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  • I believe big institutions

    翻訳: Tomoyuki Suzuki 校正: Riaki Poništ

  • have unique potential to create change,


  • and I believe that we as individuals

    変化をもたらす 比類なき可能性を秘め

  • have unique power

    一方 我々個人も

  • to influence the direction that those institutions take.


  • Now, these beliefs did not come naturally to me,

    組織が進む方向に影響を与えられると 私は信じています

  • because trusting big institutions,

    私のこの信念は 自然に芽生えたのではありません

  • not really part of my family legacy.


  • My mother escaped North Korea


  • when she was 10 years old.


  • To do so, she had to elude every big institution in her life:


  • repressive governments, occupying armies

    そのためには 彼女の人生の前に 次々に立ちはだかる

  • and even armed border patrols.

    抑圧的な政府、占領軍 さらに武装した国境警備隊といった

  • Later, when she decided she wanted to emigrate to the United States,

    大組織の目をかわさねば なりませんでした

  • she had to defy an entire culture

    後にアメリカへの移住を決心したとき 女の子が一番になったり

  • that said the girls would never be the best and brightest.

    最も聡明だったりすることは あり得ないという

  • Only because her name happens to sound like a boy's

    社会通念そのものに逆らわなければ なりませんでした

  • was she able to finagle her way into the government immigration exam

    たまたま名前が 男の子風でなかったら

  • to come to the United States.

    移住のための審査にうまく紛れ込んで アメリカに来ることは

  • Because of her bravery and passion,


  • I've had all the opportunities that she never did,


  • and that has made my story so different.

    私には 母にはなかった 様々な機会が与えられ

  • Instead of running away from big institutions,


  • I've actually run toward them.


  • I've had the chance over the course of my career


  • to work for The Wall Street Journal,

    私は 自分のキャリアにおいて

  • the White House


  • and now one of the largest financial institutions in the world,

    ホワイトハウス さらに

  • where I lead sustainable investing.

    今は 世界で最大の金融機関の1つで 働くという機会を得て

  • Now, these institutions are like tankers,

    「サステナブル投資」事業を 率いています

  • and working inside of them,


  • I've come to appreciate what large wakes they can leave,


  • and I've become convinced

    これらの組織が大きな影響を もたらし得るとの理解に至りました

  • that the institution of the global capital markets,


  • the nearly 290 trillion dollars of stocks and bonds in the world,


  • that that may be one of our most powerful forces

    約3京円規模の 世界中の株や債券からなり

  • for positive social change at our disposal,

    我々が望めば 社会を良くするための

  • if we ask it to be.


  • Now, I know some of you are thinking,


  • global capital markets, positive social change,


  • not usually in the same sentence or even the same paragraph.

    普通 世界の資本市場と 社会の変革は

  • I think many people think of the capital markets

    同じ文や 段落の中でも相容れないものと お考えの人もいるかもしれません

  • kind of like an ocean.

    多くの方は 資本市場は大海のようなものだと

  • It's a vast, impersonal, uncaring force of nature


  • that is not affected by our wishes or desires.

    それは我々の願いや 望みに影響されることのない

  • So the best that our little savings accounts

    広大で 非人間的で 険しい自然の力ですから

  • or retirement accounts can do

    せいぜい我々に出来ることは 少額の貯蓄預金や

  • is to try to catch some waves in the good cycles


  • and hope that we don't get inundated in the turbulent ones,


  • but certainly our decisions on how to steer our little retirement accounts

    乱流に流されないようにと 願うこと位でしょう

  • don't affect the tides,

    しかし 当然 自分の僅かな年金預金を どう運用するかという決断は

  • don't change the shape or size or direction of the waves.


  • But why is that?

    波の形、大きさも方向も 変えられないと思っているでしょう

  • Because actually, one third of this ocean of capital

    でも そうでしょうか

  • actually belongs to individuals like us,

    というのは 実際は この資本という大海の3分の1は

  • and most of the rest of the capital markets


  • is controlled by the institutions that get their power and authority


  • and their capital from us,

    組織の手中にありますが その権力や権限や

  • as members, participants, beneficiaries, shareholders or citizens.

    資本は 我々に由来しています

  • So if we are the ultimate owners of the capital markets,

    会員、加入者、信託受益者、株主や 市民である私たち個人から来ています

  • why aren't we able to make our voices heard?

