Environmental, Social, and Governance Issues
Analysis of environmental, social and governance (ESG) issues is an important part of the investment process. CFA Institute encourages all investment professionals to consider material ESG factors when making investment decisions. The Institute is also strongly focused on developing educational tools on ESG for its members and for the broader investment management industry. Below are the most notable ESG posts selected by the ARX Editorial Team.
Select "Research" in the main menu to find more ESG content in ARX's repository of more than 5,000 posts.
Carbon Emissions & Asset Management
This whitepaper shares findings on the future of asset management amid growing ESG considerations and explains the ways investors can participate in responsible investing practices to achieve net-zero while optimizing investment outcomes.
01 Jul 2023 | Ashwin Alankar; Myron Scholes
How Climate Transition Risk May Impact Sovereign Bond Yields
How might climate transition risk affect government bond portfolio performance? In this paper, MSCI quantified the impact of transition risk on sovereign bond yields using their Sovereign Bond Climate Value-at-Risk model.
31 Mar 2023 | Bhaveer Shah; MSCI ESG Research
Does Green Die in Opportunism?
This study analyses the effects of opportunistic non-practicing entity (NPE) litigation activity on green corporate innovation (GCI) strategies.
07 Dec 2023 | Piers Herring; Wenquan Li; Suman Neupane
Climate-Related Stress-Testing and Net-Zero Valuation: A Case Study for Selected Energy-Intensive Companies
In this paper, we align the MIT EPPA projections with company level financial statements in order to build investment guide ratios for both equity and corporate bonds. We introduce a novel top down methodology for transition risk analysis.
28 Nov 2023 | Theo Le Guenedal; Henry Y.H. Chen; Sergey Paltsev; Yassine Derbel; Frederic Lepetit; Rami Mery; Benjamin Duval; Mathieu Jouanneau; Matthieu Keip; Le Berthe Tegwen
Carbon pricing and firms’ GHG emissions
This study investigates the impacts of carbon pricing policies on firms' greenhouse gas (GHG) emissions. We include two carbon pricing policies: carbon tax and emission trading scheme (ETS) at national and sub-national (province) levels.
01 Dec 2023 | Hai Le; Dina Azhgaliyeva
Emerging Market Debt: Navigating ESG Risk and Uncertainty
This paper explores how MFS considers material ESG factors, including climate change, in the investment approach to emerging market debt (EMD), and some of the related questions regarding the energy transition in emerging markets.
19 Nov 2023 | Pelumi Olawale, CFA; Katrina Uzun; Aimee Kaye; MFS Investment Management
CFA Society Beijing Podcasts: ESG评级这枚硬币的两面
「特许金融街」是一档由北京金融分析师协会(CFA Society Beijing)发起，面向社会各界听众的金融访谈类播客，我们会邀请各金融细分领域的朋友们一起探讨资本市场热点，圈内秘闻，金融职场等与金融相关的热点话题。
16 Aug 2023 | CFA Society Beijing
ESG and Climate Trends to Watch for 2023
Discover what trends may shape the environment for investors and companies in the year ahead.
16 January 2023 | MSCI
Advocating ESG through an Islamic Markets' System
With the growing importance of ESG and Islamic Finance and Markets globally, a strategic integration of both can unlock opportunities for companies in Pakistan
03 Oct 2023 | Laraib Mohib, CFA
Recorded Webinar: Climate Finance with CFA Institute and ACCA: An Introduction to the Course for Business and Finance Professionals
In this information session, representatives from CFA Institute and ACCA explained the rationale behind constructing the climate finance online course, introduced the course curriculum and e-learning system and answered any questions you may have.
19 September 2023 | CFA Institute; ACCA | Video:51mins
Climate Uncertainty and Investor Learning in Sustainable Funds
This paper presents a novel view on the effect of climate uncertainty on investor learning about managerial skills. We utilize a large sample of mutual funds domiciled in Australia and New Zealand to test our ideas.
23 Aug 2023 | Sara Ali; Ihsan Badshah; Riza Demirer; Prasad Hegde; Lavinia Rognone
The Monash/C2ZERO Real Carbon Price Index
The Real Carbon Price Index provides a weighted composite measure of the physical price of carbon across all jurisdictions that have a mandatory carbon price and tracks its evolution over time.
