毕马威-可持续投资：加速演变(英文 59 页)

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Sustainable investing: fast-forwarding its evolution

愈来愈多机构投资者要求对冲基金经理把环境、社会及企业管治（ESG）因素纳入投资活动，有72%对冲基金经理表示，投资者对此类投资兴趣日浓是促使他们提高相关投资比重最重要的原因。

Contents

Executive summary 1

Introduction and aims

Report highlights 3

Headline findings 4

Part I. Hedge funds: a progress report

1. Institutional investors are driving the

ESG agenda 4

2. ESG investing faces various obstacles 6

3. Perfection cannot be the enemy of progress 8

4. Best practice can shift the needle 10

Part II. Early adopters: their story

1. Sustainable investing is about creating businesses of enduring value 13

2. Capital markets are slow to price in sustainability risks 15

3. Best practice is emerging 16

The rise of ESG in the hedge fund industry 19

How are managers advancing?

1. Key drivers 21

2. Key constraints 27

3. Emerging best practice 30

The rise of sustainable investing 36

What lessons can be learned from early adopters?

1. Progress along the Spectrum of Capital 38

2. Factors slowing progress 43

3. Developing best practice 48