    それでは 我々が資本市場の 究極の所有者であるのならば—

  • Why can't we make some waves?


  • So let me ask you a different question:


  • did any of you buy fair trade coffee


  • the last time you were at a supermarket or at Starbucks?


  • OK. Do any of you go to the restaurant

    最後にスーパーやスタバに行った時 買った方いますか?

  • and order the sustainably farmed trout


  • instead of the miso-glazed Chilean sea bass

    サステナブルな方法で養殖された マスを注文して

  • that you really wish you could have?

    本当は食べたかった チリ産スズキの味噌照り焼きを

  • Do any of you drive hybrid cars or even electric cars?


  • So why do we do these things?

    ハイブリッドカーや電気自動車を 運転する方は?

  • Right? One electric car doesn't amount to much in a fleet of 1.2 billion

    なぜ我々はこんなことを するのでしょう?

  • combustion engine vehicles.

    1台の電気自動車は 従来の内燃エンジン車12億台の中では

  • One fish is just one fish in the sea.


  • And one cup of coffee

    1匹の魚は 海の中にいる ほんの1匹の魚に過ぎません

  • doesn't amount to a hill of beans in this crazy world.


  • But we do these things because we believe they matter,

    この狂った世界の 大量のコーヒー豆のホンの一部です

  • that our actions add up,

    でも我々がこのように行動するのは それには意味があり

  • that our choices might influence others


  • and collectively, what an impact we can have.


  • So, in my bag I have a coffee mug that I bought a couple of years ago.

    全体として 影響を及ぼし得ると 信じるからです

  • It's a reusable mug. It has all these things printed on it.

    私のバッグには 数年前に買った コーヒーカップが入っています

  • Look at some of the things that are on it, that it says.


  • "This one cup can be used again and again."

    色々なことが書かれています ご覧ください

  • "This one cup may inspire others to use one too."

    「このコップは何度でも 使うことができます」

  • "This one cup helps save the planet."

    「他の人もこのコップを 使おうと思うかもしれません」

  • I had no idea this plastic cup was so powerful.


  • (Laughter)

    このプラスチックのコップに そんな力があるなんてね

  • So why do we think that our choice


  • of a four dollar shade-grown fair trade artisanal cup of coffee

    ではなぜ 再利用カップに注がれる—

  • in a reusable mug matters,

    500円の 日陰栽培・こだわりの フェアトレードコーヒーを

  • but what we do with 4,000 dollars in our investment account


  • for our IRA doesn't?

    個人年金向け投資口座にある 50万円の投資先にはないと

  • Why can't we tell the supermarket and the capital markets


  • that we care,

    なぜ スーパーと資本市場の 両方に対し

  • that we care about fair labor standards,


  • that we care about sustainable production methods


  • and about healthy communities?

    サステナブルな生産方法や 健全な社会が大切だという

  • Why aren't we voting with our investment dollars,


  • but we would vote with our lattes?

    なぜ ラテを選びながらも

  • So I think it has something to do with the myths,


  • the fables that we all carry around in our collective consciousness.

    これは集合意識において 皆が心に抱いている

  • Do you remember the Grimm's fairy tale about the magic porridge pot?


  • If you said to the pot, "Boil, little pot, boil,"

    グリム童話の 魔法のおかゆ鍋の話を憶えていますか?

  • it would fill up with sweet porridge.

    鍋に向かって 「煮えろ 小さなお鍋よ 煮えろ」と言うと

  • And if you said, "Stop, little pot, stop,"


  • it would stop.

    「止まれ 小さなお鍋よ 止まれ」と言うと

  • But if you got the words wrong, it wouldn't listen,


  • and things could go terribly awry.

    しかし 言葉を誤れば 鍋は言うことを聞かず

  • So I think when it comes to markets,


  • we have a little bit of a similar fable in our heads.


  • We believe that the markets is this magic pot

    似たような話が 我々の頭に染み付いているのです

  • that obeys only one command:

    我々は 市場は ただ一つの呪文にのみ従う

  • make more money.


  • Only those words said exactly that way


  • will make the pot fill up with gold.

    この言葉通りに唱えることだけが 唯一

  • Add in some extra words like "protect the environment,"


  • the spell might not work.

    「環境を保護せよ」といった 余分な言葉を混ぜると

  • Put in the wrong words like "promote social justice,"


  • and you might see your gold coins shrink

    「公正な社会を促進せよ」といった 間違った言葉を混ぜると

  • or even vanish entirely, according to this fable.

