Huang Liping, Member of the Party Committee and Deputy Secretary-General of the China Foundation for the Study: “E” is the biggest challenge for industry organizations to carry out ESG investment-CAIJING.COM.CN

On December 23, when Huang Liping, member of the Party Committee and Deputy Secretary-General of the China Foundation for the Development of China, participated in the Sustainability Development Summit Forum of Caijing, the sustainable development must be human-oriented and coordinated; the development of green investment must pay attention to specific practices; Ethics construction in ESG application; ESG investment has achieved rapid growth in these four aspects, and made a speech on the theme of “optimizing investment ethics to promote green development”.

Party Committee of China Securities Investment Fund AssociationCommittee member、viceSecretary General YellowLiping

Huang Liping said that green and sustainable development must be people-oriented, adapt measures to local conditions, time conditions, and diversify exploration. “One ruler” may not work.

“The Fourteenth Five-Year Plan is guided by new development concepts, through special articles to arrange green development, and clarify the strategic goals and priorities of green development. The fund industry should transform these goals and priorities into concrete, practical and feasible investments. Practice requires great effort,” she said.

She emphasized that in the process of ESG investment by industry organizations, the most challenging and most complicated part of the work is the “E”, which is the environment. He also suggested that it is necessary to dig deeper into the green and sustainable economic and financial connotations, to identify the functional positioning of the investment side, and to respect the objective reality of economic foundation, development stage, social structure, cultural inheritance, etc. on the basis of full reference to international best practices. , To deepen the local value of green investment in terms of values ​​and methodology, form technical methods and indicators with real meaning, and develop policy routes that are compatible with market choices. However, market choices and policy routes influence each other, interact with each other, and complement each other.

As far as the fund industry is concerned, the investment side still lacks information and methods to effectively identify and evaluate green targets, and there is still a lack of clear and stable standards for green asset valuation and investment portfolio construction. Fund managers actively participate in the green governance of invested companies. The methods and methods are not yet mature. Green strategic management, green investment research and risk control, and green talent training mechanisms are all in the process of improving, and the construction of the green investment system needs to be strengthened urgently. Especially in the initial stage of green investment, there are many positive and negative factors affecting green investment valuation and high uncertainty, which obviously increases the technical difficulty of long-term value research and judgment.

Talk about ethics construction in ESG application. She said that for investment institutions, ESG investment must first pay attention to the scientific nature of ESG indicators, that is, whether they truly reflect ESG values; at the same time, they must also pay attention to whether ESG indicators are applied to specific objects in a fair and equitable manner.

In addition, investment institutions must be sufficiently cautious in their value choices and investment behaviors, strive to make scientific decisions, promote ESG investment to serve the best interests, and minimize the distortion of economic activities or the damage to the interests of some entities. This kind of prudence and hard work is also a manifestation of the ESG spirit, that is, individual behaviors must be fair and just to others and to society.

Finally, Huang Liping also pointed out that in the context of policies such as dual-carbon targets and new energy, domestic ESG theme funds have seen a sudden increase in number and scale in the past two years. According to statistics from the association, as of the end of the third quarter of 2021, the number of public and private equity funds in green, sustainable, and ESG directions was close to 1,000, with a total scale of more than 790 billion yuan, an increase of 36% from the end of last year. Among them, there are more than 190 public equity funds with a management scale of more than 410 billion yuan; 800 private equity funds with a management scale of 370 billion yuan, 90% of which are equity venture capital funds.

Not long ago, the Fund Industry Association established the Green and Sustainable Investment Committee. It is to unite the forces of all parties, based on long-term development, to help the fund industry master the laws of sustainable development, optimize investment research methods, enrich investment products, improve industry standards, and in major strategies such as national innovation-driven strategies, green development strategies, and common prosperity strategies Be responsible and create value in the fund industry at a higher level and at a higher level.

In the next step, the committee will actively strengthen basic research and serve the asset-side environmental governance; timely improve green investment guidelines, standardize green investment development, green investment methods and green product issuance; continue to promote green asset valuation methods and green investment portfolio comparison benchmarks. Improve the market environment and attract more funds, especially long-term funds, into the field of green investment.