重磅发布 | 星界资本ESG投资年鉴《2020：做有担当的资本》- 大数跨境

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重磅发布 | 星界资本ESG投资年鉴《2020：做有担当的资本》

融中财经

2020-06-24

导读：星界资本近日发布了业内首份ESG投资年鉴《2020：做有担当的资本》

导读

星界资本近日发布了业内首份ESG投资年鉴《2020：做有担当的资本》。

本文共7415字，约9.6分钟

来源 | 星界资本

ESG投资是一种将环境、社会和治理因素纳入到投资决策和积极所有权当中的一种投资策略和实践。ESG投资近年来在国际市场兴起，逐步发展为主流投资理念，2019年全球责任投资资产规模为89万亿美元。越来越多的投资者关注公司治理、公司战略及配置、长线薪酬设计、环境风险机遇以及人力资源管理等相关议题，以期实现风险调整后的最佳回报。

中国ESG投资尚在起步阶段，但增长趋势明显。中国是全球第二大经济体，2019年中国责任投资资产规模仅约10万亿人民币。但随着我国监管机构的大力倡导，中国证券投资基金业协会等自律组织的持续引导及PRI、MSCI等国际机构持续宣传，越来越多的中国投资机构开始关注ESG投资。2020年新冠疫情的爆发，进一步加速ESG投资在中国私募股权市场的渗透，大量投资者、投资机构及企业开始主动承担社会责任。

基于ESG投资实践经验积累与广泛调研，星界资本近日发布了业内首份ESG投资年鉴《2020：做有担当的资本》，从私募股权投资者的视角，全面分析并揭示了全球及中国责任投资行业发展现状与市场趋势，并就评估方法、实践案例展开讨论。

推荐语

Martin

Skancke

联合国责任投资原则组织（PRI）主席

“外国投资者在委托中国合作伙伴进行资产管理时，除了财务回报外，已投资项目在ESG（环境，社会与治理）方面的风险也成为关注重点。伴随着全球经济的交流合作，已经有越来越多的中国投资管理公司关心负责任投资，但我们仍需要更多的中国资产所有者（Asset Owner）加入其中，发出更强有力的信号，从而鼓励资产管理机构系统性地应对ESG风险。祝贺星界资本发布ESG投资年鉴，希望本年鉴能够让中国的投资者更好地了解责任投资和可持续发展策略。”

北大汇丰金融研究院执行院长

中国银行业协会首席经济学家

“在全球贸易摩擦和局部逆全球化的大背景下，绿色投资成为分化的世界中难得的一个投资共识。越来越多的投资机构开始关注绿色投资，但是总体上还停留在理念探讨阶段，真正将绿色投资融入到投资流程的并不多见。星界资本在人民币私募股权投资领域积极引入ESG理念并付诸实践，为我们进一步研究ESG投资提供了丰富的素材。”

巴曙松

马骏

中国金融学会绿色金融专业委员主任

“未来20年全球大部分的基础设施投资将发生在“一带一路”沿线国家和地区。而这些投资对当地的环境、气候变化等因素的影响将至关重要。中国作为“一带一路”倡议的发起国，中资金融机构的理念和实践方法在很大程度上会影响“一带一路”绿色化的进程。星界资本发挥其在私募投资领域的专业性优势和创新分析工具的实践运用，为《“一带一路”绿色投资原则》（GIP）绿色金融产品创新方面给予了支持。”

年鉴速览

市场概览

全球ESG投资资产规模持续高增长
中国股权投资ESG认知逐步提高
母基金是ESG投资的利器

行业洞察

中国一线GP的ESG投资现状
2020年新冠疫情下的“投资战疫”
2020年新冠疫情下的风险控制与业务增长

评估体系

星界母基金ESG评估体系研究成果
星界直接投资ESG评估体系研究成果

实践案例

中国LP ESG投资：社保基金
中国LP ESG投资：中信银行
中国GP ESG投资：弘晖资本
中国GP ESG投资：源码资本
中国创业公司ESG实践：小药药
中国创业公司ESG实践：安和护老
中国创业公司ESG实践：叮咚买菜

智库观点

Tycho Sneyers：ESG投资可兼顾财务回报与风险控制
巴曙松：ESG信息披露与交易成本控制
马骏：宏观视角下的绿色金融发展趋势
王忠民：资产所有者是ESG投资的重要推动力量
罗楠：结合中国特色的ESG投资发展路径

趋势展望

我们诚挚地邀请各位业内人士与我们就中国私募股权ESG投资进行更深入的交流与探讨，共同助推中国私募股权市场的转型与长远发展。

如需查阅电子版报告全文，请关注星界资本公众号，并回复“年鉴”即可获取。如有ESG相关的咨询或合作意向，欢迎发送邮件至：

星界资本ESG委员会

esg@starquestcap.com

Starquest ESG Investment Yearbook 2020:

Deploying Capital Responsibly

ESG investing is an investment strategy and practice that incorporates environmental, social and governance considerations into investment decisions and active ownership. ESG investing has become a mainstream investment philosophy in recent years, and in 2019, ESG-mandated assets totaled USD 89 trillion globally. Investors are increasingly conscious of ESG-related issues such as corporate governance, company strategy, asset allocation, long-term remuneration, environmental risks and opportunities and human resources management.

