全球风险管理专业人士协会（GARP）总裁、CEO里奇．阿波斯多利克：风险管理与ESG

11月10日，“中国可持续投资（ESG）与海南自贸港建设论坛”在海口召开，论坛由“三亚市人民政府、海南省发展和改革委员会”主办，“中国工业经济联合会、中国投资协会”联合主办，“三亚经济研究院”承办，“三亚中央商务区管理局、海南省经济研究中心”协办，“中国证券投资基金年鉴”承办支持，“中信证券股份有限公司、海南国际碳排放权交易中心、妙盈科技”战略合作，“新浪财经”支持；主题为“双碳背景下的可持续发展”。全球风险管理专业人士协会（GARP）总裁、CEO里奇．阿波斯多利克发表了题为《风险管理与ESG》的主旨演讲。

发言全文如下：

Hello， my name is Rich Apostolik 

大家好 我是里奇·阿波斯多利克

and I’m President & CEO of the Global Association of Risk Professionals （GARP）．

是全球风险专业人士协会（GARP）的总裁兼首席执行官

I’d like to thank the Hainan ESG Forum for inviting me

首先要感谢海南ESG论坛对我的邀请

to address this gathering of professionals focused on climate-related issues．

得以与关注气候相关问题的各位专业人士畅谈我的感想

Our changing climate and its associated risks present major concerns globally，

不断变化的气候及其相关风险在全球范围内引起了重大关注

and we’re only just beginning to figure out how to address the numerous and complex issues that climate change over the coming years and decades will impose on financial institutions， and societies around the world．     

在未来几年以及几十年中 气候变化将

关于如何应对这些问题 我们才刚刚起步

The timing for this Forum could not be better． 

本次论坛的举办恰逢其时

Environmental， Social and Governance， or ESG， issues are top-of-mind for the financial services industry． 

环境 社会和治理（ESG）问题是金融服务业所面临的首选问题。

While we’ve made some progress in their definitions， metrics and methodologies，

尽管我们在探索ESG的定义 指标和方法方面取得了一定的进展

there are a lack of defined and settled approaches and inconsistent conclusions about to deal with them．

但对于如何有效地解决此类问题 目前还缺乏公认 明确的方法和一致的结论

In many cases that’s because ESG approaches will vary by industry， region， type of organization， product， and other factors． 

在很多情况下 这种分歧的根源在于

针对不同的行业 地区 机构类型 产品和其他因素  ESG方案都会存在差异

Given the large number of issues ESG may cover，

鉴于与ESG相关的问题范围甚广

I’m planning to focus on four that are I feel are especially important now． 

我今天将重点阐述我认为目前尤为重要的四个问题

My first comments will deal with financial institutions and risk management and the role senior management should play in being a force for change in addressing climate risk-related issues， including ESG．

首先是金融机构和风险管理

以及高级管理人员在应对气候风险问题过程中应该发挥的重要变革作用

其中也包括ESG问题。

I’ll then briefly cover the current state of ESG ratings，

接下来 我会简要介绍ESG评级的现状

and then conclude with an overview of the impact the energy transition and energy security have on ESG progress． 

然后概述能源转型和能源安全对ESG发展的影响

Company boards and senior management will play a vital role in developing and implementing ESG policies． 

在制定和实施ESG政策的过程中

各公司的董事会和高级管理人员将发挥关键作用。

There are basic risk management related ESG guides and approaches any firm should have in place to properly assess and measure these issues．

任何公司都有必要拟定与ESG相关的基本风险管理指南和方案

从而正确评估和衡量这些问题。

Here are 6 to consider．

1. Firms should have an independent ESG risk function responsible for overseeing ESG risks at the firm level．

各公司应该设立独立的ESG风险职能部门

负责监督管理整个企业的ESG风险

ESG risks should be independently reviewed with for their impact on risk and returns like other investment risks （e.g．， credit， leverage， currency， equity）．

与其他投资风险（例如信贷 杠杆 货币 股权风险）一样

ESG风险也应该进行独立评估 以确定其对风险和回报的影响。

2. The company’s risk team should include ESG risks in its formal reporting．

公司的风险团队应该将ESG风险纳入其正式报告流程

Including such factors as risk exceptions and outliers， low-rated ESG names， physical climate or hazard metrics， portfolio temperature alignment， carbon earnings at risk．

