ESG投资的兴起使得投资者迫切需要准确透明的数据。拉里•劳伦斯，可持续金融主管-美国洲际交易所(ICE)，概述了数据在可持续金融生态系统中发挥的关键作用。上市公司有巨大的报告义务，所以拉里和ICE的团队帮助组织整理似乎无穷无尽的数据，以满足利益相关者的期望和与ESG投资相关的监管期望。
因此，当你听到一家公司宣布一项大胆的净零承诺时，很可能这家公司正在依靠拉里这样的人来帮助他们在报告这些目标进展所需的数据迷宫中导航。但洲际交易所不仅满足家喻户晓的大公司的需求。当一家小公司——甚至可能是众多炙手可热的气候科技初创公司之一——正在考虑上市时，拉里会帮助指导这些企业完成这一复杂的过程。
凭借在可持续金融领域20多年的工作经验，拉里见证了趋势的发展和消亡。从碳市场和绿色清洗到了解你的数据原则，以及ESG中“E”、“S”和“G”的复杂性，他分享的见解绝对值得一听。
更多的资源金博宝188
成绩单
(注:本文字记录使用人工智能创建。它没有被逐字编辑。)
肖恩·麦克马洪00:00
大家好，欢迎来到可再生能源智能pod的新一期节目。我是主持人肖恩·麦克马洪，今天，正如这期节目的标题所示，我们将聚焦可持续金融。
一会儿，我要请到拉里·劳伦斯。拉里是洲际交易所(IntercontinentalExchange)美国可持续金融部门的负责人。洲际交易所(简称ICE)在可持续金融生态系统中发挥着至关重要的作用。洲际交易所不仅在能源市场和数据服务领域有着深厚的历史底蕴，而且还碰巧拥有世界上最重要的证券交易所之一。纽约证券交易所，也许你听说过?
像在纽约证券交易所上市的上市公司有巨大的报告义务。因此，拉里和ICE的团队帮助这些公司整理看似无穷无尽的数据和堆积如山的监管举措，以满足与ESG投资相关的信息需求和期望。因此，当你听到一家公司宣布了一项大胆的“零碳排放”承诺时，很有可能这家公司正在依靠拉里这样的人来帮助他们在报告这些目标进展所需的数据迷宫中导航。但它不仅满足家喻户晓的大公司的需求。当一家小公司，甚至是那些炙手可热的气候科技初创公司考虑上市时。拉里帮助指导这些企业完成复杂的流程。
拉里在可持续投资领域工作了20多年。所以他见证了一些潮流的出现和消失。当你和他交谈时，他对这个话题所表现出的热情就会闪耀出来。所以我觉得你会很乐意听听他的真知灼见。但在我开始和拉里的对话之前，先来听听今天节目独家赞助商的一句话。法国电力公司(EDF)可再生能源
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肖恩·麦克马洪02:23
大家好，感谢大家收看今天的节目。我很高兴欢迎我的客人，来自洲际交易所的拉里·劳伦斯。拉里，你今天过得怎么样?
拉里·劳伦斯02:32
我很好。谢谢你的邀请。很高兴来到这里。
肖恩·麦克马洪02:35
是啊，你能上我真的很激动。在我们深入讨论ESG之前。告诉我更多关于你和你的团队在ISE做什么?
拉里·劳伦斯02:42
是的，我属于我们所说的ICE可持续金融数据团队。我们是一个由许多人组成的团队，他们分布在全球各地，包括研究数据科学家和倾听产品专家，他们提供不同资产的数据和工具，专注于固定收益，帮助我们的客户实现他们的可持续发展目标，无论是我需要关于我投资的公司的ESG数据。然后气候风险,分析报告和法规遵从性的工具,我需要深入的物理气候风险动态市政投资组合或MBS组合或我需要看传播风险和考虑目标公司集和衡量这些目标和聚合和思考报告和如何避免排放到中发挥作用,如果我已经废弃的项目或公司,你知道的,努力减轻气候变化的风险。在我的报道中我该怎么解释呢?所以我想说，我们拥有全球不断增长的可持续金融数据集和工具组合，涵盖气候风险分析和排放数据。我们还拥有全面的ESG数据，专注于为市政和住房抵押贷款机构提供一些非常创新和差异化的解决方案。市场也是如此。
肖恩·麦克马洪04:04
背景很好，你在髁间的位置。交易所或冰，众所周知，它让你有一个很好的视角来了解可持续金融领域正在发生的事情。那么，请告诉我们，在可持续金融方面，您目前看到的最大趋势和挑战是什么?
