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专题：对话ESG全球领导者

　　新浪财经ESG评级中心提供包括资讯、报告、培训、咨询等在内的14项ESG服务，助力上市公司传播ESG理念，提升ESG可持续发展表现。点击查看【ESG评级中心服务手册】

　　文 | 新浪财经 李欣然 

　　在全球经济加速向低碳、可持续转型的背景下，可持续金融正成为金融行业的核心议题之一。然而，在机遇背后，金融机构如何应对复杂的风险与不确定性？企业在追求绿色发展的同时，又如何平衡数据披露的负担与效率？新浪财经近日对话彭博可持续金融解决方案全球负责人帕特丽夏·托雷斯（Patricia Torres）女士，深入探讨了可持续金融领域的全球发展趋势、市场机遇与挑战，以及彭博为助力企业绿色转型推出的创新解决方案。

彭博可持续金融解决方案全球负责人帕特丽夏·托雷斯（Patricia Torres）

　　帕特丽夏指出，数据质量和分析工具是推动可持续金融高效发展的核心，金融机构需要以更理性和前瞻性的视角审视环境和社会风险，并将其纳入投资决策。在她看来，中国可持续金融市场的快速进步也备受关注，从政策导向到数据披露的规范化，为全球资本与绿色发展目标的深度融合提供了契机。此外，帕特丽夏还分享了彭博最新推出的AI驱动研究工具、地理空间风险分析扩展计划，以及如何在全球范围内推动可持续数据披露的标准化。谈及当前ESG投资策略面临的争议，帕特丽夏强调可持续性相关数据对揭示风险和发掘机遇至关重要，并表示ESG正从广泛的“愿景导向”转变为更具财务价值的“责任导向”模式。

　　以下为对话实录：

　　Q：作为可持续金融解决方案全球负责人，您认为金融机构在将可持续性纳入投资战略时面临哪些主要挑战和机遇？

　　A： 我们当前正处于可持续金融发展的关键节点。投资者越来越关注可持续因素如何影响财务表现，并以此优化资本配置、强化风险管理和推动长期价值创造。然而，随着可持续议题的重要性快速上升，其采纳速度一度超越了标准一致性和可比性的发展步伐。这促使市场重新思考哪些可持续因素对财务表现至关重要，以及它们如何影响风险、回报和长期价值。

　　如今，市场正在经历一场积极的再平衡，投资者的视角变得更加理性和务实。他们提出的问题也更加具体并以数据为导向，比如，在特定行业或地区，哪些可持续因素对业绩真正构成重要影响？环境和社会风险如何转化为资本成本、运营韧性或资产重估的变化？更重要的是，哪些风险或机遇尚未被当前市场定价，但可能比预期更早显现？在这样的背景下，理解这些风险和机遇的时间点和演变路径正变得至关重要，而这也凸显了高质量数据和先进分析工具的重要性。

　　Q：鉴于您刚才提到的挑战与机遇，彭博如何帮助客户应对这些复杂问题？例如，近年来彭博推出了哪些创新解决方案以帮助企业在决策中纳入可持续金融考量？随着AI技术的快速发展，您认为AI未来将如何赋能并提升可持续金融解决方案的效率？

　　A：彭博致力于为客户提供具有决策价值、前瞻性和财务重要性的数据支持，帮助他们应对可持续金融的复杂挑战。

　　为应对信息披露标准不一致、框架碎片化等挑战，彭博提供精选的ESG数据集，优先考虑数据的质量与可比性。通过“瀑布式方法”，我们确保客户始终获取最可靠的信息——无论是公司披露、估算还是模型生成的数据，并在全球范围内统一单位与方法，支持分析的一致性。

　　此外，彭博推出了一系列工具，帮助投资者评估风险、韧性和机遇。例如，我们提供基于彭博新能源财经（BNEF）的转型风险评估公司工具（TRACT），覆盖70,000多家公司的排放预测及转型风险分析；提供针对48,000多家公司的物理风险暴露洞察，包括野火、洪水和高温等灾害；以及针对50,000家公司的生物多样性与水资源压力分析，该工具能够帮助特定行业评估森林砍伐或流域依赖等风险。此外，我们的MARS Climate解决方案支持将气候风险纳入投资组合管理、压力测试和监管报告，覆盖超过95,000家公司。

　　我们还通过与Viridios Group的合作，推动碳市场的透明化，将可信的项目级碳信用数据和定价分析引入彭博终端。同时，我们正在准备符合《企业可持续发展报告指令》（CSRD）和国际可持续性标准委员会（ISSB）框架的公司披露与模型数据，以支持新兴的信息披露要求。

　　在创新方面，AI正发挥变革性作用。我们近期在彭博终端推出了AI驱动的研究工具，用户可以提出复杂的可持续性问题，例如“饮料行业如何管理水资源风险？”，并获得基于彭博行业研究（BI）和BNEF、券商研究以及公司披露信息的深度回答。该工具有助于用户快速识别行业特定风险、理解新兴的重要议题，并从研究、披露和新闻中提取非结构化洞察。

