来源：全球财富管理论坛
景顺首席执行官Martin L． Flanagan参加全球财富管理论坛2021北京峰会并作主题发言时表示，ESG是缓解企业和社会面临长期风险的重要抓手，根据彭博测算，全球ESG资产2020年底已超过37.8万亿美元，到2025年将会超过53万亿美元。当前ESG资产近一半分布在欧洲，亚洲和北美需求也在快速增长。主动管理型资产管理公司在推动ESG趋势中发挥着很大作用，以更具责任的方式分配资本，其背后体现出更长期考虑。中国在全球ESG市场影响力正在彰显，拥有全世界最大碳交易市场，在碳达峰、碳中和目标实现过程中，中国市场存在巨大投资机会。景顺中国投资团队正在研究中国A股市场和ESG投资开发定量定性之间的联系，帮助合作机构更好抓住市场机遇。ESG是一项需要政府、私营企业、公共机构、资产管理公司一起努力的全球性工作，需要各界共同建设全球可持续发展的未来。
以下为演讲全文。
在GAMF2021北京峰会上的发言
马丁·弗拉纳根
今天，我想谈谈资产管理行业如何通过加强对ESG投资的关注，支持全球绿色复苏并加强国际合作。
我想大家都会同意，过去的18个月充满了巨大挑战。全球疫情暴发、社会问题以及令人担忧的全球变暖都在促使投资者思考如何解决这些关键问题，以及如何更好地理解这些问题给其投资组合带来的风险。
我还相信，所有人都会同意，没有人凭借一己之力就能够在解决这些关键问题的同时还能确保全球经济保持强劲。新冠肺炎疫情凸显了在我们共同面临的许多全球问题上开展国际合作的重要性。作为一个行业，我们可以成为重要伙伴，支持绿色复苏，促进更密切的国际合作，这将有助于确保我们共同拥有更有希望的未来。
我们认为，ESG是应对企业和社会长期面临的风险的重要组成部分，资产管理公司在进行必要变革以帮助提高全球人民生活质量方面可以发挥的重要作用。为了保护地球和人类，我们有诸多问题需要解决，气候变化、社会问题和城市化只是其中几个例子。
ESG已成为投资不可或缺的一部分——运用资本并提供风险调整后的回报，不仅仅是为了盈利，也是为了对社会产生积极的影响。作为投资管理人，我们有影响变化的独特能力，我们可以共同帮助引领寻找解决方案之路。
对气候变化和社会问题的日益担忧正促使人们对ESG投资产生越来越大的兴趣。根据彭博的数据，2020年底全球ESG资产为38万亿美元；到2025年，有望增长至超过53万亿美元。尽管如今欧洲约占全球ESG资产的一半，但亚洲和北美的ESG需求正在强劲增长。
散户投资者在投资决策中越来越重视保护环境和促进社会公益。投资机构也认识到了影响力投资在道德上的必要性和紧迫性，更加重视对有助于解决气候和社会问题的标的的投资。鉴于这一根本性的预期转变，我们相信ESG投资是在长期内为客户的投资组合创造价值的重要力量。在世界各地促进ESG投资也可以鼓励主要经济体之间加强协作和对话，并将进一步增进相互了解。
世界各地的监管机构也在为支持可持续投资作出贡献。除了在立法过程中咨询行业外，一些监管机构还采取了额外举措来进行ESG投资。例如，新加坡金融管理局最近拨出18亿美元用于与气候有关的投资，目的是为新加坡吸引注重可持续性的资产管理公司，并为亚洲的环境可持续项目筹集资金。
资产管理行业长期以来一直参与可持续和社会负责投资，在疫情期间，应用和创新的速度加快了。主动型资产管理公司在推动此类变革方面的作用正变得越来越重要。主动管理在负责任地配置资本并确保组织的应对措施不是纯粹的例行公事式的走过场，而是真正面向长期可持续性和更重要的人类共同利益方面，发挥着至关重要的作用。
景顺在与全球各地的客户合作发现ESG投资机会，帮助他们在解决环境和社会问题的同时实现目标方面，取得了巨大的成功。设计和实施适当的对社会负责的投资解决方案使资产管理公司能够履行道德和受托责任，同时提高ESG业绩以及财务业绩。基金管理公司可以通过多种途径鼓励积极的变革，包括有效的合作、与投资标的公司直接接触以及代理投票。
我们感到高兴的是，景顺1.5万亿美元的资产管理规模中，有75%已经将ESG原则纳入了投资流程，我们在流程中考察了ESG代表的三项指标对投资业绩的潜在影响。此外，我们通过不同的基金和授权管理的以ESG为重点的资产管理规模大约为500亿美元。景顺在促进可持续发展的国际组织中非常活跃。作为净零排放资产管理公司倡议的签约方，我们致力于支持温室气体净零排放，以及在2050年或更早把全球变暖限制在1.5摄氏度以内的目标。
ESG可能是主动型资产管理最典型的特征。然而，除了与公司接触之外，资产管理公司还必须在可持续和对社会负责的投资方面具有创新性。ESG的不断演变要求我们寻找创新的方法，将ESG融入我们看待世界和作出投资决定的方式之中。
例如，根据与客户的沟通，景顺目前正在探索如何使用专有指标和技术，调整经济表现报告指标，解释ESG活动对未来绩效的影响。在这方面，应对气候变化显然是一个考虑因素。我们目前正在研究如何分析国家和行业层面的活动和技术，以帮助衡量实现零净排放的途径。这将涉及开发创新模型，将温室气体排放与温度变化等因素联系起来，并最终与具体国家和行业的经济表现联系起来。
这只是我们与客户合作以不断重塑ESG投资方式的一个例子，资产管理行业在打造更可持续的未来方面如何发挥自己的作用的一个例子。
如果不研究中国为应对气候变化而采取的措施，围绕ESG创新的讨论就不完整。其中包括：启动了碳排放交易计划，其规模和目标前所未有；参与欧盟制定企业环境证书绿色分类标准；并稳步推进完善上市公司ESG信息披露工作。
进一步扩大中国ESG版图所需的动力正在迅速形成。可以想象，这些努力可能会让ESG以我们前所未见的速度得到应用。
我们很高兴看到中国设定了到2060年实现碳中和的目标，我相信中国能够实现这一目标。
举一个中国作出承诺的例子，中国政府设定了一个确保到2025年25%的新车销售将是电动汽车的目标。中国已经是最大的电动汽车单一国家市场。安永预测，到2033年，中国零排放车型的销量将超过所有其他推进系统的车型。中国政府的坚定使命不仅是推动电动汽车的需求，而且是帮助确保我们所有人拥有一个更美好的地球。
我们已经在中国的第十四个五年规划中看到了实现这些宏伟目标的具体计划，我们希望通过加快进行在中国的ESG投资，可以以我们自己的方式为此提供帮助。我们还致力于帮助全球投资者更好地了解中国市场的机遇，这将进一步促进中国ESG的发展。
我们的中国合资企业景顺长城也在加快面向中国市场的ESG投资方面的布局。我们的投资团队将全球最佳实践带到这里，致力于为在中国A股市场的ESG投资开发定量和定性的分析方法。我们亦与不同专业团体及知名机构合作，提倡并为其注入可持续投资新理念。
这些以及其他努力都大有希望，进展可期，将进一步推动中国和其他地区的ESG投资。我们面前有许多艰巨的工作，但我们始终在朝着正确的方向迈进。
我总结一下今天的发言，ESG是一项涉及政府、私营企业、公共机构和资产管理公司的全球事业。建设一个可持续的世界和解决社会问题是全球领导人的共同目标。尽管社会体制和政治制度存在差异，但我们相信，世界各地的领导人能够进行合作，为子孙后代建设一个更美好的未来。
在景顺，我们的宗旨是，致力于以卓越投资体验，助力创造丰盛人生。
资产管理公司在进行必要的变革以帮助提高全球人民的生活质量方面可以发挥重要作用。我们坚信，在未来短短几年内，ESG不会被看作是一个投资子类别，而是在投资方面的一个根本考量因素。
这种思维转变将为致力于了解客户的需求，并利用这些知识创造新的投资方法和能力的投资管理公司创造巨大的机会。这种动力对于影响变革，创造解决办法以保护地球的未来，并帮助我们所有人从生活中取得更多收获而言至关重要。
谢谢。
Speech at GAMF 2021 Beijing Summit