拉里·劳伦斯04:18
是的，好问题。我已经在ESG或可持续金融领域工作了22年多。在过去的十多年里，我亲眼目睹了很多变化，目睹了很多事情的发展，尤其是在发展速度加快的时候。最近我们看到了一些重要的趋势。我的意思是,我觉得最大的问题是监管机构的入口进入真正仔细看看你知道,信息是如何报道,报道和一些信息的不一致和定义和周围的混乱意味着什么,呆在环境、社会和治理好,你知道,从欧盟的法规出来SFDR然后你知道规定在气候与气候相关的披露时间支持TCF d,我们看到这个在全球范围内,我想说的是，它的监管因素是很多人关注和兴趣的巨大驱动力，显然，我们的客户非常关注它。这就是我们花费大量时间帮助他们在监管方面把握一些趋势的地方。但同时，当涉及到帮助他们了解他们需要什么数据集和报告机制，他们需要遵守某些规定时，我们当然做了很多工作来帮助我们的客户。关于监管话题，我想说的另一件事是，世界上最大的50个经济体中有48个都有某种形式的投资者可持续发展政策。所以，你知道，这当然不是一个无关紧要的问题，这在全世界都是一个相当重要的话题。 And you’re starting to see things pick up in the US at the SEC and some of the climate related disclosures as well. The other big trend that we’ve seen is obviously, it’s the elephant in the room, right, the lot of the pushback you’ve seen on on ESG investing. But what I’ve seen as a positive outcome of that, really is that investors, you know, the asset managers of the world, and other investors are becoming much more clear about what they mean by ESG. And throwing some clear distinction between, you know, what they mean by impact or intentionality and ESG integration as in they use ESG as an input to help me manage risks from different potential events down the road. The other trend that we see is ESG. Certainly, you know, demand is still there. We recently conducted a survey with a third party, where we talk to 111 traders and asset managers around around the world and 60 plus percent of them said, yes, she was a still a pretty important priority for the organization. And then as you looked at, in the same survey, we asked the question about where do they expect to focus a lot of their attention? Are their top priorities going into the next three years? As it relates to ESG? And still, it was how do we embed ESG across the investment lifecycle across different asset classes, as well as how do we improve our reporting capabilities so that our stakeholders, our clients have a better sense of what we’re doing with ESG as a firm, but also the performance from an ESG perspective of some of the products and investment opportunities we give them?
Sean McMahon 07:18
有哪些例子可以说明公司是如何使用数据来解决你所说的利益相关者和投资者之间的问题的?显然，这是一个非常强烈的监管焦点。那么数据在其中扮演了什么角色呢?如果可以，你能分享一些公司如何利用数据来导航的例子吗?
拉里·劳伦斯07:34
是的，我的意思是，数据在其中扮演着非常重要的角色。我们也可以深入研究一下。我可以给你们一个很好的感觉，从我的角度来看，这些年来事情是如何变化的。但在帮助导航方面，你知道，很明显，我们听取了许多公司的意见，并与他们进行了接触。在我的职位上，我花了大部分时间与机构以及投资者、资产所有者打交道，帮助他们思考我们的数据集如何帮助他们实现您所描述的目标。这是从不同的角度，比如从特定公司的角度来看，我最近接触了一些规模较小的中型私营公司，他们可能在考虑如果他们要上市或类似的事情，可能会有哪些报告要求。我认为，从不同的方式来看，要让它对你有意义，你知道，有几件事，我可以指出一件，当涉及到公司的ESG时，风险肯定更高，特别是在报告方面，但与此同时，披露的成本也增加了很多。你有来自20多个不同的DSD供应商的调查，现在它们正在进入你的收件箱。你是如何应对这些问题的呢?我们通常会给出怎样的优先级和建议，我们有时建议的是倾听，那里有框架和标准，像SASB这样的组织，已经开发了一个框架，你知道，作为一个组织，你知道，根据你所在的行业来理解你遇到的问题和材料。 So that’s definitely a great place to start from a corporate perspective focused on what’s material to your organization, because you can’t possibly respond to every single survey to every single request. We’re reporting on different metrics. So So focus on what’s material, what’s important to your organization, based on the sector that you that you fall into. So that’s, that’s one area where I would suggest, and where we spend a lot of time and helping people navigate, and helping them understand which issues are material but also giving them the information and data to illustrate, hey, here’s how companies in a given sector a report and here are the metrics that most companies are reporting here are the metrics that only some companies are reporting and we can provide the nuances around you know those types of metrics to help them gauge and prioritize where they potentially spend their time.
