新浪財經ESG評級中心提供包括資訊、報告、培訓、諮詢等在內的14項ESG服務，助力上市公司傳播ESG理念，提升ESG可持續發展表現。點擊查看【ESG評級中心服務手冊】

　　文 | ESG評級中心 李欣然

　　當前，ESG市場的擴容速度有所放緩，圍繞ESG的爭議也不斷湧現。ESG投資是否真的能夠創造價值併爲投資者帶來切實的收益？ESG評級中心就此問題對話了挪威銀行投資管理公司（Norges Bank Investment Management，以下簡稱NBIM）首席治理與合規官Carine Smith Ihenacho女士。NBIM是全球最大的主權財富基金——挪威主權財富基金的管理者。

　　Ihenacho女士指出，NBIM已將ESG因素全面融入投資決策流程，將標的公司的ESG績效作爲重要的投資考覈標準之一，並持續與被投資公司溝通，推動其向可持續商業模式轉型。在她看來，強勁的財務回報與可持續發展目標並非相互矛盾，而是相輔相成的。踐行ESG投資策略不僅有助於防控風險，還能有效提升投資回報率。

　　挪威銀行投資管理公司（Norges Bank Investment Management）首席治理與合規官Carine Smith Ihenacho

　　以下爲對話實錄：

　　Q：我們瞭解到，NBIM十分重視ESG投資。能否請您介紹一下NBIM是如何將ESG因素納入投資決策過程的？

　　A：我們在投資流程中全面融入了ESG因素，這一舉措不僅是出於財務考量，更是爲了有效降低風險並提升投資回報。我們的投資組合經理在分析決策中充分考慮可持續性問題，並在60%的公司會議中深入討論相關議題。

　　2024年，我們通過引入“期望評分”（expectation scores）體系進一步完善了評估框架。該體系依據我們在環境和社會議題上對公司的公開期望進行評估。同時，我們建立了系統性的風險監控流程，以識別和管理ESG風險。一旦發現高風險，我們會與公司溝通、調整投資組合，甚至在必要時完全撤資。2024年，我們基於風險評估進行了49次撤資，並重新投資了16家在ESG表現上取得顯著進步的公司。

　　Q：作爲負責任投資的重要一環，主動與企業溝通互動尤爲關鍵。能否請您分享一下，在促使你們投資的企業邁向可持續發展的過程中，NBIM運用了哪些核心的溝通策略？

　　A：在2024年，我們與1342家公司共舉行了3313次會議，其中包括234次董事會級別的高層會議。我們深知，良好的公司治理始於董事會對股東的責任。因此，我們在與企業溝通時，着重提出那些具有財務相關性的重要議題，並通過爲每次溝通設定具體目標來衡量其成效。例如，在氣候相關議題的溝通中，我們持續跟蹤減排目標的進展。截至2024年底，我們投資組合中74%的投融資排放已被納入淨零目標的覆蓋範圍。爲了更有效地與公司互動，我們運用了多種工具，其中就包括投票權的行使。在2024年，我們參與了11154次股東會議的投票。此外，我們還特別強調透明度，會在股東會議召開前五天公佈我們的投票意向。

　　Q：在NBIM的投資實踐中，如何在實現強勁財務回報與推動可持續發展目標之間達成平衡？這兩者矛盾嗎？

　　A： 我們的使命十分明確：在可接受的風險水平下實現最高的回報，同時負責任地管理基金。從長期來看，我們堅信，投資回報依賴於可持續的經濟、環境和社會發展，也依賴於高效、合法且運作良好的市場環境。我們的投資策略表明，這些目標是相互促進的，而非相互矛盾的。

　　例如，自2012年以來，我們基於風險評估，從那些可持續發展實踐不佳的公司中撤資，這一舉措使我們的股票累計回報率提升了0.64個百分點。我們還擴大了對可再生能源基礎設施的投資，在2024年新增了1891兆瓦的裝機容量。在房地產領域，我們取得了顯著進展——目前，我們43%的房地產投資組合已與溫升1.5℃的脫碳路徑相一致。

