ESG 战略：如何在公司制定和实施 ESG 战略？
要明白如何制定 ESG 战略，为公司 ESG 制定执行策略，确保 ESG 战略能有效地得到贯彻或执行，我们应该厘清哪些问题？这些问题可以是（包括但不限于）：
对于公司的事业， ESG 战略能带来哪些利益？
着手制定 ESG 战略
实施 ESG 战略
Building an ESG program can be overwhelming when you consider all the potential topics that make up “E,” “S,” and “G” and the reality that ESG covers all functional areas of a company.
关于 ESG 是什么，可以阅读这个页面：ESG 是什么。或参考 WikiPedia：
Environmental, social, and corporate governance (ESG) is an approach to evaluating the extent to which a corporation works on behalf of social goals that go beyond the role of a corporation to maximize profits on behalf of the corporation's shareholders. Typically, the social goals advocated within an ESG perspective include working to achieve a certain set of environmental goals, as well as a set of goals having to do with supporting certain social movements, and a third set of goals having to do with whether the corporation is governed in a way that is consistent with the goals of the diversity, equity, and inclusion movement.
关于 ESG 发展史，可以参考这个页面：ESG 发展史
要理解 ESG 指标的构成，并没有标准的答案可供参考。尽管各家的 ESG 标准参差不一，但 ESG 的方法论大体相同
在自由市场中，信息的流动利于创造价值。因此 ESG 的披露是 ESG 战略的重要组成部分。因此参考最常用的 ESG 披露标准（框架）也同样重要。一些事实可供参考：
SASB 是新晋贵族，面向投资者，它打算为 77 个行业提供可持续发展披露标准。更多可阅读 SASB 介绍
TCFD （Task Force on Climate-Related Financial Disclosures）顾名思义是财务相关的气候变化披露框架，港交所的ESG 指引有参考 TCFD。
更多披露框架可参考 ESG 标准页面。
三、从利益相关方视角来审视 ESG 战略重要性
要从利益相关方视角切入，来衡量一下 ESG 战略的重要性，可从这些点出发：
行业佼佼者：投资者会通过 ESG 绩效来从行业佼佼者中挑选投资标的；如果可能，政府会优先考虑支持这些佼佼者
在 ESG 投资中，投资者会提出部分行业：controversial weapons, pornography, tobacco and alcohol, fossil fuel extraction and nuclear energy
进入门槛：某些公司要成为供应商，可能需要满足一定的条件，如果 CDP 就每年会接受到甲方委托，邀请供应商填写其问卷。
总之，要衡量 ESG 战略的重要性，思路可以是：
EUROSIF（Euro Sustainable Investment Fora）：Responsible Investment Strategies
1.Best in class
An approach where leading or best-performing investments within a universe, category, or class are selected or weighted based on ESG criteria. This approach involves the selection or weighting of the best performing or most improved companies or assets as identified by ESG analysis, within a defined investment universe. This approach includes Best-in-Class, best-in-universe, and best-effort.
2.Engagement & voting
Engagement activities and active ownership through voting of shares and engagement with companies on ESG matters. This is a long-term process, seeking to influence behaviour or increase disclosure. Engagement and voting on corporate governance only is necessary, but not sufficient to be counted in this strategy.
The explicit inclusion by asset managers of ESG risks and opportunities into traditional financial analysis and investment decisions based on a systematic process and appropriate research sources. This type covers explicit consideration of ESG factors alongside financial factors in the mainstream analysis of investments. The integration process focuses on the potential impact of ESG issues on company financials (positive and negative), which in turn may affect the investment decision.
Environmental issues concern any aspect of a company’s activity that affects the environment in a positive or negative manner. Examples include greenhouse gas emissions, renewable energy, energy efficiency, resource depletion, chemical pollution, waste management, water management, impact on biodiversity,etc.
Social issues vary from community-related aspects, such as the improvement of health and education, to workplace-related issues, including the adherence to human rights, non-discrimination and stakeholder engagement. Examples include labour standards (along the supply chain, child labour, forced labour), relations with local communities, talent management, controversial business practices (weapons, conflict zones), health standards, freedom of association, etc.
Governance issues concern the quality of a company’s management, culture, risk profile and other characteristics. It includes the board accountability and their dedication towards, and strategic management of, social and environmental performance. Furthermore, it emphasises principles, such as transparent reporting and the realisation of management tasks in a manner that is essentially free of abuse and corruption. Examples include corporate governance issues (executive remuneration, shareholder rights, board structure), bribery, corruption, stakeholder dialogue, lobbying activities, etc.
An approach that excludes specific investments or classes of investment from the investible universe such as companies, sectors, or countries. This approach systematically excludes companies, sectors, or countries from the permissible investment universe if involved in certain activities based on specific criteria. Common criteria include weapons, pornography, tobacco and animal testing. Exclusions can be applied at individual fund or mandate level, but increasingly also at asset manager or asset owner level, across the entire product range of assets. This approach is also referred to as ethical- or values based exclusions, as exclusion criteria are typically based on the choices made by asset managers or asset owners.
