下面是小编为大家整理的富时罗素--评估绿色经济：绿色收入和欧盟分类法,供大家参考。
AUTHORS
Jaakko
Kooroshy Head
of
SI
Data
& Methodologies,
ISD
+44
0
7557
782101
jkooroshy@lseg.com
Lily
Dai
Senior
SI
Research
Lead,
ISD
+44
0
7890
382666
lily.dai@ftserussell.com
Lee
Clements
Head
of
SI
Solutions,
ISD
+44
0
207
797
3812
lclements@ftserussell.com
Overview
The
greening
of
the
global
economy
presents
significant
opportunities
to investors.
However,
investors
and
policymakers
face
a
common
challenge: How
can
green
business
activities
be
systematically
identified,
categorized, and
measured
across
diverse
sectors,
supply
chains
and
asset
classes
to mobilize
investment
at
scale?
The
EU
Taxonomy
is
an
ambitious
regulatory
initiative
that
aims
to
address this
challenge.
However,
while
the
EU
Taxonomy
will
set
out
a
catalogue
of green
criteria,
it
leaves
it
to
markets
to
assess
individual
companies
against these
criteria.
Yet
in
their
current
form,
corporate
disclosures
are
typically
insufficient—FTSE Russell
research
has
found
that
less
than
30%
of
companies
with
green revenues
provide
disclosures
that
are
granular
enough
to
allow
investors
to systematically
break
out
and
quantify
companies’
green
business
activities.
The
research
paper
explains
the
need
for
green
taxonomies,
summarizes
the development
of
and
approaches
taken
by
the
EU
Taxonomy
and
the
FTSE Russell
Green
Revenues
Classification
System
(GRCS),
and
examines
the overlaps
and
points
of
difference
between
the
two
approaches.
Crucially,
it explains
how
GRCS
dataset
can
provide
a
steppingstone
for
investors
to comply
with
the
requirements
of
the
EU
Taxonomy
regulation.
ftserussell.com
1 Market Navigation Sustainable
Investment
|
Green
Revenues
Sizing the green economy: Green Revenues and the EU taxonomy
S ep t ember
2020
Ack nowledgem e nt s
The
authors
would
like
to
thank
the
following
individuals
for
reviewing
the
paper
and
providing their
valuable
insights
and
suggestions:
Nathan
Fabian
(UN
PRI),
Helena
Viñes
Fiestas
(BNP Paribas
Asset
Management),
Maurice
Versaevel
(PGGM),
Eric
Borremans
(Pictet
Asset Management),
Silvio
Corgiat
Mecio
(LGIM),
Anna
Creed
(Climate
Bonds
Initiative),
Bruce
Jenkyn- Jones
(Impax
Asset
Management)
and
Ana
Harris
(SSGA);
as
well
as
the
members
of
the
FTSE Russell
Green
Industries
Advisory
Committee.
All
errors
and
omissions
remain
the
authors.
David
Harris,
Aled
Jones,
Sara
Lovisolo
and
Anoushka
Babbar,
at
FTSE
Russell
and
the
London Stock
Exchange
Group
also
made
valuable
contributions.
Table
of
contents
E xec uti ve
summary
4
S ec tion 1: S izing th e
s ustainabl e
financ e
opportunity
5
S ec tion 2: The E U
T ax onomy
8
Disclosure
obligation s
9
Section 3: FTSE Russell’s Green Revenues Classification System (GRCS)
11
S ec tion 4: EU
tax ono my
in pra c tic e
15
Measuring
E U
tax onomy alignmen t wi t h
FTSE Russell
G reen
Re v enue s da t a
15
Appe ndix 1: Case
s tudie s
18
Case
st ud y 1 : Ge neral
Elect ri c (GE)
18
Case
st ud y 2 : Corning
In corpora te d
20
Case
st ud y 3 : Am azon .com
21
Case
st ud y 4 : Tot al
22
Appe ndix 2: Ma pping FTSE Rus se ll GRCS a nd E U
tax onomy
24
Executive
summary
The
greening
of
the
global
economy—in
response
to
the
threat
of
climate
change
and
other environmental
challenges—presents
myriad
opportunities
to
investors.
However,
investors
and policymakers
face
a
common
challenge:
How
can
green
business
activities
be
systematically identified,
categorized,
and
measured
across
diverse
sectors,
supply
chains
and
asset
classes
to mobilize
investment
at
scale?
The
EU
Taxonomy
is
an
ambitious
regulatory
initiative
that
aims
to
address
this
challenge.
The Taxonomy
report
(first
published
by
the
EU
Technical
Expert
Group
on
Sustainable
Finance
in June
2019
and
updated
in
March
2020)
sets
out
detailed
criteria
for
72
economic
activities
that make
a
significant
contribution
to
climate
change
mitigation
and
70
to
adaptation
(for
now
covering two
of
the
EU’s
six
environmental
objectives 1 ).
The
legal
basis
for
the
Taxonomy
classification,
the
EU
Taxonomy
Regulation
creates
additional legal
disclosure
obligations
that
are
scheduled
to
come
into
force
from
January
2022:
c.
