香港地球之友綠色金融顧問 / Green Finance Advisor of Friends of the Earth (HK)
上周，聯合國環境規劃署發布了第十份《排放差距報告》，強調按照目前的情況離《 2015年巴黎協定》的減排目標差距很大。令人遺憾的是，即使各國堅持四年前的排放承諾，平均溫度也將比工業化前的水平上升攝氏3.2度。這樣的溫度上升已經遠遠超過了《巴黎協定》所設定的2度極限，將對我們的生活造成不利影響。
為了達到最初設定的2度極限，政府和企業必須削減碳排放量，但實際上情況恰恰相反。儘管現在的形勢比以往任何時候都更具挑戰性，但我們仍然有解決方案，可以實現2030年將溫度的提升控制在1.5度以內的目標。為了控制氣候變化，我們必須迅速採取行動。排放量佔總排放量78%的世界領先國家―─ G20成員國必須帶頭。儘管其中一些國家採取了積極措施，但只有五個國家承諾實現長期零排放目標。
毫不奇怪，化石燃料的燃燒是造成氣體排放的主要因素，佔2018年釋放到大氣中的二氧化碳的68%。最新的《排放差距報告》呼籲全球能源系統進行根本性的轉變。用可再生能源發電代替燃煤發電廠是需要採取的主要行動。從傳統汽車轉向電動汽車是有助於減少排放的另一項發展。總體而言，世界能源系統必須從重碳到輕碳，再到無碳。
氣候風險確實存在，但氣候變化也帶來了機遇。我認為，綠色金融專業人士的一項關鍵任務是根據私人和公共實體對ESG的可持續性和績效的貢獻，協助其向私有和公共實體公平合理地分配資金。目前，在所有ESG問題中，氣候變化至關重要，它影響到社會中的每個利益相關者。
股票和債券的估值顯然沒有考慮到足夠的氣候風險，因此必須予以糾正。與那些忽略氣候問題並產生更多排放的實體相比，那些直接或間接幫助減少世界排放的公司和政府應該能以更低的成本獲得更多的資本。未能評估氣候風險和機會的投資者將落後於那些能夠揭示其投資組合績效差異的投資者。
詳細閱讀聯合國環境規劃署最新發布的《排放差距報告》：
https://www.unenvironment.org/resources/emissions-gap-report-2019
Earlier this week the United Nations Environment Programme issued its tenth Emissions Gap Report, emphasizing the failure of the 2015 Paris Agreement to cut global greenhouse gas emissions and halt global warming. Sadly, the average temperature will increase to 3.2 degree Celsius above pre-industrial levels even if countries hold themselves to their emissions pledges from four years ago. Such an increase in temperature will well past the 2 degree limit set by the Paris Agreement and will be hostile to our lives.
To reach the original 2 degree limit, governments and corporations have to cut their carbon emission but rather, they have done the opposite. While the situation is more challenging now than ever, we still have solutions to reach the target of controlling the temperature rise to just 1.5 degree by 2030. To bring climate change under control, we have to act promptly. The world leading countries – members of the G20 – which generate 78% of all emissions have to take the lead. While some countries among them have taken positive moves, only five have committed to a long-term zero emissions target.
Not surprisingly the burning of fossil fuels is the major contributor of gas emissions, producing 68% of carbon dioxide released into the atmosphere in 2018. The latest Emission Gap report calls for radical transformations of global energy system. Replacing coal-fired power plants with renewable energy power generation is a major action that needs to be taken. Switching from conventional cars to electric vehicles is another development that helps cutting down emissions. Overall, the world’s energy system has to transform from carbon-heavy to carbon-light to ultimately carbon-free.
Climate risks are very real, but so do opportunities emerge from climate change. In my view, a critical mission of green finance professionals is to assist the fair and proper allocation of capital to private and public entities based on their contribution to sustainability and performance in ESG. Among all ESG issues for the moment, climate change is so critical as it affects every stakeholder in the society.
Valuation of equities and bonds have clearly not factored in sufficient climate risks and this has to be and will be corrected. Companies and governments that are helping directly or indirectly in reducing the world’s emissions should have access to more capital at lower costs than those which ignore climate issues and generate more emissions. Investors who fail to assess the climate risks and opportunities are going to lag behind those who can with the difference revealing in their portfolio performance.
View the latest emissions gap report issued by the United Nations Environment Programme:
Photo Source : https://www.unenvironment.org/resources/emissions-gap-report-2019