Martin L． Flanagan
Today I would like to talk about how all of us， as an industry， can support global green recovery and enhance international cooperation by sharpening our focus on ESG investment．
I think everyone would agree that the past 18 months have been hugely challenging． A global pandemic， social issues and an alarming warmer planet all drive investors to question how to tackle these critical problems and to better understand the risks these issues represent to their portfolios．
I also believe everyone would agree that no one can tackle these critical issues while ensuring a robust global economy on their own． The pandemic has underscored the importance of international cooperation on many global issues we face． As an industry， we can serve as an instrumental partner in supporting a green recovery and promoting closer international cooperation， which will help ensure a more promising shared future．
We believe that ESG is an essential part of addressing the risks facing businesses and society over the long term， and recognize the important role asset managers can play in making the necessary changes that will help improve the quality of life for people all over the globe． Climate change， social issues and urbanization are only a few of the examples of many topics that must be addressed to protect the future of our planet and the people on it．
ESG has become an essential part of investing – deploying capital and delivering risk-adjusted returns not simply to achieve a profit but also to have a positive impact on society． As investment managers， we have a unique ability to influence change and， together， we can help lead ways to find solutions．
Growing concerns about climate change and social issues are prompting an increasing interest in ESG investing． Global ESG assets are on track to exceed $53 trillion by 2025， up from $38 trillion at the end of 2020， according to Bloomberg． Although Europe accounts for roughly half of global ESG assets to date， Asia and North Americas are experiencing a strong expansion in ESG demand．
Retail investors are increasingly prioritizing protection of the environment and promoting social good in their investment decision making． Institutions also recognize the moral imperative and the urgency of impact investing， and are increasingly aligning their strategies and investments to efforts that advance climate and social topics． Given this foundational shift in expectations， we believe ESG investing is an important agent of change in driving value for our client portfolios over time． Promoting ESG investment around the world also encourages greater collaboration and dialogue among the major economies and will further enhance mutual understanding．
Many regulators around the world are also contributing to efforts that support sustainable investing． In addition to consulting the industry in the lawmaking process， some regulators are taking an extra step of investing in ESG strategies． For example， the Monetary Authority of Singapore recently deployed $1.8 billion for climate-related investment with an objective of attracting sustainability-focused asset managers to Singapore and catalyzing funding towards environmentally sustainable projects in Asia．
