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  • If you had to come up with a snappy title for your topic,

  • what would it be?

  • You could call it Conscious Capitalism.

  • The so-called ESG, environmental social governance space,

  • is exploding in scale.

  • It's currently reckoned to be worth more than $31tn, $32tn,

  • which is dramatically higher than it was a decade ago.

  • Increasingly, boards and executives are realising they

  • cannot afford to ignore what they used to call

  • "externalities," i.e.

  • issues like climate change, social factors

  • like income inequality, and a whole range

  • of governance questions.

  • Companies and big investment groups

  • are saying, actually, what we're interested in is making

  • sure we avoid harm to ourselves, either reputational harm

  • or actual asset value harm in the sense

  • that the value of our assets in our portfolio falls say,

  • due to climate change.

  • Secondly, you got a change underway

  • in the financial markets where increasingly investors

  • are saying: we want more than just profits.

  • And thirdly, policymakers around the world from city governments

  • all the way up to national governments and multilateral

  • organisations like the United Nations are saying we

  • can't rely on taxpayers' money, public sector finance,

  • to fund our development projects.

  • We need to reach out to the private sector, too.

  • Some companies can see that's actually

  • good business opportunities in the whole ESG

  • responsible business space.

  • There is such a wealth of demand from investors

  • for green products that actually demand outstrips supply.

  • That may not last, but right now it shows that companies are not

  • being penalised for being green.

  • Typically, whenever you see innovation in finance

  • you get a flurry of innovation at a grassroots and lots

  • of little experiments all over the place that pop up

  • in a very fragmented way.

  • But then, over time, the industry grows up and you begin

  • to get more clear cut structures for framing this new asset

  • class, labelling it, auditing it,

  • and actually imposing more transparency and consistency.

  • Inevitably, some people might say

  • the whole thing is full of green-washing and hypocrisy

  • and it's ridiculous.

  • However, no one shouldn't lose sight of the fundamental point

  • that some investors are seeking to use their money

  • to try and do good and to think about the consequences of where

  • their money is going.

  • And that is a very good thing indeed.

If you had to come up with a snappy title for your topic,


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意識高い系資本主義の台頭|Rethink Sustainability (The rise of conscious capitalism | Rethink Sustainability)

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    林宜悉 に公開 2021 年 01 月 14 日