Review of the Sustainability and Climate Change Initiatives Within the Line of Investment Portfolios
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Review of the Sustainability and Climate Change Initiatives Within the Line of Investment Portfolios
.

Sumario:

La intensidad y frecuencia de los desastres climáticos vienen aumentado drásti­camente durante la última década, con una tendencia que parece va a continuar en ascenso. Los costos asociados a estos eventos también se incrementan cada vez más. Además, se asume que este tipo de desastres climáticos están estre­chamente relacionados con el cambio climático al que nos enfrentamos como humanidad. En este escenario, el sector financiero juega un papel clave en la forma en que gestiona las acciones contra el cambio climático; por lo tanto, cuanto más fuertes sean sus impactos, más rápido deben implementarse estas acciones. Sin embargo, existe un rezago entre la prioridad de la necesidad de acciones y las acciones que realmente se están implementan... Ver más

Guardado en:

Revista ODEON

1794-1113

2346-2140

Reyes, Oscar Eduardo

UNIVERSIDAD EXTERNADO DE COLOMBIA

10.18601/17941113.n25.05

2024-03-21

95

115

Colombia

portafolio;

sostenibilidad;

estabilidad financiera;

ESG;

cambio climático;

riesgo climático

Oscar Eduardo Reyes - 2024

Esta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial-CompartirIgual 4.0.

