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The sustainable investor for a changing world

Forward thinking | ポッドキャスト - 16:00 MIN

グローバル・サステナビリティ戦略2023-2025

2 Authors - Forward thinking
2024-02-05 · 6 分で読める

2019年に私たちは、グローバル・サステナビリティ戦略(GSS)の第一版を公表しました。これにより、当社が組織全体でサステナビリティ(持続可能性)を実現するための基盤が築かれました。それ以来、当時は想像もしなかったような多くの出来事が起こりましたが、基本的に、当社のアプローチは一貫しています。そしてこの度、2023年から2025年までの目標をより詳細に説明するため、GSSの更新版を公表しました。当レポートでは、当社の持続可能性に関する野心の全容を示しています。

今回のポッドキャスト「Presenting our new Global Sustainability Strategy 2023-2025」では、グローバル・サステナビリティ責任者であるJane Ambachtsheerが、インベストメント・インサイト・センターの共同責任者であるAndrew Craigと当社のグローバル・サステナビリティ戦略2023-2025について対談をしております。

“Talking heads”はBNPパリバ・アセットマネジメントが提供するポッドキャストにおける投資情報のプログラムです。今後も投資家の皆様にとって、重要なトピックに関する詳細なインサイトに加え、サステナビリティの観点から世界の市場分析を行い、投資プロフェッショナルとのより有意義な対話を展開します。

*当プログラムは英語のみとなります。英語スクリプトは、以下よりご覧いただけます。

XXX BNP AM

Read the transcript

This is an audio transcript of the Talking Heads podcast episode: Presenting our new Global Sustainability Strategy, 2023-2025 

Andrew Craig: Hello and welcome to the BNP Paribas Asset Management Talking Heads podcast. Every week, Talking Heads will bring you in-depth insights and analysis through the lens of sustainability on the topics that really matter to investors. In this episode, we’ll be discussing the new edition of our Global Sustainability Strategy. I’m Andy Craig, Co-head of the Investment Insights Centre, and I’m delighted to be joined by Jane Ambachtsheer, Global Head of Sustainability. Welcome, Jane.  

Jane Ambachtsheer: Hi. Thanks, Andy.  

AC: This week, we launched our updated Global Sustainability Strategy. Could you talk us through what the strategy is, why we have written a second version of it, and what we expect to achieve with it? 

JA: This is a one-stop shop to communicate our overall ambition and approach to sustainable investing. The first edition took us from 2019 through 2022, and we updated it to cover 2023 to 2025.  

It sets out our ambition on sustainability – our view on the critical elements we are working towards to achieve a more sustainable economic future, which enhances our ability to deliver sustainable returns to clients. It covers our focus areas and how we’re integrating different elements into our investment approach.  

AC: In the years since the first edition was published, the world has changed. The context for sustainability investing has changed profoundly. What are those changes and how do you see them as we look ahead? 

JA: While our commitment and ambition around sustainability has not changed, there have been some fundamental shifts in the market and in the geopolitical context within which we’re operating.  

One is the introduction of the Sustainable Finance Disclosure Regulation in Europe, which has implications for us and other asset managers across the region.  

We’ve had to revise our definition of sustainable investments and finalise our methodology, integrating fund classification and the SFDR categories that our funds relate to.  

Another focal point is net zero. We’ve seen the launch of the Glasgow Financial Alliance for Net Zero, which involves hundreds of financial institutions making commitments to net zero. BNP Paribas Asset Management is a signatory to the Net Zero Asset Manager Initiative and we’ve published our net zero roadmap showing how we are committed to evolving our investment approach around net zero alignment.  

In terms of headwinds, we’ve seen geopolitical disruption in Europe, the Middle East and elsewhere, and a lot of volatility for some of the sustainability themes and markets. That has caused disruption.  

We’re seeing a lot of progress towards the [net zero] transition, but not as much nor as quickly as needed. We see a combination of headwinds and tailwinds that our industry needs to make sense of and navigate short term, while keeping our focus on our objective of using our influence and investments to help push towards a net zero, environmentally sustainable and more inclusive economy.  

