发表时间：2024.07.04     作者：Bloomberg     来源：ShoelessCai     阅读：106

Dow average gets ESG boost from Amazon

By Tim Quinson

道琼斯显示，亚马逊助力 ESG 领域表现上升

Almost anyone who closely tracks US financial markets these days is aware that ESG is under withering fire from the right.

如今，几乎所有密切关注美国金融市场的人都意识到，ESG正受到右翼抨击，攻击逐渐在减小。

Republican politicians in red states like Florida and Texas have taken aggressive steps to punish companies that say they adhere to investing strategies related to environmental, social and governance factors. The GOP contends such efforts to incorporate sustainability into corporate decision making unfairly comes at the expense of fossil fuel giants and gunmakers, among others. They also claim it hurts shareholders.

共和党政客在红色州开展了激进行动，这些州包括佛罗里达、德克萨斯，这些行动旨在惩罚了一些公司，这些公司声称他们只作 ESG（环境、社会、政府） 领域的战略投资。共和党（Grand Old Party，GOP）是妥协了一部分的，为了将可持续纳入公司决策，这样做会使化石燃料巨头和枪支公司付出些代价，相较于其他人而言。他们还认为他们损害了股东利益。

These efforts, in tandem with those of powerful industry lobbies, are having an impact. Flows to ESG-focused funds are much lower than they were just a few years ago. Globally, a net $5.4 billion has been invested in ESG-labeled exchange-traded funds in 2024, down from $15.6 billion in the same year-earlier period, according to data compiled by Bloomberg.

这些资源（共和党团队 efforts),和那些行业非常有说服力的说客合作，是非常有影响力的。流入专门用于 ESG 领域的资本，比起前几年来说，是非常少的。全球而言，净额 54 亿美元投入了 ESG 相关交易，整个 2024 年而言，1 年前同期的投资额 156 亿美元。数据来自彭博。

QuickTake: Why Texas Is Banning Banks Over Their ESG Policies

But a funny thing happened on the way to the stock exchange. Analysts at Bloomberg Intelligence recently discovered the ESG score of one of America’s premier equity benchmarks is actually improving.

快新闻：德克萨斯为什么禁止银行使用 ESG 策略？

然而，上市之前还有一件趣事。彭博智库分析师最近发现，美国一只优先股基准股的 ESG 得分，正在增加。

The addition of Amazon.com Inc. to replace Walgreens Boots Alliance Inc. strengthened the Dow Jones Industrial Average’s ESG profile, given Amazon’s higher ESG score and heavier weighting within the stock average, said analyst James Seyffart.

亚马逊的附加作用，是替代 Walgreens Boots Alliance，以此来加强道琼斯中的 ESG 部分，因为亚马逊具有更高的 ESG 得分，以及更大当权者，在一揽子平均指标中。分析师 James 说到。

“Though it’s unclear whether ESG factors play a role in the index committee’s decisions, three of the last four constituent changes strengthened the Dow average’s ESG metrics,” Seyffart said. He was referring to the move made about four years ago to replace Big Oil heavyweight Exxon Mobil Corp. and Raytheon Co. in the Dow average with Salesforce Inc. and Honeywell International Inc.

Seyffart表示：“尽管尚不清楚ESG因素是否在指数委员会的决定中发挥作用，但最近四个成分变化中的三个加强了道琼斯平均指数的ESG指标。”。他指的是大约四年前用Salesforce股份有限公司和Honeywell International股份有限公司取代大型石油巨头埃克森美孚公司（Exxon Mobil Corp.）和雷神公司（Raytheon Co.）在道琼斯指数中的地位。

In a statement, S&P Dow Jones Indices said ESG analysis plays no role in determining what stocks are added to or removed from the Dow industrial average.

标普道琼斯指数在一份声明中表示，ESG分析在决定道琼斯工业平均指数中添加或删除哪些股票方面没有任何作用。

Still, only one fossil fuel company—Chevron Corp.—remains in the Dow. Such limited representation of a sector that’s home to the chief culprits of global warming is helping the stock average maintain a better ESG profile than the S&P 500 and the Nasdaq 100, Seyffart said.

尽管如此，道琼斯指数中仍只有一家化石燃料公司——雪佛龙公司。Seyffart表示，一个全球变暖罪魁祸首所在的行业的代表性如此有限，有助于股票平均指数保持比标准普尔500指数和纳斯达克100指数更好的ESG形象。

It remains an open question, however, as to whether a higher ESG score translates into better market performance.

然而，更高的ESG分数是否会转化为更好的市场表现，这仍然是一个悬而未决的问题。

So far this year, the average ESG-labeled exchange-traded fund focused on equities was up 8% as of May 31. That underperformed the 10.6% advance of the S&P 500 over the same period. But both bested the Dow’s paltry 2.6% gain, according to data compiled by Bloomberg.

截至5月31日，今年迄今为止，专注于股票的ESG标签交易所交易基金平均上涨了8%。这低于同期标准普尔500指数10.6%的涨幅。但根据彭博社汇编的数据，两者都超过了道琼斯指数2.6%的微弱涨幅。

The Dow’s low return has been tied to stocks such as Salesforce, which plummeted almost 20% on May 29 after the company projected the slowest quarterly sales growth in its history. The news heightened concerns that the company will be left behind in the artificial-intelligence boom.

道琼斯指数的低回报率与Salesforce等股票有关，Salesforce在5月29日暴跌近20%，此前该公司预计季度销售额将创下历史上最慢的增长。这一消息加剧了人们对该公司将在人工智能热潮中落后的担忧。

S&P Dow Jones Indices, which oversees the Dow average, said companies are only added to the price-weighted index if they have “an excellent reputation, demonstrate sustained growth and are of interest to a large number of investors.” Maintaining “adequate sector representation” also is a consideration in the selection process. Changes are made on an as-needed basis, as opposed to an annual or semi-annual reconstitution.