比如考虑风险例外和异常值 低评级的ESG项目 实体气候或危害指标 投资组合温度一致性 碳收益风险等因素

3. For private and real asset due diligence， the risk team should independently review ESG and reputational risks prior to the business investing in a new asset．

对于私人和实物资产的尽职调查

风险团队应该在公司投资新资产之前独立评估ESG和声誉风险

4. Model review of internal ESG ratings， physical and transition risk metrics should be performed by an independent risk team

对内部ESG评级 实体和转型风险指标进行的评估

应该由独立的风险团队进行

then formally included in a portfolio manager’s model risk policy．

然后在投资组合经理的模型风险政策中正式包含这些内容

5. Data validation should be performed by an independent team such as the risk group versus the ESG team，

数据校验工作也应该由一个独立团队完成

例如风险工作组与ESG团队

confirming the integrity and robustness of internal and external data used in models， investment process， ratings， among other things．

从而确认模型 投资流程 评级等所使用的内部和外部数据的完整性与可靠性

6. An ESG Risk Dashboard should be developed and probably reported quarterly to the Board．

另外还应开发ESG风险仪表板工具

并且最好每季度向董事会报告一次

It should minimally include：

这个工具至少应该包括以下内容：

• Risk exceptions （e.g．， exclusions， risk targets， risk limits）

风险例外（例如排除的内容 风险目标 风险限值）

• Top “company level” contributors to physical and transition metrics

影响实体和转型指标的顶层“企业级”因素

• Physical climate risk metrics

实体气候风险指标

such as portfolio average physical risk scores by sector， change in risk scores over time and scenarios， key company level contributors to portfolio exposures

比如各部门的投资组合平均实体风险分数 风险分数随时间和情景的变化情况 影响投资组合风险敞口的主要企业级因素

• Portfolio temperature alignment metrics

投资组合温度一致性指标

such as a measure of 2-degree alignment within and across portfolios and benchmarks

比如针对投资组合和基准

是否满足全球升温不超2度一致性

benchmarks

或是否满足全球升温不超1.5度的“理想化”一致性

As you can see， addressing ESG issues just from a Board and senior management reporting perspective is complex

可以看出 如果仅从董事会和高管报告的角度去分析和解决ESG问题 会是一个复杂的过程

and involves a considerable amount of structure， research， and analysis．

其中涉及到大量的结构 研究和分析

But there is another area of concern I wanted to point out that is currently not fully developed but has been driving bond and portfolio pricing

但我想侧重说明另外一个值得关注的领域

尽管在这个领域的工作成果目前还不够完善 不过它一直在影响着债券和投资组合的定价

because of the dispersion in results， not because of the actual results．

导致这种影响的原因并非是某些具体的评估结果

而是这些结果所呈现的分散性

What I’m referring to is ESG ratings， and how they are currently developed and used， and the need for further ratings transparency．

这个领域就是ESG评级

这方面的话题还包括评级体系的开发和使用机制 以及提高评级透明度的必要性

Currently there 6 firms offering global ESG ratings． 

目前共有6家公司提供全球ESG评级服务

Organizations and investors rely on these ESG ratings． 

各机构和投资者都会使用这些ESG评级信息作为决策依据

Some ratings users will look at metrics from multiple rating groups， others will pick a rating that seems to better reflect what the firm is trying to achieve． 

一些评级服务用户会参考多个评级组提供的指标

还有一些用户会选择与企业目标更契合的单一评级标准

Much of their decision making is cost-based， as licensing costs for using the ratings is significant．

他们的很多决策都基于成本因素

毕竟使用评级信息的许可费是一笔不菲的开销

Here’s the issue．

由此就会产生一个问题

A recent study from MIT Sloan and the University of Zurich found the correlations between ESG ratings for the 6 ratings firms range from 0.38 to 0.71．   In the credit world， rating correlations are about 99%． 