6000
large
EU
companies
subject
to
the
EU
Non-Financial
Reporting
Directive
(NFRD)
will be
required
to
disclose
whether,
and
to
what
extent,
their
activities
are
Taxonomy-aligned,
in terms
of
turnover,
capex
or
opex;
and
Providers
of
financial
products,
offered
in
the
EU,
that
pursue
sustainable
investment
or promote
environmental
characteristics
must
demonstrate
how
they
have
used
the
Taxonomy and
the
proportion
of
underlying
investments
that
are
Taxonomy-aligned.
Investors
face
a
considerable
practical
challenge
in
meeting
these
requirements.
While
the
EU Taxonomy
will
set
out
a
catalogue
of
green
criteria,
it
leaves
it
to
markets
to
assess
individual companies
against
these
criteria.
Yet
FTSE
Russell
research
shows
that
currently
less
than
30% of
companies
with
green
revenues
provide
disclosures
that
are
granular
enough
to
allow
investors to
systematically
break
out
and
quantify
companies’
green
business
activities.
These
disclosures will
improve
over
time,
but
this
process
is
likely
to
be
gradual,
particularly
for
non-EU
companies.
In
the
meantime,
rigorous
estimates
that
can
supplement
disclosed
data
will
have
to
play
a
key role
in
determining
green
revenues
for
individual
companies;
and
to
provide
investors
with
robust datasets
to
measure
the
degree
to
which
investment
products
and
portfolios
are
aligned
with
the EU
Taxonomy.
FTSE
Russell’s
Green
Revenues
data
provides
investors
with
a
highly
granular
dataset
for assessing
over
16,000
stocks
for
their
exposure
to
green
business
activities.
The
data
is
based
on FTSE
Russell’s
Green
Revenues
Classification
System
(GRCS)
2 ,
now
covering
10
green
sectors and
133
green
micro-sectors.
This
classification
system
builds
on
earlier
versions
that
have
been used
to
track
leading
companies
in
the
green
economy
for
indexes
since
2008.
The
EU
Taxonomy
and
the
GRCS
are
highly
aligned
on
core
activities,
providing
investors
with
an effective
and
transparent
tool
to
assess
the
exposure
of
equity
portfolios
to
revenues
from
EU Taxonomy
aligned
activities,
in
a
granular
and
accurate
manner.
This
paper
explains
the
need
for
green
taxonomies,
summarizes
the
development
of
and approaches
taken
by
the
EU
Taxonomy
and
the
GRCS,
and
examines
the
overlaps
and
points
of difference
between
the
two
approaches.
Crucially,
it
explains
how
the
GRCS
dataset
can
provide
a steppingstone
for
investors
to
comply
with
the
requirements
of
the
EU
Taxonomy
regulation.
1
See Section 2 for details. 2
The initial FTSE Environmental Market Classification System was developed by FTSE Russell in collaboration with Impax Asset Management and based on a precursor of the GRCS, the Environmental Markets Classification System (EMCS).
ftserussell.com
4
Section
1:
Sizing
the
sustainable
finance
opportunity
The
emerging
green
economy
is
perhaps
the
defining
opportunity
of
the
21 st
century.
The investment
required
to
decarbonize
the
global
economy
and
address
other
environmental challenges
will
be
enormous.
To
address
climate
change
alone,
$90
trillion
of
capital
will
need
to be
invested
by
2030,
according
to
the
New
Climate
Economy,
a
body
co-chaired
by
Lord Nicholas
Stern. 3
Similarly,
the
European
Commission
estimates
that
the
bloc
alone
will
have
to invest
an
additional
€175-€290
billion
each
year
to
reach
net-zero
emissions
by
mid-century. 4
Investors
are
increasingly
seeking
to
identify
the
opportunities
associated
with
this
shift
to
the green
economy.
The
green
investment
theme
has
emerged
over
the
last
two
decades
as awareness
has
grown
of
the
sustainability
challenges
and
constraints
faced
by
the
global economy.
In
2019,
inflows
from
US
investors
into
sustainability
funds
reached
a
record
$21 billion—four
times
the
levels
of
2018,
according
to
Morningstar
data. 5
Meanwhile,
green
economy
companies
have
been
growing
as
policy
and
regulation
become more
supportive
and
consumers
are
increasingly
concerned
about
environmental
impacts.
Over the
past
five
years
(2015-2020),
the
FTSE
Environmental
Opportunities
All
Share
Index,
where constituents
are
companies
that
generated
at
least
20%
of
their
revenues
from
green
products
or services,
has
outperformed
its
benchmark,
the
FTSE
Global
All
Cap,
by
4.2%. 6
Figure
1:
Performance
of
companies
with
at
least
20%
green
revenues
800
700
600
500
400
300
200
100
0
FTSE G lobal
All
Cap
I nde x - O il
& G a s FTSE En v ironmen ta l
Opp o rtu ni ti e s All
Share FTSE G lobal
All
Cap
Source: FTSE Russell as of August 2020. Past performance is no guarantee of future results. Please see the end for important legal disclosures.
3
The New Climate Economy (2018), The 2018 Report of the Global Commission on the Economy and Climate, Executive Summary 4
A Clean Planet for all - A European strategic long-term vision for a prosperous, modern, competitive and climate neutral economy. https://ec.europa.eu/clima/policies/strategies/2050_en. 5
Chris Flood (2020), Record sums deployed into sustainable investment funds https://www.ft.com/content/2a6c38f7-4e4b...
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