    この寓話に従えば 金貨が小さくなったり

  • So we asked people, what do you really think?

    完全に消えてなくなるかもしれないと 考えています

  • And we actually went out and polled a thousand individual investors,

    そこで 人々の考えを尋ねてみました

  • and we found something fascinating.

    実際に街頭で千人の個人投資家に 聞いてみました

  • Overwhelmingly,


  • people wanted to add those extra words into the formula.


  • 71 percent of people said yes,


  • they were interested in sustainable investing,


  • which we define as taking the best in class investment process

    サステナブル投資に 興味があると回答しました

  • that you already have traditionally

    これは我々の定義では 「ベストインクラス投資」という

  • and adding in the extra information you get


  • when you think about the environment and society and good governance.

    環境、社会と 企業統治を考慮して

  • 71 percent wanted that.


  • 72 percent said that they believe that companies who did that


  • would actually do better financially.

    72%が これを行った会社は 財務的により実績を上げるだろうと

  • So people really do believe that you can do well by doing good.


  • But here was the weird thing:

    正しい行いをすれば 良い結果を得ると人々は信じています

  • 54 percent of the people

    しかし おかしいことに

  • still said if they put their money in those kinds of stocks,

    54%の人々は それでも

  • they thought that they would make less money.


  • So is it true?

    利益は減ると思う と答えたのです

  • Do you get less sweet porridge if you invest in shade-grown coffee

    これって 本当でしょうか?

  • instead of drinking it?

    日陰栽培コーヒーを飲むのではなく それに投資すると

  • Well, you know, the investors in companies like Burt's Bees


  • or Ben & Jerry's wouldn't say so.

    バーツビーズや ベン・アンド・ジェリーの投資家は

  • Right? Both of those started out as small, socially conscious companies


  • that ended up becoming so popular with consumers

    どちらも 社会を意識した 小規模な会社として始まりましたが

  • that the giants Unilever and Clorox bought them

    消費者の多大な人気を得て ついには

  • for hundreds of millions of dollars

    大会社であるユニリバー そして クロロックスによって

  • each.


  • But here's the important thing.


  • Those corporations realized

    でも ここで大切なのは

  • that if they wanted to protect the value of their investments,


  • they had to preserve that socially conscious mission.

    投資分の価値を守るためには 社会を意識したミッションを

  • If they didn't keep adding in those extra words

    維持する必要があるのだと 認識していたことです

  • of environmentally friendly and socially conscious,

    「環境に優しい」や 「社会を意識」といった

  • those brands wouldn't make more money.


  • But maybe this is just the exception the proves the rule, right?

    これらのブランドの利益は 増えなかったでしょう

  • The serious companies that fund our economy

    でも これは例外に過ぎないのかも しれませんよね?

  • and that fund our retirements and that really make the world go round,

    真面目な企業— 経済を支える企業

  • they need to stick to making more money.

    年金基金を支える企業 世界が回るために必要不可欠な企業は

  • So, Harvard Business School actually researched this,

    もっと稼ぐことだけに こだわる必要があるのかも

  • and they found something fascinating.

    ハーバード・ビジネス・スクールは このテーマを研究し

  • If you had invested a dollar 20 years ago


  • in a portfolio of companies


  • that focused narrowly on making more money


  • quarter by quarter,


  • that one dollar


  • would have grown to 14 dollars and 46 cents.


  • That's not bad until you consider


  • that if instead you'd invested that same dollar


  • in a portfolio of companies

    しかし 同じ1ドルを

  • that focused on growing their business


  • and on the most important environmental and social issues,


  • that one dollar would have grown

    自社の成長を目指している会社に 投資したのならば

  • to 28 dollars and 36 cents.


  • almost twice as much sweet porridge.


  • Now, let's be clear, they didn't make that outperformance


  • by giving away money to seem like a nice corporate citizen.

    誤解のないよう言っておくと このような会社の好成績は

  • They did it by focusing on the things that matter to their business,

    優良企業だと見せるために 金銭をばらまくことではなく

  • like wasting less energy and water

    事業にとって重要な事柄に 注力した結果です

  • in their manufacturing processes;


  • like making sure the CEO contracts had the CEOs incentivized


  • for the long-term results of the company and the communities they served,

    CEOを迎える際に 報酬条件として

  • not just quarterly results;

    四半期毎の成果だけではなく 会社の長期的な成績や

  • or building a first class culture


  • that would have higher employee loyalty,


  • retention and productivity.