监管道琼斯平均指数的标准普尔道琼斯指数表示，只有在“声誉良好、表现出持续增长并引起大量投资者兴趣”的情况下，公司才会被纳入价格加权指数。在选择过程中，保持“足够的行业代表性”也是一个考虑因素。变更是根据需要进行的，而不是每年或每半年进行一次重组。

The recent change increases the Dow average’s exposure to the consumer retail industry, as well as other businesses, given the breadth of Amazon’s operations from selling goods of all stripes to running the world’s largest cloud-computing enterprise.

鉴于亚马逊的业务范围从销售各种商品到运营世界上最大的云计算企业，最近的变化增加了道琼斯平均指数在消费零售业以及其他业务中的敞口。

In its Feb. 20 press release announcing Amazon’s arrival, S&P Dow Jones Indices said adding the e-commerce behemoth reflects, among other things, “the evolving nature of the American economy.”

标普道琼斯指数在2月20日宣布亚马逊到来的新闻稿中表示，加入这家电子商务巨头反映了“美国经济的演变性质”。

Sustainable finance in brief

简短介绍可持续财务

The European Central Bank is set to take the unprecedented step of imposing fines on lenders for their protracted failure to address the impact of climate change. As many as four banks are said to face penalties after not meeting deadlines for assessing their exposure to climate risks. The amounts aren’t final yet, but the imposition of fines marks a serious escalation in forcing banks to manage climate risks amid accelerating global warming. It took years of pressure to get to this juncture though, with former banking supervision head Andrea Enria saying last year the ECB would resort to sanctions as an alternative to higher capital requirements. The rigor with which the ECB is pushing banks on climate front places in stark relief the actions, or lack thereof, by its counterpart across the Atlantic. Federal Reserve Chair Jerome Powell has said the US central bank has only “narrow, but important, responsibilities regarding climate-related financial risks.”

欧洲央行将采取前所未有的措施，对长期未能应对气候变化影响的贷款人处以罚款。据称，多达四家银行因未在评估其气候风险敞口的最后期限前完成评估而面临处罚。金额尚未最终确定，但罚款的实施标志着在全球变暖加速的情况下，迫使银行管理气候风险的严重升级。然而，走到这一步需要多年的压力，前银行监管主管安德里亚·恩里亚去年表示，欧洲央行将采取制裁措施，以替代更高的资本要求。欧洲央行在气候方面对银行的严格推动，使大西洋彼岸的同行的行动或缺乏行动大为缓解。美联储主席杰罗姆·鲍威尔表示，美国央行在气候相关金融风险方面只有“狭窄但重要的责任”。

Bank of America is loosening restrictions on lending to the firearms and energy industries amid pressure from Republicans in US red states.

At some of the world’s biggest banks, loans to commercial real estate face new litmus tests that promise to shape the sector’s access to financing.

Asset managers outside the UK are about to find out whether they can continue to sell their ESG funds to British investors.

在美国红色州共和党人的压力下，美国银行正在放松对枪支和能源行业贷款的限制。

在世界上一些最大的银行，商业房地产贷款面临着新的试金石，有望影响该行业的融资渠道。

英国以外的资产管理公司即将发现他们是否可以继续向英国投资者出售ESG基金。

Weather watch

By Brian K. Sullivan

Record heat will sear California and the West through the rest of the week, causing energy demand to soar as people turn to air conditioning to cool down.

Hanford, California is forecast to reach 109F (43C) Thursday breaking the old record for the date by a degree, said Marc Chenard, a senior branch forecaster with the US Weather Prediction Center. Las Vegas may reach 112 and Phoenix 114, both records as well.

Excessive heat warnings and advisories spread across California’s Central Valley and southern deserts extending into Nevada, Arizona and Utah. High temperatures are also forecast for parts of New Mexico and southern Texas.

“Widespread major heat, highly unusual for early June, will expand across most of the Western US in coming days (minus some coastal areas),’’ Daniel Swain, a climate scientist at the University of California, Los Angeles said in post on X.

天气观察者

作者 Brian

创纪录的高温将在本周剩下的时间里炙烤加州和西部，随着人们转向空调降温，能源需求飙升。

美国天气预报中心的高级预报员Marc Chenard说，预计周四加利福尼亚州汉福德的气温将达到109华氏度（43摄氏度），在一定程度上打破了这一日期的旧纪录。拉斯维加斯可能达到112人，凤凰城可能达到114人，这两项纪录都是如此。

高温警告和咨询遍布加州中央山谷和南部沙漠，延伸至内华达州、亚利桑那州和犹他州。预计新墨西哥州和得克萨斯州南部的部分地区也将出现高温。

加州大学洛杉矶分校的气候科学家Daniel Swain在X上发帖称：“6月初极不寻常的大范围高温将在未来几天扩大到美国西部大部分地区（不包括一些沿海地区）。”。

Worth a listen

Depending on who you ask, AI is either going to save the world or end it. On the latest episode of Zero, Priya Donti, professor of electrical engineering and AI at MIT, describes some of the ways artificial intelligence is already being used in the climate fight — from agriculture to the energy grid — and explains why democratizing the technology’s development is crucial. Listen now, and subscribe on Apple, or Spotify to get new episodes of Zero every Thursday.

值得一听

根据你问的是谁，人工智能要么会拯救世界，要么会终结世界。在最新一期的《零》节目中，麻省理工学院电气工程和人工智能教授Priya Donti描述了人工智能已经在气候斗争中被使用的一些方式——从农业到能源网——并解释了为什么技术开发的民主化至关重要。现在收听，并在苹果或Spotify上订阅，以便每周四获得《零》的新剧集。

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