ESG investing is only burgeoning in China, but the trend is surely taking off. Despite being the second largest economy in the world, China had only RMB 10 trillion (USD 1.42 trillion) responsibly-invested assets in 2019. Thanks to the vigorous promotion by Chinese regulators, continued guidance of industry associations such as the Asset Management Association of China (AMAC) and the ongoing publicity of international organizations such as the UNPRI and MSCI, a growing number of Chinese institutional investors have begun to focus on ESG and ESG investing. The COVID-19 pandemic of 2020 has further accelerated the adoption of the ESG playbook within the Chinese private equity market where many GPs, LPs and their portfolio companies have consciously taken on social responsibilities.

Building on its own ESG practice and extensive research on industry peers, Starquest Capital has recently published the ESG Investment Yearbook 2020: Deploying Capital Responsibly. This yearbook comprehensively analyzes the current state and emerging trends of private equity responsible investing in China and around the world, offering an assessment methodology and multiple case studies.

Reviews

Martin Skancke

President of the UNPRI

“When foreign investors trust Chinese partners with their assets, they look beyond financial returns and focus on ESG risks in invested projects too. With closer exchanges and cooperation in the global economy, more and more Chinese investment managers are paying attention to responsible investment. But we still need more Chinese asset owners to join the UNPRI in sending a stronger message and responding systematically to ESG risks. Congratulations to Starquest Capital on publishing this ESG yearbook. I hope this yearbook will help Chinese investors better understand responsible investment and sustainable development strategies.”

BA Shusong

Executive Director of the HSBC Financial Research Institute at Peking University, Chief Economist of the China Banking Association

“Against the backdrop of international trade frictions and regional deglobalization, the importance of green investment has become a rare area of consensus in an increasingly divergent world. More institutional investors are turning their eyes towards green investment, but only conceptually for the most part. Few have truly integrated green investment into their investment processes. Starquest Capital has spearheaded the ESG ethos and practice in RMB private equity investment, which provides excellent learning opportunities for further study on ESG investing.”

MA Jun

Chairman of the China Green Finance Committee

“In the next 20 years, most of the global infrastructure investments will take place in countries and regions along the Belt and Road, producing significant impacts on the climate and local environment, among other areas. Given that the Belt and Road Initiative (BRI) is the brainchild of China, the philosophies and practices of Chinese financial institutions will meaningfully shape the green BRI process. Starquest Capital leverages its private equity know-how and innovative analytical tools on ESG investing to support product innovation in green finance, in line with the Belt and Road Initiative Green Investment Principles (GIP).”

Table of Contents

Market Overview

Global ESG-mandated AUM continues to grow rapidly
ESG awareness among Chinese private equity investors is gradually improving
Fund of funds is an ideal vehicle for ESG investing

Industry Insights

ESG investing at tier-one Chinese GPs
COVID-19 response by the Chinese investment community
Risk management and business growth in the COVID-19 pandemic

ESG Assessment Frameworks

Starquest’s ESG assessment framework for fund of funds investment
Starquest’s ESG assessment framework for direct investment

ESG Investing in Action: Case Studies in 2019

ESG investing at a Chinese LP: National Council for Social Security Fund of China
ESG investing at a Chinese LP: CITIC Bank
ESG investing at a Chinese GP: Highlight Capital
ESG investing at a Chinese GP: Source Code Capital
ESG investing at a Chinese startup: Xiaoyaoyao (pharmaceutical technology)
ESG investing at a Chinese startup: Anhe Care (old-age care)
ESG investing at a Chinese startup: Ding Dong Fresh (grocery delivery)

Perspectives from the Starquest Brain Trust

ESG investing is a balancing act between financial returns and risk management - Tycho Sneyers, President of the ESG Committee of LGT Capital Partners
Disclosure and transactional cost management in ESG investing - BA Shusong, Chief China Economist at Hong Kong Stock Exchange
Macro trends in green finance - MA Jun, Chairman of the China Green Finance Committee
Asset owners are an important driving force of ESG investing - WANG Zhongmin, Former Chairman of the National Council for Social Security Fund of China
ESG investing with Chinese characteristics - LUO Nan, Head of UNPRI China

Conclusions and Outlook

We warmly invite you to a series of thought-provoking discussions on ESG investing as practitioners in the Chinese private equity market to promote the transformation and long-term development of our community.

For an electronic copy of the full report, please follow our official account and type “年鉴” in the chat box. For ESG-related queries or proposals for cooperation, please send an email to our ESG Committee at esg@starquestcap.com.

END