ESG focuses on the three factors of environment, society and governance to evaluate the sustainability and moral impact of enterprises: ESG originates from responsible investment (PRI). It is an investment concept and enterprise evaluation standard that pays attention to the three factors of environment, society and governance. The three steps of "Information Disclosure - Rating System - investment decision" constitute a complete ESG system.
Information disclosure: international organizations improve disclosure standards, and the mandatory disclosure rate needs to be improved: three types of information disclosure forms: 1) complete mandatory disclosure, represented by the United States, France, Australia and Hong Kong, China; 2) Semi mandatory disclosure, represented by the European Union and the United Kingdom; 3) Interpretation without disclosure, represented by Brazil and Singapore; Unpri provides disclosure guidelines and gri and other international organizations establish detailed standards; As of January 5, 2022, only 27 of 114 exchanges in the world require mandatory disclosure, accounting for less than 1 / 4; Among the 63 exchanges providing disclosure guidelines, 60 accepted gri as the disclosure standard, accounting for more than 95%.
Rating system: in 2020, there were more than 600 global rating systems, and investment strategies were divided into seven categories: as of June 2020, there were more than 600 evaluation bodies and ranking systems in the world. The global sustainable investment alliance (GSIA) divides ESG investment strategies into seven categories: ESG integration, participation in corporate governance, negative screening, international practice screening, positive screening, sustainable theme investment and influence investment. At present, ESG integration, negative screening and participation in corporate governance are the mainstream investment strategies.
Investment application: in 2020, the global ESG investment scale accounted for more than 1 / 3, and the status of Europe and the United States changed hands & there were differences in strategic structure: in 2020, the ESG investment scale in major regions of the world reached US $35.3 trillion, accounting for more than 1 / 3 of the total scale, with a compound growth rate of more than 13% from 2012 to 2020. In 2020, the scale of integration strategy accounted for the highest proportion, and the fund management scale using integration strategy reached US $25.2 trillion, accounting for 43.03%. At present, investment institutions mostly adopt a combination of ESG investment strategies rather than a single strategy. In 2020, the investment scale of ESG in the United States reached US $17.1 trillion, accounting for 48.4% of the highest in the world. The integration strategy was the mainstream, accounting for more than 2 / 3. More than 85% of individual investors showed great interest in reducing plastic use, climate change, community development, circular economy and sustainable development in the theme of ESG; In 2019, the EU issued policies to combat green drift. Affected by the impact, the investment scale of ESG in Europe decreased. In 2020, the investment scale of USD 12 trillion in Europe ranked second, accounting for 34%. The investment strategy structure was relatively stable, and the negative screening strategy accounted for 42%.
Risk warning: the macro situation fluctuates, the policy support is less than expected, and the evaluation criteria cannot be unified.
