瑞士百达集团股权合伙人李奥坤：金融投资者如何推动实现可持续发展？

文摘 2024-11-04 20:20 北京

10月26—27日，全球财富管理论坛·2024上海苏河湾大会顺利召开。瑞士百达集团股权合伙人李奥坤（Niall QUINN）在主题论坛上发表演讲。

李奥坤表示，中国在减碳等诸多方面成效卓越，已成为全球备受瞩目的绿色技术大国，其产业结构调整成效明显，有力降低了高排放制造业的占比。瑞士百达于2023年初推出了一项专门策略，旨在将国际投资者的资金引导至A股市场中那些处于领先地位的环境解决方案提供商。同时，瑞士百达还高度重视采取诸多举措，如将资金引导至设有科学目标的公司，积极与尚未设定相关目标的公司展开沟通交流，助力其确立目标，推动这些公司提升可持续性评级等。此外，瑞士百达还通过积极参与诸如“气候行动100+”等各类合作项目，全力推动可持续发展的转型进程。

瑞士百达集团总部位于瑞士日内瓦，是一家私人合伙公司，两个多世纪以来一直专门从事资产和财富管理。我们在亚洲已经扎根超过四十载，而我们的上海办事处也正式迈入第五个年头。

我们在中国市场不断加强投研能力。就在上个月，我们推出了最新的QDLP产品，一只全球可持续信贷策略。这一新策略的推出是我们不断的努力成果，持续为中国投资者提供具备长期业绩记录和投资专长的成熟全球策略。

过去一年，全球在实现可持续发展目标方面取得了重要进展。全球清洁能源投资蓬勃发展，对抗塑料污染的国际条约谈判不断推进，有关全球人工智能监管的讨论也已拉开帷幕。尽管ESG发展在部分国家面临一些阻力，但全球范围内支持标准化、透明化和问责制的法规却不断增加。各行各业不断融合，可持续发展已经成为企业战略的重中之重。

两百多年来，可持续发展和长期思维已经深深融入我们的业务运营和投资理念。因此，对我们来说，转向更具韧性和可持续的全球经济不仅是一项紧迫的挑战，也是一项投资机遇。我们坚信，金融在应对世界上最迫切问题和实现可持续发展方面发挥着至关重要的作用。而要实现这一目标，我们可以在三个关键方面努力：投入更多资金用于环境解决方案，将资金引导到与基于科学的气候和环境目标一致的公司，参与介入ESG后进的公司而非直接将其排除在外。

早在上世纪90年代，瑞士百达就已经意识到这一问题的重要性。当时，我们推出了第一个主题投资策略，重点关注提供水资源解决方案和环境服务的公司。我们相信，负责任的经济参与不仅符合我们的价值观，也是一个明智的商业决策。随着时间的推移，我们的环境主题策略不断扩大，巩固了我们在资产管理规模方面的行业领先地位。这种投资方法也得到了越来越多的投资者认可，使我们的客户能够投资于推动绿色经济转型所必需的技术、创新和基础设施。在亚洲，我们也有机构客户投资于我们的环境策略，充分展示了他们对ESG原则的坚定承诺。

中国是全球致力实现减碳的杰出典范，如今已经成为全球最大的绿色技术国家，涵盖太阳能电池板、风力涡轮机甚至电动汽车电池等领域，同时转变其产业结构，减少高排放制造业的比重。除了在环境技术和解决方案方面的专长外，中国还拥有强大的绿色制造能力。在国家政策和承诺的坚实支持下，这加强了我们对中国环境机遇的长期增长潜力的信心，尤其是在绿色交通、可再生能源、资源效率和产业减碳等领域。正是基于这些因素，我们在2023年初推出了一只策略，将国际投资者的资金引导到A股市场中领先的环境解决方案提供商。

同样重要的是，我们需要将资金引导到那些与基于科学的气候和环境目标相一致的公司。对于那些没有设定目标的公司，我们致力于与其进行接触沟通，确保设立、衡量和报告目标，因为这对于它们的商业模式至关重要。在瑞士百达，我们通过增加与制定基于科学减排目标的发行人进行投资的资产比例，在我们的气候行动计划中取得了进展。我们通过与被投资公司进行接触，鼓励他们设定目标，并增加对那些具备实现净零排放明确路径的发行人的投资，从而实现了这一目标。

值得强调的是，那些有潜力提高可持续性评级的公司同样非常重要。通过对世界产生积极影响，它们也能够带来财务回报。作为股权和债务的主动型管理人，我们坚信通过引导发行人实现积极变革，善用投资者的力量，可以让我们为客户做出更好的长期投资决策。

通过我们的企业参与介入计划，我们旨在鼓励被投资公司提高对长期股东价值创造具有重要性的ESG实践和绩效，同时减少对环境和社会的负面影响，并增强积极的影响。

此外，与决策者和标准制定者的接触也至关重要，通常是通过行业合作，倡导解决可持续性挑战和促进金融市场稳定的政策。事实证明，合作式介入是投资者在公开市场上产生切实影响的有力工具。瑞士百达一直参与气候行动100+这类倡议，代表一群投资者与全球166家排放量最高的公司进行接触介入，帮助它们减少温室气体排放。此举使我们能够支持全球80%以上的工业排放转型。