info:eu-repo/semantics/openAccess

http://purl.org/coar/access_right/c_abf2

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spelling Review of the Sustainability and Climate Change Initiatives Within the Line of Investment Portfolios
Review of the Sustainability and Climate Change Initiatives Within the Line of Investment Portfolios
La intensidad y frecuencia de los desastres climáticos vienen aumentado drásti­camente durante la última década, con una tendencia que parece va a continuar en ascenso. Los costos asociados a estos eventos también se incrementan cada vez más. Además, se asume que este tipo de desastres climáticos están estre­chamente relacionados con el cambio climático al que nos enfrentamos como humanidad. En este escenario, el sector financiero juega un papel clave en la forma en que gestiona las acciones contra el cambio climático; por lo tanto, cuanto más fuertes sean sus impactos, más rápido deben implementarse estas acciones. Sin embargo, existe un rezago entre la prioridad de la necesidad de acciones y las acciones que realmente se están implementando. Se han pre­sentado algunos estándares de riesgo, pero aún existe una notable dificultad en comprender y modelar la incertidumbre de los impactos futuros del cambio climático. En este contexto, se necesitan otros tipos de esfuerzos, desde una perspectiva multidisciplinaria, que busquen complementar las acciones contra el cambio climático en el ámbito del sector financiero y las inversiones. En este trabajo se presenta un resumen de las principales iniciativas existentes, pero se destaca cómo, aunque responden a esfuerzos importantes y significativos a nivel corporativo, estas son de naturaleza aspiracional y voluntaria y, por lo tanto, insuficientes para abordar la necesidad mencionada. En este sentido, el artículo busca avanzar hacia la justificación de la construcción de carteras de inversión con principios de sostenibilidad ambiental.
The intensity and frequency of climate disasters have been increasing dra­matically over the past decade with a trend that also appears to continue. The costs associated with these events are also becoming increasingly higher. Furthermore, these types of climate disasters are assumed to be closely related to the climate change we are facing. Under this scenario, the financial sec­tor plays a key role in the way we manage the actions against climate change. Thus, the higher the impacts of climate change, the faster the actions must be implemented. However, there is a lag between the priority of the need for actions and the actions we are implementing. Some standard risk approaches have been implemented, but there is still a remarkable difficulty in understand­ing and modeling the uncertainty of future impacts of climate change. In this context, other kind of efforts are necessary from a multidisciplinary perspec­tive that aims to complement the actions against climate change in the fields of finance and investments. We provide a brief of the main existing initiatives but highlight how, although there are important and significant efforts at corporate level, the resulting initiatives are aspirational and voluntary, and thereupon, insufficient regarding the mentioned need. In this sense, the article seeks to pave the pathway towards the justification of the construction of investment portfolios with principles of environmental sustainability.
Reyes, Oscar Eduardo
Portfolio;
sustainability;
financial stability;
ESG;
climate change;
climate risk
portafolio;
sostenibilidad;
estabilidad financiera;
ESG;
cambio climático;
riesgo climático
25
Núm. 25 , Año 2023 : Julio-Diciembre
Artículo de revista
Journal article
2024-03-21T11:15:55Z
2024-03-21T11:15:55Z
2024-03-21
application/pdf
text/html
Universidad Externado de Colombia
ODEON
1794-1113
2346-2140
https://revistas.uexternado.edu.co/index.php/odeon/article/view/9338
10.18601/17941113.n25.05
https://doi.org/10.18601/17941113.n25.05
spa
http://creativecommons.org/licenses/by-nc-sa/4.0
Oscar Eduardo Reyes - 2024
Esta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial-CompartirIgual 4.0.
95
115
Berg, F., Koelbel, J. F., & Rigobon, R. (2020). Aggregate confusion: The diver¬gence of ESG ratings. Social Sciences Research Network. https://doi.org/10.2139/ ssrn.3438533