  • Now, Harvard's not alone.


  • Oxford also did a research study where they examined 120 different studies


  • looking at the effect of sustainability and economic results,

    オックスフォード大も 持続可能性と経済的効果の影響に注目した—

  • and they found time and time and time again


  • that the companies that cared about these kinds of important things


  • actually had better operational efficiency,

    この種の重要な事柄に 注意を払った会社は

  • lower cost of capital

    事実 事業効率が良く

  • and better performance in their stock price.


  • And then there's Al Gore.

    より高い株価指標を 達成したということです

  • So 20 years ago, when I worked for Al Gore in the White House,

    そして アル・ゴア氏—

  • he was one of the early pioneers pleading with businesses and governments

    20年前 ホワイトハウスで 彼の元で働いていた時のこと―

  • to pay attention to the challenges of climate change.

    彼は実業界や政府に対し 当時から

  • Post-White House, he opened an investment firm called Generation,

    気候変動問題への注意を呼びかけていた 草分けの一人です

  • where he baked environmental sustainability and other things

    ホワイトハウスを去ったあと 「Generation」という―

  • right into the core investment process.

    投資金融機関を立ち上げた彼は 環境の持続といったことを

  • And at the time there was a good bit of skepticism about his views.


  • Ten years later, his track record is one more proof point

    当時は 彼の考え方を 懐疑的に見る人も多かったのですが

  • that sustainable investing done right can be sound investing.

    10年後 彼の実績により サステナブル投資は正しく行えば

  • Far from making less sweet porridge

    健全な投資となり得ることが 証明されました

  • because he added sustainability into the mix,


  • he actually significantly outperformed the benchmark.


  • Now, sustainable investing,


  • the good news is it doesn't require a magic spell

    さて サステナブル投資は

  • and it doesn't require some investment secret,

    幸いなことに 何か呪文が必要なわけでもなく

  • and it's not just for the elite.


  • It is not just about private equity for billionaires.


  • It's not just groovy-sounding investments like clean technology

    億万長者のための 未公開株だけを指すのでもなく

  • or microfinance in emerging markets

    聞こえのいい投資― クリーンテクノロジーや新興市場における

  • or artisanal bakeries in Brooklyn.


  • It's about stocks and bonds and Fortune 500 companies.

    ブルックリンのパン職人の店 などに限りません

  • It's about mutual funds.

    株式、債券、それに フォーチュン500企業であり

  • It's about all the things


  • we already see in the market today.


  • So here's why I'm convinced


  • that we collectively have the power

    ここで 私が確信していること—

  • to make sustainable investing the new normal.


  • First, the proof points are coming out all the time

    サステナブル投資を新しい標準に できるという根拠を言います

  • that sustainable investing done right,

    第1に 成功例がどんどん 出てきており

  • preserving all the same good principles of investing,


  • the traditional sphere, can pay.

    つまり 従来の投資業界での 同じ投資行動規範を保てば

  • It makes sense.


  • Secondly,


  • the biggest obstacle standing in our way


  • may actually just be in our heads.


  • We just need to let go of that myth


  • that if you add your values into your investment thinking,


  • that you get less sweet porridge.

    利益が減るのでは という迷信から

  • And once you get rid of the fable,


  • you can actually start appreciating those facts we've been talking about.

    一旦 抜け出したら

  • And third, the future is already here.

    今までお話してきた事実の 価値を理解することができます

  • Sustainable investment today is a 20 trillion dollar market

    第3に 将来はすでに目の前にあります

  • and it's the fastest-growing segment of the investment industry.

    サステナブル投資は すでに2千兆円規模の市場を作り出しており

  • In the United States, it has grown enormously, as you can see.

    投資業界において 最大の成長速度を誇る分野です

  • It now represents one out of every six dollars

    アメリカでは ご覧のとおり 著しい成長を遂げています

  • under professional management in the United States.

    今や サステナブル投資は アメリカで 投資機関の

  • So what are we waiting for?

    管理下にある投資のうち 6ドル中 1ドルを占めます

  • For me, it goes back to the inspiration that I received from my mother.

    なら 我々は一体 何を待っているのでしょうか?