27 Aug 2023 | Bei Cui; Ummul Ruthbah; Roger Cohen; Jan Ahrens; Nga Pham; C2Zero; Monash University; SparkChange
Weighted Average Green Revenue (WAGR): Integrating Climate Solutions into Portfolio Construction
We show the value of FTSE Russell Green Revenues data and the use of Weighted Average Green Revenue to assess and integrate climate solutions into portfolios.
12 Jul 2023 | FTSE Russell
Consultation Paper on Enhancement of Climate-related Disclosures Under the Environmental, Social and Governance Framework
CFA Institute and CFA Society co-responded to HKEX’s recent consultation on enhanced climate disclosures. We appreciate this proposal in enabling Hong Kong to be an early adopter of ISSB-aligned disclosures.
14 Jul 2023 | CFA Institute; CFA Society Hong Kong
（第二届）2023中国未来金融分析师大赛优秀行业研究报告 – 第1至16名得奖作品
17 Jul 2023 | CFA Institute
Deep Dive into ESG Ratings and Scores – Opportunities to Enhance Investment Decisions
Watch the webinar on-demand to understand about ESG rating methodologies, integration into investment decision making and future growth opportunities.
11 July 2023 | CFA Institute; Morningstar | Video: 58 mins.
Serving two purposes: ESG and Investment Return: ESG indices outperforming traditional Japanese market cap indices
Q1 2023 was another strong quarter for FTSE Russell’s Japan ESG flagship index series. The outperformance of the FTSE Blossom Japan Index Series over the traditional market cap index is attributed to the stock selection effect.
24 May 2023 | Atsuhito Mori; Ken Hirose; Johnny Chen; FTSE Russell
Exploring the Path to Net Zero in China’s Greater Bay Area
Priscilla Luk of S&P DJI joins Dr. Qu Kang of Bank of China Hong Kong to discuss how indices can help inform investors looking to play a role in the regions net zero goal, and what these developments could mean for the potential opportunity set.
31 March 2023 | Priscilla Luk; Dr. Qu Kang; Nadja Jiang; S&P Dow Jones Indices
FSRG Briefs - Green Finance
An update on characteristics and current trends in markets for green bonds, green and sustainability linked loans and green mortgages, with particular attention to Hong Kong's role.
21 Feb 2023 | Alexandra Tracy; David von Eiff; Phoebe Chan; Financial Services Research Group
Up your ESG Game: Plugging the Talent Gap
In this webinar, key topics included the Certificate in ESG Investing, government support, and employer recognition.
14 March 2023 | CFA Institute; CFA Society Hong Kong | Video: 61 mins.
WEBINAR: 2023 ESG & Climate Trends to Watch - The APAC View
We are proud to partner with MSCI for a ESG webinar series! Our first webinar explored 2023 ESG and climate trends in APAC. Check out the recording now!
28 February 2023 | CFA Institute; MSCI | Video: 61 mins.
The Effect of Regulation-Induced Pollution on Corporate Philanthropy
We investigate the role of charitable giving as a form of reputation insurance by analyzing donations to nonprofits from philanthropic foundations of polluting firms.
07 December 2022 | Seungho Choi; Raphael Jonghyeon Park; Simon Xu
Nissan: Shift expectations with an SLB?
AFII proposes an SLB for Nissan based on its existing sustainable finance framework. We provide hypothetical pricing, which shows that Nissan could achieve an estimated discount of 14bp on its 5y financing spreads.
05 February 2023 | Cedric Rimaud, CFA; Josephine Richardson; Ulf Erlandsson; Anthropocene Fixed Income Institute
Rethinking Sustainable Investing Approaches
An effective sustainable investment approach will require an understanding of the challenges that asset managers are facing today. MFS and Eurasia Group convened a series of discussions to flesh out these challenges.
17 February 2023 | Pilar Gomez-Bravo; Vishal Hindocha; Shari Friedman; Jens Larsen; MFS Investment Management
About the Author(s)
Senior Director: Scott Lee
Project Manager: Natalie Yiu
Coordinator: Christy Leung