经济学人商业 || 资本家也有菩萨心肠

Climate capitalists  

气候资本家

The not-so-dirty dozen  

资本家也有菩萨心肠

注：dirty dozen来源于每年, 美国环境工作组（Environmental Working Group ，简称EWG）都会发布“Dirty Dozen Foods List”，也就是十二款被传统农场使用大量杀虫剂的蔬果；也会发布“Clean Fifteen Foods List”，涵盖十五种干净清洁的水果，目的是让大众有所识别。

Some tycoons are putting serious money into climate-friendly investments—and expect serious returns

部分商业大亨正投入大量资金到气候友好型产业中，并期待获得丰厚的回报。

注：

Serious:extreme，or large in amount

Bets on clean technologies have ballooned this decade. Over $2.6trn has flowed into low-carbon energy alone since 2010, according to BloombergNEF, a research firm (see chart 1). Now that some ventures have soured, after green subsidies grew stinger around the world, many investors are thinking again.

这十年来，对清洁技术的押宝呈现爆发式增长。根据彭博新能源财经（BloombergNEF）的一份最新研究显示（见表1），自2010年以来，仅低碳能源的投资就已超过2.6万亿美元。由于全球范围内政府提供的环保补贴数额越来越少，一些投资项目处境不妙，许多投资者不得不另做打算。

Many, but not all. A clutch of industrialists and entrepreneurs are doubling down. The Economist’s unscientific survey has identified 12 with notably climate-friendly dispositions, and a combined net worth of $200bn (see chart 2). Some, like Elon Musk, Bill Gates and Michael Bloomberg, are household names. Others are little-known outside their industry. Their wagers cover mature technologies (electric cars, wind turbines), fast-maturing >do well for themselves.

但很大一部分实业家和企业家则正在加倍下注。《经济学人》就十二项引人注目的环境友好型投资进行了非学术调查，其总净值高达2000亿美元（见表2）。有的企业家早已家喻户晓，诸如埃隆·马斯克、比尔·盖茨以及迈克尔·布隆伯格，也有的企业家在行业外鲜有人知。他们投资的有成熟的技术，例如电动汽车、风力涡轮机，也有的是正在飞速发展的技术，诸如高压电网、人造肉汉堡；同时也有其他一些前卫的想法例如将空气中的碳元素变成有用的东西等。他们人人都想为我们的地球尽一份力，同时大多数人也希望自己能从中获益。

注：Do Good By Stealth: 暗中行善

The world’s most prominent green mogul is Mr Musk. Having made a killing with PayPal, an online-payments firm, he ploughed some of his fortune into Tesla. The carmaker is in trouble; last year it lost roughly $1bn. But it has turned electric vehicles from an unsightly curiosity (think G-Wiz) first into an object of desire, then, with its mass-market Model 3, into something reassuringly ordinary. Production of the Model 3 has hit snags. But no big car firm can today go without its own EVs.

世界上最著名的环保大亨是马斯克先生。靠着在线支付公司PayPal大赚一笔后，他将一部分财富投入到了特斯拉（Tesla）。这家车企去年损失了大约10亿美元，如今深陷泥淖。不过特斯拉却率先将电动汽车从镜花水月（回想一下印度微型电动汽车G-Wiz，详见备注）变成现实世界中人人渴望拥有的对象。特斯拉面向大众市场的车型Model 3推出之后，成为普罗大众的安心之选。虽然Model 3的生产受阻（久久不能量产），然而没有一家汽车巨头会停止发展电动汽车的脚步。

注：

1. G-Wiz
印度国内最著名的电动车企业是马恒达（Mahindra）,该企业相当高调自称要做印度的特斯拉。与特斯拉不同，它主要生产低价电动车（低价到像代步车的程度）。2001年，马恒达的电动车Reva G-Wiz在英国登陆。一直持续生产至2012年。期间被BBC评为20年来最糟糕的前10大车型之一。2013年4月，马恒达推出e2o，售价11.5-14.2万元人民币，充电9小时续航120公里，号称250万英国家庭的第二辆车。至2017年5月，e2o悄然退市，马恒达回购了全部英国在售车辆。在印度国内，不时传出马恒达与国际巨头的合作，例如福特。但巨头们提供的车型几乎都是代步行的低价车。

2. 蔚来汽车二季度再亏33亿：四年累计巨亏超400亿

https://www.cqcb.com/zhengquan/2019-09-25/1877808_pc.html

Mr. Musk has also put billions into batteries, for Teslas and to balance the electric grid. The minerals inside them are the preserve of our second tycoon, Robert Friedland. His brash style and early mining investments earned him the nickname “toxic Bob” from the press. But his investments in battery metals, made through holdings like Ivanhoe Mines, make him look greener today. He is digging up cobalt and nickel in Australia, and developing what could be the world’s second-biggest copper mine in Africa. His joint-venture with Chinese investors is working on metal sulphates for lithium-ion cells.

