文 | ESG评级中心 李欣然
当前，ESG市场的扩容速度有所放缓，围绕ESG的争议也不断涌现。ESG投资是否真的能够创造价值并为投资者带来切实的收益？ESG评级中心就此问题对话了挪威银行投资管理公司（Norges Bank Investment Management，以下简称NBIM）首席治理与合规官Carine Smith Ihenacho女士。NBIM是全球最大的主权财富基金——挪威主权财富基金的管理者。
Ihenacho女士指出，NBIM已将ESG因素全面融入投资决策流程，将标的公司的ESG绩效作为重要的投资考核标准之一，并持续与被投资公司沟通，推动其向可持续商业模式转型。在她看来，强劲的财务回报与可持续发展目标并非相互矛盾，而是相辅相成的。践行ESG投资策略不仅有助于防控风险，还能有效提升投资回报率。
以下为对话实录：
Q：我们了解到，NBIM十分重视ESG投资。能否请您介绍一下NBIM是如何将ESG因素纳入投资决策过程的？
A：我们在投资流程中全面融入了ESG因素，这一举措不仅是出于财务考量，更是为了有效降低风险并提升投资回报。我们的投资组合经理在分析决策中充分考虑可持续性问题，并在60%的公司会议中深入讨论相关议题。
2024年，我们通过引入“期望评分”（expectation scores）体系进一步完善了评估框架。该体系依据我们在环境和社会议题上对公司的公开期望进行评估。同时，我们建立了系统性的风险监控流程，以识别和管理ESG风险。一旦发现高风险，我们会与公司沟通、调整投资组合，甚至在必要时完全撤资。2024年，我们基于风险评估进行了49次撤资，并重新投资了16家在ESG表现上取得显著进步的公司。
Q：作为负责任投资的重要一环，主动与企业沟通互动尤为关键。能否请您分享一下，在促使你们投资的企业迈向可持续发展的过程中，NBIM运用了哪些核心的沟通策略？
A：在2024年，我们与1342家公司共举行了3313次会议，其中包括234次董事会级别的高层会议。我们深知，良好的公司治理始于董事会对股东的责任。因此，我们在与企业沟通时，着重提出那些具有财务相关性的重要议题，并通过为每次沟通设定具体目标来衡量其成效。例如，在气候相关议题的沟通中，我们持续跟踪减排目标的进展。截至2024年底，我们投资组合中74%的投融资排放已被纳入净零目标的覆盖范围。为了更有效地与公司互动，我们运用了多种工具，其中就包括投票权的行使。在2024年，我们参与了11154次股东会议的投票。此外，我们还特别强调透明度，会在股东会议召开前五天公布我们的投票意向。
Q：在NBIM的投资实践中，如何在实现强劲财务回报与推动可持续发展目标之间达成平衡？这两者矛盾吗？
A： 我们的使命十分明确：在可接受的风险水平下实现最高的回报，同时负责任地管理基金。从长期来看，我们坚信，投资回报依赖于可持续的经济、环境和社会发展，也依赖于高效、合法且运作良好的市场环境。我们的投资策略表明，这些目标是相互促进的，而非相互矛盾的。
例如，自2012年以来，我们基于风险评估，从那些可持续发展实践不佳的公司中撤资，这一举措使我们的股票累计回报率提升了0.64个百分点。我们还扩大了对可再生能源基础设施的投资，在2024年新增了1891兆瓦的装机容量。在房地产领域，我们取得了显著进展——目前，我们43%的房地产投资组合已与温升1.5℃的脱碳路径相一致。
Q： 我们了解到，NBIM于2022年发布了《2025年气候行动计划》。截至目前，相关进展如何？展望未来，NBIM又将如何继续在气候治理领域保持领先地位？
A：在过去几年中，我们在气候行动领域取得了令人鼓舞的进展，目前我们投资组合中有74%的碳排放已被纳入净零目标。然而，实现转型并非仅靠投资者和企业自身就能完成，它还需要各国政府切实履行其承诺，为全球经济的有序转型提供有力支持。当下和未来，我们的工作重心将聚焦于支持投资组合中高排放企业进行商业模式变革，助力其以符合长期价值创造的方式逐步减少碳排放。
以下为对话英文原文：
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．