随着世界各地的银行和监管机构收紧对环境的要求, social and governance (ESG) reporting, companies across multiple industries are having to up their game. At stake are not just customer credentials and environmental targets, but access to sustainability-linked finance, 截至去年年底，中国占全球约120万亿美元信贷市场的10%左右. 随着与ESG相关的更严格的报告和更多贷款的趋势蔓延, it appears that shipowners are no exception.

传统上，世界各地的ESG报告要求存在很大差距. But there are strong signs that a more harmonised regime is emerging. 最新鼓励更严格标准的监管机构是美国证券交易所(sec) Commission (SEC).

In March, 美国证券交易委员会提出了一项规则，要求发行股票或债券的公司在三个方面详细披露与气候有关的信息, greenhouse-gas emissions, and targets or transition plans. Companies will need to describe risks that have an impact on their business, results or financial condition, as well including climate-related metrics in their financial statements.

The SEC move, which could be implemented this year, pushes US reporting standards into line with the standards set in Europe. 2014年欧盟非财务报告指令要求大公司报告政策, practices and results related to human rights, working conditions, corruption and the environment. 包括英国、法国和挪威在内的国家也有具体的要求.

《大发黄金版网页版登录》(Basel Accords)是监管银行业风险的全球框架，是推动ESG标准更高、更协调的另一股力量. 巴塞尔协议III是在2008年金融危机后制定的，旨在帮助银行更好地管理信贷, market and operational risk. In planning the implementation of the new framework, 欧盟委员会(European Commission)和欧洲银行协会(European Banking Association, EBA)已将ESG风险因素纳入考量. 

Building resilience

EBA发布了巴塞尔协议III下银行ESG报告的标准草案. 这些标准是建立在金融稳定委员会气候相关财务披露工作组等长期倡议的基础上的. But they go further by defining binding templates, tables and instructions to enhance consistency and comparability. As ESG risk to banks include risks to their investments, 那些接受欧洲银行融资的银行可能会面临更严格的审查.

尽管欧洲监管机构已率先对巴塞尔协议III采取行动，但其它地区也将紧随其后. 随着银行和投资者发现自己在ESG因素方面受到越来越多的监管, reporting expectations for the companies they invest in will also rise.

随着可持续金融市场价值的急剧增加，ESG报告面临的压力也在增加. According to data provider Refinitiv, last year sustainable bond issues passed the US$1 trillion mark – nearly 1.占全球债券市场的5%，是2015年的20多倍. 可持续发展贷款超过7000亿美元(相比之下，全球贷款市场为7万亿美元), more than three times the previous annual record.

Recent developments could make 2022 another big year. Notably, 布鲁克菲尔德资产管理公司为其全球转型基金筹集了150亿美元, 哪家已成为致力于净零能源转型的最大私人基金. While direct investment in clean energy is a large part of the market, other sectors will benefit from the influx of green finance. In an interview with CNBC earlier this year, Mark Carney, 前英格兰银行行长，现任布鲁克菲尔德转型投资主管, noted the fund’s role in driving the energy transition across industries.

他说:“我们同样关注的是如何到达排放的地方。 对钢铁制造商、汽车公司、公共事业和能源行业的人来说，都是资本 sector so that they can make the investments to get their emissions down.”

Shipping is conspicuous in its omission from Mark Carney’s list. 投资者经常回避ESG投资海事行业的一个原因是，可证明的变化速度缓慢. 距离中国实现首个全行业减排目标还有近30年的时间——即使是目前仅将排放量减半的遥远目标——一些分析人士认为，对大多数投资者来说，目前在航运业实现基于气候变化的投资回报的前景过于遥远.

但是，虽然航运可能无法进入完全市场的绿色投资选择,climate-based finance is already a reality. In late 2021 accountancy firm Deloitte noted that since May 2018, 根据ESG指标向航运组织提供的新资金约为14美元.5 billion. 截至去年底，全球船舶融资投资总额略高于2,900亿美元，而这一比例约为5%, according to Petrofin Research.

Green finance grows

The impact of the Poseidon Principles, 承诺投资符合航运长期环境目标的资产, is set to drive sustainability-linked ship finance further. 29家签约银行的投资总额约为1850亿美元，远远超过全球船舶融资组合总额的一半. 尽管许多公司尚未在其投资组合中实现这些原则，但方向是明确的.

Accessing green finance may not be easy for shipowners. According to Deloitte, 许多企业错过了可以改善融资前景的ESG报告准则. 一份船运公司样本显示，只有63%的船运公司产生了足够有意义的ESG指标，可以被四大主要的可持续发展评级机构评级.

大多数全球知名评级机构尚未对大量航运公司进行评估或发布ESG评级, explains Elias Makris, a partner at Deloitte Greece. Without those ratings, 投资者将航运视为其可持续发展相关投资组合的补充的动力减弱了.

Makris指出，即使在航运公司拥有强大的ESG实践的地方, how they report it matters. “It is quite likely that even if a company is active in ESG, if the policies and frameworks governing its operations are not accessible, the resulting rating will be lower than if this information had been publicly available,” he says.

A report from PWC sums up the increasing onus on shipowners: “Public disclosure of ESG performance will soon be mainstream in the maritime industry. We see shipping 企业正转向一种更专注的心态，将ESG数据视为一种资产.”

ESG报告是与日益严格的环境法规一道的另一个移动目标. For shipowners, keeping up with these increasing standards is no longer just a matter of compliance; it is a critical tool for securing access to capital and safeguarding the future of their business.