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聚光灯 In The Spotlight

Goodbye ESG, Hi Sustainability!

美国总统选举后，特朗普第二次登台，这一转折点对全球金融市场，尤其是可持续金融领域的未来发展，引发了广泛关注。特朗普曾公开抨击ESG（环境、社会与治理）投资是“浪费时间”，并认为其“削弱了美国企业的竞争力”。在这种政治背景下，美国可持续金融的格局或将迎来新的篇章。

然而，笔者近期与多位华尔街人士及美国跨国企业和大型企业的高管交流中，发现一种微妙的趋势：尽管”ESG”受到批评，但“可持续发展”这一理念并未遭到否定，反而正在重新获得重视。

ESG的争议与滥用

近年来，ESG投资吸引了大量资本，成为金融市场的热门领域。然而，与热度一同增长的还有质疑和争议。多位业内人士指出，ESG框架在实际操作中频繁被滥用，一些企业通过“洗绿”（Greenwashing）手段虚假宣传自己的环境友好行为；而碳信用市场也爆出诸多造假丑闻，使投资者对其真实性产生怀疑。这些问题不仅削弱了ESG的信誉，也使其渐渐变成一个被过度营销的标签，而非实际可持续发展的真正推动力。

共和党人士在与企业和投资界的交流中，对这些问题尤为关注。他们认为ESG的某些强制性要求不够务实，对企业发展造成了负担。然而，几乎没有人否认可持续发展的重要性，无论是在经济、环境还是社会领域。

“可持续”成为新焦点

在这样的背景下，从市场和品牌营销的角度来看，ESG这个术语可能会逐渐淡出主流话语，而“可持续”将成为新的焦点。相比于ESG的具体框架，“可持续”一词具有更广泛、更灵活的内涵，不局限于环境保护，也能涵盖经济发展与社会进步。

企业高管普遍提到，真正的可持续发展目标并不会因为政治环境的变化而改变。例如，能源转型依然是大趋势，但可能会更强调经济效率与技术创新，而非单纯追求碳排放的削减指标。基础设施升级和制造业回流，也可以通过可持续金融方式实现长远效益，而不必硬性套用ESG的标准。甚至单纯地从效益来说，哪家企业不希望自己的财务状况和市场环境“更可持续”呢？

特朗普执政对可持续金融的潜在影响

特朗普的政策方向一向以经济优先为核心，第二次执政可能进一步减少ESG框架的联邦支持。例如，他可能削减公司非财务信息披露要求，鼓励金融机构重新关注传统能源和制造业。但正如多位跨国企业负责人提到的，这并不意味着可持续理念会被彻底放弃。事实上，美国企业仍需要应对全球资本市场的需求，而国际投资者和消费者对可持续产品与服务的偏好将继续推动企业主动调整战略。

共和党内部也存在对可持续发展的务实派，他们更倾向于通过技术创新和市场机制解决问题，而非依赖政府干预。这种态度可能推动美国企业将“可持续”重新定义为具有经济价值的长期战略，而不再拘泥于ESG具体指标。

全球与地方的双向拉力

尽管特朗普政府可能在联邦层面对ESG采取保守立场，国际市场和地方政府仍在推动可持续投资。例如，欧盟和亚洲市场的绿色金融标准化已经成为全球趋势，而加州、纽约州等美国地方政府也在积极推进自己的可持续发展政策。这种双向拉力将迫使美国企业在国内与国际间找到平衡，并重新思考如何在不损失竞争力的情况下实现可持续发展。

再见ESG，你好可持续

由此可见，“再见ESG”并不意味着放弃可持续发展的目标，而是一次必要的形式与内涵的重构。从企业角度来看，将“可持续”作为新标杆，可以避免ESG框架带来的争议和僵化，重新专注于真正的经济效益与环境、社会、全球化的平衡。对于投资者而言，这也意味着转向更透明、更具有可操作性的长期策略，而非被过度包装的指标所困扰。

结语

特朗普的政策调整或将加速这一趋势，但从长远来看，可持续金融的核心驱动力依然是市场需求、技术创新和全球化发展。ESG或许会逐渐淡出，但“可持续”作为一种更灵活、更具包容性的理念，将继续主导未来的金融和商业实践。“再见，ESG。你好，可持续！”这不仅是一场告别，更是一个新起点——一个兼顾经济、社会和环境需求的新时代。正如特朗普在其第一任期内无意间推动了ESG投资的兴起，或许“特朗普2.0”这次也将以一种意想不到的方式推动“可持续”理念的进一步发展。

* 黄忠教授是可持续金融学院（Sustainable Finance Institute）联合创始人兼亚洲执行院长，同时也是耶鲁大学、香港科技大学和同济大学等多所大学的兼职教授。长期致力于气候科技创新与投资，及金融机构和大型企业的可持续发展策略咨询与服务。

以下是英文原文：

Goodbye ESG, Hi Sustainability!

