经济学人财经 | 绿巨人

Sustainable investing

可持续投资

Green giant

绿巨人

The world’s largest asset manager promises to be more climate-friendly

全球最大的资管公司承诺将投资于“气候友好型”项目

“I believe we are on the edge of a fundamental reshaping of finance,” wrote Larry Fink, the boss of BlackRock, the planet’s biggest fund manager, in an open letter on January 14th. His annual missives, addressed to clients and the bosses of companies in which BlackRock invests, are widely read. This year’s, which argues that climate change is a big investment risk that could cause market havoc sooner than most expect, was no exception.

全球最大资管公司贝莱德（BlackRock）的老板拉里·芬克（Larry Fink）在1月14日的一封公开信中写道：“我相信我们正处于金融业根本性重塑的边缘。” 他每年写给客户及贝莱德集团所投资的企业管理层的信函都广为传阅。今年的也不例外，信中指出气候变化是一种很大的投资风险，可能比大多数人所预期的要更快引发市场浩劫。

注：

1.BlackRock，贝莱德集团（纽约证券交易所股票代码：BLK）是全球最大的资产管理公司，又称黑岩集团。贝莱德总部设在美国纽约市。贝莱德集团代表全球各地的个人与机构投资者管理资产，提供种类繁多的证券、固定收益、现金管理与选择性投资产品。除此之外，贝莱德集团还面向数量不断增长的机构投资者提供风险管理、投资系统外包与财务咨询服务。具体还可以看看TE||BlackRock v Blackstone

2.Missive：a letter, especially a long or an official one 信函，尤指长信、公函。

3.Havoc：a situation in which there is a lot of damage, destruction or confusion灾害、浩劫、严重破坏。

The letter also said what BlackRock, which has $7.43trn in assets under management, plans to do. First, it will demand greater disclosure from all firms on their carbon emissions and climate risks. Because BlackRock has huge clout, this will make a difference. Second, it will double its offering of sustainable funds to 150. The aim is that BlackRock’s sustainable assets will rise from $90bn to $1trn within a decade. Finally, it has pledged to change how it runs its actively managed portfolios, which account for 27% of its total assets. It will dispose of public securities issued by any firm that makes over a quarter of its revenue from thermal coal—the type used to generate electricity.

信里面也提到了目前管理着7.43万亿美元资产的贝莱德集团的行动计划。首先，它将要求所有公司关于碳排放和气候风险进行更大程度的披露。由于贝莱德具有巨大的影响力，（这个要求）将会带来（实实在在的）改变。其次，它将翻倍其可持续性基金的发行量到150。其目标是在十年内，贝莱德集团下的可持续性资产规模从900亿美元增加至1万亿美元。最后，它承诺将改变其主动管理型投资组合的运作方式，这些投资组合占其总资产的27％。它将售出所有收入来源超过四分之一为热能煤（用于发电的类型）的公司发行的股票。

注：

1.Clout：power and influence影响力；势力

2.Offering：是指将证券、股票、基金等产品出售或发行给相应的投资者。

3.Thermal coal：热能煤、动力煤。

The direct impact will be limited: the pledged coal divestments, for example, are less than 0.1% of BlackRock’s assets. The indirect impacts may be larger, as firms are prodded to improve disclosure and the share of assets run under green mandates rises. Part of Mr Fink’s motivation is self-interest. Climate change is the biggest concern of BlackRock’s clients, he says. Even as a price war in passive fund management rages, demand for green investment funds is soaring. And BlackRock will integrate climate analysis into Aladdin, a risk-management system that it sells to many other financial firms.

直接的影响将是有限的，例如，承诺的热能煤相关的撤资额占据了不到贝莱德资产的千分之一。间接的影响可能会更大，因为公司被督促要加大信息披贝莱德露力度而且被授权绿色管理的资产份额会上升。芬克（Fink）先生的一部分动机是出于个人利益。他说，气候变化是贝莱德客户们最大的担忧。即使在被动型管理基金领域的价格战愈演愈烈的时候，绿色投资基金的需求仍然在飙升。贝莱德将把气候分析整合到风险管理系统——阿拉丁（Aladdin）中，该系统出售给很多其他金融公司。

注：

Passive fund management: aims to mimic the investment holdings of a particular index. 旨在模拟某一市场指数。

Mr Fink’s professions of greenery did not come out of the blue. In 2018 his letter, entitled “A sense of purpose”, said that firms should do more than create shareholder value. But they imply big changes for BlackRock. In 2019 it opposed 93% of shareholder resolutions in America urging companies to become greener, compared with an industry average of 56%, according to Morningstar, a research firm. It only recently joined Climate Action 100+, a coalition of asset managers that presses big polluters to clean up.

芬克（Fink）先生的环保宣言并不是突发奇想的。2018年，他在一封题为“使命感”的公开信中说到，公司应该做的不仅仅是创造股东价值。但是这些暗示着黑岩将发生大的变化。根据研究公司晨星（Morningstar）的数据，2019年在美国贝莱德反对了93％敦促公司变得更环保的股东决议，而行业平均值为56％。并且直到最近，它才加入了“气候行动100+”，这是由资管公司组成的联盟，催促大型污染企业进行清理。

注：

Out of the blue: If something happens out of the blue, it is completely unexpected. 毫无预期地发生。

So is the letter so much greenwash? A good test is whether BlackRock’s active and passive funds vote against the expansion plans of fossil-fuel firms they invest in. These imply big increases in carbon emissions, says Mark Campanale of Carbon Tracker, a think-tank. Over to you, Larry.

所以这封年终致辞是否只是披着一个“环保外衣”呢？贝莱德旗下的主动基金和被动基金是否会大义灭亲，对自己所投资的化石能源公司扩张计划投下反对票将会是一个很好的检验。来自智库碳追踪的马克·坎帕贝尔说道：“（这些化石能源公司的扩张计划）将会造成大幅的二氧化碳的排放量增加。”看你的了，拉里。

翻译组：

Chao，牛津大学Dphil，TE爱好者

Jerry,  男，金融专业研究生，经济学人铁粉

Vivifang，女，外币债券交易员，经济学人粉丝

校对组：

Alan，男，金融工程硕士，经济学人粉丝

Ashley，女，金融硕士，爱宠物 爱英语，爱旅游，经济学人粉丝