These are the trendiest words in finance.

這些都是金融界最時髦的詞彙。

Supporters say that being ethical and being profitable need not be mutually exclusive,

支持者說，有道德和有利可圖不一定是相互排斥的。

benefitting stakeholders, society and the planet.

造福於利益攸關方、社會和地球。

But critics argue that these products are not that different from other investments,

但批評者認為，這些產品與其他投資並無太大區別。

and complain that it can be hard to measure  whether a company is actually doing the right thing.

並抱怨說，很難衡量一家公司是否真的在做正確的事情。

So, is ESG just good branding?

那麼，ESG就是好的品牌嗎？

The idea of investing based on a set of principles,

基於一系列原則的投資理念。

and not merely for profits, is as old as the concept of investing itself.

而不僅僅是為了利潤，就像投資概念本身一樣古老。

In the 18th Century, Christian groups such as the Methodists and Quakers articulated this idea

在18世紀，衛理公會和貴格會等基督教團體提出了這一觀點。

with clear guidelines to their followers, and it has been gaining ground ever since.

與明確的指引給他們的追隨者，自此之後，它的地位越來越高。

The pressure to avoid giving capital to South African companies between the 1970s and 1990s

20世紀70年代至90年代期間，避免給南非公司提供資本的壓力。

is seen as a factor that contributed to the end of apartheid.

被認為是促成種族隔離制度結束的一個因素。

More recently, the impact of our day-to-day lives on the environment has been the center of attention.

最近，我們日常生活對環境的影響成為人們關注的焦點。

And that is affecting how investors allocate their money.

而這也在影響著投資者的資金配置方式。

There is this increasing understanding in society that we need to care about the climate,

社會上越來越多的人認識到，我們需要關心氣候問題。

about social conditions of employees, so this has shifted the focus also

僱員的社會條件，所以這也轉移了重點。

of the investment management industry. And second, the understanding based on academic research

的投資管理行業。其次，基於學術研究的認識

that if you integrate ESG factors, you can generate higher performance and lower risk.

如果你整合了ESG因素，你就可以產生更高的業績和更低的風險。

This awareness has led fund managers to create financial products which invest

這種意識促使基金經理們創造出了投資的理財產品。

in companies that meet their criteria of being ESG-friendly.

符合ESG友好標準的公司。

And more investors are adding ESG funds to their portfolios.

而越來越多的投資者將ESG基金加入到他們的投資組合中。

The share of global investors that applied ESG criteria to at least a quarter of their total investments

至少有四分之一的總投資採用ESG標準的全球投資者的比例

jumped from 48% in 2017 to 75% in 2019.

從2017年的48%躍升至2019年的75%。

In the U.S., professional investors are expected to expand their holdings of ESG assets

在美國，專業投資者有望擴大對ESG資產的持有量。

from $12 trillion in 2018 to $35 trillion by 2025, or 50% of their total investments.

從2018年的12萬億美元增加到2025年的35萬億美元，佔其總投資的50%。

These numbers were calculated before the coronavirus pandemic,

這些數字是在冠狀病毒大流行之前計算的。

but the health emergency could further accelerate this trend.

但衛生緊急情況可能會進一步加速這一趨勢。

Has Covid in a way impacted this interest in ESG in any way?

Covid是否在某種程度上影響了這種對ESG的興趣？

Do you think it could actually make investors even more interested?

你覺得這其實能讓投資者更感興趣嗎？

Absolutely yes, it's certainly served to elevate and really put a spotlight on the way companies operate.

絕對是的，它肯定起到了提升和真正聚焦企業營運方式的作用。

This emphasis that we have been hearing about for some time, this idea of corporate purpose,

這個強調，我們已經聽了一段時間了，這個企業宗旨的概念。

you know, intentionally contemplating the needs of a broader universe of stakeholders,

你知道，有意考慮更廣泛的利益相關者的需求。

broadening the aperture of how you think about enterprise risk, opportunity, disruptions

拓寬您對企業風險、機遇、顛覆的思考範圍。

that could compromise your ability to meet your strategic objectives.

可能會影響你實現戰略目標的能力。

And Covid has certainly put that sort of set of considerations in the spotlight.

而科維德無疑將這種考慮放在了聚光燈下。

So, how does an ESG fund actually work?

那麼，ESG基金到底是如何運作的呢？

The principles of ESG are really an underpinning for how stocks are selected.

ESG的原則其實是對如何選擇股票的一個支撐。

Looking at 'G', the governance, of how the management of those companies works.

看'G'，即治理，這些公司的管理如何運作。

Looking at the 'S' has become incredibly important during the pandemic,

在大流行期間，看'S'已經變得無比重要。

thinking about how the company is interacting with all its stakeholders,

思考公司如何與所有利益相關者互動。

including the communities it operates in and its employees.

