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現代建築

ESG在基礎設施領域的原則和價值
Principle and value of ESG in infrastructure

關鍵點:

  • 投資者意識到 ESG 原則和價值在基礎設施中的重要性,從而使公司的利益和價值更加符合 ESG 標準

  • ESG標準對基礎設施的影響已經從私營部門延伸到政府層面和國際合作

 

        氣候變化的影響引起了所有商業部門的日益關注,私營部門也變得更加謹慎和關注基礎設施項目對社會經濟和環境生態系統的負面影響。 ESG 實踐的作用對私營部門來說變得至關重要。 它有助於改變投資者的心態,關注社會責任並更加關注影響,而不是使用 ESG 來為項目洗綠。 ESG 的投資規則促進創新、可持續和有彈性的基礎設施,並為組織和全球層面的行動和運營創造更大的影響和趨勢。

 

        根據 2019 年 EDHEC/GIH 對 300 家基礎設施的調查,投資者透露,近一半的受訪投資者(資產所有者、資產管理者)對基礎設施中的 ESG 有一定了解(48%)或非常了解(42%) 投資,只有 10% 的人不知道。 根據調查結果,投資者基於社會驅動的動機和市場主導的考慮,對財務回報、ESG風險管理和品牌聲譽的預期,在基礎設施投資中考慮ESG。 原則上,ESG 框架會影響組織的決策,因為組織內部的決策是由集體驅動的,並通過採用 ESG 指南側重於社會和環境因素的實施。 該指南將要求組織改進與 ESG 價值觀相關的治理、監控和合規報告,結果必須是可識別和可審計的,這會影響內部管理以遵循指南並對社會和環境因素負責。 此外,ESG原則在質量評估、盡職調查、績效和投後評估中得到落實。

 

        ESG 因素是管理 ESG 相關風險的工具,例如通過社會接受、項目治理和管理以及環境特徵和影響等渠道。 ESG 因素可能會在整個基礎設施生命週期中帶來風險,並可能產生政治、監管和聲譽風險,以延長基礎設施資產的使用壽命。 一些研究表明,ESG 和基礎設施投資績效在可持續性得分和房地產公司的盈利能力之間呈正相關,而房地產公司在經營績效、效率和降低風險敞口方面的利潤增長。 例如,GRESB 在 ROA 和 ROE 等各種 REIT 財務指標上的得分被證明與房地產公司的利潤增長有關。 利潤的好處吸引了公司按照公司標準實施 ESG 框架,越來越多的國家要求公司在其投資組合中的基礎設施投資中披露與 ESG 實踐相關的信息,例如法國引入了能源法第 13-VI 條 過渡法案要求公司提供有關 ESG 整合、投票決策、氣候風險和對低碳經濟貢獻的詳細信息。 最後,ESG 原則使投資者能夠篩选和選擇使其基礎設施投資與可持續發展目標相一致的項目和資金。 總結 ESG 原則在基礎設施中的作用包括決策制定、基礎設施投資生命週期以及幫助評估特定類型的基礎設施資產和基金。

 

        由於利潤收益、決策制定和風險識別是基礎設施中 ESG 實施背後原因的主要好處,認為基礎設施的投資者必須考慮物理風險、基礎設施的長期使用以及對基礎設施的影響 社會經濟和環境方面。 ESG 對基礎設施投資的價值是識別潛在風險的能力,物理風險和氣候風險能夠引導公司的決策專注於持久結構的彈性設計,優質材料的使用與 ESG 框架保持一致 並針對基礎設施的任何目標區域找到正確的重點。 在公司層面,ESG 框架允許公司通過識別有利可圖的投資機會並將基金或投資與其他基金或投資區分開來,從而創造更多價值。 此外,在基礎設施中採用 ESG 會對當地法規產生影響,它會增強利益相關者(企業和政府)遵守 ESG 以實現可持續基礎設施,同時有助於實現更大的目標,例如低碳 經濟。 此外,它補充了公司的報告,通過報告 ESG 標準和框架來增加價值,使他們能夠在資金方面脫穎而出。

 

        2018 年,G20 發布了基礎設施作為資產類別的路線圖,以改善基礎設施的投資環境,促進更高的標準和質量,並提高數據的可用性和一致性。 隨後,G20 批准了質量基礎設施投資原則,並提出了六項自願性原則,將 ESG 納入基礎設施週期,例如將環境和社會因素納入基礎設施投資。 這些原則的認可將影響 G20 合作成員將原則落實到基礎設施,從而導致在不同國家更多地實施。 印度尼西亞是另一個通過將 ESG 框架與 SDG 結合起來以對所有利益相關者採取務實方法來實施基礎設施融資 ESG 框架的國家。 實施的目的是加強政府機構管理 ESG 相關風險的能力,確保積極參與,最大限度地提高社會、環境和經濟方面的利益,並提高基礎設施的質量。 像西門子這樣的大公司也通過專注於為與基礎設施相關的客戶提供可持續融資來實施 ESG 框架,例如 Carpinteria Valley Water District 案例,西門子智能基礎設施正在提供創新計劃以提高水和能源效率,幫助為 15,500 人供水 以合理的成本。

