Name: 淨化測試正在扼殺清潔能源？| Riddhima Yadav | TED (The Purity Test That’s Killing Clean Energy | Riddhima Yadav | TED)
Uploaded: 2026-02-20T21:34:24.000Z
Duration: 8 min 52 s

反身代名詞

Finance finds itself in a confused position today in 2025.

到了2025年，金融業發現自己處於一個困惑的境地。

基礎被動語態

It is viewed as insufficient by many, as a niche by mainstream finance, and

許多人認為它不夠，主流金融認為它是小眾市場，

And yet, financing a clean growth economy relies entirely on the real money.

然而，清潔增長經濟的融資完全依賴於真實的資金。

Today, we are investing a little over a trillion dollars every year globally in the energy transition.

今天，我們每年在全球能源轉型上投資超過一兆美元。

By our best estimates, we need that number to rise to 3.5 trillion every year between now and 2050.

根據我們最好的估計，從現在到2050年，我們需要這個數字每年成長到3.5兆美元。

身為一個金融家和投資者，我。

I've been at the heart of how financial institutions and institutional investors, including sovereign wealth funds, asset managers, asset owners and banks, think and act on the clean energy transition.

我一直身處於金融機構和機構投資者，包括主權財富基金、資產管理公司、資產所有者和銀行，如何思考和行動於清潔能源轉型的核心。

And I believe there is one major fault line in global climate finance.

我認為全球氣候金融存在一個主要的斷層線。

We have prioritized perfection over progress by painting entire swaths of sectors, industries, companies and countries in purely binary terms of gray or green.

我們將整個產業、行業、公司和國家，僅以純粹的二元術語「灰色」或「綠色」來劃分，這使得我們寧願追求完美而非進步。

But as we all know, there are 50 shades of green and we need to work with them all if we have to solve this challenge at speed and scale.

但正如我們所知，綠色有50種色調，如果我們要快速大規模地解決這個挑戰，就必須與所有這些色調合作。

And yes, that means that the money must flow not just to clean solutions, but

是的，這意味著資金不僅要流向清潔的解決方案，

also and specifically to heavy polluters and emerging markets.

也要特別流向重度汙染者和新興市場。

And yes, we are not going to solve the climate challenge through purity tests.

是的，我們無法透過純粹性測試來解決氣候挑戰。

The developed world committed $100 billion for the developing world to facilitate the clean energy transition annually.

已開發世界承諾每年為開發中國家提供1000億美元，以促進清潔能源轉型。

That time has broadly become symbolic, in addition to that goal itself, of our inability to finance the transition at the speed and scale needed.

除了這個目標本身，這段時間廣泛象徵著我們無法以所需的速度和規模為轉型提供資金。

By contrast, governments all over the world allocated 10 trillion with a T in Covid economic stimulus in two months.

相比之下，世界各國政府在兩個月內就分配了10兆美元（大寫T）的新冠經濟刺激。

Did we spend years or months coming up with what Covid finance means?

我們花了幾年或幾個月的時間才搞清楚新冠經濟刺激的意義嗎？

Did we create standards, working groups, taxonomies, frameworks, definitions?

我們有制定標準、工作小組、分類法、框架、定義嗎？

Yet somehow our lexicon of financing the climate transition grows the dollars, not so much.

但不知為何，我們關於資助氣候轉型的詞彙表裡的金額越來越多，但實際行動卻沒有。

If we are to truly work on this, we need integrity.

如果我們真的要著手處理這件事，我們需要誠信。

But in our quest for perfection, we are losing out on the goal itself.

但我們在追求完美的過程中，卻失去了目標本身。

On the goal of unleashing the largest commercial opportunity of our time.

失去了釋放我們這個時代最大商業機會的目標。

Financing green requires greening finance.

In many cases, it actually makes you money.

在很多情況下，這實際上能讓你賺錢。

For instance, many utilities around the world are realizing that it is more expensive to run coal plants than renewables because of the rapidly falling cost of renewables.

舉例來說，全球許多公用事業公司都意識到，由於再生能源成本的快速下降，營運燃煤電廠比營運再生能源電廠還要昂貴。

For investors, this is an incredible opportunity.

對投資人來說，這是一個絕佳的機會。

By buying up some of those coal plants and developing a strategy for an accelerated phase out, investors have the opportunity to not just generate an attractive return, they can also reduce emissions as well as reduce costs for tax for ratepayers.

透過收購部分燃煤電廠並制定加速淘汰的策略，投資人不僅有機會獲得誘人的報酬，還能減少排放，同時降低費率支付者的稅務成本。

The idea of working with heavy emitting Industries and polluters is is incredibly uncomfortable for a lot of my climate activist friends, as well as some of the most sophisticated investors I've worked with, who have spent decades trying to understand the impact of their emissions on the planet's trajectory.

許多我的氣候行動主義者朋友，以及一些我合作過、花了數十年時間試圖瞭解其排放對地球軌跡影響的頂尖投資人，都覺得與重度汙染產業和汙染者合作非常令人不舒服。

But not working with them is worse still.

但若不與他們合作，情況會更糟。

Let me walk you through a concrete example, although I'll talk about steel.

讓我用一個具體的例子來跟各位說明，雖然我會以鋼鐵業為例。

Imagine you are the CEO of a steel company in India.

想像一下，你是印度一家鋼鐵公司的執行長。

You have a decarbonization strategy in place and you want to invest to reduce the emissions in your steelmaking process and reduce your reliance on coal and increase your capacity for renewables.

