「ESG·益起读VOL15」APAC: Transitioning 'Factory Asia' to Clean, Green and Inclusive Growth
朗读者：赵容萱
⾹港都会⼤学 李兆基商学院 会计及税务专业
导读
自2016年以来，新的ESG法规和修正案的数量翻了一番。“强制”、“服从或解释”。这些披露要求已被亚太地区的许多监管机构采用。为了帮助理解，可将法规分为三大类：1. 加强公司披露；2. 对绿色或可持续的行为进行分类；3. 为可持续投资分级或精简标准。
“亚太地区当前的趋势似乎将持续下去，并且不仅可能重塑资本流动，还可能重塑那些致力在经济增长与环境和社会成果之间取得平衡的发行方的估值。”
Gabriel Wilson-Otto, director, sustainable investing at Fidelity International (based in Hong Kong)
“Over the past five years,mindsets in the APAC region have shifted towards recognising the needof sustainable and equitable growth, as opposed to growth at anycost.
“Since2016, the number of new ESG regulations or amendments in the regionhas doubled. Keeping up with the news flow often feels like trying todrink from a firehose. To aid digestion, it can be helpful togroup regulations into three broad categories:
1.Enhancing corporate disclosure
2.Taxonomies or classifying the activities that are green orsustainable
3.Labels orminimum criteria for sustainable investments
“Mandatory, or “comply or explain”, ESG disclosure requirements have beenadopted by many regulators in the region. As a result, corporatedisclosure of common ESG data has improved significantly in the APACregion and is now roughly on par with the United States.”
Qualitydata
“Morerecently, regulators have shifted their focus to the quality ofESG data providedand effective risk management.
“Tohelp prevent boilerplate policies and a compliance mindset – asopposed to a strategic approach – to ESG data disclosure, there hasbeen a shift towards regulating disclosure of the governanceframework and strategies that underpin ESG disclosure. Anexample of this is the adoption of climate-related risk disclosuresin line with, or at least strongly influenced by, the recommendationsof the TCFD.
“High-qualityinformation is a cornerstone of effective decision-making and capitalallocation, so it is no surprise that regulation has focused onestablishing critical building blocks to differentiate betweensustainability leaders and laggards.
“Inthis regard, APAC appears to be following in Europe’s footsteps. InEurope, corporate disclosure, taxonomies and fund disclosurerequirements have helped facilitate strong inflows into sustainableinvesting products. In the fourth quarter of 2021, Article 8and Article9 productscaptured over 60% of all inflows in Europe.
“Thecurrent trend in the AsiaPacific regionlooks set to continue and could result in reshaping not only capitalflows, but the valuations of issuers that make balance growth withpositive environmental and social outcomes.”
