单词词组

• by most yardstick 以大多数标准衡量
• hit another speed bump 再次出现减速

本篇来自Bloomberg Green Tim Quinson 原著，Jingyi 翻译，谷歌翻译校对，转载请注明出处。

尽管清洁能源股下跌，以及对全面提倡绿色现象的担忧加剧，但以大多数标准衡量，与 ESG 相关的投资产品市场又创下了历史新高。

那些可持续的贷款和债券，通常其募集资金用于环境项目以及促进公司的社会目标，这些证券发行超过1.5万亿美元，其中包括5050亿美元的绿色债券的销售。2021年，ESG 在交易所交易的基金，吸引了大约1300亿美元，比起去年募集750亿美元、早期投资气候技术公司金额近500亿美元而言，有所提升。

晨星公司（Morningstar Inc.）研究的汇编数据显示，今年用于支付美国管理可持续基金的经理人所支付的费用也是高企不下，收入从2020年11亿美元增至今年的18亿美元。

然而，并非所有事物都发展一致。标普全球清洁能源指数于2021年至今下降了27%，该指数包含了诸如风能巨头Orsted AS、西班牙公用事业公司Iberdrola SA，以及美国最大的住宅太阳能公司 Sunrun.Inc.。去年该指数几乎翻了一番。

绿色股票的前景充满挑战，由于市场对利率上升的担忧，因为利率与通货膨胀、无法预计的美国政治、监管操纵(诸如大幅缩减津贴，以及增加住宅太阳能使用者的费用)，KeyBanc Capital Markets 分析师 Sophie Karp 说道。

“尽管有长期增长前景，但对该行业的热情正在减弱，”她说。

彭博资讯 EMEA 和亚太地区 ESG 研究主管 Adeline Diab 表示同意。12月21日，她写道，“尽管催化事件不断增加，例如美国基础设施计划和欧洲分类要求，清洁能源板块始终面临不确定性，这些不确定和政府支持有关，例如刺激延迟或激励削减公告，就像最近在加利福尼亚发生的那样”。

本周，可再生能源股票再次出现减速，由于美国议员Joe Manchin， 一位来自煤炭州西弗吉尼亚的保守派民主党，宣布反对拜登总统的经济计划，该计划包括对抗全球变暖的里程碑意义的投资。这一举措震惊他自己的政党。（因为）Manchin需要在站队人数几乎均分的情形下投票，此时共和党普遍反对在对抗全球气候变暖问题大举投资，这会削弱了拜登解决气候危机的努力。

即使股市下滑，今年仍然是自2015年巴黎协定以来，首次出现购买绿色债券的资金超过那些石油、天然气、煤炭公司引发的债券。



明年规模将扩大，摩根士丹利分析师估计，2022年绿色债券发行量将接近1万亿美元，欧洲发行量将居首位。

美国银行也在预测明年将是全球债券销售量可观的一年。美国银行是最大的公司债券发行商，发行与环境、社会和政府有关的美国债券。

“ESG的一级发行市场会在2022年再一次翻番吗？我们并不这么估计，”该银行可持续金融的负责人 Karen Fang 上周接受采访时表示，“但我们确实认为，（绿色证券）它会非常非常强劲地增长，基于全球零和交易以及投资需求的动量而言”。

总结可持续金融如下：

• 太平洋资产管理公司和富达基金，避免了贝莱德接受的净零联盟。
• 这位量化投资者使用人工智能来查看企业高管是否说出了有关可持续发展的真相。
• 微软和特斯拉推动 32 岁富达基金的 ESG 收益。
• 高盛表示，它计划削减其融资排放量。
• 华尔街银行面临削减化石燃料融资的新压力。

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Bloomberg News Original

Despite a drop in clean-energy stocks and intensifying concerns about widespread greenwashing, the market for investment products sold as being ESG-related had another record year by most yardsticks.

Issuance of sustainable loans and bonds, where proceeds are supposedly earmarked for environmental projects or to further a company’s social goals, exceeded $1.5 trillion, including about $505 billion of green bond sales; ESG-focused exchange-traded funds attracted almost $130 billion in 2021, up from $75 billion a year ago; and investment in early-stage climate tech companies approached $50 billion.

It also was a year of big fees for U.S. managers of sustainable funds, with revenue climbing to almost $1.8 billion from $1.1 billion in 2020, according to data compiled by researchers at Morningstar Inc.

But not everything went one way. The S&P Global Clean Energy Index, which includes companies like wind-energy giant Orsted AS, Spanish utility Iberdrola SA and Sunrun Inc., the largest U.S. residential-solar company, has declined 27% so far in 2021, after more than doubling in value last year.

The outlook for green stocks is challenging because of worries about rising interest rates tied to inflation, unpredictable U.S. politics and regulatory maneuvers like California’s decision to sharply lower subsidies and add new fees for home solar users, said Sophie Karp, an analyst at KeyBanc Capital Markets.

“Despite long-term growth prospects, there is waning enthusiasm for the sector,” she said.

Adeline Diab, head of ESG research for EMEA and the Asia-Pacific region at Bloomberg Intelligence, agreed. On Dec. 21, she wrote: “Despite mounting catalysts with the U.S. infrastructure plan and EU taxonomy requirements, the clean-energy sector may remain exposed to uncertainty linked to government support such as stimulus delays or incentives-cuts announcements, the most recent being in California.”

Shares of renewable energy stocks hit another speed bump this week when U.S. Senator Joe Manchin, a conservative Democrat from coal state West Virginia, shocked his own party by announcing his opposition to President Joe Biden’s economic plan, which includes a landmark investment in the fight against global warming. Manchin, whose vote in an evenly-split Senate was needed in the face of universal Republican opposition to significant efforts to fight global warming, has undermined Biden’s bid to address the climate crisis.

Even with the stock market slide, this year was still the first since the Paris climate agreement in late 2015 that more money went into green bonds than debt issued by oil, gas and coal companies.

And next year is shaping up to be bigger. Analysts at Morgan Stanley estimate that green bond issuance will approach $1 trillion in 2022, led by sales from the European Union.

Bank of America Corp., the biggest corporate issuer of U.S. bonds sold as being tied to environmental, social and governance factors, also is predicting another big year for global sales of the debt.

“Will ESG primary issuance market double again in 2022? We’re not making that prediction,” said Karen Fang, the bank’s global head of sustainable finance, in an interview last week. “But we do think it will grow very, very strongly given the momentum behind the global net-zero transition and investor demand.”

Sustainable finance in brief

Emmanuel Roman, chief executive officer of Pacific Investment Management Co. (PIMCO), at the Milken Institute Global Conference in Beverly Hills, California, on Oct. 18.
Photographer: Kyle Grillot/Bloomberg

• Pimco and Fidelity shun net-zero alliance that was embraced by BlackRock.


• This quant investor uses artificial intelligence to see if business executives speak the truth about sustainability.


• Microsoft and Tesla fuel ESG gains for 32-year-old Fidelity fund.


• Goldman Sachs says that it plans to slash its financed emissions.


• Wall Street banks face new pressure to cut fossil fuel financing.