 

        儘管 ESG 原則和價值對投資者來說變得至關重要,但由於基礎設施中缺乏 ESG 的通用定義和指標,分析問題仍然存在。 缺乏高質量的數據和信息來進行分析是在基礎設施中採用 ESG 的挑戰,此外,經合組織的分析表明,僅靠私營部門無法導致 ESG 在基礎設施中的使用增加,它 需要政府的行動和整體框架來共同克服挑戰。 然而,基礎設施投資中對 ESG 原則和價值的共同興趣對社會經濟和環境因素產生了重大影響,通過不同利益相關者、私營公司以及政府和國際合作之間的合作,取得了很大進展。

Multi Level Bridge

Principle and value of ESG in infrastructure

Key points

  • Investors are aware of the importance of the principle and value of ESG in infrastructure leading to more compliance towards the ESG standards for companies' benefits and values

  • The impact of ESG standard on infrastructure have gone beyond private sectors to government level and international cooperation

 

       The impact of climate change has led to a growing concern in all business sectors, the private sectors are becoming more cautious and concerned about the negative impact of infrastructure projects towards socio-economic and environmental ecosystems. With more considerations on social and environmental issues emerging the role of the ESG practice has become crucial for the private sector. It contributes to the change of mindset of investors to be mindful of social responsibility and become more focused on the impact rather than using ESG for greenwashing of projects. The ESG's role in infrastructure investment promotes innovative, sustainable, and resilient infrastructure, as well as, creates larger impact and trends towards organization and global level actions and operations.

  

       According to the EDHEC/GIH survey in 2019 of 300 infrastructure, investors revealed that close to half of the surveyed investors (asset owners, asset managers) are somewhat aware (48%) or very aware (42%) of the ESG in the infrastructure investments, and only 10% unaware. Based on the result of the surveys, the investors are taking into account of the ESG in the infrastructure investment based on the motivation driven by society and market-led considerations with an expectation of financial returns, ESG risk management, and brand reputation. In principle, the ESG framework impacts the organization’s decision-making as the decision within the organization is driven by a collective and focuses on the implementation of social and environmental considerations by adopting the ESG guidelines. The guidelines will require the organization to improve the governance and monitoring and reporting of compliance relating to the ESG values and the outcomes have to be identifiable and auditable which impacts the internal management to follow the guidelines and become accountable for social and environmental factors. Moreover, the ESG principle was implemented in the quality assessment, due-diligence process, performance, and post-investment assessment.

 

       The ESG factors are the tool for managing ESG-related risks for example through the channels of societal acceptance, project governance and management, and environmental characteristics and repercussion. ESG factors could present risks across the infrastructure lifecycle and can generate political, regulatory, and reputational risk in order to create a long life span of infrastructure assets. Some studies have shown ESG and infrastructure investment performance to be positively correlated between sustainability score and the profitability of real estate companies with the profit gains in operating performance, efficiency, and lowering risk exposure. For example, the GRESB scores on various REIT financial indicators such as ROA and ROE are proven to link with the profit gains in real estate companies. The benefits of profits have attracted companies to implement the ESG framework to the companies’ standards and more countries have required the companies to disclose the information related to ESG practices to infrastructure investment within their portfolios such as France has introduced Article 13-VI of the Energy Transition Act which requires the companies to provides details of ESG integration, voting decision, climate risk and contribution to the low-carbon economy. Lastly, the principle of ESG is enabling the investors to screen and select projects and funding that align their infrastructure investment with sustainability objectives. To summarize the role of ESG principles in infrastructure includes decision-making, infrastructure investment lifecycles, and helping to assess a specific type of infrastructure asset and fund.

 

       As profit gains, decision making, and risk identification are key benefits of the reason behind ESG implementation in the infrastructure considers that the investors in the infrastructure have to consider the physical risk, the long life span usage of the infrastructure, and the impact on the socio-economic and environmental aspects. The value of ESG on the infrastructure investment is the ability to identify potential risks both physical and climate-risk are able to lead the company's decision-making to focus on resilience design for long-lasting structure, quality material usage to align with the ESG framework and find the right emphasis towards any targeted area of the infrastructure. On the company level, the ESG framework allows the company to create more value by identifying profitable investment opportunities and differentiating the fund or investment from others. In addition, the adoption of ESG in infrastructure makes an impact towards local regulations where it correlating enhance the both stakeholders (business and government) to comply with ESG for sustainable infrastructure and at the same time contribute to a larger goal such as a low-carbon economy. Furthermore, it complements the companies’ report to increase value by reporting to ESG standards and framework which allows them to stand out in terms of funding.

