新聞稿 : 綠色團體坐言起行 香港地球之友牽頭綠色投資 推動慈善界減碳 / Press Release : Decarbonise Charity Decarbonise Philanthropy Green Group Walks the Talk

香港地球之友今天為環境作出承諾,未來將進行環保及負責任投資、向石化能源撤資及推動應對氣候變化的投資項目。

香港地球之友一直關注氣候變化與減碳議題。慈善,由環保團體自身做起,本會相信對可持續發展資金管理作出承諾,能有效緩和氣候變化。

本會希望為其他環保團體及非牟利機構樹立榜樣,凝聚同業認真考慮作出環境、社會及管治的投資。

香港地球之友主席吳方笑薇女士 BBS 致辭時提到:「減少傷害;多做好事。減碳慈善事業是回報善長慷慨捐贈的最好方法,也是為我們下一代維持健康生態環境的最佳途徑。地球是寬容的;年輕人卻等不及了!環境、社會及管治的投資,是消除社會和生態不平衡及衝突的補救措施。真正的社會和諧,需要透過復原性的經濟和生態社會企業去帶動才能達至。」

Ms. Elizabeth Fung with FoE (HK) board

本會很榮幸能邀請投資推廣署助理署長蔣學禮博士作為主禮嘉賓,他表示:「有政府作強大後盾、有實力雄厚的金融和法律人才、有由一帶一路及大灣區發展而衍生的大量機遇,香港具備足夠條件成為不單是亞洲、更是國際的綠色金融中心。」

在今天舉行的「綠色金融與你同行啟動儀式上,香港地球之友作出了公開承諾:

(1) 展示環境、社會與管治的投資及由環保團體帶動減碳

(2) 開展綠色金融相關研究

(3) 為香港培育綠色金融人力資本

「綠色金融 與你同行」啟動儀式代表本會綠色金融倡議路線圖正式開始。本會將定期舉行圓桌會議、與持分者對話和工作坊,匯聚持分者和商界對綠色金融的興趣與關注。

同時本會已推出綠色金融網誌,推動意見、資訊、最新動向、趨勢和案例的交流。

Mrs. Mei Ng with Dr. Jimmy Chiang

香港地球之友更將作出以下承諾:

(1) 承諾採用負責任的擁有權原則

本會承諾將全面採納證券及期貨事務監察委員會(證監會)於2016年發出的負責任的擁有權原則,並倡議所有資產擁有者、捐贈者、慈善機構和基金會檢視並確保旗下投資政策配合該原則。

(2) 擔當綠色及負責任投資的先導者和領導者

截至2019年6月,香港金融管理局是香港唯一承諾採用負責任的擁有權原則的資產擁有者。本會很榮幸能成為首個採用該等原則的非牟利機構。

(3) 培育綠色金融人力資本

本會將向業界倡議綠色金融及環境、社會與管治投資。本會又會與香港理工大學可持續經濟發展及創業金融中心合作,成立「環境、社會與管治投資教育承諾」計劃,培育本地綠色金融人才。

香港理工大學可持續經濟與創業金融中心總監鄭子云教授說:「『環境、社會與管治投資教育承諾』計劃充分展示了香港地球之友在本地非牟利機構界別中先行作出的財務承諾,並通過推動環境、社會與管治投資教育,促進可持續發展。此項計劃能有效指導理工大學會計及金融學院學生關於環境、社會與管治方面的知識,以及透過相關的投資研究,了解環境、社會與管治的重要性。」

理工大學會計及金融學院的學生,將在價值1,000萬港元的綠色及負責任投資組合(GRIP)支持下,進行學術研究。

香港地球之友很榮幸能夠獲得環球財富及資金經理──瑞士隆奧集團的支持和提供的專業服務,協助管理該項投資,並指導理工大學學生進行學術研究。

瑞士隆奧集團亞太區首席投資總監及香港區行政總裁Jean-Louis Nakamura先生表示:「可持續發展代表著瑞士隆奧本世紀最大的投資機遇。成立至今223年以來,我們一直以可持續的方向替顧客管理資產,堅持不斷思考我們的社會責任投資方法以及工具。今天我們能夠支持香港地球之友及香港理工大學可持續經濟發展及創業金融中心,推動以廣泛的方法管理資產,並加快營商行為的必然改變,促進重視可持續發展的營商模式,為此我們感到非常自豪。」

