金立群：現在迫切需要對氣候適應性進行投資

文/新浪財經意見領袖專欄作家 金立群

　　亞洲基礎設施投資銀行行長金立群出席全球財富管理論壇2021北京峰會并作主題發言時表示，當前全球尤其是亞太地區面臨的氣候挑戰亟須機構投資者通過資產配置方式幫助全球實現氣候目標，同時履行對投資者的托管責任。但是應對氣候變化的投資面臨資金瓶頸。因此，鼓勵私營部門參與投資是當前亟須政策層努力的工作。加強技術應用建立早期預警機制和完善基礎設施建設可以減少私營部門對非流動資產表現不確定性風險的擔憂，推動全球綠色發展。當前，亞投行及合作伙伴正在尋找解決阻礙基礎設施瓶頸的一系列方法，如更長的久期和適合加杠桿的融資工具，致力于建立一個有利于金融基礎設施的完整生態系統，鼓勵私人資本進入市場，并用最佳實踐框架進行項目管理。

　　以下為金立群主旨演講中英文全文。

各位嘉賓，女士們先生們：

　　我很高興今天有機會與大家交流。

　　接下來，我將談談全球，尤其是亞洲面臨的獨特氣候挑戰，以及機構投資者在履行受托責任的同時，利用自身資產幫助世界實現全球氣候目標的迫切需要。

　　這些天，許多地區都遭受了毀滅性的洪水襲擊。在德國西部萊茵蘭-普法爾茨州，100人下落不明。房屋被沖走，橋梁和道路被摧毀，幾個城鎮中心成為一片廢墟。一位德國政壇老將表示：“我的整個職業生涯中，從未見過后果如此嚴重的洪災，造成如此多的人死亡，如此多的人失蹤”。

　　歐洲從來沒有遭受過如此大規模的自然災害。事實證明，即便是這樣一個受到專屬庇佑的地區，也無法逃脫如今這種毀滅性的自然災害。

　　亞太地區受到不同程度的氣候變化影響。在新冠肺炎疫情大流行之前，2019年10次最具破壞性的災害都與氣候和天氣有關。根據聯合國的數據，到2030年，氣候相關風險可能會讓該地區每年損失約1600億美元。

　　迄今為止，關于氣候行動的全球討論集中在減緩方面，也理應如此。必須將增加對可再生能源的投資，減少對煤炭的投資以及控制溫室氣體排放列為優先事項。在亞洲基礎設施投資銀行，我們認同，要實現根據《巴黎協定》作出的承諾，積極的緩解措施絕對至關重要。

　　與此同時，我們認為世界必須更加重視氣候適應性。這對于亞洲和太平洋地區這樣的地區而言尤其重要，在該地區的許多發展中國家已經在應對氣候變化對耕種模式、供水和自然災害的不利經濟、環境和健康影響。對許多低收入國家來說，過渡期可能會很長。現在迫切需要對氣候適應性進行投資。

　　2018年，全球氣候融資超過6000億美元。但由于幾乎所有的資金都用于減緩方面（可再生能源、能源效率等），只有5%的資金用于適應性方面。在這一小部分資金中，只有大約1%來自私營部門。

　　根據聯合國的數據，每年的適應性融資缺口目前約為700億美元。確保在適應性方面進行足夠的投資遠非亞洲獨有的挑戰。對許多發展中國家來說，這也是一項緊迫的任務。

　　正如我已經指出的那樣，私營部門正在回避適應性投資，把適應性投資留給政府和多邊開發銀行來提供資金。但壓力重重的政府資產負債表面臨著氣候變化和從疫情中復蘇的雙重挑戰。這意味著目前的可用資本不足。

　　那么，誰會挺身而出呢？

　　如今，環境、社會責任及公司治理（ESG）投資作為資產管理領域的下一個增長前沿，其重要性與日俱增，可持續性因素也融入到投資決策中，我們開始看到全球市場行為有意義的重塑。然而，持續轉向可持續投資及其實施將需要領導力、創新文化和所有利益相關方的有效參與。

　　我們認為，在支持氣候融資的投資方面，私營部門具有巨大潛力的一個領域是擴大相關技術使用范疇以應對氣候變化。技術進步可以通過數據收集和利用分析為更好的決策提供信息，從而提高相關基礎設施的強度和安全性。技術創新可以把干旱地區的空氣變成水。新技術可以為面臨極端天氣事件的社區提供早期預警系統。這些技術可以拯救生命，使得應對氣候變化能力成為基礎設施投資的主流，使我們更接近全球氣候目標。