Bloomberg (2022). How Bloomberg is applying its data expertise to ESG. https://www.bloomberg.com/professional/blog/how-bloomberg-is-applying-its-data-expertise-to-esg/
Bolton, P., Despres, M., Pereira Da Silva, L., Samama, F., & Svartzman, R. (2020). The Green Swan: Central banking and financial stability in the age of climate uncertainty. Bank for International Settlements. https://doi.org/10.13140/ RG.2.2.12141.23523
Brundtland, G. H. (1987). Our common future. Oxford University Press.
CDSB (2023). Climate Disclousure Standards Board. https://www.cdsb.net/our-story
D’Apice, V., Ferri, G., & Intonti, M. (2021). Sustainable disclosure versus ESG intensity: Is there a cross effect between holding and SRI funds? Corporate Social Responsibility and Environmental Management, 28(5), 1496-1510. https://doi. org/10.1002/csr.2111
Dimson, E., Marsh, P., & Staunton, M. (2020). Divergent ESG Ratings. Journal of Portfolio Management, 47(1), 75-87. https://doi.org/10.3905/jpm.2020.1.133
FSOC (2021). Report on Climate-Related Financial Risk. FSOC.
GFANZ (2023). Glasgow Financial Alliance for Net Zero. https://www.gfanzero.com/
IFRS (2023). IFRS. https://www.ifrs.org/about-us/who-we-are/
IPCC (2018). Global Warming of 1.5°C. An ipcc Special Report on the impacts of global warming of 1.5°C above pre-industrial levels and related global greenhouse gas emission pathways, in the context of strengthening the global response to the threat of climate change, sustainable development, and efforts to eradicate poverty. https://doi.org/10.1017/9781009157940.
IPCC (2021). Climate Change 2021: The Physical Science Basis. Contribution of Working Group I to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change. https://doi.org/10.1017/9781009157896.
IPCC (2022). Mitigation of Climate Change. Contribution of Working Group III to the Seventh Assessment Report of the Intergovernmental Panel on Climate Change.
IPCC (2023). AR6 Synthesis Report: Climate Change 2023. https://www.ipcc.ch/report/sixth-assessment-report-cycle/
León, B., & Zapata, C. (2023). Gestión Moderna de Portafolio. CESA.
Markowitz, H. (1952). Portfolio Selection. Journal of Finance, 7(1), 77-91. https://doi.org/10.2307/2975974
NCA (2018). Fourth National Climate Assessment (vol. ii). Impacts, Risks and Adap¬tation in the United States. NCA. https://nca2018.globalchange.gov/ chapter/front-matter-about/
Net Zero Managers Initiative (2023). Net Zero Managers Initiative. https://www.net-zeroassetmanagers.org/
Net Zero Financial Service Providers Alliance (2023). Net Zero Financial Service Providers Alliance. https://www.netzeroserviceproviders.com/
NGFS (2019). A Sustainable and Responsible Investment Guide for Central Banks Port-folio Management. Technical Document.
NGFS (2020). Progress Report on the Implementation of Sustainable and Responsible Investment Practices in Central Banks Portfolio Management. Technical Document.
NOAA (2023). 2022 U.S. billion-dollar weather and climate disasters in historical context. NOAA. Science & Information for a Climate–Smart Nation.
NOAA (n. d.). United States Billion-Dollar Disaster Events 1980-2023. https://www.ncei.noaa.gov/access/billions/time-series
OFR (2022). Annual Report to Congress 2022. https://www.financialresearch.gov/ annual-reports/2022-annual-report/
Paris Aligned Asset Owners (2023). Paris Aligned Asset Owners. https://www.pari-salignedassetowners.org/
PRI (2021). Annual Report 2021. UNEPFI and UN Global Compact.
Refinitiv (2022). Environmental, Social and Governance Scores from Refinitiv. https:// www.refinitiv.com/content/dam/marketing/en_us/documents/ methodology/ refinitiv-esg-scores-methodology.pdf
Slater, T., Lawrence, I. R., Otosaka, I. N., Shepherd, A., Gourmelen, N., Jakob, L., …, & Nienow, P. (2021). Review Article: Earth’s Ice Imbalance. The Cryosphere, 15, 233-246. https://doi.org/10.5194/tc-15-233-2021
S&P Global (2021). ESG funds beat out S&P 500 in 1st year of covid-19; how 1 fund shot to the top. https://www.spglobal.com/marketintelligence/ en/news-insights/ latest-news-headlines/esg-funds-beat-out-s-p-500-in-1st-year-of-covid-19-how-1- fund-shot-to-the-top-63224550
Svartzman, R., & Oman, W. (2021). Sustainable Finance: Current Needs, Measures and Impact. Review of International Political Economy, 29(3), 844-869. https:// doi.org/10.1080/09692290. 2019.1619445
