2021-12-05-瑞士信贷集团-ESG研究_2022年可持续投资之关注监管和脱碳_94页_2mb

Summary of ESG Report (2022 Focus on Regulation and Decarbonisation)

Overview

• ESG Assets reached US$35T in 2021, with projections exceeding $53T by 2025. However, generating alpha through ESG investing has become challenging due to underperformance by actively managed ESG funds and increased volatility in thematic returns.
• Regulation is tightening globally: the EU Taxonomy and Corporate Sustainability Reporting Directive (CSRD) are key frameworks, while the US SEC and UK FCA are introducing new ESG disclosure rules.
• Decarbonisation remains central, with annual investment needs near $2.5T. Post-COP26, focus is on aligning portfolios with net-zero goals, supported by initiatives like SSB’s Science-Based Targets and carbon pricing mechanisms.

Key Topics for 2022

• Regulation: Stricter reporting standards, carbon border taxes (e.g., EU CBAM), and sustainability-linked bonds will drive ESG integration.
• Decarbonisation: Focus on renewable energy, hydrogen, and energy storage, with policies like Fit-for-55 in the EU and US Inflation Reduction Act in the US shaping markets.
• Performance Challenges: ESG funds underperformed global equities in 2021 due to stock picking pressures and valuation gaps. Quality and Momentum metrics (via HOLT) are emphasized for stock selection.

Preferred and Least Preferred Themes

• Top Themes: Building Energy Efficiency, Automation, Diversity, and Industrial Energy Efficiency score highest in Quality and Momentum.
• Bottom Themes: Solar, Wind, Hydrogen, and Infrastructure lag due to lower CFROI and momentum metrics.

Key Stock Screens

• Top Quartile Themes: Companies with high HOLT Quality and Momentum in themes like Energy Efficiency and Automation.
• Paris-Aligned Portfolios: Stocks meeting SBTi standards and net-zero commitments.
• Decarbonisation Exposure: Focus on renewable energy infrastructure and hydrogen producers.

Analyst Insights

• Regulatory Compliance: Companies must adapt to new disclosure norms to avoid scrutiny.
• Thematic Investing: Increased focus on health and wellness CPG, vocational education, and utilities
• Alpha Generation: Relies on superior stock selection in high-quality themes, combining CFROI, momentum, and ESG scores.

Data Highlights

• Asset Growth: ESG assets rose from $22.8T in 2016 to $35T in 2021, likely to reach $53T by 2025.
• Performance: ESG Leaders underperformed global equities in some regions (e.g., Europe) but outperformed in the US due to tech-heavy portfolios.
• Investment Trends: Rising spending on renewable energy infrastructure (IEA estimates $1.5–$3T/year by 2030).

This report underscores the balance between regulatory pressures, decarbonisation goals, and financial performance, highlighting both opportunities and risks for sustainable investors.