ESG投資を巡る課題

1 Copyright 2016by Asian Development Bank Institute. All rights 22 2. / ESG 3.. 7. Implication 2 ESG ESG 18 30 2014 70 4 GSIA 2018 Global Sustainable Investment Review 0200040006000800010000120001400016000 201820162014 ESG 10 (ETF 2021 17 2021 3 20 9 5 Morning Star: Quarterly Report 2020 249 832 2020 3 6010203040506005000010000015000020000025 0000300000350000400000201520162017201820 192020 (10 ( ( SRI ( 2006 PRI ESG 2015 9 SDGs( 07 08 millennial Z ESG ESG PRI 1 3,613 594 deloitte , P.))))))

2 (2019). Mind the gaps: The 2019 deloitte millennial survey . ESG ESG ESG ESG ESG 8 9 GSIA 2018 Global Sustainable Investment Review GIIN) ESG 10 2019 22 TCFD FSB) 2015 TCFD) 2021 1 340 11 CEO 2021 3 Shareholder Capitalism StakeholderCapitalism 12 13 FG (2020) 34 International Corporate Governance Network, 4/23/20)

3 Alstria 1 GreenDividend 85% ESG 2006 4 PRI 2014 2 2015 6 2015 9 GPIF PRI 2015 12 2017 5 ESG 2017 5 2018 6 2018 6 2018 ESG 2019 6 G20 SDG 2020 3 ESG 2020 10 50 2021 6 15 TCFD ESG 16 GPIF 2017 ESG ESG ESG 2019 ESG (GPIF) ESG 17 S&P/JPX MSCI MorningStar FTSE Blossom Japan IndexMSCI Japan ESG Select Leaders IndexMSCIACWIESGU niversalIndex GPIFESG GPIF ESG 18 17 4 20 3 ESG GPIF ESG 2019 ESG ESG 2018535501270 IT MSCI EMISSIONSt CO2e / $MWATER STRESSm3/ $MHEALTH & SAFETY fatalities per 1m workersBRIBERY & ETHICS# of active controversies5342469635615139201 ESG 22 & GPIF 23 ESG 2019 24 2017 2020 A:FTSE-ALL WORLDB.

4 FTSE ALL-WORLD FMW ESGA B US All-World FMW ESG 252020 ESG Source FTSEW ebsiteESG EU ASEAN TCFD 600 ESG /ESG ESG 57% - 10 Source: Mckinsey & Company, The ESG premium: New perspectives on value and performance (2020)0102030405060 IncreaseDecreaseNo impactUncertainDoes ESG Program Create Shareholders Value ? -share of respondents(%)20092019 ESG 29 ESG ESG CFP(Corporate Financial Performance) 1970 2,200 5 CFP Frieda et al.

5 (2015) ESG Auer and Schumacher(2016 )) ESG ESG Hong and Kacperczyk(2009)) MSCI ESG ESG El Ghoul et al. (2011))ESG 30 31 ESG 2020 ESG 1. ESG ESG ESG ESG ESG 2 ESG ESG ESG 32 ESG 33 2020 PIF 2019 ESG ESG ESG 34 ESG 36 Source: MSCI, Average score of corporations comprising All Country World Index.

6 Source: GPIFESG 2019 FTSE, Average score of corporations comprising FTSE Developed Index FTSEE mergingIndex MSCI BBB 37 38 Q1 C 13 15 C 15 17 C 17 19 C 2 C C 40Q22040 50 500 5000 ESG/SDG 41 2 Bigworld Smallplanet Johan Rockstroem 201542 16 401 CarbonPerformance 15% 2050 2 C 2% 2 C 47% 16% 2030 2050 TPI (2021 ) 2017 Climate Action 100+ TCFD 44 2021 5 diversity can improve innovation Group Think( ANA 2020 Due Diligence 46 SDG 19)

7 10 SDG 5 100 SDG 49 ESG 1 Environment and Social Finance Group Global Sustainable Finance Group 50 Harvard Business School Case Study 8-318-103 April 2018 Morgan Stanley: Building Long-Term SustainabilityMorgan Stanley,2020 Sustainability Report 51 1 5 G 202052 ESG 53 CSR ESG I plication ESG ESG ESG ( )

8 54 Appendix 55 Thank you !