摘要：在全球经济绿色转型的浪潮中，ESG投资已从一种理念倡导转变为价值创造的核心驱动力。ESG投资是否能够推动价值创造？金融机构在将ESG纳入投资策略时面临哪些挑战与机遇？在当前复杂多变的经济和政策环境下，ESG投资的未来发展前景又将如何？就以上问题，新浪财经对话了

文 | 新浪财经ESG评级中心 李欣然

在全球经济绿色转型的浪潮中，ESG投资已从一种理念倡导转变为价值创造的核心驱动力。ESG投资是否能够推动价值创造？金融机构在将ESG纳入投资策略时面临哪些挑战与机遇？在当前复杂多变的经济和政策环境下，ESG投资的未来发展前景又将如何？就以上问题，新浪财经对话了澳洲责任投资协会（Responsible Investment Association Australasia，以下简称RIAA）联席CEO Dean Hegarty。

Hegarty 指出，在过去十年间，ESG 投资从一种边缘策略发展成为风险评估的核心要素。研究表明，高质量的 ESG 实践能够带来超额回报。例如，获得责任投资认证的澳大利亚股票基金在过去 10 年中实现了 13.20% 的回报率，而市场其他股票基金的回报率仅为 9.19%。尽管面临监管碎片化、“漂绿”风险以及政治波动等挑战，Hegarty 认为 ESG 投资的长期趋势依然强劲。在澳大利亚，所有专业管理的基金中，有 93% 由那些公开承诺进行责任投资的投资者管理。谈及美国现任政府对 ESG 投资的态度，Hegarty 表示，美国政策的波动可能会在短期内对市场造成扰动，但可再生能源投资和机构的受托责任仍将推动 ESG 进程。尽管负责任投资的发展过程不会一帆风顺，但其长期趋势仍然是明朗的。

以下为对话实录：

Q：基于您的研究经验，您是否认为 ESG 投资能够推动价值创造？那些践行 ESG 原则的投资机构是否更有可能获得更高的回报？

A：在过去十年间，ESG 投资经历了巨大的变革。最初，ESG 投资主要由那些坚信资本应与可持续发展目标相契合的投资者推动。他们认为，将资金投向可持续领域不仅是正确的选择，更蕴含着独特的机遇。然而，当时这还只是一个相对小众的策略。如今，ESG 因素已经成为任何优质资产管理者在进行高质量风险评估时不可或缺的一部分。

这种转变是由多种因素共同推动的，但有一个关键的现实不容忽视：投资者已经深刻认识到，强有力的环境风险管理、良好的公司治理与财务表现之间存在着紧密的联系。这与价值创造的机遇有关，尤其是在能源转型领域。当前，全球正经历一场从传统能源向清洁能源的深刻转型。这一转型为那些能够敏锐洞察并有效把握这一趋势的投资者，带来了巨大的价值创造潜力。

然而，ESG 投资的意义远不止于价值创造。它在风险评估以及避免或至少合理计入价值损失方面也发挥着重要作用。虽然这种作用不仅限于环境领域，但在环境方面尤为突出。气候变化带来的影响不再是理论上的假设，而是已经可以被观察到，并且带来了实实在在的成本。对于任何关注长期价值的投资者来说，这些影响正变得越来越普遍、越来越严重、也越来越昂贵。如果不能恰当地识别和评估这些风险，成本将会不断攀升。

我们的研究显示，那些在 ESG 投资方面表现出色的投资者能够获得显著的业绩回报。在澳大利亚及新西兰市场，RIAA根据其负责任投资标准认证了超过 350 只基金，并持续监测它们相对于更广泛市场的表现。这些基金在大多数时间范围和资产类别中的表现至少与市场平均水平相当，甚至更为出色。例如，在 2024 年，获得认证的澳大利亚股票基金在过去 10 年中实现了 13.20% 的回报率，而市场其他部分的回报率仅为 9.19%。需要注意的是，这种优异表现与那些以最佳实践水平开展 ESG 投资的基金密切相关。就像任何投资策略一样，仅仅参与是不够的，关键在于如何高质量地执行。