　　展望未来，彭博将重点拓展地理空间风险分析、自然相关风险覆盖以及涵盖超过120,000家实体的供应链信息。这是因为在风险高度关联的时代，投资者需要在价值链的每个环节都拥有清晰的视角。

　　Q: 您曾指出，可持续金融的发展依赖于高度可靠、高质量的数据。金融机构和投资者需要优质数据、深入研究与分析以及全面的解决方案，以提升绿色资本投融资的效率。然而，目前许多企业认为披露可持续相关数据加重了负担。为应对这一问题，欧盟委员会于2025年2月发布了一揽子简化提案（Omnibus Package）。此外，我们了解到欧盟委员会还计划修订与《欧洲可持续报告准则》（ESRS）相关的授权法案，目标是简化和优化披露要求，包括减少强制披露的数据量。您如何看待这一转变对可持续数据质量与可得性的影响？

　　A: 高质量、具备决策价值的数据是可持续金融运作的基础。它帮助投资者识别风险、优化资本配置并衡量影响。然而，企业在应对跨司法辖区、行业和格式的多重披露要求时，正在面临日益沉重的报告负担。

　　因此，欧盟委员会近期发布的一揽子简化提案以及对ESRS授权法案的修订意向，成为一项重大进展。简化固然重要，但更重要的是“聪明地简化”。

　　在精简报告要求的同时，必须优先确保数据的质量、一致性和重要性不被削弱。减少重复披露、突出关键指标——尤其能够支持财务决策的指标，可以在保留数据实用性的同时，减轻企业合规负担。

　　这也是推动全球可持续披露标准互联互通的重要契机，例如CSRD与ISSB之间的对接。由于投资者的业务跨越国界，因此他们需要在不同监管体系下都可比较和可审计的数据。这正是彭博持续投入的原因，通过映射和提供与标准相一致的公司披露数据与模型数据，帮助客户在合规的同时获取兼具实用性与前瞻性的洞察。

　　归根结底，简化报告不应意味着降低标准。只要聚焦得当，就有可能在减轻企业负担的同时，为投资者提升决策质量。

　　Q：您如何看待中国金融市场在可持续投资方面的进展？是否存在特殊挑战或市场需求？

　　A：中国在可持续金融领域正取得显著进展，从做出承诺走向全面落实。中国正积极将其金融体系与绿色发展目标保持一致，从强制气候信息披露，到将ESG纳入核心监管框架。

　　例如，中国计划自2026年起对上市公司实施强制性可持续信息披露，这是一个重要的里程碑。《中国绿色债券原则》（CGBP）与国际标准的接轨，也是提升市场透明度、可比性和国际投资者信心的重要一步。

　　从彭博的视角来看，中国金融机构和资产所有者正日益重视将气候风险、转型准备度和生物多样性等因素纳入投资组合战略。然而，数据质量、覆盖范围和一致性仍是当前面临的主要挑战。彭博2024年的调研显示，62%的中国企业表示在获取可靠的可持续数据方面存在困难，尤其是在范围三（Scope 3）排放、供应链影响和物理风险等领域。

　　为此，彭博推出了多项举措，例如与中国外汇交易中心（CFETS）拓展合作，发布符合中欧《可持续金融共同分类目录》（CGT）标准的中国绿色债券清单；推出“政府债券气候倾斜指数系列”，评估主权国家在物理风险和转型承诺方面的暴露；并持续扩展对中国企业的可持续数据覆盖，以反映本地监管发展与全球最佳实践。

　　彭博将继续以透明、可操作的数据支持中国可持续金融的发展，助力全球资本与本地绿色机遇的深度融合。

　　Q：近年来，围绕ESG这一术语及其框架的争论越来越多。在这种情况下，您如何评价ESG在当下投资中的作用？

　　A：随着围绕“ESG”这一概念的讨论日益增多，这种议论是可以理解的，但不应掩盖其核心价值。无论我们称之为ESG、可持续性，还是非财务数据，其本质是始终如一的：投资者需要全面识别风险与机遇。可持续性相关数据有助于揭示传统财务报表难以反映的因素，例如气候风险、供应链脆弱性或生物多样性丧失等。

　　ESG正在经历一场健康的演变。其框架正从愿景导向转向责任导向，从广泛的价值观表达转向财务价值的实现。可持续不再是一个孤立的主题，而是逐步融入风险管理、战略配置和监管合规的核心体系之中。

　　数据趋势也印证了这一转变。根据彭博行业研究（BI）的预测，ESG资产管理规模将在2030年前持续增长。法国巴黎银行2025年的调查显示，84%的机构投资者预计从现在到2030年，可持续发展的推进速度将保持或加快。这些数据并非衰退信号，而是持续增长的有利佐证。

　　在彭博，我们将这一转变视为契机，重新聚焦财务重要性、透明度和绩效表现。我们的目标是帮助客户打破“打勾式”的合规思维，真正将可持续性以可信、数据驱动和具有前瞻性的方式融入决策过程中。

　　以下为英文原文：

　　Q: From your vantage point as Global Head of Sustainable Finance Solutions, what are some of the key challenges and opportunities you see financial institutions facing as they integrate sustainability into their investment strategies?

