一项新研究显示，印度规模达9000亿美元的资产管理行业大部分机构不披露投资组合将如何抵御气候冲击，使投资者处于信息盲区。
The bulk of India’s $900-billion asset management sector does not disclose how portfolios would withstand climate shocks, leaving investors in the dark, according to a new study.
智库“气候风险地平线”发布的报告称，12家共同基金——占该行业资产的80%以上——在气候情景分析和压力测试方面得分为零。没有任何一家基金披露了快速向清洁能源转型、行动延迟、日益恶化的物理灾害或搁浅项目将如何影响估值和回报。
Twelve mutual funds — accounting for more than 80% of the industry’s assets — scored zero on climate scenario analysis and stress testing, said the report by think tank Climate Risk Horizons. None revealed how a rapid transition to clean energy, delayed action, worsening physical hazards or stranded projects would impact valuations and returns.
印度资产管理机构在气候压力测试方面是全球的异类。其亚洲同行中约三分之二至少披露了某种程度的情景分析，而这一做法在全球最大型公司中更为普遍。这一差距对印度影响重大。麦肯锡公司的数据显示，仅气温和湿度上升一项，到2030年就可能使印度高达2500亿美元的年产出面临风险。
Indian asset managers are outliers globally on climate stress testing. Roughly two-thirds of their Asian peers disclose at least some level of scenario analysis, and the practice is even more widespread among the world’s biggest firms. The gap is consequential for India, where rising heat and humidity alone could put as much as $250 billion of annual output at risk by 2030, according to McKinsey & Co.
“气候风险地平线”可持续金融分析师、该研究的第一作者斯内哈·亚达夫表示，投资者需要“了解风险所在、风险如何影响投资价值，以及基金经理正在采取什么应对措施”。
Investors need to “understand where the risk sits, how it affects investment value and what fund managers are doing about it,” said Sneha Yadav, a sustainable finance analyst at Climate Risk Horizons and lead author of the study.
全部12家机构都设有某种形式的尽责管理框架以及气候或ESG监督机制，但没有一家披露其投资所融资的排放量。该智库建议出台更严格的披露法规、对投资组合进行气候影响测试，并制定管理计划。
All 12 firms had some form of stewardship framework and climate or ESG oversight, yet none disclosed the emissions financed through their investments. The think tank suggested regulations for stricter disclosures, testing of portfolios against climate impact and a plan to manage it.
“气候风险地平线”可持续金融主管萨加尔·阿萨普尔表示，资产管理机构负有受托责任，须对具有财务重大性的风险采取行动，而“气候风险显然就是其中之一”。“我们已经看到厄尔尼诺等物理天气事件影响公司盈利。”
Asset managers have a fiduciary responsibility to act on risks that are financially material and “climate risk is obviously one,” said Sagar Asapur, head of sustainable finance at Climate Risk Horizons. “We are already seeing physical weather events such as El Niño impact company earnings.”