Task Force on Climate-Related Financial Disclosures (TCFD) (2017). Recommendations of the Task Force on Climate-related Financial Disclosures. TCFD.
UNEPFI (22 de noviembre de 2023). Principles for Responsible Banking. https://www. unepfi.org/
UNEPFI (2023a). Principles for Responsible Investment. https://www.unepfi.org/inves-tment/investment/
UNEPFI (2023b). Principles for Responsible Insurance. https://www.unepfi.org/insu-rance/insurance/
UNEPFI (2023c). Principles for Responsible Banking. https://www.unepfi.org/banking/bankingprinciples/
UNEPFI (2023d). Net-Zero Banking Alliance. https://www.unepfi.org/net-zero-banking/
UNEPFI (2023e). UN–Convened Net – Zero Asset Owner Alliance. https://www.unepfi. org/net-zero-alliance/
UNEPFI (2023) (f). Net – Zero Insurance Alliance. https://www.unepfi.org/net-zero-insurance/
UNFCCC (2015). Paris Agreement. UN Climate Change. https://unfccc.int/sites/default/files/english_paris_agreement.pdf
UNFCCC (2021). cop26 Explained. UN Climate Change. https://icc.se/wp-content/ uploads/2021/06/Annex-iii _ cop26-Explained.pdf
UNFCCC (2021). The Climate Finance Delivery Plan: Meeting the US$100 Billion Goal. https://ukcop26.org/wp-content/uploads/2021/10/Climate-Finance-Delivery- Plan-1.pdf
UN Conference of the Parties (2021). Report of the Conference of the Parties serving as the meeting of the Parties to the Paris Agreement on its third session, held in Glasgow from 31 October to 13 November 2021. United Nations Framework Convention on Climate Change.
https://revistas.uexternado.edu.co/index.php/odeon/article/download/9338/16499
https://revistas.uexternado.edu.co/index.php/odeon/article/download/9338/16500
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title Review of the Sustainability and Climate Change Initiatives Within the Line of Investment Portfolios
spellingShingle Review of the Sustainability and Climate Change Initiatives Within the Line of Investment Portfolios
Reyes, Oscar Eduardo
Portfolio;
sustainability;
financial stability;
ESG;
climate change;
climate risk
portafolio;
sostenibilidad;
estabilidad financiera;
ESG;
cambio climático;
riesgo climático
title_short Review of the Sustainability and Climate Change Initiatives Within the Line of Investment Portfolios
title_full Review of the Sustainability and Climate Change Initiatives Within the Line of Investment Portfolios
title_fullStr Review of the Sustainability and Climate Change Initiatives Within the Line of Investment Portfolios
title_full_unstemmed Review of the Sustainability and Climate Change Initiatives Within the Line of Investment Portfolios
title_sort review of the sustainability and climate change initiatives within the line of investment portfolios
title_eng Review of the Sustainability and Climate Change Initiatives Within the Line of Investment Portfolios
description La intensidad y frecuencia de los desastres climáticos vienen aumentado drásti­camente durante la última década, con una tendencia que parece va a continuar en ascenso. Los costos asociados a estos eventos también se incrementan cada vez más. Además, se asume que este tipo de desastres climáticos están estre­chamente relacionados con el cambio climático al que nos enfrentamos como humanidad. En este escenario, el sector financiero juega un papel clave en la forma en que gestiona las acciones contra el cambio climático; por lo tanto, cuanto más fuertes sean sus impactos, más rápido deben implementarse estas acciones. Sin embargo, existe un rezago entre la prioridad de la necesidad de acciones y las acciones que realmente se están implementando. Se han pre­sentado algunos estándares de riesgo, pero aún existe una notable dificultad en comprender y modelar la incertidumbre de los impactos futuros del cambio climático. En este contexto, se necesitan otros tipos de esfuerzos, desde una perspectiva multidisciplinaria, que busquen complementar las acciones contra el cambio climático en el ámbito del sector financiero y las inversiones. En este trabajo se presenta un resumen de las principales iniciativas existentes, pero se destaca cómo, aunque responden a esfuerzos importantes y significativos a nivel corporativo, estas son de naturaleza aspiracional y voluntaria y, por lo tanto, insuficientes para abordar la necesidad mencionada. En este sentido, el artículo busca avanzar hacia la justificación de la construcción de carteras de inversión con principios de sostenibilidad ambiental.