Impact Investments are investments made into companies, organisations and funds with the intention to generate social and environmental impact alongside a financial return. Impact investments can be made in both emerging and developed markets, and target a range of returns from below market-to-market rate, depending upon the circumstances*. Investments are often project-specific, and distinct from philanthropy, as the investor retains ownership of the asset and expects a positive financial return. Impact investment includes microfinance, community investing, social business/entrepreneurship funds and French fonds solidaires.
*Global Impact Investing Network (GIIN), ‘What is Impact Investing?”, http://www.thegiin.org/cgi-bin/iowa/investing/index.html,2012
6.Norms based screening
Screening of investments according to their compliance with international standards and norms. This approach involves the screening of investments based on international norms or combinations of norms covering ESG factors. International norms on ESG are those defined by international bodies such as the United Nations (UN).
Investment in themes or assets linked to the development of sustainability. Thematic funds focus on specific or multiple issues related to ESG. Sustainability themed investments inherently contribute to addressing social and/or environmental challenges such as climate change, eco-efficiency and health. Funds are required to have an ESG analysis or screen of investments in order to be counted in this approach.
88%的案例研究表明，稳固的 ESG 实践利于运营业绩；90%的资本研究表明 ESG 标准能降低成本，88%的案例研究表明股价与可持续发展实践水平成正比。
According to a survey held in 2019 by Morgan Stanley Institute for Sustainable Investing, 95% of millennials were interested in sustainable investing.
ESG 的实践使公司能更好地应对风险。在ESG 实践中，有风险识别这一环。这个风险包括气候变化、政策监管等。
成功的 ESG 战略可视为如何理解一家公司或组织是如何实现ESG 的三个支柱的可持续性的：Environment, Social and Governance
参考 The United Nations Guiding Principles on Business and Human Rights(《联合国工商业与人权指导原则》)
Academic studies have revealed the importance of establishing supply chain ESG measures and how the disconnection between supply chain and ESG strategy can cause business disruptions
六、着手制定 ESG 战略
Once you know which ESG topics to prioritize, it’s important to assess existing programs, policies, metrics, and engagements in your company. You can do this by working directly with cross-functional stakeholders within your organization that have expertise in each priority ESG topic. We recommend gathering information from reports, policies, and data systems first, supplemented by interviews with internal stakeholders to follow up on specifics and collect more detailed insights.
This assessment allows you to take stock of your company’s current state and gauge the relative maturity of ESG across the organization. Oftentimes, you may find silos of ESG activity in the organization that has not been included in larger strategies or communications. By getting a pulse on ESG at your organization, you can better gauge the level of ambition and fitness for ESG goals.
3: 为 ESG 战略设定目标
Now that you know your baseline ESG stats, you should start setting your sights on how you can focus efforts moving forward. We recommend topic-focused working sessions with key stakeholders to better define strategic objectives, beginning with:
- Maintain: What are you already doing well that just needs to be maintained or communicated? This may be something like ‘complying with applicable product safety regulations’ – something that is considered ‘table stakes’ and material for the business to maintain, but not where you would prioritize resources in the short-term to provide the greatest ESG value. In this case, you may decide to maintain current efforts to ensure compliance.
- Improve: What areas can you make incremental improvements to better align with peers, meet stakeholder expectations, or demonstrate commitment to ESG? For example, you may have inclusion and diversity programs internally, but little communication to external audiences about how and why these are important to the company. Your strategic objective may then be to externally report key inclusion and diversity metrics and begin setting goals.
- Optimize: Where can you really sharpen your existing efforts to move toward industry leadership in ESG? Perhaps you have already calculated and communicated your operational carbon footprint and set site-level greenhouse gas emissions targets, so your strategic objective may be to complete a decarbonization plan and set a science-based target.
A natural next step to deciding on objectives is to set goals. Goals are a great way to measure the impact of your activities, improve company performance in key areas, position your company well among peers, and integrate ESG practices into the business. Public goals also help inform stakeholders and reinforce the seriousness of your ambitions.
There are certain things you should consider when setting goals, such as:
- What context is needed for your proposed goals?
- How can ESG performance be assessed?
- How ambitious do you want to be with target dates?
- What levers need to be pulled directly or indirectly?
ESG goals are not one-size-fits-all – they should be tailored to your specific business and impact. We often recommend setting a broad and aspirational goal with supporting targets or "sub-goals" that are more digestible and often meant to be completed in shorter time spans. It is also important to consider what your goal drivers are when deciding when and how to communicate goals externally.