麻省理工学院斯隆商学院和苏黎世大学最近的一项研究发现

6家评级公司所给出的ESG评级之间的相关性在0.38至0.71之间

而在信贷领域 评级相关性约为99%

The industry effects of this ESG correlation rating range are significant．  Specifically， it makes it difficult， if not impossible to currently evaluate the ESG performance of companies， funds， and portfolios． This divergence decreases a company’s incentive to improve its ESG performance．

ESG相关评级范围的行业效应是很显著的

具体而言 对公司 基金和投资组合的ESG表现 进行评估的难度很大 甚至无法评估

这种分散性也降低了各公司改善ESG表现的积极性

Further， it disperses the effect of ESG performance on asset prices．  Makes it difficult to link CEO compensation to ESG performance． 

此外 因为ESG表现对资产价格的影响数据趋于分散

所以很难将CEO的薪酬与ESG表现相关联

And， finally it presents a challenge for researchers as their use of one rating versus another may alter a study’s results and conclusions．

最后 研究人员如果选择不同的评级标准就可能得到不同的研究结果和结论

因此他们也会左右为难

In addition to the problems with current ESG ratings， there are currently no agreed best practices developed to include the various measures in an overall rating． 

除了ESG评级当前面临的问题以外

现在还没有公认的最佳实践方案将各种指标纳入到总体评级体系中去

Companies are receiving mixed signals as to what is valued by the market and rating agencies． 

各公司在市场和评级机构的重视因素方面收到了混合的信号

For example， one rating agency may include lobbying activities， another may not． 

例如 一家评级机构的评价标准可能包括游说目的 而另外一家则可能不包括

Or specific labor practices may be valued， but another rater may look to labor lawsuits as an important indicator． 

一家评级机构可能重视具体的劳动实践活动 而另外一家可能会将劳动诉讼作为重要指标

And， in other cases a rater may weigh various indicators differently， giving greater importance to one indicator over another or not include an indicator others may include．

在某些情况下 评级机构可能会为各种指标赋予不同的权重

比如给某些指标分配更高的权重 或者忽略其他评价机构可能考虑的指标

These indicators， how they’re developed and used in determining an ESG score are vitally important to understand．

因此 理解这些指标 并了解在ESG评分时如何确定和利用这些指标非常重要

Given the issues just noted， its easy to conclude that ESG factors， approaches and metrics have a long way to go before they can become mainstream． 

综上不难看出

在形成主流的ESG因素 方案和指标之前 还有很长的路要走

So， being aware of their current state of development and maturity is highly important as you assess a company’s ESG efforts and successes．       

因此 在评估一个公司的ESG活动和成就时 必须要清楚公司目前的发展状态和成熟度

For my last point， I’ll briefly focused on the E of ESG． 

最后 我想择要阐述一下ESG中的E（环境）

While most people look at ESG as being primarily about the environment，

虽然在大多数人看来 环境是ESG中最重要的话题

ESG， taken all taken together has the potential to impact an entire organization and global structures．  

不过ESG实际上作为一个整体可能影响了整个全球架构

Dealing with environmental concerns immediately leads us to the issue of energy transition， an urgent consideration for energy industry leaders and financial institutions of all types． 

每次探讨人类所关心的环境问题 我们都不免会想到能源转型

这也是能源行业的领导人和各类金融机构需要迫切解决的问题

Energy transition relates well with ESG goals， as the energy transition is being driven in large part by environmental concerns． 

能源转型与ESG目标密切相关 因为能源转型在很大程度上是由环境问题所推动的

Let me give you an example． 

我们来举个例子

ESG and energy transition priorities include energy diversification

在ESG和能源转型的优先事项中 包括能源的多样化

because of the shift to natural gas and renewables， carbon footprint reductions in transitioning to cleaner energy and refined products， electrification through renewable energy and transportation fuel transition and natural resource sustainability through the adoption of cleaner renewable energy products．

由于我们需要逐渐过渡到天然气和可再生能源

在向清洁能源和精制产品转型的过程中减少碳足迹

通过可再生能源和运输燃料转型实现电气化

并通过采用更清洁的可再生能源产品 实现自然资源的可持续发展

Strategic ESG programs can address these issues， and more，

借助战略ESG计划 可以解决上述及其他更多相关问题

while also attending to the concerns of a wide number of differing stakeholders． 

同时也能帮助各行各业利益相关者排忧解难

The energy sector， arguably one of the more important industries globally to deal with ESG issues，