马斯克还在特斯拉的电池和平衡电网方面投入了数十亿美元。而电池所需的矿石则正是被我们的第二位大亨罗伯特·弗里德兰（Robert Friedland）所垄断。他为人傲慢，早期投资矿产行业的所作所为，令媒体称其为“有毒的鲍勃”。不过，他通过艾芬豪矿业（Ivanhoe Mines）对蓄电池合金进行投资，使他今时今日看起来更为环保。现今，罗伯特正在澳大利亚开采钴矿和镍矿，并在非洲开发有望成为全球第二大铜矿的矿井。他与中国投资商合办的合资企业，正在开发用于锂离子电池的金属硫酸盐。

注释：

1. toxic bob: Robert Friedland earned his nickname 'Toxic Bob' after a spectacular cyanide spill from his gold mine in Summitville, Colorado in 1993, which has been called the biggest cyanide disaster in U.S. History, named the 'Exxon-Valdez' of the mining industry. He was CEO of the Omai gold in Guyana in 1995 when a tailings pond collapsed killing all life in two rivers.

选自 www.sourcewatch.org/index.php/Robert_Freidland

2.艾芬豪矿业（Ivanhoe Mines）公司：总部位于加拿大，在多伦多、纽约、纳斯达克证券交易所三地上市，目前市值37亿美元。公司专注于亚太地区的矿产资源，核心资产为蒙古国的大规模铜金矿，在非洲、澳洲和中国还有铜矿、铀矿和金矿的勘探资产。

Wang Chuanfu is the closest China has to Mr Musk.BYD, the company he founded in 1995, started out making rechargeable batteries. Today its sprawling campus in Shenzhen shows off solar cells, electric cars, heavy machinery, mobile-phone components and much else besides that needs energy storage. In 2008 Warren Buffett’s Berkshire Hathaway invested $232m in byd. The stake is now worth over $1.5bn. BYD’s sales surpassed $18bn last year, putting it among the biggest makers of batteries and electric cars.

王传福（Wang Chuanfu）是中国最接近马斯克的人。他在1995年创建的比亚迪（BYD）公司，最初生产可充电电池。如今，比亚迪公司在深圳庞大的园区中展示了太阳能电池、电动汽车、重型机械、移动电话部件以及其他需要储能的产品。2008年，沃伦·巴菲特（Warren Buffett）的伯克希尔哈撒韦（Berkshire Hathaway）公司向比亚迪注资2.32亿美元。目前，这些股份价值逾15亿美元。去年，比亚迪的销售额超过180亿美元，跻身最大的电池和电动汽车制造商之列。

Like Messrs Musk, Friedland and Wang, others from our list joined the ranks of tycoons by seeing their ideas mature. Mr Wang’s compatriot, Zhang Yue, runs Broad Group, a huge manufacturer of chillers that recycle waste heat. Brazil has Rubens Ometto, the man behind the world’s biggest bioenergy firm and its first ethanol billionaire. His company, Cosan, produces sugar and, through a joint-venture with Royal Dutch Shell, an Anglo-Dutch energy giant, sugar-cane ethanol. In Germany Aloys Wobben, who built his first wind turbine at university and later developed a pioneering variable-speed model, turned Enercon, which he created in 1984, into a leading producer of such equipment.

和马斯克、弗里德兰、王传福一样，我们榜单上的其他人因为见证了他们想法的渐趋成熟，也步入了大亨的行列。王传福的同胞张跃（Zhang Yue）经营着远大集团（Broad Group），这是一家回收废热的大型冷冻机制造商。巴西的鲁本斯·奥梅托（Rubens Ometto），是世界最大生物能源公司的幕后推手，也是首位乙醇行业的亿万富翁。他经营的柯赞（Cosan）公司生产糖，并与英荷能源巨头荷兰皇家壳牌（Royal Dutch Shell）合资经营生产甘蔗乙醇。在德国，阿洛伊斯·沃本（Aloys Wobben）在大学期间就建造了自己的第一台风力涡轮机，后来又开发出一种开创性的变速模型，也因此，他在1984年创立的爱纳康（Enercon）公司成为此类设备的领先制造商。

