摘要
隨著 ESG 數據、ESG 定義的透明度及可靠性不斷提高，當前 ESG 投資領域提供更多無與倫比的機遇。綠色及轉型分類標準將為「符合投資人氣候行動目標」的 ESG 產品奠下基礎。
環境、社會及治理（ESG）的發展形勢正在擺脫過往模式──不再以粗略方式定義及進行ESG、永續發展及氣候等詞彙，而是持續制定永續發展相關揭露、數據的基本指引，並獲得不少進展。深入理解 ESG 相關風險及價值因素，將使 ESG 資產價格更符合實際估值，進而影響相關公司的整體市值。
建設性推動更清晰的ESG數據及定義
ESG 實踐趨勢正在邁向「更清晰的 ESG 元素」──在評估相關影響及風險調整後報酬時，藉著明確區分的 ESG 元素辨別優劣。這正是投資人樂見的進展。投資人能從過往出現錯價的 ESG 資產中尋找投資機遇；模糊空間減少也代表他們能在產業及市場中，更輕易識別出 ESG 風險及機會訊號。
這鼓勵投資人透過專屬分析工具形成自己對 ESG 的「內部觀點」。投資團隊可應用這些工具考慮（第三方 ESG 評級供應商可能無法提供的）統一評估資訊──包含前瞻性 ESG 數據，如特定氣候轉型機會、公司為開發氣候解決方案採取的重大行動。此方針將創造不同的可投資領域，有別於目前市場對氣候轉型的定義。
至今為止，市場及監管機構都將「綠色資產」或「碳排放量」作為定義公司的關注重點。此方法的問題在於，那些正在進行氣候轉型的公司將被邊緣化。由於許多發展中國家仍嚴重依賴化石燃料，市場漸漸意識到轉型至潔淨能源的過程必須循序漸進、公平公正。
亞洲的綠色轉型帶來龐大投資機遇
對新興市場及亞洲來說，以更清晰的方式定義 ESG 元素意義重大；許多「棕色」或高碳排放產業是構成相關國家 GDP 的重要基礎。國際能源總署預測，新興市場每年需進行 2 兆美元左右1的大量公共及私人投資，才能在 2030 年過渡至潔淨能源，並在 2050 年實現淨零排放。
相比已開發市場，當前亞洲的純綠色投資機會較為有限。亞洲投資方面，若要辨識出前期的轉型贏家，必須了解公司的能源效率，以及天然氣、低碳材料等轉型燃料領域的進展。由於投資人過去僅追捧純綠色股票，許多新興市場、亞洲的公司股票都遭到拋售；其中不乏估值具吸引力，並具備良好成長、報酬潛力的公司，為投資人帶來龐大的可投資範疇。
監管環境也日漸支持亞洲的公正轉型。監管機構強調需要制定包含轉型元素的可持續分類標準，這為轉型中的公司及資產帶來潛在利多因素。投資人、資產持有者若能以務實、明智的方式協助企業減碳，就能盡可能減少負面的社會及環境影響。
為這些轉型資產進行融資時，東協加三2的永續債券市場將發揮關鍵作用。截至 2023 年 6 月，在全球流通在外永續債券總額中，東協加三地區的佔比維持 19.1%。綠色債券佔該地區流通在外債券的 64%3；儘管 2023 年至今 ESG 基金的資金流量持平，但相比資金流出的非ESG基金，明顯具有優勢。由於融資主要以當地貨幣進行，加上 ESG 基金對 ESG 債券的需求仍然強勁，將進一步發揮以當地貨幣進行長期融資的潛力。
東協加三永續債券發行量回升
資料來源︰AsianBondsOnline基於彭博數據的計算結果。數據包括以當地貨幣及外幣發行的債券。
「提高 ESG 數據清晰度」的措施也將解決綠色債券市場正面臨的一些挑戰，包含對於綠色項目構成部分、其環境及社會成果認證缺乏共識。全面、具包容性的方針應該考慮環境、社會及經濟目標之間的相互作用；這需要發行人、投資人及監管機構等各個利害關係人攜手合作。
改革及監管為利多因素
由於投資人持續關注 ESG 投資，並將其視為降低 ESG 風險的方式，2023 年 ESG 基金的監管大幅加強。基金有責任證明其 ESG 分類的合理性，並遵循報告要求。
與此同時，亞洲各地對 ESG 報告及企業治理的監督也在逐步改善。新加坡正提議制定 ESG 評級及數據產品供應商的行為準則，韓國正發佈 ESG 評級和漂綠相關指引，香港也提議加強 ESG 揭露辦法，印度則針對 ESG 投資基金制定新規定。
今年，投資人對日本股市重新燃起興趣，證明公司治理發揮正面影響。與五年前相比，現在有更多公司根據永續發展目標制定及揭露 ESG 策略。
整體而言，亞洲各地區已廣泛採用監管準則，鼓勵機構投資人參與被投資企業的治理。由於公司治理最終也是推動 ESG 實踐革新的關鍵因素，積極參與管治將會帶來優秀成果。
投資影響
作者：Joanne Khew、Fabian Graimann、Goh Rong Ren
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1資料來源：https://www.iea.org/reports/scaling-up-private-finance-for-clean-energy-in-emerging-and-developing-economies/executive-summary
2東協加三的定義包括東南亞國家協會（東協）的成員國，以及中華人民共和國、香港、日本及韓國。
3亞洲債券監測 – 東協加三永續債券市場最新發展。
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