Call for unity to support Green Finance

Friends of the Earth (HK) 【FoE (HK)】today pledges to Green and Responsible Investing, divest in fossil fuels and to promote climate responsive investing.

Climate Change and Decarbonisation are FoE (HK)’s major advocacy focus. Charity starts at home, FoE (HK) believes its pledge to sustainable treasury management is an effective response to mitigate climate change.  

It also hopes to lead by example to catalyse other charities and NGOs to consider ESG (Environmental Social Governance) Investing.

“Do Less Harm. Do More Good. Decarbonise Philanthropy is the best way to repay the generosity of donors and to safeguard a resilient environment for our future generation. Earth is tolerant. Youth are impatient. ESG Investing could be a remedy to neutralise social and ecological imbalance and conflicts. Social harmony could be redeemed by restorative economy and eco-socio enterprise,” said Mrs. Mei Ng, Chairperson of FoE (HK).

FoE (HK) is also honoured to have Dr. Jimmy Chang, Associate Director-General of InvestHK as our officiating guest. He said, “With strong government commitments, a great pool of finance and legal talents, as well as tremendous opportunities arising from the Belt & Road Initiative (BRI) and the Greater Bay Area (GBA) development, Hong Kong is well positioned to develop itself into a premier green finance hub not only in the region, but also in the world.”

At the “Green Finance Connect” launching ceremony today, FoE (HK) made an official pledge:

(1) Demonstrate ESG investing and decarbonise charity

(2) Conduct research on green finance

(3) Incubate green finance human capital for Hong Kong

Mrs. Mei Ng, Prof. Louis Cheng and Mr. Jean-Louis Nakamura

“Green Finance Connect” launch kickstarted FoE (HK)’s Green Finance Advocacy Roadmap. Regular roundtables, dialogues and workshops will be organised to catalyse stakeholder and business sector interests.

A “Green Finance Blog” has been set up to facilitate sharing of insights, info, trends, ideas and case studies, about ‘everyone has the ability and option to invest in Green’.

FoE (HK) will commit to take the following actions:

  • Pledge for Principles of Responsible Ownership adoption

FoE (HK) pledged to fully adopt the Principles of Responsible Ownership (“Principles”) issued by the Securities and Futures Commission (SFC) in 2016, and would also advocate all asset owners, endowments, charities and foundations to align their investment policies with the Principles.

  • FoE (HK) as a pioneer and leader in Green and Responsible Investing

As of June 2019, Hong Kong Monetary Authority (HKMA) is the only asset owner in Hong Kong pledged adoption of the Principles and FoE (HK) is proud to be the first NGO to do the same.

  • Incubate Green Finance Human Capital

FoE (HK) would advocate industry practitioners about the importance of green finance and ESG investing. We would also work with Centre for Economic Sustainability and Entrepreneurial Finance (CESEF) at The Hong Kong Polytechnic University (PolyU) to incubate green finance human capital with the “ESG Investment Education Pledge”.  

Panel Discussion

Professor Louis Cheng, Director of the CESEF of PolyU, told the audience, “This ESG Investment Education Pledge aims to show case FoE (HK)’s financial commitment among NGOs in Hong Kong and to push for sustainability through ESG investments education. Such a pledge helps School of Accounting and Finance at PolyU to educate its students about ESG and its importance through investment research for the Pledge.”

This will enable PolyU students at the School of Accounting and Finance to conduct research on the HK$10m Green and Responsible Investment Portfolio (GRIP).  