包括其經營的社區及其員工。

And then the environment and environmental policies and actions by companies.

然後是環境和企業的環境政策和行動。

So really, it's become a much more thorough and integrated part of the evaluation of companies

所以，真的是成為了對企業的評價中更全面、更綜合的一部分了

that get put into portfolios that become ESG funds.

投入到投資組合中，成為ESG基金。

The investment profiles of the world's four biggest ESG funds have changed over time.

隨著時間的推移，全球四大ESG基金的投資情況也發生了變化。

For instance, about a decade ago,  they included substantial stakes in major oil firms.

例如，大約十年前，它們包括了大型石油公司的大量股權。

In 2007, the largest ESG fund had almost 13% of its total investments in companies

2007年，最大的ESG基金對公司的投資幾乎佔其總投資的13%。

such as Royal Dutch Shell, Total and ExxonMobil.

如荷蘭皇家殼牌、道達爾和埃克森美孚。

But this has fallen in the years since, and the share of oil companies featured

但在此後的幾年裡，這一比例有所下降，石油公司的特色份額在

in this particular ESG fund's holdings has shrunk to less than 3% as of July 2020.

在這隻特殊的ESG基金的持股中，截至2020年7月，已縮減至不足3%。

But how can funds that claim  to promote sustainability 

但是，那些聲稱要促進可持續性的基金如何能夠

ever support oil firms,

曾經支持石油公司。

which are widely seen as responsible for soaring levels of pollution?

哪些因素被廣泛認為是導致汙染水準飆升的原因？

When you think about the composition of ESG funds it's first of all important to remember

當你考慮ESG基金的構成時，首先要記住的是

they are still meant to be a fund invested to get a return for the portfolio

他們的目的仍然是為了獲得投資組合的回報而進行的基金投資

and so they can tilt based on industry groups, based on sector views

所以他們可以根據行業群體、根據部門意見進行傾斜。

and that may or may not relate to an ESG view.

而這可能與ESG觀點有關，也可能無關。

Ultimately, ESG funds, like all other investments, are meant to generate profits.

最終，ESG基金和其他所有投資一樣，都是為了創造利潤。

In fact, ESG funds have slightly outperformed other funds over the last two years,

事實上，過去兩年，ESG基金的表現略微優於其他基金。

at least in part thanks to their holding of tech stocks which have rallied strongly.

至少在一定程度上得益於他們持有的科技股強勢反彈。

But a portfolio manager told us investors need to think about returns in the long-term.

但一位投資組合經理告訴我們，投資者需要長期考慮收益問題。

As a believer of ESG as a firm, I like to read all these articles,

作為ESG這個公司的信徒，我喜歡看這些文章。

but I think it is a bit of bias in terms of the analysis simply because these ESG products,

但我認為，僅僅因為這些ESG產品，在分析上有些偏頗。

they have lower energy exposure, and the energy sector was hard hit this year because of Covid.

他們的能源風險較低，今年因為科威德的原因，能源板塊受到重創。

On the other side, many of the tech companies, they get a high ESG score because they had already in place,

另一邊，很多科技公司，他們之所以能得到很高的ESG分數，是因為他們已經到位了。

you know, working from home policy, they are more keen in terms of, you know,

你知道，在家工作的政策， 他們更熱衷於方面，你知道，

taking care of their employees because that's what they have, right, all of these tech companies, so they score high.

照顧他們的員工，因為這就是他們的，對吧，所有這些科技公司，所以他們得分很高。

Since 2010, the fourth-largest ESG fund in the world has increased

自2010年以來，全球第四大ESG基金增加了

its exposure to tech giants from about 8% to more than 17% within a decade.

其對科技巨頭的風險敞口在十年內從8%左右上升到17%以上。

Online retail giant Amazon was one of these big tech firms seen as ESG-friendly,

在線零售巨頭亞馬遜是這些被視為ESG友好的大型科技公司之一。

even though the company registered a carbon footprint of over 50 million metric tons of CO2 in 2019.

即使該公司在2019年登記的碳足跡超過5000萬公噸二氧化碳。

And with emissions rising by 15% compared to the previous year, the environmental concerns aren't going away.

而且排放量比上一年增加了15%，環保問題並沒有消失。

We don't have clear standards on what is good, what is bad in terms of ESG.

在ESG方面，我們沒有明確的標準，什麼是好的，什麼是壞的。

Which also means that for investors looking into these funds, they need to look carefully at how they define it.