能源行业可以说是全球应对ESG问题的先锋行业之一

is immersed in a transition toward developing a pathway for transforming from a more heavily reliant fossil-based energy economy to an energy mix

整个行业正处于转型期

按照目前规划的蓝图 计划从比较依赖化石能源的能源经济模式转变为一种综合能源经济模式

which minimizes our global carbon footprint by the last half of this century， if not sooner．  But this transition path is complex， and highly challenging．

在本世纪后半叶（甚至更早的时间）将全球碳足迹降到最低限度

但是这个过程非常复杂 而且极具挑战性

For example， renewable energy and energy efficiency measures will achieve material carbon reductions．

例如 可再生能源和能效提升措施将实现大幅度的碳减排

But these will need to involve， and be enabled by enhanced information technology， smart technology， investments， changing and dynamic policy frameworks and market-based financial instruments． 

但要实现减排目标 还需要强化信息技术 智能技术 投资 不断调整和重塑政策框架 并大力推广基于市场的金融工具。

Investment policies， renewables， how ESG fits within the energy transition， socially responsible business practices， price relationships and infrastructure and price volatility， among other things are complex issues with no easy answers． 

投资政策 可再生能源 如何将ESG融入能源转型计划 如何开展充分体现社会责任的商业实践活动 价格关系 以及基础设施和价格波动等

这些问题都无法轻而易举地找到答案

Good data will also be imperative． 

另外高质量的数据也是必不可少的

The surrounding technology， system， and sector costs； investment needs， understanding externalities relating to air pollution and climate， CO2 emissions； and economic indicators such as employment and economic growth will play a material role in developing an energy mix transition．

相关技术 系统和行业成本

投资需求 了解与空气污染 气候和二氧化碳排放相关的外部因素

了解就业和经济增长等经济指标

都在能源结构转型时发挥重要作用

And， it will have to account for countries and companies needing to scale-up to renewables over time． 

另外 还必须考虑到将来需要陆续升级到可再生能源系统的国家和公司

Plus， investments into such initiatives as flexible power grids， electric vehicles， or energy storage， along with changing industrial policies， education， and skills development needs， paired with international co-operation and broad policy consistency will be required． 

除此以外 还需要考虑针对灵活电网 电动汽车或储能系统的投资

不断变化的产业政策 教育和能力开发需求 以及国际合作和全面协调的政策

Governments will need to work together to identify this path toward a low-carbon global economy．

为此 各国政府需要通力合作才能确定实现全球低碳经济的最佳路径

For the energy industry success will necessitate developing and implementing a proactive and holistic carbon management strategy， versus a focus on carbon reduction strategies and reactively responding to government regulatory initiatives

能源行业为了顺利实现转型 需要制定并实施积极主动的整体碳管理战略

而不是单纯关注碳减排战略 机械应对政府的监管措施

And will also require sound and educated commercial decision making．

此外 还需作出健全合理的商业决策

Energy security is also highly important， and a complex driver to achieving ESG goals and will impact sustainability approaches adopted by financial institutions． 

能源安全也至关重要

它是实现ESG目标的一个复杂驱动因素 会影响金融机构采用的可持续性方案

Energy security is generally defined as reliable， affordable access to all fuels and energy sources．

常规定义下

能源安全表示用户能够通过可靠 经济的方式使用所有燃料和能源

This implies timely investments to supply energy while considering economic developments and environmental needs over the longer-term，

为此 不仅需要及时进行能源供应投资 而且还需要考虑长期经济发展和环境需求

and in the short term to react quickly react to sudden changes in the supply-demand balance． 

并在短期内对供需平衡的骤然变化做出快速反应

Energy security， energy transition， climate change， government policies， the rethinking of globalization， geopolitical events， the weaponization of commodities， inflation， the pandemic， and many other factors

在能源安全 能源转型 气候变化 政府政策 重塑全球化格局 地缘政治事件 商品武器化 通货膨胀 全球疫情以及很多其他因素的作用下

are causing significant market volatility， liquidity concerns and unrest among world populations．      