description_eng The intensity and frequency of climate disasters have been increasing dra­matically over the past decade with a trend that also appears to continue. The costs associated with these events are also becoming increasingly higher. Furthermore, these types of climate disasters are assumed to be closely related to the climate change we are facing. Under this scenario, the financial sec­tor plays a key role in the way we manage the actions against climate change. Thus, the higher the impacts of climate change, the faster the actions must be implemented. However, there is a lag between the priority of the need for actions and the actions we are implementing. Some standard risk approaches have been implemented, but there is still a remarkable difficulty in understand­ing and modeling the uncertainty of future impacts of climate change. In this context, other kind of efforts are necessary from a multidisciplinary perspec­tive that aims to complement the actions against climate change in the fields of finance and investments. We provide a brief of the main existing initiatives but highlight how, although there are important and significant efforts at corporate level, the resulting initiatives are aspirational and voluntary, and thereupon, insufficient regarding the mentioned need. In this sense, the article seeks to pave the pathway towards the justification of the construction of investment portfolios with principles of environmental sustainability.
author Reyes, Oscar Eduardo
author_facet Reyes, Oscar Eduardo
topic Portfolio;
sustainability;
financial stability;
ESG;
climate change;
climate risk
portafolio;
sostenibilidad;
estabilidad financiera;
ESG;
cambio climático;
riesgo climático
topic_facet Portfolio;
sustainability;
financial stability;
ESG;
climate change;
climate risk
portafolio;
sostenibilidad;
estabilidad financiera;
ESG;
cambio climático;
riesgo climático
topicspa_str_mv portafolio;
sostenibilidad;
estabilidad financiera;
ESG;
cambio climático;
riesgo climático
citationissue 25
citationedition Núm. 25 , Año 2023 : Julio-Diciembre
publisher Universidad Externado de Colombia
ispartofjournal ODEON
source https://revistas.uexternado.edu.co/index.php/odeon/article/view/9338
language spa
format Article
rights http://creativecommons.org/licenses/by-nc-sa/4.0
Oscar Eduardo Reyes - 2024
Esta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial-CompartirIgual 4.0.
info:eu-repo/semantics/openAccess
http://purl.org/coar/access_right/c_abf2
references Berg, F., Koelbel, J. F., & Rigobon, R. (2020). Aggregate confusion: The diver¬gence of ESG ratings. Social Sciences Research Network. https://doi.org/10.2139/ ssrn.3438533
Bloomberg (2022). How Bloomberg is applying its data expertise to ESG. https://www.bloomberg.com/professional/blog/how-bloomberg-is-applying-its-data-expertise-to-esg/
Bolton, P., Despres, M., Pereira Da Silva, L., Samama, F., & Svartzman, R. (2020). The Green Swan: Central banking and financial stability in the age of climate uncertainty. Bank for International Settlements. https://doi.org/10.13140/ RG.2.2.12141.23523
Brundtland, G. H. (1987). Our common future. Oxford University Press.
CDSB (2023). Climate Disclousure Standards Board. https://www.cdsb.net/our-story
D’Apice, V., Ferri, G., & Intonti, M. (2021). Sustainable disclosure versus ESG intensity: Is there a cross effect between holding and SRI funds? Corporate Social Responsibility and Environmental Management, 28(5), 1496-1510. https://doi. org/10.1002/csr.2111
Dimson, E., Marsh, P., & Staunton, M. (2020). Divergent ESG Ratings. Journal of Portfolio Management, 47(1), 75-87. https://doi.org/10.3905/jpm.2020.1.133
FSOC (2021). Report on Climate-Related Financial Risk. FSOC.
GFANZ (2023). Glasgow Financial Alliance for Net Zero. https://www.gfanzero.com/
IFRS (2023). IFRS. https://www.ifrs.org/about-us/who-we-are/
IPCC (2018). Global Warming of 1.5°C. An ipcc Special Report on the impacts of global warming of 1.5°C above pre-industrial levels and related global greenhouse gas emission pathways, in the context of strengthening the global response to the threat of climate change, sustainable development, and efforts to eradicate poverty. https://doi.org/10.1017/9781009157940.
