informed decisions on where and when to allocate capital.

Days 101 and Beyond: Facing Threats to Sustainable Investing

At least two of Trump’s three Supreme Court appointees pose risks to the Biden administration’s plans for the transition to a sustainable economy.

尼尔·戈尔斯鲁奇和布雷特卡瓦恩俩都反对了Chevron deference, the doctrine that requires judges to defer to administrative agencies’ interpretations of federal law where the law is ambiguous and the agency’s position is reasonable. (Justice Amy Coney Barrett’s scholarship containslittle direct evidenceof what she thinks about Chevron.)

限制住房，银行业和农业监管机构将气候风险纳入他们贷款联邦基金的能力，并监督美国经济的主要部门可能会挫败到可持亚慱体育app怎么下载续经济的过渡。因此，可以防止内部收入服务，劳工部和其他行政机构编写扶持可持续投资规则。

世界正在观看支票和余额的系统是否会支持或减缓美国管理层可持续资产的增长，以及我们对可持续经济的过渡更广泛。

In the meantime, these advances in the transition toward a sustainable economy during the Biden administration’s first 100 days mitigate risks for planet and people alike.

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Bhakti Mirchandani.is director of responsible investing at Trinity Church Wall Street and teaches an impact investing course in Columbia University's Masters in Sustainability Management Program.

The opinions expressed in this article are the author’s and do not necessarily reflect the official policy or position of any other agency, organization, employer, or company.