這家全球最大的資產(chǎn)管理公司將氣候作為其投資戰(zhàn)略的核心

這家全球最大的資產(chǎn)管理公司將氣候作為其投資戰(zhàn)略的核心

BlackRock, the world's largest asset manager, says that it will now make climate change central to its investment considerations. And not just for environmental reasons — but because it believes that climate change is reshaping the world's financial system.

全球最大的資產(chǎn)管理公司貝萊德表示，它現(xiàn)在將把氣候變化作為投資考慮的核心。不僅是出于環(huán)境方面的原因，還因?yàn)樗嘈艢夂蜃兓谥厮苁澜缃鹑隗w系。

That was the message in BlackRock Chairman and CEO Larry Fink's annual letter to CEOs published on Tuesday.

這是貝萊德董事長兼首席執(zhí)行官拉里·芬克周二公布的致首席執(zhí)行官的年度信函中傳達(dá)的信息。

"The evidence on climate risk is compelling investors to reassess core assumptions about modern finance," he wrote, explaining that climate change is the top concern that investors raise with BlackRock. "In the near future — and sooner than most anticipate — there will be a significant reallocation of capital."

他寫道:“氣候風(fēng)險(xiǎn)的證據(jù)迫使投資者重新評(píng)估有關(guān)現(xiàn)代金融的核心假設(shè)。”他解釋稱，氣候變化是投資者向貝萊德提出的首要擔(dān)憂。“在不久的將來——而且比大多數(shù)人預(yù)期的更早——資本將出現(xiàn)重大重新配置。”

BlackRock manages approximately $7 trillion on behalf of investors. Its shift could signify a watershed moment for corporate action on climate, particularly among U.S. firms. BlackRock says it will require additional reporting from the companies it invests in, including disclosure of climate-related risks and plans for operating under the goals of the Paris Agreement to limit global warming to less than 2 degrees Celsius.

貝萊德代表投資者管理約7萬億美元資產(chǎn)。這一轉(zhuǎn)變可能標(biāo)志著企業(yè)(尤其是美國企業(yè))應(yīng)對(duì)氣候變化行動(dòng)的一個(gè)分水嶺時(shí)刻。貝萊德表示，它將要求其投資的公司提供更多報(bào)告，包括披露與氣候相關(guān)的風(fēng)險(xiǎn)，以及根據(jù)《巴黎協(xié)定》將全球變暖控制在2攝氏度以內(nèi)的目標(biāo)開展業(yè)務(wù)的計(jì)劃。

Fink raised a number of financial risks presented by climate change:

芬克提出了氣候變化帶來的一系列金融風(fēng)險(xiǎn):

"Will cities, for example, be able to afford their infrastructure needs as climate risk reshapes the market for municipal bonds? What will happen to the 30-year mortgage — a key building block of finance — if lenders can't estimate the impact of climate risk over such a long timeline, and if there is no viable market for flood or fire insurance in impacted areas?

“例如，隨著氣候風(fēng)險(xiǎn)重塑市政債券市場，城市能否負(fù)擔(dān)得起它們的基礎(chǔ)設(shè)施需求?”30年期抵押貸款是金融的一個(gè)關(guān)鍵組成部分，如果放貸機(jī)構(gòu)不能估計(jì)這么長時(shí)間內(nèi)氣候風(fēng)險(xiǎn)的影響，如果在受影響的地區(qū)沒有可行的洪水或火災(zāi)保險(xiǎn)市場，那么30年期抵押貸款將會(huì)發(fā)生什么?

What happens to inflation, and in turn interest rates, if the cost of food climbs from drought and flooding? How can we model economic growth if emerging markets see their productivity decline due to extreme heat and other climate impacts?"

如果干旱和洪水導(dǎo)致食品價(jià)格上漲，那么通貨膨脹和利率將會(huì)怎樣?如果新興市場的生產(chǎn)率由于極端高溫和其他氣候影響而下降，我們?nèi)绾文M經(jīng)濟(jì)增長?”

Fink said BlackRock will remove companies that generate more than 25% of their revenues from coal production from its actively managed portfolios. But only about a quarter of BlackRock's assets are actively managed, according to Reuters. The majority of BlackRock's assets are in passively managed index funds, and thus wouldn't be subject to the policy.

芬克說，貝萊德將從其積極管理的投資組合中剔除占其收入25%以上的煤炭企業(yè)。但據(jù)路透社報(bào)道，貝萊德只有約四分之一的資產(chǎn)得到積極管理。貝萊德的大部分資產(chǎn)都是被動(dòng)管理的指數(shù)基金，因此不受政策約束。

Nonetheless, BlackRock's move can provide companies that want to move on climate a weighty business justification for doing so: If they don't, they risk being dropped from the investment giant's funds.

盡管如此，貝萊德的舉動(dòng)可以為那些希望在氣候問題上采取行動(dòng)的公司提供一個(gè)有力的商業(yè)理由:如果他們不這樣做，就有可能被這家投資巨頭的基金除名。

Fink also warned that BlackRock won't hesitate to use its status as a major shareholder to pressure companies accordingly: "[W]e will be increasingly disposed to vote against management and board directors when companies are not making sufficient progress on sustainability-related disclosures and the business practices and plans underlying them."

芬克還警告說，貝萊德將毫不猶豫地利用其作為大股東的身份向公司施壓：“當(dāng)公司在與可持續(xù)性相關(guān)的披露以及背后的商業(yè)實(shí)踐和計(jì)劃方面沒有取得足夠的進(jìn)展時(shí)，[W]E將越來越傾向于投票反對(duì)管理層和董事會(huì)。”

This isn't the first time Fink has caused a stir with his CEO letter. Two years ago, his letter called on CEOs to focus less on short-term profits and more on long-term growth and making a positive contribution to society.

這已經(jīng)不是芬克第一次因?yàn)樗腃EO信引起轟動(dòng)了。兩年前，他在信中呼吁首席執(zhí)行官們少關(guān)注短期利潤，多關(guān)注長期增長，為社會(huì)做出積極貢獻(xiàn)。