注释：

德国Enercon公司成立于1984年，是一家总部位于德国Aurich的私人企业，被誉为风能产业研究和发展的助推先锋力量，在德国、瑞典、巴西、印度和土耳其设有生产车间。1991年，公司开发了世界上首个无齿轮风能系统。1993年，开始大规模制造无齿轮风力发电机，并制定了能源输出、可靠性和服务寿命等方面的新标准。作为全球研制兆瓦级风力发电机的领先企业，Enercon至2004年已安装了超过7300个风力发电机，售出的风力机具有高产能、运行维护成本低的特点，且质量保证十年。

More than bluster

并非虚张声势

A second group of moguls funnels money made elsewhere into climatically noble projects seeking scale. Consider Philip Anschutz, whose empire stretches from oil to entertainment (and whom the New Yorker described as the “man who owns la”). He has spent a decade promoting a $3bn high-voltage electric grid, TransWest Express, to send 3gw of wind power (which he is backing separately) from blustery Wyoming to electricity-hungry California. It should start construction in 2020.

除此之外，还有一群大佬将其他地方赚的钱投入到崇高的环保事业中，并力求规模化发展。例如：飞利浦•安舒茨(Philip Anschutz)，他的商业帝国涵盖了石油到娱乐业等方方面面(纽约客杂志称其为“拥有整个洛杉矶的男人”)。他用10年时间推广了价值30亿美元的高压电网——横贯西部快捷电网（TransWest Express），目的是为了将3千兆瓦风电（他另外投资的）从风力资源丰富的怀俄明州传输到电力不足的加州。该项目计划于2020年开始动工。

Or take Bill Joy, who co-founded Sun Microsystems. As befits a self-assured Silicon Valley software pioneer, he reckons his climate bets could tackle half of all annual greenhouse-gas emissions. In 2011 he backed Beyond Meat, a maker of plant-based alternatives to burgers; meat production accounts for 14.5% of global emissions. The company’s share price is up six-fold since it went public in May. To clean up cement-making (6% of emissions), in 2014 Mr Joy invested in Solidia Technologies, which has found a way to cut the industry’s carbon footprint by 70%. LafargeHolcim, a Franco-Swiss cement colossus, is helping commercialise it.

上榜的还有太阳微系统公司（Sun Microsystems）的联合创始人比尔·乔伊（Bill Joey）。这位自信满满的硅谷软件行业先驱认为其在环保领域的投资可以处理全球一年温室气体排放的50%。2011年他投资了超越肉类公司（Beyond Meat），这是一家生产人造肉汉堡包的公司。肉类生产占全球温室气体排放的14.5%。公司自五月份上市以来，股价已经增长6倍。为了减少水泥制造（占总温室气体排放的6%）中的排放问题，2014年乔伊又投资了Solidia科技公司，该公司有能力将水泥制造业的碳排放量减少70%。法国瑞士合资的水泥巨头企业LafargeHolcim正在帮助其实现该技术的商业化。

Beyond meat and cement

其他领域

Besides imminently scalable ventures, Mr Joy has supported speculative ones like Ionic Materials, a firm that has come up with an energy-storage technology that uses solid polymers (Wired, a magazine popular among geeks, called it the “Jesus battery”). When it comes to moonshots, though, it is hard to beat Mr Gates. This week the co-founder of Microsoft told the Financial Times that those who want to change the world should stop wasting time urging investors to dump fossil-fuel stocks and put their money and energy behind disruptive technologies.

除了那些即将实现规模化生产的企业，乔伊还支持一些投机型企业，例如Ionic Materials公司，这家公司开发出的技术使用固体聚合物（备受极客们追喷的专业技术杂志Wired将其称为为“上帝的电池“）来储存能源。不过在向月球发射探测器方面，盖茨的领先地位无人能及。本周，这位微软的联合创始人对金融时报表示，对于那些想要改变世界的人来说，请不要再浪费时间说服投资人抛售化石燃料股票然后把钱和精力投在那些捣乱的技术上。

Mr Gates is putting a part of his $105bn fortune where his mouth is: into blue-sky projects. Literally, in the case of Carbon Engineering, a company working to turn CO2 in the air to fuel. Because its carbon is being taken from the atmosphere, it has no net-effect >Mukesh Ambani of Reliance, an Indian conglomerate.