The asset management industry has long been involved in sustainability and social responsibility investing， and the speed of adoption and innovation has accelerated during the pandemic． The role that active asset managers have in driving such change is becoming more and more important． Active ownership plays a pivotal role in allocating capital responsibly and ensuring the organizational responses transcend mere box-ticking and are genuinely geared towards long-term sustainability and the greater good．
At Invesco， we’ve had tremendous success working with our clients across the globe to uncover ESG investment opportunities that help them achieve their objectives while addressing environmental and social issues． Properly devised and implemented socially responsible investment solutions enable asset managers to achieve their moral and fiduciary duties while enhancing both ESG performance and financial performance． Fund managers can encourage positive change through several avenues， including effective collaboration， direct engagement with the companies in which we invest， and proxy voting．
We’re pleased that 75% of Invesco’s US$1.5 trillion in AUM have integrated ESG principles into the underlying investment process， where we look at the potential impact of the E， the S and the G on the performance of that investment． Also， we manage approximately $50bn of ESG-focused AUM across different funds and mandates． Invesco is very active in international organizations promoting sustainability． As a signatory to the Net Zero Asset Managers Initiative， we are committed to supporting the goal of net zero greenhouse gas emission and limiting global warming to 1.5 degrees Celsius by 2050 or sooner．
ESG can be a defining feature of active management． However， in addition to engaging with companies， asset managers must also be innovative in how we approach sustainability and social responsible investment． The ongoing evolution of ESG requires us to identify innovative ways of incorporating ESG into how we view the world and how we make investment decisions．
For example， based on our conversations with clients， Invesco is currently exploring how we can use proprietary metrics and techniques that adjust reported measures of economic performance to account for the impact of ESG activities on future performance． The fight against climate change is an obvious consideration here． We’re currently looking at how we can analyze activities and technologies at national and sectoral levels to help measure the path to net zero． This will involve developing innovative models that link greenhouse gas emissions to factors such as temperature changes and， ultimately， the economic performance delivered by specific countries and industries．
This is just one example of how we’re partnering with clients to constantly reshape our approach to ESG investment – and how the asset management industry is playing its part in building a more sustainable future for all．
No conversation about innovation in approaching ESG is complete without also examining the steps China is taking to fight climate change． These include：
The launch of an emissions-trading scheme that is potentially unprecedented in both scale and ambition；