FoE (HK) is pleased and honoured to enlist the professional support and service of the global wealth and asset manager Lombard Odier to manage the fund and to mentor the PolyU students in their research.

Jean-Louis Nakamura, Chief Investment Officer Asia and CEO Hong Kong, Lombard Odier, said, “Sustainability represents for Lombard Odier the biggest investment opportunity of our century. Throughout our 223-year history, Lombard Odier has embraced a sustainable approach in managing our clients’ money, consistently rethinking our socially responsible investment methodologies and tools. We are proud today to support FoE (HK) and CESEF in their efforts to promote an inclusive way to manage money, accelerate the necessary changes in business practices and value more sustainable business models.”

環境、社會及管治或綠色投資注定沒有回報? / Does ESG or Green Investing Mean Sacrificing Returns?

香港地球之友綠色金融顧問Michele Leung / Michele Leung, Green Finance Advisor of Friends of the Earth (HK)

近年,環境、社會及管治或綠色投資成為主流議題,雖然業界對這個新興投資趨勢意見不一,但環境、社會及管治或綠色投資顯然是百利而無一害。

如果你認為環境、社會及管治或綠色投資注定沒有回報,現在該是時候改變一下觀念了!

愈來愈多學術研究及業界研究都在討論綠色投資議題。根據史丹福大學研究指出,近年投資者逐漸加強重視氣候金融,又偏向尋找「高回報及對環境有較高正面影響」的投資機遇。「經過分析由2005年1月至2015年12月期間高達74,486個美國企業個案,我們發現以上的投資機會真的存在。¹」此外,由牛津大學進行的大規模研究所得,在90%個案當中,生態效益高及對環境負責的公司擁有的資本成本(包括股權和債務)都較低,而以上企業皆顯示出優異的股票市場表現²。另一業界報告亦總結,披露更多環境、社會及管治事宜的公司絕少落後大市,且大多跑嬴大市³。

值得留意的是,環境、社會及管治或綠色投資應被拆解成不同的元素,例如重要數據點、環境、社會及管治評級、投資方法等。如沒有細心研究每一種基礎元素便判斷環境、社會及管治或綠色金融有否提供alpha值(以證明跑嬴大市),那未免將它看得太簡單了!

我想這篇文章的總結是,環境、社會與管治並不意味著犧牲回報,由於這類投資波動性較低,風險管理會較容易。全球投資者現正站在解決氣候變化的最前線,也許現在正是你接受環境、社會及管治或綠色投資的時候了!

ESG or green investing has undeniably become mainstream in recent years. Despite the continuous debates in the market, it is getting clear that ESG or green investing does no harm.

If you think investing in ESG or green considerations will sacrifice your investment returns, it is the time to think twice.

More academic studies and industry research papers have been addressing to this related topic. According to Stanford University, investors increasingly prioritize climate finance and look for investment opportunities that offer “high returns with high environmental impact.” “After analyzing 74,486 observations of U.S. firms from January 2005 to December 2015, we find that such investment opportunities do exist”. Meta-study by Oxford University also found that in 90% of cases they analyzed environmentally efficient companies have lower costs of capital (both equity and debt) and that eco-efficient and environmentally responsible companies show superior stock market performance. Another industry report also concluded that “increasing exposure to ESG rarely underperforms the market, and often outperforms the market”

It is important to note ESG or green investing would be decomposed into different elements, from underlying data points, ESG rating to investment construction methodology. It would be overly simplistic for one to conclude ESG or green does or does not provide alpha (outperformance) without carefully study each fundamental element.

I guess the baseline here is, ESG doesn’t mean sacrificing returns while it does help you to manage risk as they tend to translate into lower volatility. As global investors are now getting at the forefront of climate change, perhaps it is also the time for you to embrace ESG or green investing.