Sean McMahon 09:59
数据显然是DNA的一部分。即使是ICE，你们知道，我的意思是，我已经听说记录数据很多年了。但说到ESG，我的意思是，你提到了公司的收件箱是如何充斥着调查、指标和数据数据的。那么，对于ESG这个话题，我们是否生活在一个ESG数据太多而不够的世界?
拉里·劳伦斯10:21
这是个好问题。不幸的答案是，这要看情况。你知道，因为这完全取决于你是谁，如果你是一个机构投资者，所以你更倾向于，你知道，事情复杂的一面。有时你想要尽可能多的信息和数据，因为你要利用你的专业知识。您的内部资源可以决定哪些内容与您的集成最相关。你可以在这些数据集之间进行某种程度上的协调，并确定哪些是相关的。所以，在机构方面，你知道，他们有资源，有时，或大多数时候，他们有内部团队帮助他们处理ESG。金博宝188所以你会看到很多这样的组织，在研究方面都有ESG的负责人，只是为了帮助他们浏览他们带入组织的内容。与此同时，在这些机构机构中，你有团队正在构建数据湖，他们的明确意图是尽可能多地吸收数据点，然后构建新的算法和技术，以帮助他们在所有这些不同的数据集中获得见解。所以，在光谱的一端，更多的数据是伟大的。 And Institutional Investors love it. They obviously have lots of questions. On the other end of the spectrum, you have the wealth audience, and even retail investors who are beginning to express more and more interest in ESG, they’re less is more Absolutely. Because you know, as an essentially, as a financial advisor or an individual, you don’t want to sift through a 40 page report on a given company, you don’t want to sift through 600 data points on a given company you want that distill to use means and you want an organization like us to help you reconcile what does this mean, for this company? For example, if you look at carbon emissions, you know, a sophisticated investor will dig into every element of this. What’s your scope? One, scope two, scope? Three? Do you have any carbon reduction targets? You know, have you signed up for the sbti? You know, is? Are your targets, you know, supported by science based targets initiative? You know, do you purchase any renewable energy? So really digging into all of the different performance metrics, initiatives, policies, and things like that, as an advisor on the retail side? All you might want to know is, okay, is the company doing? Well, when it comes to the emissions? Are they doing better relative to their peers? Are they doing better relative to the last three years in terms of their trends and trajectory, and that that might be all you need. And then overlaying all of that is, this is so new, and so fluid, things are changing, and new things are bubbling up to the surface as important. Regulators across the world don’t necessarily agree, you know, the definitions can vary depending on who you talk to. So all of that begs for the need for more education, the simplification of like, what people are trying to do and what these datasets mean. But yeah, that’s the you know, that’s, you know, a very long winded way of answering your question, but it’s a it’s a multifaceted answer. And it’s not easy, but it really depends on who you are, how sophisticated you want to be, and how quickly and how much time you have to dig through the content.
肖恩·麦克马洪13:28
现在，你提到了一个公司需要知道多少他们的数据，你知道，熟悉他们可能知道什么，他们不知道什么。但是，当公司试图建立你的数据系统和协议时，他们应该优先考虑哪些要素呢?