Following the U.S. presidential election, Donald Trump’s return to office has sent ripples through the global financial markets, particularly in the sustainable finance sector. Trump has openly criticized ESG (Environmental, Social, and Governance) investing, calling it a “waste of time” and claiming it undermines the competitiveness of American businesses. While his administration may signal a shift in federal support for ESG frameworks, recent conversations I’ve had with Wall Street insiders and executives from multinational corporations suggest that sustainability, as a broader concept, remains highly relevant. In fact, ESG as a term may lose prominence, giving way to a renewed focus on “sustainability” as the driving force in finance and business.

The Controversy Around ESG

ESG investing has seen explosive growth in recent years, attracting substantial capital as financial markets increasingly value sustainability metrics. However, this surge in popularity has also drawn significant criticism. Many financial leaders and corporate executives I spoke with pointed out that ESG frameworks have been frequently misused. Instances of “greenwashing” — where companies exaggerate their environmental efforts — and fraudulent practices in carbon credit markets have eroded trust in ESG reporting.

Even Republican policymakers, often critical of ESG mandates, acknowledge the importance of sustainable development in economic, environmental, and social dimensions. The issue lies not in the goals but in the rigidity and misuse of ESG frameworks. They argue that ESG, in its current form, often imposes impractical burdens on businesses, diverting attention from actionable and pragmatic approaches to sustainability.

Marketing Shift: From ESG to Sustainability

Given the growing skepticism, there is a noticeable pivot in how sustainability is being framed. From a marketing and communications perspective, “sustainability” is emerging as the preferred term. It carries broader, more flexible connotations, unshackled from the specific metrics and controversies tied to ESG.

Business leaders noted that genuine sustainability goals remain essential, regardless of political changes. For instance, the transition to cleaner energy is still a global priority, but under Trump’s administration, it may be reframed to emphasize energy independence and economic efficiency rather than strict emissions reductions. Similarly, infrastructure upgrades and manufacturing innovations can contribute to long-term societal benefits without being labeled as “green” initiatives under ESG. Even purely from a profit perspective, what business wouldn’t want its financial performance and market environment to be “more sustainable”?

Trump’s Impact on Sustainable Finance

Trump’s economic agenda, which prioritizes growth and deregulation, is likely to influence the future of sustainable finance. Federal ESG-related policies, such as mandatory non-financial disclosures, could be rolled back, while traditional energy and industrial sectors may regain support. However, this does not mean sustainability will disappear from the corporate agenda.

Executives I spoke with acknowledged that global capital markets remain committed to sustainability. Investors and consumers increasingly favor companies demonstrating long-term environmental and social responsibility. Moreover, pragmatic Republicans recognize that sustainability aligns with economic imperatives when framed around technological innovation and market-based solutions. This perspective could shape a uniquely American approach to sustainability, one that emphasizes economic value alongside environmental goals.

Global Momentum and Local Forces

Even if federal policies under Trump downplay ESG, international and local forces will continue to drive sustainable finance. The European Union has implemented robust green finance frameworks, such as its Taxonomy Regulation, while Asia has seen rapid growth in green bond markets. These global trends will maintain pressure on U.S. companies to adhere to sustainability principles to remain competitive.

Domestically, progressive states like California and New York, along with private sector initiatives, are likely to advance their own sustainability agendas. This dual pressure—from global markets and local actors—ensures that sustainability will remain a central theme for American businesses, even if ESG loses favor at the federal level.

Goodbye ESG, Hi Sustainability

The anticipated decline of ESG under Trump does not signify an abandonment of sustainable development goals. Instead, it reflects a necessary recalibration of how these goals are approached. The pivot to sustainability as a broader and more inclusive concept allows businesses to focus on achieving meaningful economic, environmental, and social outcomes without being constrained by the controversies surrounding ESG frameworks.

For investors, this shift represents an opportunity to prioritize transparency and long-term strategies over rigid metrics or overhyped marketing. For companies, it is a chance to redefine sustainability in a way that aligns with profitability, innovation, and resilience.

Conclusion

Trump's policy adjustments may accelerate this trend, but in the long run, the core drivers of sustainable finance remain market demand, technological innovation, and globalization. ESG may gradually fade, but “sustainability,” as a more flexible and inclusive concept, will continue to shape the future of finance and business practices. “Goodbye ESG, Hi Sustainability!” is not just a farewell but a new beginning—a new era that balances economic, social, environmental and globalization needs. Just as Trump unintentionally fueled the rise of ESG investing during his first term, perhaps “Trump 2.0” will, in an unexpected way, propel the further development of sustainability.

【可持续金融学院】

(SFI可持续金融学院)

（转自：SFI可持续金融学院）

　　新浪财经ESG评级中心简介

　　新浪财经ESG评级中心是业内首个中文ESG专业资讯和评级聚合平台，致力于宣传和推广可持续发展，责任投资，与ESG（环境、社会和公司治理）价值理念，传播ESG的企业实践行动和榜样力量，推动中国ESG事业的发展，促进中国ESG评估标准的建立和企业评级的提升。

　　依托ESG评级中心，新浪财经发布多只ESG创新指数，为关注企业ESG表现的投资者提供更多选择。同时，新浪财经成立中国ESG领导者组织论坛，携手中国ESG领导企业和合作伙伴，通过环境、社会和公司治理理念，推动建立适合中国时代特征的ESG评价标准体系，促进中国资产管理行业ESG投资发展。