这家全球最大的资产管理公司将气候作为其投资战略的核心

这家全球最大的资产管理公司将气候作为其投资战略的核心

BlackRock, the world's largest asset manager, says that it will now make climate change central to its investment considerations. And not just for environmental reasons — but because it believes that climate change is reshaping the world's financial system.

全球最大的资产管理公司贝莱德表示，它现在将把气候变化作为投资考虑的核心。不仅是出于环境方面的原因，还因为它相信气候变化正在重塑世界金融体系。

That was the message in BlackRock Chairman and CEO Larry Fink's annual letter to CEOs published on Tuesday.

这是贝莱德董事长兼首席执行官拉里·芬克周二公布的致首席执行官的年度信函中传达的信息。

"The evidence on climate risk is compelling investors to reassess core assumptions about modern finance," he wrote, explaining that climate change is the top concern that investors raise with BlackRock. "In the near future — and sooner than most anticipate — there will be a significant reallocation of capital."

他写道:“气候风险的证据迫使投资者重新评估有关现代金融的核心假设。”他解释称，气候变化是投资者向贝莱德提出的首要担忧。“在不久的将来——而且比大多数人预期的更早——资本将出现重大重新配置。”

BlackRock manages approximately $7 trillion on behalf of investors. Its shift could signify a watershed moment for corporate action on climate, particularly among U.S. firms. BlackRock says it will require additional reporting from the companies it invests in, including disclosure of climate-related risks and plans for operating under the goals of the Paris Agreement to limit global warming to less than 2 degrees Celsius.

贝莱德代表投资者管理约7万亿美元资产。这一转变可能标志着企业(尤其是美国企业)应对气候变化行动的一个分水岭时刻。贝莱德表示，它将要求其投资的公司提供更多报告，包括披露与气候相关的风险，以及根据《巴黎协定》将全球变暖控制在2摄氏度以内的目标开展业务的计划。

Fink raised a number of financial risks presented by climate change:

芬克提出了气候变化带来的一系列金融风险:

"Will cities, for example, be able to afford their infrastructure needs as climate risk reshapes the market for municipal bonds? What will happen to the 30-year mortgage — a key building block of finance — if lenders can't estimate the impact of climate risk over such a long timeline, and if there is no viable market for flood or fire insurance in impacted areas?

“例如，随着气候风险重塑市政债券市场，城市能否负担得起它们的基础设施需求?”30年期抵押贷款是金融的一个关键组成部分，如果放贷机构不能估计这么长时间内气候风险的影响，如果在受影响的地区没有可行的洪水或火灾保险市场，那么30年期抵押贷款将会发生什么?

What happens to inflation, and in turn interest rates, if the cost of food climbs from drought and flooding? How can we model economic growth if emerging markets see their productivity decline due to extreme heat and other climate impacts?"

如果干旱和洪水导致食品价格上涨，那么通货膨胀和利率将会怎样?如果新兴市场的生产率由于极端高温和其他气候影响而下降，我们如何模拟经济增长?”

Fink said BlackRock will remove companies that generate more than 25% of their revenues from coal production from its actively managed portfolios. But only about a quarter of BlackRock's assets are actively managed, according to Reuters. The majority of BlackRock's assets are in passively managed index funds, and thus wouldn't be subject to the policy.

芬克说，贝莱德将从其积极管理的投资组合中剔除占其收入25%以上的煤炭企业。但据路透社报道，贝莱德只有约四分之一的资产得到积极管理。贝莱德的大部分资产都是被动管理的指数基金，因此不受政策约束。

Nonetheless, BlackRock's move can provide companies that want to move on climate a weighty business justification for doing so: If they don't, they risk being dropped from the investment giant's funds.

尽管如此，贝莱德的举动可以为那些希望在气候问题上采取行动的公司提供一个有力的商业理由:如果他们不这样做，就有可能被这家投资巨头的基金除名。

Fink also warned that BlackRock won't hesitate to use its status as a major shareholder to pressure companies accordingly: "[W]e will be increasingly disposed to vote against management and board directors when companies are not making sufficient progress on sustainability-related disclosures and the business practices and plans underlying them."

芬克还警告说，贝莱德将毫不犹豫地利用其作为大股东的身份向公司施压：“当公司在与可持续性相关的披露以及背后的商业实践和计划方面没有取得足够的进展时，[W]E将越来越倾向于投票反对管理层和董事会。”

This isn't the first time Fink has caused a stir with his CEO letter. Two years ago, his letter called on CEOs to focus less on short-term profits and more on long-term growth and making a positive contribution to society.

这已经不是芬克第一次因为他的CEO信引起轰动了。两年前，他在信中呼吁首席执行官们少关注短期利润，多关注长期增长，为社会做出积极贡献。