Participation in the European Union’s bid to devise a green taxonomy for classifying businesses’ environmental credentials； and
Making steady progress in improving ESG disclosures for all listed companies．
The dynamics needed to further expand China’s ESG landscape are rapidly taking shape． It’s conceivable that these efforts could lead to an adoption of ESG more accelerated than any we’ve seen previously．
We are excited to see China set a goal of reaching carbon neutrality by 2060， and I believe China can achieve this goal．
As an example of its commitment， the Chinese government has set a goal of ensuring that 25% of new cars sales will be electric vehicles by 2025． China is already the largest single-country market for electric vehicles． Ernst & Yong predicts that zero-emission models will outsell all other propulsion systems in China by 2033． The Chinese government’s determined mandate is not only driving demand for EV， but helping to ensure a better planet for all of us．
We’ve already seen a concrete plan toward these ambitious goals in China’s 14th five-year plan， and we want to be helpful in our own way by accelerating ESG investment efforts in China． We’re also working to help global investors better understand opportunities in the China market， which will further contribute to China’s ESG development．
Our China Joint Venture， Invesco Great Wall， is also accelerating its ESG efforts catering to the Chinese market． Bringing our global best practices here， our investment teams are looking into developing quantitative and qualitative methods for ESG investments in the China A shares market． We also work with different professional bodies and renowned institutions to advocate and bring new ideas towards sustainable investing．
These and other efforts are promising developments that will further drive ESG investment in China and elsewhere． We have a lot of hard work ahead of us， but all of these steps are in the right direction．
Let me summarize my comments today by noting that ESG is a global effort involving governments， private enterprises， public institutions and asset managers． Building a sustainable world and addressing social issues is a shared goal among global leaders． Despite differences in social and political systems， we feel confident that leaders across the globe can collaborate to build a better future for generations to come．
At Invesco， our Purpose is to deliver an investment experience that helps people get more out of life．
Asset managers have an important role to play in making the necessary changes that will help improve the quality of life for people all over the globe． We believe very strongly that， over the next few years， ESG won’t be seen as a sub-category of investing – it will become a fundamental to investment．
This shift in thinking will create tremendous opportunities for investment managers who work to understand client needs and use that knowledge to create new investment approaches and capabilities． This dynamic is essential to influencing change and creating solutions that protect the future of our planet and help all of us get more out of life．
Thank you．
责任编辑：马青
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