2025-06-10-Jefferies-全球_可持续性与转型战略_资产所有者系列_挪威银行投资管理公司的气候与自然战略_8页_189kb

The report focuses on Norges Bank Investment Management (NBIM), which manages the Norwegian Government Pension Fund Global with approximately $1.8 trillion in assets. NBIM emphasizes long-term sustainable investing, incorporating climate and nature risks into its strategy. Under a Current Policy scenario, top-down analysis indicates expected losses from physical climate risk on US equity investments at 19% (95th percentile 27%), while bottom-up analysis shows lower losses at 2% (95th percentile 3%). Both approaches indicate underestimation of physical climate risks, highlighting the need for better data. NBIM uses a multi-level strategy: market-level engagement to raise standards, portfolio-level ESG integration, and company-level actions like engagement and proxy voting. The fund has demonstrated strong performance with a 6.34% annualized return since 1998, outperforming the benchmark by 0.25 percentage points. Future priorities include enhancing data granularity to drive nuanced investment decisions on climate and nature risks.