Source:
1 https://gpc.stanford.edu/publications/being-green-rewarded-market-empirical-investigation-decarbonization-risk-and-stock
2 http://www.smithschool.ox.ac.uk/publications/reports/SSEE_Arabesque_Paper_16Sept14.pdf
3 https://jii.iijournals.com/content/early/2018/08/07/jii.2018.1.061

綠色金融對煤說不 / Green Financing Saying No to Coal

香港地球之友綠色金融顧問 / Green Finance Advisor of Friends of the Earth (HK)

法國農業信貸銀行(Credit Agricole)是一家主要的全球金融機構,最近宣布將放棄為煤炭行業提供融資:不僅包括煤礦業務,還包括煤電廠和煤炭運輸基礎設施。法國農業信貸銀行不是第一個拒絕煤炭的金融機構。根據能源經濟與金融分析研究所(IEEFA)的數據,全球100多家金融機構已經削減了對煤炭的資金支持。(點擊此處查看報告

不用煤炭的原因很簡單 — 煤的真實成本很高。我們不僅談論開採方面可衡量成本,而且更重要的是對生態系統的破壞和燃燒煤炭的後果。從燃煤釋放到空氣中的碳排放是氣候變化的主要來源。憑藉更好的技術,我們現在可以以更低的成本使用清潔能源。完全放棄燃燒供電正變得越來越可行。

雖然煤炭仍然是其主要的電力來源,但中國一直在積極投資替代能源 — 中國已經是世界上最大的太陽能和風力發電國。香港的反應較遲緩,但正在迎頭趕上。去年,中電推出了可再生能源上網計劃(點擊此處了解詳情),購買通過可再生能源產生的上網電力。換句話說,家庭和公司不僅可以減少電費,還可以通過安裝自己的太陽能系統並有機會向中電售電來賺取豐厚的收入。從那時起,太陽能在香港迅速擴張。

這是我們綠色金融顧問希望看到的內容。這就是綠色金融的意義:投入資金建立可持續發展的世界。

Credit Agricole, a major global financial institution, recently announced that it will walk away from financing the coal sector — not only the miners but also power plants and infrastructure for coal transport. Credit Agricole is not the first to say no to coal. According to Institute for Energy Economics and Financial Analysis (IEEFA), over 100 global financial institutions have already cut back the funding support for coal. (Click here for the report)

The reason for stopping coal is simple — the true cost of coal is high. We are not only talking about the direct measurable cost of getting it out of the ground but more importantly the consequence of damaging the ecosystem and all the cost of burning coal. The carbon releases to the air is among the major source of climate change. With better technology, we can now generate cleaner energy at lower cost. Powering our world without coal is becoming more real.

While coal is still its key source of power, China has been actively diversifying into alternative energy — it is already the world’s largest solar and wind power producer. Hong Kong has been slow in reacting but is catching up. Last year CLP introduced a scheme (Click here for the details) to buy electricity generated by renewable energy. In other words, households and companies can not only reduce their electricity bills but also make good income by installing their own solar power system and sell to CLP. Since then solar power has expanded rapidly in Hong Kong.

This is what we, green finance advisors would like to see. This is what green financing is about — putting capital to build a sustainable world.

圖片來源 / Image Source:https://www.zephrocious.com/coal

關於綠色金融 ─ 你要認識的英文字母

香港地球之友綠色金融顧問 Si-Ling Wong

雖然擔任了地球之友綠色金融advisor,但老實說比起其他同伴我對綠色金融的認知還真是個初哥。讓我幫忙寫這個blog,倒是給我機會做些studies,學習下這方面的事情。

剛踏入這範疇時,常常聽到身邊人說一大堆的英文字母:ESG、UNPRI、SRI、GRI、TCFD… 我想很多像我一樣的新手大概都被搞昏了頭,今天不如一起來交交這些新朋友。

(1) ESG (Environment Social Governance)
這個應該最常見,以前較多用到sustainability,現在modern的說法都是ESG,個人認為都一樣,只是ESG選了3個最核心的維度來量度sustainability。