IPCC (2021). Climate Change 2021: The Physical Science Basis. Contribution of Working Group I to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change. https://doi.org/10.1017/9781009157896.
IPCC (2022). Mitigation of Climate Change. Contribution of Working Group III to the Seventh Assessment Report of the Intergovernmental Panel on Climate Change.
IPCC (2023). AR6 Synthesis Report: Climate Change 2023. https://www.ipcc.ch/report/sixth-assessment-report-cycle/
León, B., & Zapata, C. (2023). Gestión Moderna de Portafolio. CESA.
Markowitz, H. (1952). Portfolio Selection. Journal of Finance, 7(1), 77-91. https://doi.org/10.2307/2975974
NCA (2018). Fourth National Climate Assessment (vol. ii). Impacts, Risks and Adap¬tation in the United States. NCA. https://nca2018.globalchange.gov/ chapter/front-matter-about/
Net Zero Managers Initiative (2023). Net Zero Managers Initiative. https://www.net-zeroassetmanagers.org/
Net Zero Financial Service Providers Alliance (2023). Net Zero Financial Service Providers Alliance. https://www.netzeroserviceproviders.com/
NGFS (2019). A Sustainable and Responsible Investment Guide for Central Banks Port-folio Management. Technical Document.
NGFS (2020). Progress Report on the Implementation of Sustainable and Responsible Investment Practices in Central Banks Portfolio Management. Technical Document.
NOAA (2023). 2022 U.S. billion-dollar weather and climate disasters in historical context. NOAA. Science & Information for a Climate–Smart Nation.
NOAA (n. d.). United States Billion-Dollar Disaster Events 1980-2023. https://www.ncei.noaa.gov/access/billions/time-series
OFR (2022). Annual Report to Congress 2022. https://www.financialresearch.gov/ annual-reports/2022-annual-report/
Paris Aligned Asset Owners (2023). Paris Aligned Asset Owners. https://www.pari-salignedassetowners.org/
PRI (2021). Annual Report 2021. UNEPFI and UN Global Compact.
Refinitiv (2022). Environmental, Social and Governance Scores from Refinitiv. https:// www.refinitiv.com/content/dam/marketing/en_us/documents/ methodology/ refinitiv-esg-scores-methodology.pdf
Slater, T., Lawrence, I. R., Otosaka, I. N., Shepherd, A., Gourmelen, N., Jakob, L., …, & Nienow, P. (2021). Review Article: Earth’s Ice Imbalance. The Cryosphere, 15, 233-246. https://doi.org/10.5194/tc-15-233-2021
S&P Global (2021). ESG funds beat out S&P 500 in 1st year of covid-19; how 1 fund shot to the top. https://www.spglobal.com/marketintelligence/ en/news-insights/ latest-news-headlines/esg-funds-beat-out-s-p-500-in-1st-year-of-covid-19-how-1- fund-shot-to-the-top-63224550
Svartzman, R., & Oman, W. (2021). Sustainable Finance: Current Needs, Measures and Impact. Review of International Political Economy, 29(3), 844-869. https:// doi.org/10.1080/09692290. 2019.1619445
Task Force on Climate-Related Financial Disclosures (TCFD) (2017). Recommendations of the Task Force on Climate-related Financial Disclosures. TCFD.
UNEPFI (22 de noviembre de 2023). Principles for Responsible Banking. https://www. unepfi.org/
UNEPFI (2023a). Principles for Responsible Investment. https://www.unepfi.org/inves-tment/investment/
UNEPFI (2023b). Principles for Responsible Insurance. https://www.unepfi.org/insu-rance/insurance/
UNEPFI (2023c). Principles for Responsible Banking. https://www.unepfi.org/banking/bankingprinciples/
UNEPFI (2023d). Net-Zero Banking Alliance. https://www.unepfi.org/net-zero-banking/
UNEPFI (2023e). UN–Convened Net – Zero Asset Owner Alliance. https://www.unepfi. org/net-zero-alliance/
UNEPFI (2023) (f). Net – Zero Insurance Alliance. https://www.unepfi.org/net-zero-insurance/
UNFCCC (2015). Paris Agreement. UN Climate Change. https://unfccc.int/sites/default/files/english_paris_agreement.pdf
UNFCCC (2021). cop26 Explained. UN Climate Change. https://icc.se/wp-content/ uploads/2021/06/Annex-iii _ cop26-Explained.pdf
UNFCCC (2021). The Climate Finance Delivery Plan: Meeting the US$100 Billion Goal. https://ukcop26.org/wp-content/uploads/2021/10/Climate-Finance-Delivery- Plan-1.pdf
UN Conference of the Parties (2021). Report of the Conference of the Parties serving as the meeting of the Parties to the Paris Agreement on its third session, held in Glasgow from 31 October to 13 November 2021. United Nations Framework Convention on Climate Change.
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