RIAA 的年度基准报告对在澳大利亚运营的所有主要资产管理者的投资策略进行了评估，发现对改善长期表现和风险缓解的预期是推动 ESG 增长的第二大驱动力，仅次于机构投资者的需求。

Q：在您看来，金融机构在将 ESG 标准纳入其投资策略时面临的主要挑战是什么？另一方面，您认为那些成功践行可持续投资实践的人会面临哪些机遇？

A：随着 ESG 投资需求的激增以及相关策略所吸引资本量的大幅增长，针对该领域的立法和监管浪潮应运而生，这既是必然，也是必要的。鉴于快速的增长，法规有时显得零散也是可以理解的。不同司法管辖区制定了各自的规则，这些规则不仅在定义上存在差异，而且在具体要求上也各不相同。尽管目前这种分散的局面正在逐步整合，但由于资本市场的全球性，投资在跨境流动时往往会经过多个司法管辖区，这使得相关挑战依然存在。这也意味着，这些挑战可能因地区而异。例如，在欧洲，立法基金标签（Legislated Fund Labelling）受到了广泛关注，而在澳大利亚和新西兰，行业认可的认证方式则更为普遍。

RIAA 的研究表明，“漂绿”风险是我们所有人都面临的主要挑战。如果投资者不信任产品上的声明和标签，他们就不会将资本交给你。确保兑现承诺是关键。另一个现实是，总会有短期因素导致市场波动。政治变化、全球冲突、能源中断等都会影响市场。如果投资者采取短期视角，这将始终带来挑战。

与此相反，那些保持长期视角的人能够从变革的不断增长的势头中受益。正如我之前提到的，那些做得好的人有机会获得业绩回报，而随着支持这一目标的立法框架的不断完善，这种回报将得到进一步增强。这将被投资者需求的持续增长所放大，他们越来越希望看到自己的资本不仅为更美好的未来发挥作用，同时也能带来良好的财务回报。

Q：我们发现，在一些国家，可持续投资出现了倒退的迹象。尤其是近期，美国这一任政府对可持续发展的热情和支持力度有所下降。此外，一些银行也退出了净零银行联盟。展望未来五到十年，您认为责任投资领域最重要的趋势和进展是什么？美国在可持续发展政策上的转变是否会对包括澳洲在内的其他地区产生影响？

A：尽管美国的政治环境确实给一些人带来了挑战，但优秀的投资者始终着眼于长期，而不仅仅是四年一届的总统任期。无论谁入主白宫，推动行业增长的宏观趋势都将持续存在。全球向低碳经济的转型、气候风险成本的增加、投资者对可持续投资的需求以及监管趋势，这些因素都将延续。投资者仍然专注于管理那些将塑造未来几十年的风险和机遇。值得一提的是，尽管存在一些质疑的声音，但在特朗普上一任期内，我们仍看到了可再生能源投资的显著增长。

机构正在调整其对可持续发展目标的表述方式，但它们并未放弃其受托责任——即法律义务，为客户的最佳财务利益行事。如今，这要求投资者必须考虑ESG因素对投资决策的影响。虽然用于描述这一策略的措辞会继续演变，但资本流向可持续投资领域的趋势正在加速。事实上，澳大利亚所有专业管理的基金中，有93%现在由那些公开承诺进行责任投资的投资者管理。此外，几乎所有的投资经理（澳大利亚占比81%，新西兰占比87%）都已在他们的投资策略中实施了ESG整合。

我们看到一些投资经理或银行由于政治或经济压力而退出了某些基于承诺的倡议。历史上，这些类型的倡议对于发出投资者将走向何处的商业信号十分重要。然而，如今，随着 ESG 的商业理由已经得到充分确立，大量资本流入更具可持续性的投资领域，这些信号的价值已经大大降低。行动比承诺更能推动更好的结果。

这一过程不会一帆风顺，会有加速的阶段，也会有放缓的时刻，但长期趋势是明确的。

以下为英文问答原文：

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.

来源：新浪财经