標(biāo)題：經(jīng)濟(jì)學(xué)人財(cái)經(jīng)系列（音頻+翻譯）：ESG的韌性（上）

Finance & economics

財(cái)經(jīng)板塊

Buttonwood: The tenacity of ESG

梧桐樹：ESG的韌性

A green-investing boom has not been followed by bust

綠色投資的繁榮過后，蕭條并未襲來

The standard story of 2021's green-finance boom goes something like this: in a phenomenon that reached fever pitch a year ago at the COP26 convention in Glasgow, a lot of investors lost their heads.

2021年的那場綠色金融熱潮，按照標(biāo)準(zhǔn)說法來講述大致是這樣的：一年前在格拉斯哥舉行的COP26大會上，出現(xiàn)了一種熱潮，許多投資者都在其中失去了理智。

A potent cocktail of cheap money and sanctimony fuelled a boom in environmental, social and governance (ESG) investing, during which asset managers and bankers pitched themselves as environmental saviours.

受廉價(jià)資金和道貌岸然的強(qiáng)大合力影響，環(huán)境、社會和公司治理(ESG)投資走向了繁榮，在此期間，資產(chǎn)管理公司和銀行家將自己標(biāo)榜為環(huán)境救世主。

Nemesis followed hubris.

狂妄之后，報(bào)應(yīng)緊隨而至。

Russia's invasion of Ukraine, and subsequent elevated gas and oil prices, reminded the world just how much it needed fossil fuels, and how profitable investing in them could be.

俄羅斯對烏克蘭的入侵，以及隨之而來的天然氣和石油價(jià)格上漲，都提醒了世界各國它們有多么需要化石燃料，以及投資化石燃料可能帶來多大的利潤。

The cynicism of the asset managers and bankers was exposed as regulators cracked down on “greenwashing”.

在監(jiān)管機(jī)構(gòu)打擊“漂綠”行為時(shí)，資產(chǎn)管理公司和銀行家的犬儒主義暴露了出來。

DWS, Germany's largest asset manager, was raided by the authorities following a whistleblower complaint; Britain's advertising watchdog banned HSBC, a bank, from making “misleading” environmental claims.

比如，德國最大的資產(chǎn)管理公司DWS在接到舉報(bào)人投訴后遭到當(dāng)局突擊搜查；英國廣告監(jiān)管機(jī)構(gòu)禁止匯豐銀行發(fā)布“誤導(dǎo)性”環(huán)保聲明。

Far from saving the world, ESG thus became mired in greenwash and scandal.

ESG非但沒有拯救世界，反而陷入了漂綠和丑聞的泥潭。

There is just one problem with this fable of financial greenery's fall to earth: hard facts.

金融綠色化的神話距離跌落神壇只差一步：確鑿的事實(shí)。

True, appetite for ESG investing has fallen.

誠然，投資者對ESG的興趣已經(jīng)有所下降。

Net inflows are well below those of last year.

凈流入遠(yuǎn)低于去年的水平。

But for all the talk of a backlash, sustainable-investment funds have been much more resilient than other funds during this year's downturn.

然而，盡管人們都在談?wù)摲磸?，但在今年的?jīng)濟(jì)低迷期間，可持續(xù)投資基金還是比其他基金更具韌性。

According to Morningstar, a data firm, $139bn had flowed into sustainable funds by the end of September, compared with $643bn of net outflows from the broader market.

數(shù)據(jù)公司晨星的數(shù)據(jù)顯示，截至9月底，已有1390億美元資金流入可持續(xù)發(fā)展基金，而整體市場的資金凈流出為6430億美元。

European funds have attracted the bulk of the money, receiving 89% of total inflows into sustainable funds, but even in America such funds have drawn more money than other investment vehicles.

歐洲基金吸引了大部分資金，獲得了流入可持續(xù)發(fā)展基金總資金的89%，但即使在美國，此類基金也比其他投資工具吸引了更多資金。

Why have green funds remained attractive?

為什么綠色基金仍具有吸引力？

It is certainly not because of juicy returns.

答案肯定不是回報(bào)豐厚。

These funds tend to invest heavily in technology stocks, which often achieve high ESG ratings owing to some combination of progressive Californian values, asset-light business operations and sophisticated human-resources departments which do things like diversity monitoring as a matter of course.

這些基金傾向于大舉投資科技股，科技股往往獲得較高的ESG評級，這歸功于加州開明的價(jià)值觀、輕資產(chǎn)業(yè)務(wù)和成熟的人力資源部門的某種結(jié)合，這些部門理所當(dāng)然地做著多樣性監(jiān)測等工作。

Such stocks have performed poorly this year.

這類股票今年表現(xiàn)不佳。

And while ESG funds are overexposed to this year's losers, they are underexposed to the big winners: fossil-fuel firms.

盡管ESG基金對今年的輸家敞口過大，但它們對大贏家——化石燃料公司的敞口卻很小。

The iShares ESG Aware MSCI USA index, one of the biggest passive ESG funds, is down by 18% this year, compared with a 16% fall in the SPDR S&P 500 ETF, which tracks the S&P 500 index of American stocks.

iShares ESG Aware MSCI USA指數(shù)（最大的被動型ESG基金之一）今年下跌了18%，而追蹤美國股市標(biāo)準(zhǔn)普爾500指數(shù)的SPDR標(biāo)普500ETF下跌了16%。

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