(2) UNPRI (United Nations-supported Principles for Responsible Investment)
聯合國建議的6項責任投資原則,鼓勵機構在作投資及擁有權決策時採納和應用。目前已有2000多家機構簽署支線,遍佈60多個國家,代表過80萬億美元的資產。

(3) SDG (Sustainable Development Goals)
聯合國提出在2016-2030年期間執行的17個可持續發展目標,其涵蓋更廣,不單純關於投資、金融,而是以全球持續發展為理念的大方向。

(4) GRI (Global Reporting Initiative)
全球報告倡議組織(GRI)提供一套獨立及國際認可的可持續發展報告標準,讓機構依循作出相關披露,針對不同行業亦有不同的指引。

(5) TCFD (Task Force on Climate-related Financial Disclosures)
國際金融穩定委員會旗下的工作小組,類似GRI,但主要關注環境相關的金融事項披露。

Last but not least,FoE (Friends of the Earth),大家都要好好記住唷!

International Collaboration is a Necessity for Green Finance / 國際合作乃綠色金融發展所需

Serena Mak, Green Finance Advisor of Friends of the Earth (HK) / Serena Mak, 香港地球之友綠色金融顧問

If we look beyond Hong Kong, the topic of Green Finance is picking up momentum globally. Governments are putting up measures such as initiatives to incentivize green investing or laws & regulations that penalize corporations that are negatively impacting the environment. In the private sector, it can be seen that green investments can generate good returns, which is encouraging to see. Apart from products such as Green Bonds, China is also engaging in innovative ways to ‘monetize’ the effect of business to the environment, such as the first China Emissions Exchange located in Shenzhen which was established in 2013 and is trading ‘emission allowances’ for carbon dioxide.

As mentioned by the various interviewees in one of our inaugural blog videos, there is a great need for international collaboration across boundaries to promote the topic of Green Finance. Few examples include the setting up of the US-China Green Fund which is supported by both the US and China government, and also the recent collaboration between the French Development Agency (AFD) and a Chinese Bank.

Hong Kong as one of the world’s biggest financial markets has a unique opportunity to also promote cross-border collaboration to further expand its footprint in the Green Finance space.

Some opinion article about emission trading system can be found here:

http://www.chinadaily.com.cn/a/201905/20/WS5ce27fcfa3104842260bcb48.html

News Article about AFD and Chinese bank collaboration:

http://www.xinhuanet.com/english/2019-06/04/c_138116512.htm

觀乎香港以外,綠色金融的勢頭正在全球各地快速增長。各國政府做了多項政策,例如帶頭鼓勵綠色投資或實施政策、推行法例懲處破壞環境的企業。在私人企業層面上,我們樂見進行綠色投資可獲得有利回報。除了綠色債券等工具,中國內地亦將商業對環境的影響「貨幣化」,例如2013年起在深圳成立首間排放權交易所,為二氧化碳提供「排放配額」的交易。

就如綠色金融網誌其中一條影片提及,我們迫切需要跨界別的國際合作齊心宣傳綠色金融。獲美國和中國政府支持的中美綠色基金的成立,以及法國開發署和一所中國內地銀行最近的合作,便是最佳例子。

香港作為世界最大金融市場之一,擁有豐厚條件宣傳跨境合作,進一步在綠色金融領域上擴大足跡。

你可在以下網站瀏覽一些關於排放交易的討論文章:

http://www.chinadaily.com.cn/a/201905/20/WS5ce27fcfa3104842260bcb48.html

有關法國開發署和中國內地銀行的合作新聞:

http://www.xinhuanet.com/english/2019-06/04/c_138116512.htm

綠債推動環保建築

香港地球之友綠色金融顧問

近年社會關注可持續性發展,綠色金融應運而生。香港作為國際金融經濟體,亦採取積極的態度,近年主動提倡綠色項目,而其中綠色債券便是主要推動綠色項目並進行融資的重要齒輪。