拉里·劳伦斯13:39
是的，我认为这是个好问题。有几件事我要提出来。首先,你知道,你需要决定如何收集和什么不收集前期,然后回顾基于利益相关者的反馈我之前提到的,一个好的框架和潜在的政策,希望看到的一些框架可以指示你的行业是什么材料,这样你就不会得到处都是,它给你一个很好的起点,你知道的,然后你想肯定评估自动化功能,您知道，自动化数据点的时间和成本必须与手动收集数据的风险进行权衡，因为它可能会失控。所以你需要思考，如何在这个过程中提高效率。另一件事是回顾你所在行业中使用的现有模型。你知道，气候数据，你知道，例如，行业或监管机构同意的标准可以节省大量的时间和精力来建立一个完整的颗粒和不同的过程。所以要利用现有的资源。然后可能是第三件事，我认为这在未来的五年里会变得很重要思考一下未来。我的意思是，要确保你与供应商的语言和协议能够涵盖你可能需要从他们那里获取的额外数据。 and how it will be managed. So, you know, those are some things that I’d point to is sort of what we talk about most when it comes to this type of thing.
肖恩·麦克马洪15:07
好吧，这说得通。我们马上回来。
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肖恩·麦克马洪15:58
现在回到我和洲际交易所的拉里·劳伦斯的谈话。
你提到了美国和全球的监管和环境。那么，证交会在全球范围内是否提出了气候信息披露规则或其他监管举措?对你来说，它们确实是公司最关心的问题。
拉里·劳伦斯16:18
我认为，一般的公司，从我和我们的角度来看，我们不想让一家公司，一家上市公司变得更困难，所以你知道披露成本显然是一个需要考虑的重要问题。但与此同时，另一方面，当我们与投资者合作时，你知道，他们想要更多的披露，他们想要更多的透明度。所以这当然是一种平衡。就像你说的，我想你问得很好问题是，你如何协调对更多信息的需求，你知道，你支持和回应所有这些调查和不同事情的能力?我认为，你知道，与美国证券交易委员会提议的气候披露规则有关，我们看到人们提出了几个共同的问题。比如，范围三个定义都是不固化的无能，这种强迫披露在价值链中是很难做到的。所以这可能是一个浮出水面的问题，你知道，在报告目标和目标方面存在阻碍因素。所以这里有很多事情我认为我们需要解决一些问题，但是有支持的是对提案运动的普遍支持我们开始在气候披露和预期方面协调和调整全球政策。因此，当然，改善自愿碳市场的功能，例如，这不是我花很多时间研究的领域，但随着更多的信息变得可用，人们开始分享更多，我认为所有这些系统，你知道，都会随着更准确的信息而改善。所以你看，我们看到很多人支持这个观点。
Sean McMahon 17:57
现在，当谈到开始浮出水面的反作用力时，你知道，ESG已经解释过了，或者你的看法
拉里·劳伦斯18:04
了吗?我的基本观点是ESG。意志会以不同的方式表现出来，这取决于地理位置，资产类别，不同能力的成熟程度等因素，在过去的几年里，它肯定是金融行业的一个主导主题，尤其是当这个术语很突出时，你会看到很多困惑，这个术语你知道，它很突出，但它并不精确。你们有些人认为ESG是一种风险管理技术，对吧?外部性是有可能发生的事件，比如气候变化，还有，你知道，公司的物理暴露，他们的业务所在地，特别是如果你是制造商，物理位置对你的工作很重要。这是一个非常重要的主题，也是一个非常重要的考虑。当涉及到基本的风险管理时，你需要意识到这一点。所以ESG在其中发挥了作用。其他人则认为这是一个产生影响的机会。我认为这就是一些潜在的困惑所在。 And, you know, the the intentionality is there, but but the results may not necessarily be there. So I think your your, you know, despite the lack of consensus, though, you still did, there’s still a lot of movement in the direction of people wanting to find a solution. Adoption still growing. But I think it’s, you know, to be honest, it’s the reason for the blowback and I think it’s related to the greenwashing debate, a lot of people have made lots of lofty promises that they’ve not been able to provide evidence of achievement. And I think as a result, you’re gonna get a lot of people asking questions, which is, which is critically important that you know, the inputs of data to help provide evidence to support what you’re doing is a pretty critical part. Have a lot of this discussion.