At this stage, we recommend presenting your draft goals to your leadership team, Board of Directors, and sustainability councils. By engaging these stakeholders early on in the process, you gain consensus around your direction and support that may be needed to build resource teams or programs.
Steps 1, 2, and 3 are the first wave of health screenings to get you in shape for a successful ESG sprint, but you also want to make sure you are aware of all the potential issues that your company may encounter when trying to achieve your new goals. We recommend conducting a brief gap analysis between your current state and your objectives or goals to identify what may be missing so you can strategize and plan accordingly for the future. Depending on where you are on the fitness scale, gaps may be as minor as only needing to collect one more metric, or as large as needing to set up a sustainability council to make key decisions moving forward. Understanding your gaps between now and five years from now will help define the level of ambition before diving into minutia. Understanding the end results you can realistically achieve allows better strategic guidance across the organization.
5: 制定 ESG 战略路线图和框架
An ESG program won’t hold up unless it has a framework that clearly outlines where your organization’s vision and purpose meet your ESG priorities. The development of a roadmap ensures accountability for key actions, and a compelling ESG framework gives stakeholders a clear picture of your strengths and goals. This is a time to be reminded of the level of ambition you previously identified and to set in place a reasonable approach that you know you can commit to, often through a phased plan with measured steps along the way.
When building a framework, it’s important to consider how it applies across your organization (by operation type, function, region, etc.) and how you will monitor progress to achieve goals.
To effectively implement an ESG program, it requires the integration of ESG into business practices and processes. You need to outline programs to stay in shape all year long so you’re prepared when the ESG spotlight shines on your company. Building a strategy along these lines requires businesses to be able to surface relevant issues, measure ESG performance, and take action that's in line with ESG values. Here are a few best practices to implement:
- Identify clear and measurable outcomes that define what success looks like for you.
- Utilized centralized management systems or data software to more easily track and trend key metrics and performance.
- Set a regular cadence of communication and updates for key stakeholders to continuously evaluate goals, update data, and compare best practices. By constantly monitoring your plans, you can stay apprised of adjustments that might be needed to stay on track toward your goals.
While it is important to have oversight of ESG at a corporate level, it’s more important to remember real progress happens on the ground. Your facilities teams will likely need detailed recommendations and guidance to achieve tangible results as you drive accountability from team members responsible for implementing actions.
关于 ESG 报告（ESG 信息披露），可参考这个页面：ESG 披露指南：ESG 报告怎么写？
参考所属地的 ESG 规定；
要被 ESG 投资者熟知，应遵循国际公认的 ESG 标准去披露，如 CDP、彭博等。
认识 ESG 背后的价值。
Communicating a company’s ESG performance is a great way to build a rapport with customers, partners, sustainability experts, regulators and journalists, and helps improve employee retention and a company’s reputation. ESG reporting should become a fundamental part of the company’s story, should be authentic and transparent to build trust among all stakeholders, and find a unique ESG value proposition. A company’s ESG needs to be interwoven with business values and objectives along with making it a part of employee policies. Along with this, a company could participate in various net zero initiatives that can help in building good collaborations with other ESG related stakeholders. Communicating your ESG performance and what you mean by long-term value shouldn’t be a once-a-year exercise, but rather a year-round effort.
To extensively integrate sustainability into financial markets, businesses need to incorporate the ESG information into all communications with investors. Companies can use a tool established by the United Nations Global Compact and the Principles for Responsible Investment (PRI) to better measure and communicate the financial effect of their sustainability strategy and also, help investors integrate sustainability data into their existing investment processe. The value driver model helps in utilizing the business metrics of a company to illustrate the ways sustainable activities will contribute to overall performance.
Summing up, companies can differentiate themselves through communicating their ESG performance, demonstrating their value to society in the long run, and building confidence from stakeholders. At this stage there is no one-size-fits all formula for moving towards this positive change, however, a timely, accurate, and transparent presentation of material environmental, social, and governance issues is the most efficient way to start.
UNGLOBALIMPACT： Value Driver Model 价值驱动模型
(英文 a tool for communicating the business value of sustainability，本站下载)
A company’s ESG strategy is not a one-time practice but rather companies need to review and improve their ESG performance in a timely manner for sustainable growth. ESG compliance checklist serves as an important document to evaluate whether the obligations have been completed by a company.
ESG review is essential in any company since it provides various insights into the ways ESG strategy has developed in the company’s structure and the products or services it provides. Adopting newer technologies such as data analysis and AI can process large sets of data from different sources across supply chains and further communicate the improvements that are needed in a company’s ESG strategy.
There are various frameworks and reports available on ESG monitoring and improving the strategy for a better impact. for example, the guidance issued by the UNPRI on ESG monitoring, reporting, and dialogue in private equity supports an exchange of information, based on dialogues, that keeps Limited Partners (LPs) informed about the ESG aspects of their private equity investments and their General Partners’ responsible investment practices.