　　基礎設施領域確實已經存在少量新技術使用和創新，但應用一直很遲緩。這是因為許多發展中國家對其在工業和基礎設施中的潛在用途缺乏認識。例如，在基礎設施領域，有64%參與方將“缺乏了解”列為采用適當技術的主要障礙。然而，新冠肺炎疫情迅速提高了人們對技術的多種多樣用途的認識，從而改變了游戲規則。

　　但氣候適應技術的更廣泛應用還面臨其他挑戰，尤其是巨大的數字鴻溝以及對于基礎設施技術（即“infratech”）而言缺乏有利的生態系統。根據亞洲基礎設施投資銀行的研究，到2040年，超過50%的全球數字基礎設施缺口將在亞洲。雖然私營部門已經積極投資于這個不斷增長的市場，但這還不夠。新冠肺炎疫情已經證實了數字鴻溝的深度，缺乏可靠的互聯網導致許多國家在線上轉型中苦苦掙扎。

　　正是因為缺乏專門用于應對氣候變化技術創新的資金，因此需要激勵私營部門參與。而基礎設施投資者對基礎設施技術解決方案產生興趣的最大障礙是，他們擔心這種流動性不足的資產可能表現不佳，并有陷入困境的風險。亞洲基礎設施投資銀行及其合作伙伴正尋求提供解決方案以應對阻礙數字基礎設施投資瓶頸，如更長的久期和適合加杠桿的融資工具。

　　最終，我們需要的是一個生態系統，即一個鼓勵機構投資者加大適應性融資力度的有力金融基礎設施體系。亞洲基礎設施投資銀行將一如既往地幫助并支撐這一生態系統構建，在動員私營資本參與新興市場緩解和適應氣候變化投融資方面繼續發揮重要作用。在對自身項目采取基于最佳實踐的審慎框架的同時，我們正在建立新的伙伴關系，致力于吸引更多私人資本參與到可持續基礎設施項目中來。

　　疫后復蘇為政策制定者提供了一個機會，使其將公共政策更緊密地與氣候目標保持一致，從而限制了鎖定碳密集型基礎設施的風險。可以設計一攬子刺激計劃，以促進在節能、可再生能源以及低碳技術和解決方案方面增加投資。

　　女士們、先生們，促進國際團結以應對氣候變化是朝著正確方向邁出的一步。要實現經合組織國家、中國和其他發展中國家所承諾的到2050—2060年實現凈零碳排放的目標，就需要作出艱苦努力，而這種努力不應在今后三、四十年中中斷。除此之外，別無選擇。

　　亞洲基礎設施投資銀行希望幫助我們的成員國實現跨越式發展，因此為實現可持續發展的未來設計和創建了基礎設施項目。對于那些心懷參與氣候變化解決方案的愿景，并致力投身其中的人來說，投資機會比比皆是。

　　Excellencies，

　　Ladies and Gentlemen，

　　I am delighted to have the opportunity to speak to you today．

　　I am going to talk about the unique climate challenges facing the world， particularly Asia， and the urgent need for institutional investors to leverage their assets to help the world meet its global climate goals， while living up to their fiduciary responsibilities．

　　These days， many areas have been hit by devastating flooding． In the western state of Rhineland-Palatinate of Germany， 100 people were unaccounted for． Houses were swept away， bridges and roads were destroyed and several town centres were left in ruins．? A German political veteran said， “in my entire career in Germany I have never seen such a flood with such terrible consequences， with so many deaths and so many people missing．”

　　Europe has always been free of natural disasters on such a magnitude． And it turns out that even such regions of single blessedness cannot escape the devastating natural catastrophes as seen today．

　　The Asia-Pacific region is disproportionately affected by climate change． Before the COVID-19 pandemic， the 10 most devastating disasters in 2019 were all climate and weather-related． According to the United Nations， climate-related risks could cost the region around USD160 billion a year by 2030．

　　So far， global discussions on climate action have focused on mitigation． And rightfully so． Investing in more renewables， moving away from coal and curbing greenhouse gas emissions must be prioritized． At the Asian Infrastructure Investment Bank we agree that aggressive mitigation measures are absolutely critical if we are to reach the commitments made under the Paris Agreement．