全球各地的市场正在经历剧烈的波动 流动性问题颇为棘手 动荡的阴影挥之不去

There are also social， economic， and geopolitical considerations relating to energy security． 

与能源安全相关的诸多社会 经济和地缘政治因素

And considerations of infrastructure constraints， globalization effects and the consequences of the tremendous price volatility we’ve been experiencing in energy markets， and throughout the global financial system．

以及基础设施限制 全球化影响以及剧烈的价格波动

这些能源市场和全球金融体系中的问题都不容忽视

And， maybe presenting the question of whether the price volatility we’re seeing is possibly eroding support for an energy transition． 

在这个背景下 我们可能需要回答这样一个问题

目前的价格波动是否会削弱各国对能源转型的支持力度？

The energy transition will take time．

能源转型不可能一蹴而就

Reducing carbon emissions to net-zero for many firms means goals are being set by companies through 2050， with carbon target milestones to meet throughout that timeframe． 

对于许多公司而言

实现净零碳排放 意味着需要制定到2050年的长期目标

并在这段时间内逐步达成各个里程碑碳目标

From what I’ve read and heard， most firms have said meeting net-zero commitments within this timeframe will be challenging but it’s doable．

根据我所了解的信息 大多数公司都认为

在这个时间框架内履行净零承诺固然有难度 但却是可行的

It’s technically possible， but the extent of global collaboration that will be required will be unprecedented． 

从技术角度而言 这个目标可以实现

但需要在全球范围内开展前所未有的合作

And the pace of change will be different around the world， probably lead by the developed world versus developing countries．

世界各地实现目标的速度也将各不相同

发达国家很有可能比发展中国家更早完成任务

The transition is not just about companies but will require changes to how customers use energy． 

为了实现这种转型

不仅需要各公司付出努力 还需要用户改变自己的能源使用方式

They also need to act， and companies will need to work with their customers． 

各公司也应该与客户携手合作

This can represent a positive opportunity for energy companies， allowing them to builder deeper relationships while assisting them in meeting even more of their energy demands．       

对于能源公司而言 这可能是非常不错的发展机会

有助于与客户建立更密切的关系 同时帮助客户满足更高的能源需求

The transition is also raising a key question for energy firms．

在这种转型过程中 能源公司也面临一个关键问题

How can oil and gas companies create value now while also preparing for the future energy transition？ 

石油和天然气公司如何在为未来能源转型做好准备的同时持续创造价值？

This includes ESG considerations， defining and implementing socially responsible business practices， an evolving portfolio strategy， including such things as divesting businesses or activities that require significant energy usage

为此需要考虑ESG因素 开发和实施对社会负责的商业实践方案

不断调整投资组合战略 其中包括放弃能源密集型业务或活动

to improve overall emissions levels and deliver ESG benefits

从而改善总体排放 并实现良好的ESG效益

or even heavier weighting a portfolio more toward gas，

或者可以将投资组合进一步向天然气能源倾斜

or should I mention nuclear energy， as well as utilizing talent and digital approaches to further operational excellence and workforce efficiencies．

也可以考虑利用核能 以及借助先进的人才和数字化方案

持续提高运营效率和人工效率

Regulation and commitment to decarbonization has been mixed around the world．

世界各地对脱碳的监管和承诺力度各不相同

But the energy transition will continue because investors are prioritizing ESG factors． 

但不管怎样 能源转型是大势所趋

因为投资者都将ESG视为优先事宜

The challenges these， and other issues present to energy security， the energy transition and ESG are significant， complex， costly， and fraught with risk．

上述挑战以及能源安全 能源转型和ESG面临的其他问题是重大而复杂的

需要投入大量资金 并且充满了风险

Melding current businesses with changing portfolios and projecting future returns， financial and social， will be interesting over the coming years． 

如何协调当前业务与不断变化的投资组合 如何预测未来的经济和社会收益

都将是未来几年颇为有意义的话题

The challenges are immense． 

前行之路充满坎坷

But we will meet and overcome them． 

但是我们将迎难而上 朝着目标奋勇前进

Thank you for your attention，

感谢各位的观看

and for inviting me to participate in this Forum．

同时再次感谢主办方邀请我参加此次论坛