你已經制定了脫碳策略，並希望投資以減少鋼鐵製造過程中的排放，減少對煤炭的依賴，並提高再生能源的產能。

You go out to the capital markets to raise capital to fund that plan.

你會去資本市場籌集資金來支持這個計畫。

Here's what you hear on the investor roadshow.

接下來，在投資人說明會上，你會聽到這些。

Ah, I'd love to invest in you, but my policy prohibits me from having exposure to coal.

「啊，我很想投資你，但我的政策禁止我投資煤炭。」

Or I'd rather not have the NGOs demonstrating on my doorstep if I start working with you.

「或者，如果我跟你合作，我可不想有環保團體在我家門口抗議。」

I have a net zero portfolio target and that'll increase my emissions.

「我的投資組合有個淨零排放的目標，這會增加我的碳排放。」

So after a long and arduous process of nos, you go back home and wonder, should you just scrap the plan or should you stick to it and use your own balance sheet capital?

所以，經過漫長艱辛的拒絕後，你回到家，開始思考，應該放棄這個計畫，還是堅持下去，動用自己的資產負債表上的資金？

You stick it through and then you go to your shareholders for approval to allocate the capex, but

你堅持下去，然後去向股東們尋求準許，以分配資本支出，但

your shareholders are not happy because that affects their dividend.

你的股東們不高興，因為這會影響他們的股息。

You've officially found yourself in a transition trap.

You want to transition, but your hands are tied.

So as investors and financiers, this dynamic of potentially starving companies of capital is likely to put them back into their status quo, or worse still, put them into the hands of investors who don't really care about the climate.

所以，作為投資人和金融家，這種可能讓公司資金短缺的動態，很可能會讓他們回到原來的狀態，甚至更糟，落入那些根本不在乎氣候的投資者手中。

So how do we prioritize progress over perfection?

那我們該如何優先追求進步而非完美呢？

I say this as a financier trust and not capital, is the key currency for for the energy transition.

我以金融家的身分說，信任而非資本，是能源轉型的關鍵貨幣。

We need to put trust back on the climate finance term sheet.

我們需要讓信任重新回到氣候金融的條款清單上。

And we can do that by mobilizing finance with less strings attached.

我們可以透過提供較少附加條件的資金來達成。

As an example, in the recent past, several countries, including major economies, have refused financing packages on clean energy transition offered by several countries in the global north because they're concerned that they're being asked to commit to goals in exchange for capital that may at best come in a trickle or at worst increase national debt levels.

舉個例子，在不久的過去，包括一些主要經濟體在內的幾個國家，都拒絕了北半球一些國家提出的清潔能源轉型融資方案，因為他們擔心被要求為了資本而承諾目標，而這些資本充其量只能涓滴進入，最糟的情況是增加國家債務。

So if you are to truly crack global climate finance partnerships for the south, we need to make it easier and faster for entrepreneurs and those countries to access that capital.

所以，如果你想真正打開南方國家與全球氣候金融夥伴關係的局面，我們需要讓創業者和這些國家更容易、更快速地取得資金。

We need to put that capital to work to scale the clean energy ecosystems and systems in those countries.

我們需要讓這些資金投入運作，以擴大這些國家清潔能源生態系統和系統的規模。

But we also need to provide the enabling infrastructure in the interim period to ensure a stable and secure grid and supply.

但我們也需要在過渡期間提供基礎設施，確保電網和供應穩定安全。

We can all work together on this because we know that if we expand the investable universe by expanding the scope of what is included, we can together ensure that finance reaches every part of the global economy.

我們都可以一起努力，因為我們知道，透過擴大納入範圍來擴大可投資的宇宙，我們就能共同確保資金能觸及全球經濟的每一個角落。

I often go back to how I thought with the frustration and the impatience of my 12 year old climate activist self, demanding that we need a clean energy system now.

我常常回想起我12歲時，那位對氣候行動充滿挫折和不耐煩的自己，當時我堅持我們現在就需要一個清潔能源系統。

But with hindsight and with my years of experience thus far, I know that we cannot get perfection if we don't start acting.

但回顧過去，並憑藉我至今的經驗，我知道如果我們不開始行動，就無法追求完美。

I want us to think about what role each of us can play and I want us to think about how we can engage with high meeting industries using finance as the language, because that is the language they understand and respond to.

我希望我們思考每個人能扮演的角色，並且思考我們如何運用金融這個他們能理解並回應的語言，與高耗能產業互動。

So if you're a financier, embrace the opportunity to work with all sectors, industries, companies, countries.

所以如果你是金融界人士，就擁抱與所有部門、產業、公司、國家合作的機會。

If you're an activist, hold them accountable, but not by ostracizing them.

如果你是行動主義者，要讓他們負起責任，但不是透過排斥他們。

And if you're neither, then you still have the opportunity to become the rare breed that is both.

如果你兩者都不是，那你還是有機會成為那種同時具備兩者特質的稀有品種。

I truly believe in the ability of our generation to use the power of markets and rebuild the trust in climate finance to get it out of its confused position and unleash the trillions that we need to generate clean energy and clean growth for everyone.

我真的相信我們這一代有能力運用市場的力量，重建對氣候金融的信任，讓它擺脫混亂的局面，釋放我們所需的數兆資金，為所有人創造清潔能源和清潔增長。