Sean McMahon 20:02
这很好地引出了我的下一个问题。那么，你知道，公司是如何使用数据来解决“洗绿”的担忧或指控的?我的意思是，你有没有和这样的人合作过，好吧，嘿，我们被指控这样。但是，看，这是我们的数据集，它证明了，你知道，我们信守诺言，或者至少朝着我们的目标努力，这是一种有效的方式。
拉里·劳伦斯20:19
我的意思是，没有人来找我们说，嘿，我们被指责为绿色清洗。没人没人没人没人来找我们明确地说过。但是，你知道，我可以告诉你，根据我与业内人士的讨论，这是一个非常热门的话题，几乎每一个资产经理，对吧，就像，我们需要小心我们说的话，我们需要对我们在公共领域发布的所有东西进行两遍三遍的检查。我们需要用尽可能多的证据来支持这些观点。这就回到了同样的讨论数据数据数据，让我们知道你的数据绝对是帮助避免整个“洗绿”话题的关键部分，对资产经理来说。我认为获取并应用我所谓的原始和粒度数据是确保你不会陷入“洗绿”陷阱的第一步。你知道，你有时会，你知道，公司会过于依赖你在那里看到的一些评级。而且，你知道，评级显然是肯定的，特别是如果它是评级提供商公司的意见，因为他们有一个方法论，但它来自很多不同的东西。而且，你知道，它不能解决每一个用例。所以你需要做的就是解决具体你想完成什么,然后用实际原始数据回来尽可能接近源,例如,不仅是环境上的得分的记录一个公司,但实际排放,随着时间的推移,这些排放的性能,然后报告显示,和使用说明你的故事和保护,你知道,你的目标,你想要完成什么。 The other thing is, you know, just you know, and I think we wrote a wrote an article about this earlier in the year. The other thing, I think it’s important in the greenwashing debate is just, you know, this goes back to what I mentioned about the granularity or the volume of data, it’s could be a good thing, depending on who you are, and the most sophisticated investors like more data, but you know, one of the things you need to be very careful of is you need to be aware of the potential biases that are in, in the limitations of the data that you use from depending on who you get it from, from different data vendors, some data vendors can introduce bias in the way they collect information, they can introduce bias in the way, because a big part, even though we’ve come a long way, in terms of improving the number of companies that we collect information for, as an industry, the number of companies that we sort of report in published ESG data for, there’s still a tremendous amount of work to be done. And obviously, the disclosure regulations and regimes around the world will help. But a lot of people rely on estimation or inference models to fill in those gaps. So understanding how those work is a pretty important part of making sure you know your data. Because you know, if they’re wildly inaccurate, you know, that can put you in a position to defend something that you’re not entirely comfortable with, or you potentially can’t defend. So the idea is to try to refer to the facts as much as possible, like raw data, that’s what I mean by raw data, rely less on scores. And that’ll put you in a pretty, pretty decent position, I would think.
肖恩·麦克马洪23:34
现在，因为有这么多，就像你说的那样，你知道，有很多推论和类似的东西。你对E, S和G应该分开的观点有什么看法?因此，一个单独的公司，你知道，可能很擅长，你知道，他们买了一堆可再生能源，他们的使命很好，但他们的治理很糟糕，你知道吗?那么这些都是怎么分解的呢?这些应该保持在一起吗?或者，保持沉默?