在2018年,香港發行的綠色債券集資額為110億美元,發行人包括本地和海外機構。值得留意的是,今年度香港特別行政區政府已經成功發售首批綠色債券,發行金額為十億美元,年期為五年, 並獲得超額認購。 投資者來自超過100間國際金融機構,其中50%債券被分配於亞洲,27%至歐洲及23%至美國。是次發行不但印證香港政府對綠色經濟模式的支持,更顯示國際投資者對香港綠色債券市場的認可和信心。

其實,除了銀行及政府發行綠色債券,其他私人機構亦有加入此渠道拓展綠色項目。例如一些地產商會利用綠色債券所籌募的資金,發展綠色建築、提升能源效益,及引入可再生能源。尤其在綠色建築方面,機構會以合乎「領先能源與環境設計」(LEED)或BREEAM 評級等綠色建築評估方法來發展項目,令建築績效符合永續性。 新世界中國地產便曾發行綠色債券,以發展兩個位於大灣區的項目。除了取得國家和國際綠色建築的認證, 新世界中國亦以綠色空間、節能設計和材料為基礎,勾劃出可持續發展的未來城市藍圖。

要增加策略性投資,發展綠色經濟需要各界的支持和配合。願大家在社會享用資源時,亦毋忘以自己的能量守護家園。

香港特區政府發售首批綠色債券

5th June – World Environment Day’s Special. Green Finance: What’s the Point? / 6月5日 — 世界環境日特刊 :為何需要推行綠色金融?

Special commissioned by Alexandra Tracy, President of Hoi Ping Ventures / 特約撰稿Hoi Ping Ventures主席 Alexandra Tracy

Green finance in Hong Kong has really started to take on some momentum over the past few months, with a raft of announcements from policy makers which will have an impact across a range of financial sectors.

In a bold signalling move, Hong Kong has become the first Asian government to sign up to the Green Bond Pledge, while issuing its first tranche of sovereign green bonds in May. In a similar vein, the Hong Kong Monetary Authority will reportedly soon become a signatory to the United Nations Principles of Responsible Investing, and is looking at joining the central banks’ Network for Greening the Financial System.

More tangibly, on the ground, HKMA has also announced a new sustainable bank initiative for Hong Kong banks, aiming to push them towards greater “greenness” and will create a Centre for Green Finance to provide technical assistance. On the investment side, HKMA’s Exchange Fund is looking to incorporate more ESG principles into its activities, while the Securities and Futures Commission and the Hong Kong Stock Exchange are looking to heighten ESG disclosure by listed companies and fund providers.

So, green finance in Hong Kong is moving forward, and this is a good thing. Financial markets must evolve to keep ahead – Hong Kong can’t play the “offshore RMB” card for ever – and competence in this area is likely to be essential to maintaining global market competitiveness.

What is green finance for?

But let’s look at the bigger picture for a moment: not so much, “what is green finance?” (and how do we get really good at it ?), but also, “what is green finance for ?”

There is a huge demand for financing for green and sustainable development, infrastructure and business. Trillions of dollars need to be invested in our region every year to achieve the Sustainable Development Goals. Construction of cclimate smart infrastructure alone in developing Asia is likely to cost nearly US$2 trillion annually.

Much of that investment, over time, will increasingly come from so called “mainstream” investors, as we see business practices shifting towards more green and sustainable norms. Where green finance is needed – in the short to medium term – is to fill market gaps and to fund projects and businesses that traditional fund managers and banks currently won’t touch.

When this is done correctly, it can be incredibly powerful and transform local markets.

For example, the Connecticut Green Bank in the US has implemented one of the most successful commercial building energy efficiency programmes in the world, creating a structure for long term financing of energy upgrades, which was not then available from banks in the state. The positive performance of loans under the programme has since attracted several private funders into this sector.

Similarly, the Indian Solar Loan Programme transformed the market for solar home systems in Southern India from a small, cash only business into a thriving sector which was able to attract significant bank capital. With initial support from the UN, local banks could become familiar with the potential risks of funding solar and appreciate the opportunities in this growing business line. They are now lending on purely commercial terms.

