2026年ESG 2.0展望：正确把握ESG至关重要，识别风险与机遇

ESG 2.0 2026 Outlook Getting ESG Right Is CrucialTo Identify Risk, Opportunity When done right, ESG is critical to identifying industry-specific risk and opportunity,and themes that will shape company fundamentals. Bloomberg Intelligence's focuson financial materiality can unearth potential share price outperformance and •ESG Events Can Move Stock Prices, Credit Spreads:Limiting exposure toevent risk helps reduce losses—for instance, Equinor’s oil spills captured in ourMarket Moving News model since 2016 led to an average-1.1% relative return •ESG Funds Reach $3 Trillion Despite Backlash:Fund managers facecompeting realities, with assets in labeled funds surpassing $3 trillion despitemore than 700 funds dropping or revising ESG-related terms in their names. •Emerging Themes:Carbon capture and storage, the implications of AI, climateadaptation and resilience, unintended policy boosts, and the rise of ESG in Oct. 27, 2025 Contents Executive Summary Section 1. Refocusing on ESG Materiality Critical for Investors $3 Trillion As the ESG label is de-emphasized, the underlying analysis continues to support positive risk-adjusted returns by highlighting industry-specific risks, opportunities and themes that shapecompany fundamentals. Investors ignoring these issues may miss significant market shifts. This isthe reality of ESG 2.0, and within this new context, Bloomberg Intelligence's focus on financial Assets in ESG-labeledfunds, including $8 billion 19.39% Bloomberg GlobalAggregate Green SocialSustainability bond index Key Research Topics •Event-Driven Threats:ThoughESG analysis often focuses on key performance metrics,event-driven risks can trigger underperformanceand limiting exposure can help reduce •Regulatory Scrutiny:Assets in labeled funds surpassed $3 trillion,yetgreenwashingconcerns can force investors to shift strategies or face significant fines, as more than 700 8% Excess returns forcompanies with a low •Emerging Themes:The carbon-capture and storage market is expected to grow 4x to 2032,while other notable themes include AI, climate adaptation and resilience. TheBI Prepare and •Political Push and Pull:Amid a changing political environment, Wells Fargo earlier this yearabandoned its net-zero financed-emissions goals, leaving up to 0.7% of its market cap heldby ESG and climate funds at risk of divestment. A fraught environment for diversity initiatives •The Predictive Power of ESG Data:ESG data can often shed light on a company’s riskexposures. For example, leading performance on Tier 1 PSE rates--a key safety metric among Performance and Valuation The Bloomberg Future Energy Aggregate Total Return Index (BFEAT) represents companies thatderive revenues from “Future Energy,” including hydrogen, biofuels, nuclear, solar, wind, and On the fixed income side, the Bloomberg Global Aggregate Green Social Sustainability bondindex (GSS) returned 11.99% this year through September, besting the Bloomberg Global Section 2.Catalysts to Watch Carbon Schemes, More Regulation, Disclosure Ahead Airlines willneed to increase efforts to cut their carbon emissions, Japan is expected to make afinal investment decision on building out a carbon capture and storage system, and new or Critical Milestones: •November 2025:Global airlines face carbon charges under the CarbonOffsetting and Reduction Scheme for International Aviation for the first time, •December 2025:Large UK asset managers must make product and entity-level disclosures for ESG labeled funds under the Sustainability Disclosure •1Q2026:The European Union will finalize its Omnibus proposal,streamlining reporting requirements under EU sustainability regulations(CSRD, CSDDD, EU Taxonomy) and significantly narrowing their scope. The •2026:Japanisto take final investment decision on building a nationwideCarbon Capture and Storage system. Such a large scale investment out to •2027:The EU will launch ETS2, bringing buildings, road transport and fuelsuppliers (covering combustion in smaller industries) under the emissionstrading framework, increasing the number of tradeable credits and •2028:Mandated reporting under the Hong Kong Sustainability DisclosureStandards for large publicly accountable entities. Listed companies in Hong Section 3.ESG+ Asset Trends SentimentLeansEnvironmental, Flows Suggest Otherwise ESG funds drew $8 billion of inflows in 1H even as sentiment shifts toward narrower environmentalthemes, which saw outflows, and withdrawals from clean energy despite outperformance suggestpolitical risk is a bigger consideration than returns. More than 700 funds dropped ESG labels due 3.1Broad ESG Funds Draw Inflows, Environment Outflows Rhetoric has shifted toward environmental themes from broader ESG and related terms, yet fundflows tell a different story.As shown in Fig. 1,flows in 1H to ESG-labeled funds, such asESG,sustainabilityorsocially responsible investing,reached $8 billion, while those withsolelyenvironmental labels