拉里·劳伦斯23:57
我可以从几个方面来回答这个问题。我先这么回答。人们已经这么用了。正确的。就像你在综合评级中看到的一样，这是所有三件事的总和。这是看待信息的一种方式。有些人重视它，因为它是一个简单的度量标准，你可以优化它，并以某种方式作为杠杆。但这些年来，我们有很多人，很多客户，活生生的投资者，他们已经把这些单独的组件按他们想要的方式使用。所以我认为这样做有很大的力量。我认为，你知道，我们不是来告诉投资者如何建立和管理投资组合的。 Our goal is to give them the data, listen to them, in terms of how they’d like to use the data, so we enhance our capabilities and datasets, and deliver that to them and enable them to make the decision. Like, you know, we’re not we’re not making the decisions for them, right. We were an enabler and we we support them with what they need to enable them to make the decision. So I do agree that looking at these pillars, this Thankfully, in delivering indistinctly, which I know many firms do is probably the best approach and leaving it up to the investor, then pull the levers to then assign the weight, tilt anything in a particular direction based on what they’re trying to accomplish. Like one example I’ll give you is in like wealth, for example, wealth is an area that I covered for years where you have lots of high net worth, investors who work with advisors and these high net worth investors are tend to be very ESG focused and oriented, they want to understand what they own, they want to know what they own, they want their capital working to have a net positive in the world, and they want to avoid exposure to certain types of investments in companies. And, you know, in wealth, you may have a single advisor who works with 10 or 15, different high net worth clients, as an example, one client will come to you and say, I’m very concerned about the environment, climate change, and you know, avoiding, you know, the catastrophes that have been estimated. And, you know, you know, in the next decades, because they’re in dear to my heart, you can’t do that with a composite signal, right, you need to dig into the data set, you need to focus on the environmental issue to solve for what that client cares about. Because at the end of the day, you’re trying to build a goals based approach to helping them achieve what they want, and you’re trying to reflect the values with their investment portfolio to some degree. So you can’t anyway do that with a single signal, you need to dig a little deeper into the data set. And you may have another client that comes to you and says, the social issues are near and dear to my heart. I care about how companies treat employees, I care about how they treat employees, in global communities and locales where they sourced materials from and where they operate. And I care about how they treat you know whether or not they have collective bargaining agreements for all of their suppliers, there are people who are very focused on these types of issues. So again, you can’t solve for this with the composite rating, you need to dig into the data, go a few levels deeper, to really tilt and adjust the portfolio to reflect what we say customize a portfolio to reflect what the client wants. And the last example on the GE side. So when they come to you and say I care deeply about diversity, on boards, specifically with women on boards, which is a theme, we’ve seen a tremendous amount of momentum around. Over the last few years, you’ve seen a number of studies and papers published, illustrating that, you know, once you see a 30%, more threshold in terms of women on boards, you tend to see performance of companies relative to their peer groups. Like there are lots of people with that mandate, who say, Hey, I’d love to I want to focus in on this as a topic area. Again, you need to dig into the data, you need to look at some of these thematic categories. And that’s the best example I can give you those thematic categories provide the best optionality because it certainly means different things to different people, one size absolutely does not mean does not fit all, because it’s at the end of the day, it’s just data. It’s really how you apply that that matters.
Sean McMahon 27:57
我得告诉你，拉里，我喜欢这样。我的意思是，你关注ESG的很多不同领域。领域。是的。太棒了。利用这一点，你知道，你显然在可持续金融领域工作了很长时间。所以你看到了一些东西的出现和消失，在你的职业生涯中，你看到的最大的变化是什么?
拉里·劳伦斯28:17
这是个好问题。我想说，我所看到的一些最大的变化是，我喜欢从几个方面来描述它。你知道，从我个人的角度来看，我在过去的510年里看到的是一张来自数据提供商的罚单，你这就是我所坐的位置，对吧?不同的数据提供商一直在竞争，而不是不竞争到底，就像人们通常会说的那样，嘿，这不是一场在费用或其他方面的竞争。但它正在竞相覆盖越来越多的公司。你知道，当我们开始的时候，我们从美国的大盘股开始，我们开始扩展到大盘股，像欧洲一样，现在是大盘股，新兴市场中盘股，现在是小盘股。所以你的市场越来越低，你想覆盖中国，AIPAC，更多的报道，你想覆盖加拿大和加拿大的所有公司。所以你所看到的是一场争夺更多报道的竞赛。这很大程度上是由于投资者想要覆盖我所说的全部投资组合。以资产所有者为例，这可能是我们看到的最大趋势之一。你已经承诺到2030年实现投资组合脱碳。 