可持續性投資

公正、具廣泛性的淨零碳排放途徑(只供英文版)

晉達資產管理的可持續性目標,包括淨零碳排放承諾,是受到達成現實世界轉變的承諾所推動。

2021年6月30日

3分鐘

Our African roots have been a big influence on how Ninety One approaches sustainability. Several major sustainability challenges are amplified in Africa, including poverty, lack of access to education and inadequate infrastructure. We are reminded daily that meaningful action is needed now.

In our home market, we have also seen at first-hand that capital can make a difference when directed towards achieving real-world impact. Ninety One manages various investments aimed at improving infrastructure in sub-Saharan Africa. Projects include one that will provide Rwanda’s capital city with 40 million litres of water per day, making a meaningful contribution to the country’s drive to provide clean water to its entire population.

These experiences have framed our approach to the net-zero challenge. With an overriding focus on achieving real-world change, Ninety One will join the Net Zero Asset Managers Initiative with three key items on our agenda.

Action 1: Setting targets that drive real-world action

We all know the world needs to reduce emissions. However, targeting a reduction in portfolio carbon intensity (CO2 emissions per dollar of sales), a common industry approach, does not necessarily drive the real economy towards net zero. For example, one could reduce the carbon-intensity of a global equity index by 7% simply by doubling the weighting in big-tech stocks (which are, by nature, low Scope 1 & 2 carbon – i.e., direct emissions and emissions from purchased energy). Does that decarbonise the economy, or merely reallocate assets? Absent other measures and analysis, including of how the companies in a portfolio plan to achieve the clean-energy transition, we think excessive focus on carbon intensity could result in investors ‘cleaning’ their portfolios but not the atmosphere.

Our commitment is to seek better ways to measure a portfolio’s alignment with the net-zero transition, in order to incentivise real-world decarbonisation. We advocate disclosing how a portfolio is reducing its carbon footprint (effectively providing a ‘carbon-performance attribution’), and setting targets that encourage allocations to the countries and companies working the hardest to tackle climate risks through robust transition plans and by providing real-world climate solutions.

Action 2: The emerging market challenge

We believe the world needs an inclusive transition plan that works for everyone. As the developing world is driving emissions growth, a net-zero strategy that excludes it could well result in no net zero at all. Only 20% of clean-energy investment is going to emerging markets, where the need is the greatest. This needs to change – the race to net zero is a race against time, not between countries. Also, we think the enormous opportunities to improve lives that the net-zero transition presents should be shared among us all.

Our commitment is to work for a transition that includes everyone, and to advocate for the carbon-intensive emerging economies to be given the time and resources they need to adjust.

Action 3: Using our presence in Africa

South Africa’s energy grid is four times as emissions-intensive as the UK grid. That increases the emissions profile of Ninety One’s assets under management, since some of the portfolios we manage for our clients focus on South African companies. This presents an opportunity (and a responsibility) for the capital we manage to contribute to decarbonizing South Africa’s energy sector and other high-emitting companies in the country. Our work on this front includes advocacy, direct engagement and innovation in investments, particularly in the credit asset class.

We commit to developing our expertise in supporting transition plans in high-emitting sectors and businesses in South Africa, and to using this knowledge to assist heavy emitters in other emerging markets to develop workable transition strategies.

With a net-zero strategy built around these three pledges, we hope to play our part in advancing the transition to carbon neutrality. Net zero will be a long and difficult journey for us all. But if we set about it in the right way, we can ensure it is fair, inclusive and ultimately successful.

重要資訊

本文的資訊可能會討論一般的市場活動或行業趨勢,不擬作為預測、研究或投資建議的憑據。本文提供的經濟及市場觀點反映晉達資產管理截至所示日期的判斷,可能會隨時更改,恕不另行通知。概不保證所表達的觀點及意見正確無誤,可能未能反映整個晉達資產管理的觀點,按不同的投資目標可能會表達不同的觀點。儘管我們認為來自外部的任何資訊均為可靠的,但我們並未對其作出獨立審核,因此我們不能保證其準確性或完整性。晉達資產管理的內部數據可能未經審核。晉達資產管理未有提供法律或稅務建議。準投資者在作出與稅收相關的投資決定之前,應諮詢其稅務顧問。

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