AC: Can you talk about what has really changed in terms of the sustainability strategy since 2019? 

JA: Some things have changed, some have stayed the same. We have six pillars to our sustainability approach, and they remain the fundamental building blocks that we use to integrate sustainability into our investment approach, our products and our operations.  

Just to quickly talk through the six pillars: 

The first is our forward-looking perspective – our focus on the energy transition relating to our net zero commitment; healthy ecosystems where we have a strong focus on tackling biodiversity loss, deforestation; and equality and inclusive societies. We will be publishing our equality roadmap this year.  

The next pillar is our Responsible Business Conduct policy. This articulates expectations for responsible business conduct and the management of sensitive sectors. It focuses on avoiding regulatory and stranded asset risk and covers our policies on topics such as coal, oil & gas, and deforestation.  

The third pillar is environmental, social & governance (ESG) integration – the insights that we’re able to develop with investment teams by pulling together qualitative and quantitative ESG information to develop points of views on companies. This can be translated into how we build our investment universes, our focus on risk and portfolio construction, right through to the reports we generate for our different portfolios. ESG integration is a core component of our approach.  

Stewardship is the next pillar – how we vote, engage with companies and undertake public policy advocacy. We have a bold approach to stewardship and our stewardship team in partnership with our investment teams devotes a lot of work, time and effort to it. It’s about engaging with the companies we invest in to focus on numerous issues from climate-related disclosures, adopting net zero business plans, and ensuring that we’re seeing strong levels of diversity across investee company boards and senior management positions.  

The fifth pillar concerns investment solutions for sustainability. This looks at how we can help to direct capital towards sustainable solutions. It includes our sustainable thematic or labelled funds and our impact strategies. This is an area we’ve really been focusing on over the last few years to expand our range across active and passive strategies in public and private markets. It’s an area that includes things such as our recent acquisition of IWC (International Woodland Company), which allows us to create investment opportunities in the private, sustainable timber and agriculture sectors.  

Our sixth pillar concerns our operations – how we implement our own corporate social responsibility (CSR) strategy and ‘walk the talk’: are we living the values and the practices that we’re asking [investee] companies to implement? We have a strong focus on our own culture and making sure that we’re implementing those things from our own perspective.  

These elements have remained in the updated sustainability strategy.  

AC: So, what is new in this edition? 

JA: What’s new is the ambition we have on specific topics for the next couple of years.  

Among our near-term focus areas and priorities there are four elements: 

First, our culture. We are putting a huge amount of focus on this and making sure that we are creating a sustainable culture internally. Among the initiatives is focusing on volunteering, providing opportunities for our staff to get engaged. For example, we do a lot of work in the communities where we operate to support disadvantaged youth through mentoring, opportunities and internships.  

Category two is around bold stewardship – maintaining and building our position as a stewardship leader with robust and credible policies. We are increasingly working with policymakers to advocate more sustainable outcomes and the implementation of real-world policies that will enable capital to flow to achieve the transition we’re working towards.  

The third category concerns being science-led and transparent in our approach to data and research. We are highly focused on making sure we’re open about how we do things such as creating our net zero triple ‘A’ framework, which means identifying companies that are achieving, aligned or aligning with net zero. This is transparent in terms of how we define each category, how we link in with the institutional frameworks that have been produced by groups such as the Institutional Investor Group on Climate Change. We often partner with academics to achieve some of these outcomes.  

The fourth category is to continue to mobilise capital towards sustainable solutions. I mentioned the recent acquisition of IWC. We will continue to provide investors with new investment opportunities in the medium term. There are a couple of areas in particular: 

  1. A strong focus on emerging markets. We know that most incremental emission reductions need to take place in emerging markets to move towards a net zero future. We have a large footprint in numerous emerging markets either through BNP Paribas Asset Management, via direct investment offices or some of our joint ventures. Using that presence is an area we’re focusing on. It has the potential for significant impact. 
  1. Speaking of impact, that’s the next mid-term focus – to continue to evolve our framing of impact investing, to meet the needs of clients who want to allocate investments for impact, but also to measure our impact as an organisation and to report on that.  

