字幕表 動画を再生する 英語字幕をプリント 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.