Transforming business as usual

Green finance plays a crucial role in financing businesses that struggle to raise funding from traditional sources. Its value lies in transforming “business as usual” – enabling green and sustainable activity that might not otherwise be able to succeed.

At the same time, green finance is itself a business, which can generate substantial rewards both for its proponents and for the wider economy. Growing the pool of capital available in Hong Kong to green businesses will create new opportunities for the financial services sector, as well as supporting the low carbon technology, construction and supply chain sectors.

在過去數月,綠色金融的勢頭在香港逐漸成形,政府宣布的多項措施將為整個金融業界帶來重大的影響。

今年5月,香港成為首個亞洲城市簽署綠色債券誓約,並發行第一批主權綠色債券。與此同時,據報導,香港金融管理局日內將成為聯合國負責任投資原則的簽署者,並正考慮加入中央銀行的綠色金融體系網絡。這些都是大膽而顯著的行動!

在切實執行方面,金管局還宣布了一項針對本地銀行業可持續發展的新計劃,旨在推動各銀行邁向更「綠」,另外亦將成立綠色金融中心以提供技術支援。在投資方面,金管局外匯基金希望將更多ESG (環境、社會與管治) 原則納入其運作當中,而證券及期貨事務監察委員會及香港交易所則建議加強上市公司及基金服務供應商的ESG披露規定。

由此可見,香港在綠色金融上正迅速發展,這絕對是一件好事。金融市場必須與時並進才能保持國際領導地位。香港不能永遠只依靠「離岸人民幣」這張王牌 — 發展綠色金融的能耐可能對香港能否維持全球市場競爭力至關重要。

綠色金融有何用處?

現在讓我們先討論一些基本問題,除了問「綠色金融究竟是什麼?」(以及我們如何能在此方面做得好?)之外,我們還需要了解「綠色金融到底有何用處?」。

現今社會對綠色金融和可持續發展、基建及商業的資金需求巨大。我們的地區每年均需要投入數以萬億計的資金才能實現可持續發展的目標,例如僅是在亞洲發展中國家興建氣候智能設施便每年耗資近2萬億美元。

隨著時間的推移,隨著商界採納綠色和可持續的標準規範,以上所述的投資項目資金將會越來越多來自所謂的「主流」投資者。而推動綠色金融的作用 — 在中短期內 — 便是填補市場的空白,為傳統基金經理和銀行目前不會參與融資的項目和業務提供資金。

若這個計劃順利進行,將會為香港金融市場帶來改造性的變化。

例如,美國康涅狄格州綠色銀行推行了世界上其中一個最成功的商業建築節能計劃,為這種升級節能設備項目的長期融資建立了一個獨特的系統,當時全美國其他銀行都無法做到。這項計劃在回報上表現優秀,自此吸引了多個私人投資者加入融資的行列。

無獨有偶,印度太陽能貸款計劃將印度南部的太陽能家庭系統市場從小型的、以現金為基礎的業務,轉化為一個能夠吸引大量銀行資金的系統。初時,計劃得到聯合國的支持,他們協助當地銀行去逐漸了解投資太陽能的潛在風險,並認識這個不斷發展的市場機遇。現時,當地銀行已經對這個行業有充份的認識, 並已經能夠從純商業角度批核貸款。

改變「金融常態」

綠色金融在難以從傳統投資者當中籌集資金的企業項目上,發揮著至關重要的作用。它的價值在於改變「金融常態」— 為比較難在傳統融資渠道集資的綠色及可持續發展計劃提供所需的資金。

與此同時,綠色金融作為一項業務,也能為其支持者及為整體經濟帶來豐厚的回報。在香港,增加綠色企業融資將能為金融業製造新的機遇,並進一步支援低碳技術、建築與供應鏈等行業。

