市场变化中的ESG融资实力：GIIA Realfin报告的关键要点

Contents01 ForewordForewordby Jon Phillips, Chief Executive, Global Infrastructure Investor Association02 Reframing deals for sustainable infrastructureGuest article from Christopher Reeves, Advisor, Field Intelligence03 Realfin market analysisThe total amount of capital raised by global unlisted infrastructure funds withESG characteristics last year reached USD 36.62 billion04 ESG strategies & labellingGlobal closed-ended ESG-relevant funds deploy mainly value-add strategies, according to2023 data05 Realfin infrastructure ESG rankingsGlobal infrastructure fund managers ranked according to ESG-relatedfundraising, plusselection of recent infrastructure ESG-related funds06 ESG regulation drives market forwardGuest Q&A by Gwen Colin, ESG Director and Partner, Vauban InfrastructurePartners07 Realfin outlookKey themes in infrastructure ESG that asset managers, fund managersandinvestorsshould be aware of for 2024Realfin is the London-based global leader in real assets data,research and intelligence. We support leading infrastructure,real estate and real assets lenders, investors, fund managers,developers and service providers in making decisions throughrigorous data. Realfin provides specialist real assets datathrough its flagship RealfinX Platform and through tailored dataconsultancy. Realfin analysts are real assets data experts whospeak directly to market, leverage thousands of third-partysources and harness data science to arrive at the mostcomprehensive datasets of their kind available globally. Learnmore atrealfin.comAbout Realfin2 / 27 GIIA is the membership body for the world's leading investors ininfrastructure, and advisors to the sector, who collectivelyrepresent USD 2 trillion of infrastructure assets undermanagement across 70 countries. Our members are investingtoday to provide the smart, sustainable and innovativeinfrastructure needed for our communities and economies tothrive. GIIA was established in 2016 to improve engagementbetween members, politicians, policymakers and regulatorswith the aim of increasing much needed investment ininfrastructure. Learn more atgiia.netAbout Global Infrastructure Investor Association ForewordAs we reflect on 2023, it emerges as a formidable year, not only for ESGfundraising but also for infrastructure and private markets as a whole. Wenavigated through high inflation rates, labour shortages, political turmoil andmarket underperformance, which collectively pulled down infrastructurefundraising to levels not witnessed in a decade. ESG-related infrastructure fundsamassed USD 36 billion across 51 funds in 2023, lower than the previous year.Nonetheless, the long-term trajectory is upward. As outlined in the report, ESG'sshare of infrastructure fundraising increased by 10% over the past five years.The US remains an anomaly in global efforts to bring greater clarity to ESGinvestment, having deferred its disclosure decisions until 2025. The polarisedstance on ESG and the consequent anti-ESG legislation continue to impact pensionfunds and states, elevating the costs of bond recertification.Recent studies conducted in Oklahoma reveal that these anti-ESG policies forcedmunicipalities to incur an additional USD 187 million in borrowing expenses.Similarly, Indiana discovered that divesting from managers who consider ESGfactors would entail a USD 10 billion burden over a decade, borne by pension fundtrustees and taxpayers. Legislation in Texas yields similar effects, resulting inincreased borrowing costs.The potential spillover of such actions into European markets remains uncertain.We have observed some examples of politicisation of net-zero policy in the UK,and a focus on energy security after the outbreak of the Ukraine war in the EU, butthe overall trajectory seems positive. In fact, this May, the UK will unveil its anti-greenwashing rules, aimed at simplifying disclosures for investors and the EU issimilarly looking to improve alignment and classification through SFDR reforms.While new regulations are welcomed, particularly when they offer clarity andalleviate reporting burdens, global managers are teetering on the brink due to thesubstantial regulatory and reporting pressures they face. The new requirementsunder CSRD, CSDDD and many, many more, coupled with the lack of high-qualitydata, suggest an impending breaking point.Foreword byJon Phillips, Chief Executive, Global Infrastructure Investor Association1. PwC, “Only one in five management companies publicly disclosed a Principal Adverse Impact statementin 2022 according to PwC study, "Mind the Gap: Principal Adverse Impact Statements in the AWM Industry"”,Accessed April 20, 2024, [URL].1. PwC, “Only one in five management companies publicly disclosed a Principal Adverse Impact statementin 2022 according to PwC study, "Mind the Gap: Principal Adverse Impact Statements in the AWM Industry"”,Accessed April 20, 2024, [URL].3 / 27 Data quality issues become particularly evident when discussing Principle AdverseImpacts (PAI