 

       In 2018, the G20 published a Roadmap to Infrastructure as an Asset Class to improve the investment environment for infrastructure, promote greater standard and quality and enhance the availability and coherence of data. Later on, the G20 endorsed The Principles for Quality Infrastructure Investment with the sent of six voluntary principles integrating ESG into the infrastructure cycle such as integrating environmental and social considerations in infrastructure investments. The endorsement of the principles will impact the members of G20 cooperation to implement the principles to the infrastructure which lead to more implementation in different nations. Indonesia is another country that implements the ESG framework for infrastructure financing by integrating the ESG framework along with the SDG for a pragmatic approach to all stakeholders. The aims of the implementation are to strengthen the government agencies' capacity to manage risk related to ESG, ensure active participation, maximize the benefits on social, environmental, and economic aspects as well as improve the quality of infrastructure. A large company such as Siemens also implements the ESG framework by focusing on providing sustainable finance to the clients related to infrastructure i.e. Carpinteria Valley Water District case where Siemens Smart infrastructure is providing innovative plans to improve water and energy efficiency which helps provide water to 15,500 people at a reasonable cost.

 

       Although ESG principles and value have become crucial to investors problems with the analysis still persist due to a lack of common definition and metrics for ESG in the infrastructure. The lack of quality data and information to perform analyses are the challenges to the adoption of ESG in infrastructure, furthermore, the analysis from the OECD suggested that the private sector alone could not lead to the increase of the usage of ESG in the infrastructure and it needs the government actions and holistic framework to overcome the challenge together. However, the shared interest in the principle and value of ESG in infrastructure investment has given a significant impact on socioeconomic and environmental factors much progress has been presented through collaborations among different stakeholders, private companies, and governmental and international cooperation.

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來源 References

 

Anderson, J. C. S. (2022, February 3). ESG incorporation in infrastructure – what best practice looks like. PRI. Retrieved April 13, 2023, from https://www.unpri.org/pri-blog/esg-incorporation-in-infrastructure-what-best-practice-looks-like/9453.article

Baxter, D. (2022, May 19). A strong enabling environment can integrate ESG into Infrastructure Investments. Global Infrastructure Hub - A G20 INITIATIVE. Retrieved April 13, 2023, from https://www.gihub.org/articles/a-strong-enabling-environment-can-integrate-esg-into-infrastructure-investments/#:~:text=Integrating%20ESG%20into%20infrastructure%20decisions,long%2Dterm%20value%20for%20investors.

G20 Principles For Quality Infrastructure Investment. Asian Development Bank. (2019). Retrieved April 13, 2023, from https://www.adb.org/sites/default/files/linked-documents/reg-54036-001-tar-ld-02.pdf

Milne, N., & Turnbull, V. (2022). ESG in infrastructure. RBCCM. Retrieved April 13, 2023, from https://www.rbccm.com/en/insights/story.page?dcr=templatedata%2Farticle%2Finsights%2Fdata%2F2022%2F03%2Fesg_in_infrastructure

Ministry of Finance, Republic of Indonesia. (2022). Environment, Social, and Governance (ESG) Framework in Government Support and Facility for Infrastructure Financing. Retrieved from https://kpbu.kemenkeu.go.id/backend/Upload/guideline/GUIDELINE22111200170842.pdf

Nicola Milne, V. P. (2022, August 16). ESG in infrastructure. Global Infrastructure Hub - A G20 INITIATIVE. Retrieved April 13, 2023, from https://www.gihub.org/articles/esg-in-infrastructure/

OECD. (2020). OECD Business and Finance Outlook 2020: Sustainable and Resilience Finance. Retrieved April 13, 2023, from https://www.oecd-ilibrary.org/sites/056af93d-en/index.html?itemId=%2Fcontent%2Fcomponent%2F056af93d-en

Siemens. (n.d.). Actions speak louder: Sustainability in our portfolio. Retrieved April 13, 2023, from https://www.siemens.com/global/en/products/financing/siemens-financial-insight-center/sustainability-in-our-portfolio-.html

Tonkes, N., Demmer, F., & Lee, E. (2020, October 9). Incorporating sustainability into infrastructure. Oliver Wyman - Impact-Driven Strategy Advisors. Retrieved April 13, 2023, from https://www.oliverwyman.com/our-expertise/insights/2020/oct/incorporating-sustainability-into-infrastructure.html

​About the Author

15_台灣建築中心_國立台北大學_Aimpavee Kiratiakkrasak_edited.jpg

Aimpavee Kiratiakkrasak was a content writer for the Taiwan Architecture and Building Center. She recently graduated with a Master degree in Urban Governance from National Taipei University. Her interests are in international development and urban policy particularly in demographic policy, sustainable policy and resilience city. She is currently work in youth organization on raising awareness of city issues in Southeast Asia.

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