　　At the same time， we believe the world must pay greater attention to adaptation． This is especially relevant to a region like Asia and the Pacific where many developing countries are already dealing with the adverse economic， environmental and health impacts of climate change on farming patterns， water supplies and natural disasters． For many low-income countries， the transition period is likely to be protracted． Investment in climate adaptation is acutely needed now．

　　In 2018， climate finance amounted to more than USD600 billion globally． But with nearly all of that spent on mitigation （renewable energy， energy efficiency， among others）， only five percent was invested in adaptation． And of that small portion， only about one percent came from the private sector．

　　The annual adaptation financing gap now sits at around USD70 billion， according to the UN． Ensuring sufficient investment in adaptation is far from a uniquely Asian challenge； it is also an urgent task for much of the developing world．

　　As I have already noted， the private sector is shying away from adaptation investments， leaving them to governments and multilateral development banks to fund． But stressed government balance sheets are faced with the dual challenge of climate change and recovery from the pandemic． This means the current pool of available capital is inadequate．

　　So who will step up？

　　Now with the increasing relevance of ESG investing as the next growth frontier in asset management， and the integration of sustainability factors in investment decisions， we are starting to see a meaningful reshaping of behavior in global markets． However， the continued shift to sustainable investing and its implementation will require leadership， a culture of innovation and effective engagement with all stakeholders．

　　One area where we see great potential for the private sector to support investing in climate finance is in the scaling up of technology for climate resilience． Advancements in technology can increase the strength and safety of infrastructure through data collection and utilizing analytics to inform better decisions． Innovations can turn air into water for drought plagued areas． New technologies can provide early warning systems to communities facing extreme weather events． These technologies can save lives， mainstream climate adaptation and resilience into infrastructure investments and bring us closer to global climate goals．

　　Pockets of new technology use and innovation do already exist in infrastructure， but their application has been sluggish． This is because of a lack of awareness in many developing countries of their potential use in industry and infrastructure． For example， 64 percent of stakeholders in infrastructure cite lack of understanding as the main barrier to adopting appropriate technology． COVID-19 has， however， been a game changer by rapidly heightening awareness of the many and varied uses of technologies．

　　But there are other challenges to more widespread use of climate adaptation technology， not least the huge digital divide and the lack of a conducive ecosystem for infrastructure technologies， or “infratech”． According to AIIB research， more than 50 percent of the global digital infrastructure gap will be in Asia by 2040． Although the private sector is already actively investing in this growing market， it is not enough． The COVID-19 pandemic has demonstrated the depth of the digital divide， with a lack of reliable internet causing many countries to struggle with the transition online．

　　Funds specifically earmarked for innovation in climate adaptation are lacking and the private sector therefore needs to be incentivized． The biggest dampener on infrastructure investors’ interest in infratech solutions is the fear of an illiquid asset that is likely to underperform and become stranded． AIIB and its partners are looking to offer solutions to the bottlenecks blocking digital infrastructure investment， such as longer maturities and appropriate financing instruments that leverage their balance sheets．

　　Ultimately， what is needed is an ecosystem． A propitious system of financial infrastructure that will encourage institutional investors to ramp up their efforts for adaptation financing． AIIB will continue to play an important role in mobilizing private capital into emerging-market climate mitigation and adaptation finance by helping to shore up this ecosystem． We are forging new partnerships and committing to projects that crowd in more private capital to sustainable infrastructure projects while applying a rigorous framework of best practices to our own projects．

　　The post-crisis recovery presents policymakers with an opportunity to align public policies more closely with climate objectives， thereby limiting the risk of locking-in carbon-intensive infrastructure． Stimulus packages can be designed to promote greater investment in energy efficiency， renewables and low-carbon technologies and solutions．

　　Ladies and gentlemen， fostering international solidarity to combat climate change is a step in the right direction． Attaining the goal of net-zero by 2050-2060 as pledged by OECD countries， China and other developing countries calls for strenuous efforts which should not be disrupted for the next three to four decades． There can be no other option．

　　AIIB wants to help our members to leapfrog， so that infrastructure projects are designed and created for a sustainable tomorrow． Investment opportunities abound for those with the vision and the commitment to be part of the solution on climate change．

　　(全球財富管理論壇是在中國金融業對外開放背景下，由中國財富管理50人論壇和孫冶方經濟科學基金會共同發起成立的全球性、學術性、中立的智庫組織，致力于促進資產管理與財富管理領域的全球對話，推動資產管理與財富管理行業的健康發展。)