Biodiversity in ESG

ESG 中的生物多样性

• 批准号: NE/X016560/1
• 负责人: Ben Groom
• 金额: $ 17.03万
• 依托单位: UNIVERSITY OF EXETER
• 依托单位国家: 英国
• 项目类别: Research Grant
• 财政年份: 2023
• 资助国家: 英国
• 起止时间: 2023 至 无数据
• 项目状态: 未结题
• 来源: https://gtr.ukri.org/projects?ref=NE%2FX016560%2F1
• 关键词: Biodiversity; ESG

The Dasgupta Review (Dasgupta 2021) shows that the economy and the financial sector are embedded in and dependent upon the biosphere: nature and biodiversity. To be sustainable and respect planetary boundaries, economic development and the allocations of capital facilitated by the financial sector must therefore reflect this embeddedness and account for the comprehensive (including natural capital) wealth. With this ultimate purpose in mind, many mechanisms have been deployed in the financial sector. For example, the Taskforce on Nature-related Financial Disclosures (TNFD) is now being developed to guide the disclosure of information on the financial implications of nature-related risks. Analysts and investors who want to avoid biodiversity and other nature-based risks or engage in environmental conservation use ESG as a key resource to evaluate portfolios. (Cao et al., 2020) However, past research shows evidence that ESG does not appear to achieve its purpose. (Berg et al., 2020).The so-called "double-materiality" (Boissinot et al., 2022) of biodiversity risks and impacts have little effect on decisions in the financial sector. Understanding how biodiversity is measured and delivered in the financial market is crucial to further integrate biodiversity into finance and contributing to biodiversity conservation. ESG is becoming an important tool that contains biodiversity metrics in the market. BIO-ESG will contribute to integrating biodiversity into finance by investigating the "double materiality" relationship between biodiversity and finance. It will focus on two perspectives.The research will analyse 1) how typical ESG-orientated investment behaviour affects biodiversity scores, portfolios and engagement with biodiversity-exposed firms. 2) the financial incentives for investing in companies that score highly on biodiversity.

《达斯古普塔审查》(《达斯古普塔2021年》)显示，经济和金融部门植根于并依赖于生物圈：自然和生物多样性。因此，为了可持续和尊重全球边界，金融部门推动的经济发展和资本分配必须反映这种嵌入性，并考虑到全面的(包括自然资本)财富。考虑到这一最终目的，金融部门已经部署了许多机制。例如，目前正在建立与自然有关的财务披露工作队，以指导披露与自然有关的风险所涉财务问题的信息。希望避免生物多样性和其他基于自然的风险或从事环境保护的分析师和投资者将ESG作为评估投资组合的关键资源。(曹等人，2020)然而，过去的研究表明，ESG似乎没有达到其目的。(Berg等人，2020年).生物多样性风险和影响的所谓“双重实质性”(Boissinot等人，2022年)对金融部门的决策几乎没有影响。了解生物多样性是如何在金融市场上衡量和交付的，对于进一步将生物多样性纳入金融和促进生物多样性保护至关重要。ESG正在成为市场上包含生物多样性指标的重要工具。Bio-ESG将通过调查生物多样性和金融之间的“双重实质性”关系，为将生物多样性纳入金融做出贡献。研究将集中于两个角度。研究将分析1)典型的以ESG为导向的投资行为如何影响生物多样性得分、投资组合和与生物多样性风险敞口公司的接触。2)投资生物多样性得分高的公司的财政激励措施。

项目成果

Sense and sensitivity: An argument against reporting multiple Net Present Values

理智与敏感性：反对报告多个净现值的论点

• DOI: 10.2139/ssrn.4663124
• 发表时间: 2023
• 期刊: SSRN Electronic Journal
• 作者: Nesje F

Biodiversity Confusion: The Impact of ESG Biodiversity Ratings on Asset Prices

生物多样性困惑：ESG生物多样性评级对资产价格的影响

• DOI: 10.2139/ssrn.4540722
• 发表时间: 2023
• 期刊: SSRN Electronic Journal
• 作者: Xin W