ESG不單是報告,而是承諾

香港地球之友綠色金融顧問

ESG報告不應被視為短期的、Box-ticking的任務,更絕不是促銷活動的工具。ESG報告是企業對社會、對股東的長期承諾,認知自身業務在持續發展方面所需下的功夫,指定關鍵績效指標(KPI),製定計劃和改進目標,不僅對股東創造財務回報,而且對環境和社會創造效益。可持續發展報告是企業與其內部和外部利益相關者(stakeholder)之間最重要的溝通渠道。

儘管香港交易所在處理ESG報告方面的歷史相對較短,但一些公司在ESG報告和相關的工作一直走在前列,中華煤氣便是其中之一。自2007年以來,該公司已開始發布可持續發展報告,該報告遵循GRI標準,這是可持續發展報告的第一個全球標準。訂立這些標準是GRI作為獨立國際組織的一項工作,它幫助企業和政府了解和傳達其對氣候變化、人權、治理和社會福祉等關鍵可持續性問題的影響。中華煤氣在報告質量和ESG方面的表現值得作為其他上市公司的參考。這方面的工作或許也有助影響公司的業績和股價表現?

中華煤氣可持續發展報告

大快活ESG報告披露不足

香港地球之友綠色金融顧問

大快活ESG報告披露不足

港交所強制要求香港上市公司披露環保、社會及管治報告, 今年已經是第三年。在下研究了超過兩百分報告, 水準極度參差。

看看2017/18大快活的報告, 集團使用了極大量的天然氣, 但卻因天然氣而產生的硫氧化物, 氮氧化物及PM, 亦是港交所要求強制披露的指標, 卻沒有披露。另外大快活理應有一大隊車隊, 理應披露用油量, 在報告內完全沒有提到。最令人氣結的, 是大快活每天所用的包裝品總量, 包括餐盤上的即棄包裝, 以及外賣包裝, 數量十分驚人, 但也沒有在報告內披露。以上所說的, 全是屬港交所強制披露的要求指標。

看了全份報告, 不合規的問題太多, 難以勝數。如此水平, 強制披露這份報告又有甚麼意義? 如果港交所不願執法, 報告水平一定只會永遠停留在塗脂抹粉, 沒有人會願意認真看待, 綠色投資者又怎樣找到可靠的資料? 看來我們還有漫漫長路要走。

Beyond Climate Change

Karen Ho, Green Finance Advisor of Friends of the Earth (HK)

The Stock Exchange of Hong Kong Limited (HKEX) just published last Friday its Consultation Paper “Review of the Environmental, Social and Governance (ESG) Reporting Guide and related Listing Rules”.

One of the key focus of its consultation paper is climate change. HKEX proposed to require disclosure of policies on measures to identify and mitigate the significant climate-related issues which have impacted, and those which may impact the issuers, and the action taken to manage them. It proposed to revise the Environmental KPIs to require disclosure on a description on target set regarding emissions, energy use and water efficiency, waste reductions etc and steps taken to achieve them. It also proposed to require disclosure of Greenhouse Gas Scope 1 and Scope 2 emissions. All of disclosure mentioned are subject to “comply or explain”.

Better Disclosure means Better Market Efficiency

As we discussed in our blog last week, HKSAR Government is catching up on Green Finance and we are pleased to see that HKEX is seeking to strengthen its ESG rules. Whilst the Task Force on Climate-related financial disclosure (TCFD) Recommendations focus on material risks and opportunities from climate change perspectives, HKEX’s Guide applies more broadly across all environmental and social areas.

It is clear that climate change has already begun to affect global business, with extreme weather, threatening company assets and supply chains. As the environment evolves, companies that improve their energy efficiency and create new products and services will survive and companies that are slow to change will struggle.

Investors rely on ESG data to identify which companies may be best positioned to succeed in a sustainable world. FoE welcomes HKEX’s commitment in strengthening disclosure on ESG and climate-related information as it would help to drive better market efficiency.