全球视野 | 处于危险之中的ESG框架:把ESG三项因素拆分开来会造成什么后果?

 
 
 
 

 

观点:ESG框架的潜力没有得到充分开发

Opinion: The underexploited potential of the ESG framework

 

来源:

Devex

作者:

Sophie Sirtaine

 

 
 
 

文章《Opinion: The underexploited potential of the ESG framework/观点:ESG框架的潜力没有得到充分开发》发布在Devex.com上。作者Sophie Sirtaine/苏菲·斯尔丹是扶贫协商小组/CGAP的CEO。她负责领导CGAP的运营团队来制定、提供资源并实施CGAP的五年战略。作者在文章中指出,目前的ESG框架正处于危险之中,简化主义和误导性的替代方案正在让人们把ESG的三项因素拆分开来。事实上,环境/E、社会/S和治理/G之间存在着联系并且相互影响,而这些联系是实现可持续发展和和平世界的根本。

 
 

 

 

扶贫协商小组/CGAP的CEO苏菲·斯尔丹强调,需要探索一种综合方法,将雄心勃勃但可行的ESG方法纳入其中。照片来自:Paradee Kietsirikul/Alamy

 

The environmental, social, and governance framework was created with two objectives: to help companies manage environmental and social risks — do no harm — and incentivize them to contribute greater social and environmental impacts — do good. To date, it has been used as a risk management tool at best and a compliance obligation at worst. As a result of cumbersome reporting systems and problematic applications of the framework, the very essence of ESG is at risk — and it is key that E, S, and G are not separated. 

 

环境/E社会/S治理/G框架的建立有两个目标:帮助公司管理环境和社会风险,即不造成伤害;同时激励它们做出更好的社会和环境影响,即做好事。但是到目前为止,它充其量只是一个风险管理的工具。而在最糟糕的情况下,它被当作一种合规义务。由于繁琐的报告系统和有问题的框架应用,ESG的本质正处于危险之中。而关键是E、S和G不能分开。 

 

Globally, firms are required to report on over 600 ESG indicators, which has given rise to corporate “greenwashing” among other scrutiny. ESG factors are complex and continuously evolving. Rather than attempting to boil ESG factors to a single rating, we should recognize that many investors crave a more sophisticated and nuanced approach. We need to explore an integrated approach for sustainable finance that incorporates ambitious yet feasible ESG approaches, thus realizing the potential for ESG to drive positive social impacts while simultaneously achieving economic and climate objectives. 

 

在全球范围内,企业被要求报告600多个ESG指标,这导致了企业的“洗绿”和其他审查。ESG因素是复杂的,并且是不断发展的。我们不应试图将ESG因素归结为单一的评级,而应该认识到许多投资者渴望一种更复杂和细致的方法。我们需要探索一种可持续金融的综合方法,将雄心勃勃但可行的ESG方法纳入其中,从而释放ESG在推动社会积极影响的同时,实现经济和气候目标的潜力。 

 

In 2021, sustainable finance volume surged past $1.6 trillion as the market responded to investors’ appetite for financial instruments with ESG goals. Growth was driven by global ESG funds, which saw a record $649 billion in investments by end of November 2021, compared to an all-time high of $179 billion of official development assistance in 2021. One can only imagine the transformational role ESG can have if these investments were put toward financing initiatives and programs that truly advance ESG commitments. 

 

2021 年,随着市场响应投资者对具有ESG目标的金融工具的需求,可持续金融规模飙升至1.6万亿美元以上。增长是由全球的ESG基金推动的。截止2021年11月底,ESG基金的投资额达到创纪录的6490亿美元。相较而言,同样在2021年创历史新高的官方发展援助,它的金额为1790亿美元。人们可以想象,如果这些投资被投入到真正推进ESG承诺的融资举措和项目中,ESG将可以发挥怎样的变革作用。 

 

There’s no denying that the way ESG is applied can be problematic. Yet, one of many proposed solutions — dismantling the ESG framework to focus only on the E, and more specifically on emissions — is equally concerning. 

 

不可否认,ESG的应用方式可能存在问题。然而,作为许多提出的解决方案之一,“拆除ESG框架”只关注E,更具体来说是关注排放。这个解决方案同样令人担忧

 

Climate change mitigation and reaching the net-zero target through stringent carbon emission reduction cannot be overstated. And focusing on E for emissions has its advantages: It's relatively easy to measure and applicable the same way to a business in China, Germany, or Mexico. However, spotlighting the E implies that the S and G are not vitally important nor connected — and that cannot be further from the truth. 

 

缓解气候变化和通过严格的碳减排达到净零目标,这怎么强调都不为过。专注于排放的E有其优势:它相对容易衡量,并以同样的方式适用于中国、德国或墨西哥的企业。然而,突显E意味着S和G并不重要,也没有联系。而这与事实不符。 

 

There are three reasons why the S and G should stay a part of the ESG framework to ensure its potential is realized. 

 

S和G应该保留在ESG框架中,以确保实现其潜力的原因有三个: 

 

First, the main environmental, or E, issue that people around the world will face over the next decades is coping, adapting, and transitioning to climate change-related environmental events, biodiversity loss, and system changes. That means that the E is not just about mitigation — adaptation is just as crucial. 

 

首先,在未来几十年,世界各地的人们将面临的主要环境问题,或称E问题:是应对、适应和过渡与气候变化有关的环境事件、生物多样性丧失和系统变化。这意味着,E不仅仅是关于“缓解”“适应”也同样至关重要。 

 

Second, adaptation is largely a social, or S, agenda. It is about ensuring those affected by climate events and deterioration of their means of living are not left behind. It is about ensuring societies, economies, and investment portfolios — many of which are held by sovereign and pension funds on behalf of their citizens and members — do not buckle under the impacts of a changing climate. They need to effectively transition and adapt, and those affected will need access to financial means and social support. 