　　Q： 我們瞭解到，NBIM於2022年發佈了《2025年氣候行動計劃》。截至目前，相關進展如何？展望未來，NBIM又將如何繼續在氣候治理領域保持領先地位？

　　A：在過去幾年中，我們在氣候行動領域取得了令人鼓舞的進展，目前我們投資組合中有74%的碳排放已被納入淨零目標。然而，實現轉型並非僅靠投資者和企業自身就能完成，它還需要各國政府切實履行其承諾，爲全球經濟的有序轉型提供有力支持。當下和未來，我們的工作重心將聚焦於支持投資組合中高排放企業進行商業模式變革，助力其以符合長期價值創造的方式逐步減少碳排放。

　　以下爲對話英文原文：

　　Q: Can you share insights on how Norges Bank Investment Management integrates ESG factors into its investment decision-making process？

　　A: We integrate ESG factors throughout our investment process. This is financially motivated. It is about reducing risks and increasing return. Our portfolio managers consider sustainability in their analyses and discuss these topics in 60% of company meetings. In 2024, we strengthened our assessment framework by introducing "expectation scores" that evaluate companies against our published expectations of companies on environmental and social topics. We also have systematic risk monitoring processes to identify and manage ESG risks. When we identify high risks, we can engage with companies, adjust our investments, or in some cases, divest completely. In 2024, we made 49 risk-based divestments and re-included 16 companies that showed significant improvements．

　　Q: Active engagement with companies is a crucial aspect of responsible investment. Can you discuss some of the key engagement strategies that Norges Bank Investment Management employs to influence positive change in the companies it invests in？How do you measure the success of these engagements？

　　A: In 2024, we held 3,313 meetings with 1,342 companies, including 234 board-level meetings. Good corporate governance starts with board accountability to shareholders. We raise financially material topics in our dialogues. We measure success through specific objectives we set for each engagement. For example, in our climate engagements, we track progress on emission reduction targets - by the end of 2024, 74% of our portfolio's financed emissions were covered by net zero targets．We use various tools to engage with companies, including voting．We voted at 11,154 shareholder meetings in 2024. We also emphasize transparency， publishing our voting intentions five days before shareholder meetings．

　　Q: How does Norges Bank Investment Management balance the dual objectives of achieving strong financial returns and promoting sustainability goals？ Are there any trade-offs, and if so, how are they managed？

　　A: Our mandate is clear: achieve the highest possible return with acceptable risk, while managing the fund responsibly. In the long term, we believe our return depends on sustainable economic, environmental and social development, as well as on well-functioning, legitimate and efficient markets. Our investment approach shows that these goals are complementary, not conflicting. For instance, since 2012 our risk-based divestments from companies with poor sustainability practices has increased the cumulative returns in equities by 0.64 percentage points．We've also expanded our investments in renewable energy infrastructure, adding 1,891 MW of capacity in 2024. In real estate, we're seeing tangible progress - 43% of our real estate portfolio is now aligned with a 1.5°C decarbonization pathway．

　　Q: We have learned that Norges Bank Investment Management published its 2025 Climate Action Plan in 2022. As of now, what progress has been made? And looking ahead, how is Norges Bank Investment Management preparing to continue leading in climate governance？

　　A: We have over the last years seen encouraging progress on climate action， with 74% of our portfolio's emissions now covered by net zero targets. However, we recognise that the transition is not something that can be done by investors and companies alone - it will require governments fulfilling their commitments to enable an orderly transition of the global economy. Our focus now, and in the future, will be to support the high-emitting companies in our portfolio to transition their business models and reduce their emissions in a way that aligns with long-term value creation．

　　新浪財經ESG評級中心簡介

　　新浪財經ESG評級中心是業內首箇中文ESG專業資訊和評級聚合平臺，致力於宣傳和推廣可持續發展，責任投資，與ESG（環境、社會和公司治理）價值理念，傳播ESG的企業實踐行動和榜樣力量，推動中國ESG事業的發展，促進中國ESG評估標準的建立和企業評級的提升。

　　依託ESG評級中心，新浪財經發布多隻ESG創新指數，爲關注企業ESG表現的投資者提供更多選擇。同時，新浪財經成立中國ESG領導者組織論壇，攜手中國ESG領導企業和合作伙伴，通過環境、社會和公司治理理念，推動建立適合中國時代特徵的ESG評價標準體系，促進中國資產管理行業ESG投資發展。

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責任編輯：李欣然