此类合作还可以延伸到金融市场之外的领域，影响政策、监管和研究，从而加快向可持续发展转型。像我在日内瓦积极参与的“可持续金融搭建桥梁(Building Bridges)”峰会，该倡议旨在联合私营及公共部门的利益相关者，使金融与可持续发展成果保持一致。如果我们希望创造我们想要看到的变化，就必须一起朝着同样的目标努力。

在绿色转型的旅程中，作为投资者，我们拥有影响世界的力量，因此，我们有责任凝聚努力，引领改变。

Pictet Group, headquartered in Geneva, Switzerland, is a private partnership that has specialized in asset and wealth management for over two centuries. We have been present in Asia for forty years, and our Shanghai office is now commencing it’s fifth year of operation.

We continue to strengthen our investment and research capabilities here in China. As recently as last month we launched our newest QDLP offering, a Global Sustainable Credit strategy. This new strategy builds on our ongoing effort to offer established global strategies with a long track record, and investment expertise, of Chinese investors.

Over the past year, significant progress has been made worldwide in achieving tangible sustainability goals. Clean energy investments have seen global growth, negotiations for an international treaty to combat plastic pollution have advanced, and discussions on global AI regulation have commenced. Despite some headwinds against ESG in certain countries, regulations supporting standardization, transparency, and accountability have multiplied across the world. Industries continue to converge, and sustainability has firmly established itself as a strategic priority for businesses.

Sustainability and long-term thinking have been at the core of our business operations and investment philosophy for over two hundred years. For us, therefore, it is evident that the transition to a more resilient and sustainable global economy represents both an urgent challenge and an investment opportunity. We firmly believe that finance plays a crucial role in addressing the world's most pressing issues and achieving sustainable development. This can be achieved through three key aspects: allocating ever more capital towards environmental solutions, directing capital towards companies aligned with science-based climate and environmental targets, and engaging with laggards rather than excluding them.

Since the 1990s, Pictet has recognized the importance of this imperative. At that time, we launched our first thematic investment strategy which focused on companies providing water solutions and environmental services. We believe that responsible economic involvement not only aligns with our values but also proves to be a sound business decision. Over time, our range of environmental thematic strategies has expanded, solidifying our position as an industry leader in terms of assets under management. This approach has resonated with an increasing number of investors, allowing our clients to invest in technologies, innovation, and infrastructure crucial for accelerating the green economic transition. Here in Asia, we also have institutional clients who have invested in our environmental strategies, demonstrating their commitment to ESG principles.

China stands as a prominent example of global decarbonization efforts. It has already emerged as the world's top financier of green technologies, ranging from solar panels and wind turbines to electric vehicle (EV) batteries, while shifting its industrial structure away from emission-heavy manufacturing. In addition to its expertise in environmental technologies and solutions, China has extensive green manufacturing capabilities. Supported by robust national policies and commitments, this reinforces our confidence in the long-term growth potential of environmental opportunities in China, particularly in sectors such as green transportation, renewable energy, resource efficiency, and industrial decarbonization. These factors led us, in early 2023, to create a strategy which directs international investor capital towards prominent environmental solution providers in the A-share market earlier last year.

Equally important is the need to direct capital towards companies whose operations align with science-based climate and environmental targets. In cases where such targets are absent, we commit to engaging with companies to ensure the establishment, measurement, and reporting of targets, as they are material to their business models. At Pictet, we have made progress in our Climate Action Plan by increasing the share of assets under management invested with issuers who have set science-based emission reduction targets. We achieved this by engaging with our investee companies to encourage them to set such targets and by increasing our investments in issuers with clear pathways to achieving net-zero emissions.

It is worth emphasizing that companies with the potential to improve their sustainability ratings also matter. By making a positive impact on the world, they can generate financial returns as well. As active managers of equity and debt, we believe that harnessing the power of investors to drive positive change across issuers enables us to make better long-term investment decisions for our clients.

Through our engagement program, we aim to encourage investee companies to enhance their ESG practices and performance when they are material for long-term shareholder value creation, while mitigating negative impacts on the environment and society and enhancing positive ones.

Engaging with policymakers and standard setters is crucial, often through industry collaborations, to advocate for policies addressing sustainability challenges and promoting financial market stability. Collaborative engagement has proven to be a powerful tool for investors to drive tangible impact in public markets. Initiatives like Climate Action 100+, of which Pictet has been a longstanding member, represent a coalition of investors engaging with the 166 most emitting companies in the world to help them reduce their greenhouse gas emissions. This enables us to support the transition for over 80% of global industrial emissions.

Collaborative endeavours have the potential to extend beyond financial markets, influencing policy, regulation, and research, thereby accelerating the transition towards sustainability. Initiatives like Building Bridges, in which I have actively participated in Geneva, aim to bring together stakeholders from both the private and public sectors to align financial activities with sustainable outcomes. It remains crucial that we collectively strive towards shared goals if we expect to create the desired change.

In the journey of the green transition, as investors, we have the power to influence the world, and therefore, we have a duty to do so, united in our efforts.

责任编辑：王舒亭

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