 

第二,“适应”在很大程度上是一个社会议题,即S议题。它是关于确保那些受气候事件生活资料恶化影响的人,不会被抛在后面。它是关于确保社会、经济和投资组合(其中许多是由主权和养老基金代表其公民和成员持有的)不会在变化的气候影响下倒下。他们需要有效地过渡和适应,而受影响的人将需要获得财政手段和社会支持。 

 

This is particularly important as low-income nations are expected to suffer most from climate effects, while the environmental effects of their activities are relatively minor. To put this into perspective, according to 2020 data, the entire continent of Africa contributes 3.8% to global emissions. And between 1990-2015, when humanity doubled the amount of carbon emission in the atmosphere, the poorest 50% of the global population contributed just 7% of global emissions. The E imperative for the lowest-income populations is therefore not mitigation, but adaptation — and that is an S issue. 

 

这一点尤其重要。因为低收入国家预计遭受到的气候影响将会是最大的。而他们的活动对环境的影响却是相对较小的。为了说明这一点,根据2020年的数据,整个非洲大陆对全球排放的贡献率为3.8%。在1990年到2015年期间,当人类将大气中的碳排放量翻了一番时,全球最贫穷的50%的人口只贡献了全球排放量的7%。因此,对最低收入人群来说,E的当务之急不是“缓解”,而是“适应”。这是一个S问题。 

 

This highlights the direct links between the E and S, particularly when the S is seen to encompass the wider society and not only the workforce of the enterprises being assessed on their ESG performance — a narrow interpretation of S that persists in much of the ESG arena. 

 

这突出了E和S之间的直接联系。特别是当S被视为是涵盖了更广泛的社会,而不仅仅是被评估的企业员工的ESG业绩。这是对S的狭隘解释,并且在ESG的大部分领域持续存在。 

 

A move to dismantle the three letters would misguide investors by suggesting these links do not exist or do not matter, when in fact they are fundamental to achieving sustainable development and a peaceful world. 

 

拆分这三个字母的举动将误导投资者,暗示这些联系不存在或不重要。而事实上这些联系是实现可持续发展和和平世界的根本。 

 

Third, governance, or G, is vital to drive transparency, which in turn enhances accountability and a focus on results. This can help promote resilience and adaptability when a disruptive environmental or social event occurs. A focus on G is also essential to understand and manage the risks that may be faced by those who are not part of investment decisions. 

 

第三,治理,即G,对推动透明度至关重要,这反过来又加强了问责制,并强调了对结果的关注当破坏性的环境或社会事件发生时,这可以帮助促进复原力和适应性。关注G,对于理解和管理那些不在投资决策范围内的人可能面临的风险,也是至关重要的。 

 

For example, the growth in digital financial services — including the rapidly growing fintech sector — has enormous potential to improve financial inclusion, thereby reducing social inequities and boosting households’ and communities’ resilience to climate change and crises. However, the rapid growth has also accelerated consumer risks — and often at a faster rate. At the Consultative Group to Assist the Poor, we are advocating for responsible digital finance ecosystems that provide more effective and holistic governance approaches. 

 

例如,数字金融服务的增长(包括快速增长的金融科技部门)具有巨大的潜力,可以提高金融包容性,从而减少社会不平等,提高家庭和社区应对气候变化和危机的能力。然而,快速增长也加速了消费者的风险,而且往往速度更快。在扶贫协商小组/CGAP,我们主张建立负责任的数字金融生态系统,提供更有效和全面的治理方法。 

 

Put simply, a world that is not inclusive is not sustainable. Social inequity leads to unrest, conflicts, and ultimately to an unsustainable development for all. Promoting climate change adaptation, financial inclusion, women empowerment, and access to essential services are key imperatives. 

 

简单地说,一个没有包容性的世界是不可持续的。社会不平等会导致动荡、冲突,最终导致所有人的发展不可持续。促进适应气候变化金融包容性妇女赋权获得基础服务是关键的当务之急。 

 

While the current approach to ESG investing may be broken, the way forward should not be a reductionist and misleading alternative. Let’s reestablish ESG as a fundamental framework to achieving a better world by defining the standards for a truly positive impact and using them forcefully to do good and drive positive outcomes. Both people and the planet deserve this much. 

 

虽然目前的ESG投资方法可能已经损坏了,但前进的道路不应该是简化主义和一个误导性的替代方案。让我们重新确立ESG作为实现更美好世界的基本框架,定义积极影响的真正标准,并有力地利用它们来做好事和推动积极的结果。人类和地球都应该得到这样的回报。

 

关键句翻译

 

9月5日是我国第七个“中华慈善日”,今年的主题是“携手做慈善,传播真善美”。那么中华慈善日的英文是什么?

 

CHARITY DAY OF CHINA

charity n.慈善,慈善事业

翻译、撰稿:丁适于(杭州市基金会发展促进会)

 

 

 

 

杭基会是由杭州地区致力于推动基金会行业发展的社会组织、企事业单位等机构和个人自愿结成的联合型、枢纽型社会团体,是继深圳市基金会发展促进会后,国内第二个专门针对区域基金会行业的联合性组织。

 

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杭基会的宗旨是遵守宪法、法律、法规和国家政策,践行社会主义核心价值观,遵守社会道德风尚,推动杭州市公益慈善事业持续、健康、快速发展。根据《中华人民共和国慈善法》的有关依法成立慈善行业组织的规定,促进基金会行业自律机制建设,健全基金会行业运作规范,加强对基金会行业的服务,提升基金会行业专业水平和社会公信力。

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