這也意味著，對於關注這些基金的投資者來說，他們需要仔細研究如何定義。

So if you look at Amazon as an example, maybe one fund says they are doing a fantastic job in terms of ESG

所以，如果以亞馬遜為例，可能有一隻基金說他們在ESG方面做得非常棒。

and another one may say, 'well we disagree,' but because there are not these obvious standards,

而另一個人可能會說，'好吧，我們不同意'，但因為沒有這些明顯的標準。

you know, you see even in high ESG funds, very different portfolio shares of firms like Amazon.

你知道，即使是在高ESG基金中，你也會看到像亞馬遜這樣的公司的投資組合份額非常不同。

In the case of Amazon, its commitment to reduce its carbon emissions and become carbon neutral by 2040

以亞馬遜為例，其承諾在2040年前減少碳排放，實現碳中和。

is seen by some asset managers as a reason why the stock meets the definition of being ESG-friendly.

被一些資產管理公司認為是該股符合ESG友好定義的原因之一。

We could look at companies and say 'your carbon footprint today is not satisfactory'.

我們可以看著公司說'你今天的碳足跡不滿意'。

The old way that investors addressed that was often by taking their money out of those companies.

以前投資者解決的方式往往是把錢從這些公司裡拿出來。

Today divestment isn't seen as the optimal way to push for change.

如今，撤資並沒有被視為推動變革的最佳方式。

Engagement and stewardship by investing and asking for a clear timeline for improvements

通過投資和要求一個明確的改進時間表來進行參與和管理。

in things like carbon footprints is a much more, we will call it 2.0 way,

在碳足跡這樣的事情上是一個更多的，我們稱之為2.0的方式。

of thinking about using capital in the ESG space.

的思考，在ESG領域利用資本。

These subjective judgments  give rise to another criticism 

這些主觀判斷引起了另一種責備意見

leveled at ESG investing:  it often lacks transparency.

對ESG投資的評價是：它往往缺乏透明度。

We look, at a company level, at about just over a thousand different data points,

我們從公司層面來看，大約有一千多個不同的數據點。

and when I say a thousand different data points, this is what we really look for companies to publish.

而當我說千差萬別的數據點時，這才是我們真正要找企業發佈的。

Now what we observe is that companies don't publish all of those data points

現在我們觀察到的是，公司並沒有公佈所有這些數據點。

and actually how much of their data is published in itself

而實際上他們的數據本身就有多少是公佈的

tells us a number of important insights into how companies implement ESG.

告訴我們一些關於企業如何實施ESG的重要啟示。

Do you care about a carbon footprint of a particular company?

你關心某家公司的碳足跡嗎？

Absolutely. So, the carbon footprint comes actually in at several levels.

當然，所以，碳足跡實際上有幾個層次。所以，碳足跡其實有幾個層次。

Because one of the things we are very conscious of is when people can, or companies can very much

因為我們非常注意的一件事情是，當人們可以，或者說公司可以非常地

hide their carbon footprint by outsourcing certain parts of their production process

通過外包生產過程中的某些部分來掩蓋其碳足跡。

to other companies or other jurisdictions and that in itself is not a good,

到其他公司或其他司法管轄區，這本身就不是一件好事。

not a good sign, not a good thing.

不是一個好兆頭，不是一件好事。

Organizations such as the United Nations and the European Commission

聯合國和歐洲聯盟委員會等組織。

are promoting common standards to address these concerns.

正在推廣共同標準，以解決這些問題。

At the moment, some feel  there's not enough disclosure 

目前，有人覺得資訊披露不夠充分

from fund managers about why their products should be considered ESG-friendly. 

來自基金經理的關於為什麼他們的產品應該被認為是ESG友好型產品。

Investors may also need to  do some more background work

投資者可能還需要多做一些背景工作

to ensure they're putting their money in funds that meet their ethical objectives.

以確保他們將資金投入符合其道德目標的基金。

And this is where further regulation could add some more clarity.

而這也是進一步監管可以增加一些清晰度的地方。

We've largely seen the regulatory momentum taking place in Europe.

我們基本上已經看到了歐洲發生的監管動力。

We're starting to see some momentum in the U.S., but I do think that U.S. companies,

我們開始看到美國的一些勢頭，但我認為，美國公司。

absent regulation, are not waiting. And I think companies certainly see

在沒有監管的情況下，是不會等待的。我想企業肯定也看到了

that there are broader global trends, there's opportunity, this is not going to be just a compliance exercise.

有更廣泛的全球趨勢，有機會，這不會是一個簡單的合規工作。

Hi everyone. Thank you so much for watching.

嗨，大家好。非常感謝大家的觀看。

Would you invest in an ESG fund? Let us know in the comments section

你會投資ESG基金嗎？請在評論區告訴我們

and don't forget to subscribe. I'll see you soon.

不要忘了訂閱。我們很快會再見面的。