Likes asset owner who’s got exposure to the four main asset classes, corporates, you know, sovereigns, you know, Munis MBs, potentially real estate, private asset, different alternative assets. Those are that’s a lot of different assets out there, that you would need to have some view about the carbon footprint as it is today, in order for you to actually achieve that goal, which is to decarbonize our operation by how many X percent by 2030. So I think that’s been the biggest one of the biggest changes I’ve seen as driving race to cover more and more assets over the last, you know, decade or so, and we’ve made a lot some strides and and we’ve moved beyond. And I shouldn’t say that we move beyond the dark ages of underground manual research where literally I used to, I never sort of sat down and did the analysts work. But I work closely with all the analysts were literally either looking at physical CSR reports, physical 10 k’s are downloaded them from websites given through them, copying and pasting different data points to where now we’ve applied sort of different machine learning and natural language processing mechanisms where you can take unstructured data from the cloud, right? Place it into a database, eliminating the need for that individual to to that manual data collection. And now you’ve got alternative data that’s being used. It’s not just about what the company says it’s about all the things that are adjacent to that company will give you a better picture of about what that company is doing. So taking information from different regulatory bodies, government agencies, whether it be OSHA and others like that, all of these data sets and alternative data sets to play more and more of a role into painting a better picture. And sometimes a more accurate picture. One of the criticisms you’ve seen, we’ve seen about ESG over the years is that listen, a lot of these companies that perform well or have these high ratings are the ones who can actually afford to put out these glossy reports, and push this information out. Now, in the early years, that may have been the case, we’ve certainly seen, that’s not necessarily the case. But that struggle is still there, where the people who can afford it, do the extra work to put the information out there. And as a result, depending on who you are as a provider. And again, this is why it’s important to know your data that may weigh more into a particular model or not. But but we’ve seen lots of strides in the way information is collected in these technologies that have been put into practice. You know, one of the biggest trends we’ve seen, especially in the last three years, like every school has a Climate Center, maybe not every school, but lots of cool, has climate centers, now. They’re incubating new ideas, new companies, new models and things. So it’s a remarkable, it’s a remarkable time to be in the ESG industry, because things are changing so fast. There’s so much innovation, you’re seeing lots of companies pop up that addressed the disclosure issues, you know, how do I capture all of this data to just report my emissions, there are companies out there that sort of focus just on helping different organizations do that. And then you have companies out there that are taken advantage, or the circular economy that are building ecosystems to help you make use of products, we use products to, you know, at the end of the life so that they’re not just found in, in a landfill somewhere. So all these different innovations are happening. And then from the investors that can keep going, obviously, but tell me to shut up when, when you want me to stop.
肖恩·麦克马洪32:43
太棒了。然后是投资者
拉里·劳伦斯32:45
一方面，你在那里看到的一些东西，比如老练的投资者，你知道，通常当我说老练时，并不是说，你知道，他们比其他人都好。这些人都是站在最前沿的，他们有足够的资源在这个领域做很多事情。金博宝188他们正在考虑在他们所接触的所有不同的资产类别中推广这一点，所以不只是股票和固定收益，而是在固定收益范围内，比如市政债券和抵押贷款支持证券，这就是我们做了很多工作的地方，我们已经推出了一些最初的解决方案来帮助你衡量你的财政气候风险，在市政债券和住房抵押债券中。市场,对吗?它可以帮助你预测未来，你知道，1020 - 30年这些风险参数是如何变化的。然后，如果你投资于一个医院系统，你知道，看看风险是如何变化的，取决于从医院或学校系统开车的时间。所以我们已经做了一些非常了不起的事情，我们已经建立了地理空间和机器学习平台，它包含了所有这些了不起的技术，使我们能够选择任何一块泥土，并能够告诉你气候风险分析的大小是多少，容易受到野火的影响，它在几十年里是如何变化的，容易受到飓风的影响，以及它在10年里是如何变化的。但除此之外，对于投资者来说，它如何适用于你的投资组合。这些都是我们所看到的值得注意的事情。最后，我要闭嘴了，我保证，你知道，我们已经看到，你知道，气候讨论是真实的，对吧。 And there’s been lots of questions to ask about are some of these companies decarbonizing their operations by just selling off the units that are highly intensive to the private sector, you know, to private companies and taking them off, essentially off their books. And so they’re now you’re seeing the big push to get more transparency into private companies and private assets. And then obviously, measuring scope three, a huge piece of that is understanding your supply chain and the carbon footprint of different suppliers in your supply chain and encouraging them to either change or report more effectively. So you’re seeing all of this and I think we’re the only increase we haven’t even talked about real estate and the potential there and and infrastructure and different things like that, but it’s some remarkable things that have happened over Over the years, lots of new companies, lots of new competitors. But I think it’s an extremely fun time. And if you know, if you’re thinking about if you’re listening and thinking about entering an industry, this is certainly a pretty exciting one. Now, it’s fascinating to
肖恩·麦克马洪35:13
听到了所有的变化，你也看到了这个行业这些年的发展。但正如我们所知，过去的结果并不是未来表现的指标。所以我在节目中喜欢做的一件事就是请嘉宾们大胆预测一下。所以我觉得在两三年前谈论ESG时，我并没有那么大胆地预测，哦，它会继续增长，你知道，但是现在，一些风向没有改变，但它们开始下降，我想甚至可能会改变。是的。你对这个领域的发展方向有什么大胆的预测?在未来，比如说，五年内?