盖茨先生言行合一——他将1050亿美元财富的一部分投入到蓝天项目，更确切的说，是投资到Carbon Engineering，一家致力于将空气中的二氧化碳转化为燃料的公司。 由于碳是从大气中获取的，因此燃烧时对碳的大气存量没有影响。 他与别人共同创立了TerraPower公司，该公司开发了一种新型核反应堆。2016年，他创立了突破能源风险投资（Breakthrough Energy）基金，这是一项高达10亿美元的长期投资项目，并有一定的风险承担能力，旨在为从根本上减少碳排放量的技术提供资金。 能够得到该项目支持的技术必须有潜力减少如今碳排放全球总需求5亿吨（约1％）或更多。投资者包括波士顿金属公司（Boston Metal）（旨在使炼钢脱碳）和英联邦核聚变系统（Commonwealth Fusion Systems，其目标为核聚变）。 以下巨头亦已加入该基金：布隆伯格先生，亚马逊的杰夫·贝佐斯，阿里巴巴的马云，软银的孙正义和印度瑞来斯的穆克什·安巴尼（Mukesh Ambani）。

The last kind of climate tycoon does not seek returns, at least directly. Jeremy Grantham of GMO, a $70bn investment fund, is giving away most of his $1bn fortune to climate politics and research. It isn’t really philanthropy, he says. “It’s sensible defensive investing in the broadest sense.” Mr Bloomberg has poured $500m into Beyond Carbon, an initiative to kill off coal plants in America by financing green lobbyists and politicians at state and local level.

最后一类投资人则不求回报，至少是不求直接回报。 杰里米·格兰瑟姆（Jeremy Grantham）管理资产规模达700亿美元的投资基金GMO，将其10亿美元财产的大部分捐献给了气候政治研究。 他表示，这谈不上慈善。 从广义上讲，这是明智的防御性投资。布隆伯格先生向Beyond Carbon注资5亿美元，该倡议为各地的环保游说者和政治家提供资金，试图取缔美国的燃煤电厂。

Our twelfth apostle of climate action is not himself deep-pocketed. But Pope Francis, the greenest pontiff to date, has ultimate control over the Vatican Bank’s $3bn-worth of assets—and a bully pulpit to exercise moral suasion over much more. In June he rounded up oil bosses from bp, ExxonMobil, Shell and Total, and strong-armed them to support “economically meaningful” carbon prices and disclose risks posed by climate change to their companies (see next article).

我们第十二位环保倡导者自身并不财大气粗。但是，迄今为止最环保的教皇方济各对梵蒂冈银行30亿美元资产有完全控制权。此外他拥有的话语权可以带动更多资金。六月，他召集了英国石油公司（BP）、埃克森美孚（ExxonMobil）、壳牌（Shell）和道达尔（Total）的各位大佬，敦促他们支持“有经济意义”的碳排放价格以及承诺披露气候变化给企业带来的风险。

注释：

bully pulpit:a position of authority that gives sb an opportunity to speak in public about an issue.

Francis:https://simple.wikipedia.org/wiki/Pope_Francis

Our list is necessarily incomplete. Other fat cats back clean investments. So do firms, even historically carbon-cuddling ones like gm, whose carmaking prowess may do more to popularise evs than Tesla, or McDermott, which builds oil rigs but whose subsidiary has put money in net Power, a builder of power plants in which carbon dioxide released by burning natural gas in pure oxygen is heated and then used instead of steam to turn a turbine (with any excess captured).

我们的环保投资名单肯定不完整。投资环保产业的还有其他大亨和公司,甚至是曾经碳排放大户的通用汽车公司（GM）和麦克德莫特集团(McDermott)。通用汽车公司凭借其在汽车制造业的造诣，或许可以比特斯拉更好地推广电动汽车。麦克德莫特集团主攻石油钻井领域，但是其子公司却把资金投向净动力（NetPower）。净动力是一家电站建造商，他们建造的电厂在纯氧中燃烧天然气释放出二氧化碳，然后再加热使用二氧化碳（并非传统的蒸汽）驱使涡轮转动发电（不会排放任何多余的二氧化碳）。

注：燃烧天然气发电厂

http://m.bjx.com.cn/mnews/20180605/903203.shtml

Many clean bets continue to rely on tax breaks, subsidies or the prospect of high carbon prices. Plenty will fail in the marketplace. But some may succeed. Without creative destruction powered by climate capitalists, including profit-seeking ones, safeguarding the planet would be considerably more daunting than it already is.

如今许多环保方面的投资仍依赖于减税、补贴或高昂的碳价。其中很多会被市场淘汰。有些或许会成功。但倘若没有这些气候资本家的创新（哪怕是出于寻求利润），保护地球将会比现在更加举步维艰。

 翻译组： 

Yao， 男， 准英专研究生， 二笔三口

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