I should close with some internal priorities.  

The first is around ESG data. We have a significant ESG data programme internally, which is a top priority to make sure we have clear, comprehensive, high-quality data to achieve all our objectives – be it safety, implementation, ESG analysis, net zero alignment or measuring alignment and misalignment with the [UN] Sustainable Development Goals. It’s an ambitious programme and something we’re going to continue to invest in.  

The second internal priority is education. We’ve had thousands of hours spent by colleagues to undertake sustainable certifications across different markets, and we’re investing in our Investment Academy to make more information and knowledge sharing available to clients.  

Finally, on the theme of knowledge sharing, we have a strong focus on strategic communications and making sure we make the most of all the knowledge and information that we have in different teams, but also communicating clearly and accessibly both to our colleagues across markets and to clients.  

We have a lot going on. We’re excited about continuing on our path towards our ambition to be ‘the sustainable investor for a changing world’

AC: Thank you very much. 

JA: Thanks so much for having me. 

当ポッドキャストはBNPパリバ・アセットマネジメントグループ(フランスや英国、その他の拠点を含む、以下当社グループ)が作成したもので、特定の金融商品の取得勧誘を目的としたものではありません。また、金融商品取引法に基づく開示情報ではありません。当ポッドキャストにおける統計等は、信頼できると思われる外部情報等に基づいて作成しておりますが、その正確性や完全性を保証するものではありません。また、当ポッドキャストに含まれる内容は作成日時点のスピーカーの見解であり、予告なく変更される場合があります。個々のポートフォリオ運用チームは、異なる見解を持ち、顧客の特性によって異なる投資決定を行う場合があります。過去の実績に関する数値、図表、見解や予測などを含むいかなる内容も将来の運用成績を示唆または保証するものではありません。

当社は、言及された情報の正確性及び完全性について、明示的であるか黙示的であるかを問わず、なんらの表明又は保証を行うものではなく、また、一切の責任を負いません。なお、事前の承諾なく当ポッドキャストの見解、予想、資料等を複製、転用等することはお断りいたします。

当ポッドキャストで使用している文言等に係る著作権等の知的財産権、その他一切の権利は、当該文言等の開発元または公表元に帰属します。また、当ポッドキャストで使用している商標等に係る著作権等の知的財産権、その他一切の権利は、当該商標等の権利者に帰属します。

当ポッドキャストで言及されている銘柄は当ポッドキャストでご紹介する運用戦略のご説明のための参考情報であり、当社が特定の有価証券等の取得勧誘を行うものではありません。

投資した資産の価値や分配金は変動する可能性があり、投資家は投資元本を回収できない可能性があります。新興国市場、または専門的なセクター、制限されたセクターへの投資は、入手可能な情報が少なく流動性が低いため、また市場の状況(社会的、政治的、経済的状況)の変化により敏感に反応しやすいため、より不安定性があり、大きな変動を受ける可能性があります。

環境・社会・ガバナンス(ESG)投資に関するリスク:ESGと持続可能性を統合する際、EU基準で共通または統一された定義やラベルがないため、ESG目標を設定する際に資産運用会社によって異なるアプローチが取られる場合があります。これはESGと持続可能性の基準を統合した投資戦略を比較することが困難であることを意味しており、同じ名称が用いられていても異なる測定方法に基づいている場合があるということです。保有銘柄のESGや持続可能性に関する評価において、資産運用会社は、外部のESG調査会社から提供されたデータソースを活用する場合があります。ESG投資は発展途上の分野であるため、こうしたデータソースは不完全、不正確、または利用できない場合があります。投資プロセスにおいて責任ある企業行動指針を適用することで、特定の発行体やセクターが除外される場合があります。その結果、当該指針を適用しない類似の投資戦略のパフォーマンスよりも良くなったり、悪くなったりする場合があります。

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