拉里·劳伦斯35:44
是的。我是说，这是个很好的问题。显然，当我们思考未来，思考我们要解决的问题和我们要建造的东西时，我们会花一些时间思考一些问题。你知道，我认为你会继续，就像你说的，对，随着加速的程度，会有一些起伏，考虑到一些阻力，你知道，我们开始看到人们对他们推出的产品有点小心，他们花了更多的时间，做尽职调查，确保所有的I都被点开，所有的T都被划开，在产品推出之前。所以你可能会看到一些放缓，但投资者的兴趣并没有消失，我认为他们认为你只会看到采取更多有条理的步骤。所以事情可能会慢一点。但是步伐，或者至少是兴趣，推动它做更多的事情，我当然认为是在那里。我们的客户已经表明了这一点，我们希望这种情况能够改变。所以我想说，就大胆的预测而言，我认为毫无疑问，气候仍然是非常重要的，因为我认为，你知道，还有很多事情要做，我们的一些目标已经有点平淡。所以我认为你会看到越来越多的人关注我们在那里做什么，一些披露规定，当他们最终开始发挥作用时，人们开始看到越来越多的数据，我认为他们可能会打开一些眼睛，增加对人们正在做什么的关注，我认为这将是很大的。 The other prediction I have is, I think retail, and individual investors will start to play a much more important role in the discussion. So you know, there are some, you know, even some airlines now giving you the options, when you fly to been five $10 To offset, you know, the emissions from your flight, I think that’s gonna find its way into different retail, in, you know, the technology as well as investor shops, you know, I don’t want to see any names, I’m like, so close to saying names, but I want to avoid, I want to avoid saying names. But if there’s a platform as an individual, where you do self directed investing, I think you’re gonna see that more and more. And what we’ve seen is that anyone, if you provide financial services to individuals, you don’t have anything to say about the issue of climate, I think you’re kind of far off and not listening to to investors, I don’t think that’s going to change. So I predict that being investors played a very important role in all of that. And choice in where you buy products and who you buy products from will become more and more commonplace for investors as well. You know, my dream of the future is that similar to the nutrition label on the back of every item, you see in the grocery store, you’ll see something similar for climate in ESG for investment products, and like, it’s just be everyone will just know what they’re buying and what they’re getting into. And I think over time, more transparency. Again, this is just data we’re not, he’s not asking people to make things up. We’re just saying, just give us a little transparency into what’s in there. So that we can make a decision. And I think if that if access, and I think over the next five years access will certainly improve. I think that’s going to be a net positive for everyone if those are things we’re using to make decisions.
肖恩·麦克马洪38:53
好吧，嘿，拉里，我是说，你绝对是个知识的源泉。但是，我非常感谢你和我的听众分享这些知识。所以这是非常突出的。非常感谢。
拉里·劳伦斯39:07
非常乐意下次再来的时候告诉我一声。
肖恩·麦克马洪39:12
好了，这就是我们今天的节目。但在我们离开这里之前，我想对今天节目的独家赞助商说最后一声谢谢。法国电力公司的可再生能源。
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