　　A: We're at a defining moment in the evolution of sustainable finance. Investors are shifting to its core purpose, evaluating how sustainability factors influence financial outcomes, and how those insights can inform better capital allocation, risk management, and long-term value creation.

　　As sustainability considerations gained prominence in recent years, the pace of adoption at times outstripped consistency and comparability. This has prompted a healthy re-evaluation—one that brings the focus back to what matters most: understanding which sustainability factors are financially material, and how they shape risk, return, and long-term value.

　　Today, we're seeing a welcome recalibration—one that is more analytical, grounded, and forward-looking. Investors are asking sharper, data-driven questions: Which sustainability factors are truly material to performance within a given sector or geography? How do environmental and social risks translate into shifts in cost of capital, operational resilience, or asset revaluation? And crucially: which risks—or opportunities—are not yet priced into today's market, but could materialize sooner than expected?

　　Understanding the timing and trajectory of these impacts is becoming just as important as identifying them. That's where better data—and better analytics—are essential.

　　Q: Given the challenges and opportunities, you mentioned above, how is Bloomberg supporting clients in navigating these complexities? Could you tell us about any innovative solutions Bloomberg has introduced in recent years to help businesses incorporate sustainable finance considerations in decision-making. Given the rapid progress of AI technology, how do you think AI will empower and create more efficient sustainable finance solutions in the future?

　　A: At Bloomberg, we're focused on helping clients cut through the complexity of sustainable finance with data that is decision-useful, forward-looking, and grounded in financial materiality.

　　To address challenges like inconsistent disclosures and fragmented frameworks, we provide a curated ESG dataset that prioritizes quality and comparability. Our waterfall methodology ensures clients always access the most reliable available data—whether company-reported, estimated, or modelled—and we normalize units and methodologies across regions to support consistency in analysis.

　　We've also launched a range of tools that help investors evaluate risk, resilience, and opportunity. For example, emissions forecasts and transition risk analytics (via BNEF's TRACT tool) for 70,000+ companies; Physical risk exposure insights for 48,000+ firms, including wildfire, flood, and heat hazards; Biodiversity and water stress analytics for 50,000 companies—crucial for sector-specific risks like deforestation or watershed dependence. Besides, our MARS Climate platform, which enables climate risk integration into portfolio management, stress testing, and regulatory reporting for over 95,000 companies.

　　We're also advancing transparency in carbon markets through our partnership with Viridios Group, bringing credible, project-level carbon credit data and pricing analytics to the Terminal. And we're preparing company-reported and modeled data mapped to CSRD and ISSB frameworks to support emerging disclosure requirements.

　　On the innovation side, AI is playing a transformational role. We recently launched an AI-powered research tool on the Bloomberg Terminal, which can be used to ask complex sustainability questions such as "How is the beverage sector managing water risk?" and receive contextually rich answers grounded in Bloomberg's research from BI and BNEF, enabled brokers research and company fillings. This helps users uncover sector-specific risks, understand emerging material issues, and surface unstructured insights across research, filings, and news with unprecedented speed.

　　Looking ahead, our focus is on expanding geospatial risk analytics, nature-related overlays, and supply chain intelligence for over 120,000 entities—because risk is increasingly interconnected, and investors need clarity at every layer of the value chain.

　　Q: You've previously noted that the development of sustainable finance relies on highly reliable, high-quality data. Financial institutions and investors need quality data, in-depth research and analysis, and comprehensive solutions to enhance the efficiency of green capital investment and financing. However, many companies currently feel that disclosing sustainability-related data adds to their burden. To address this, the European Commission released an Omnibus Package of simplification proposals in February, 2025. Additionally, we heard that the European Commission plans to revise the delegated acts related to the European Sustainability Reporting Standards. The goal is to simplify and optimize disclosure requirements, including reducing the amount of mandatory data to be disclosed. What is your view on the impact of this shift on the quality and availability of sustainable data?

　　A: High-quality, decision-useful data is essential for sustainable finance to function. It enables investors to identify risk, allocate capital effectively, and measure impact. But for companies, the growing complexity of disclosure frameworks—across jurisdictions, sectors, and formats—has made reporting increasingly burdensome.

　　That's why the European Commission's recent Omnibus Package and its intent to revise the European Sustainability Reporting Standards is an important development. Simplification is welcome—but it must be smart.

　　The priority must be to maintain data quality, consistency, and materiality, even as reporting requirements are streamlined. Reducing duplication and focusing on the metrics that matter most—those that support financial decision-making—can ease the compliance burden without sacrificing decision-useful data.

　　This is also an opportunity to advance interoperability between global frameworks, such as CSRD and ISSB. Investors operate across borders, and they need comparable, auditable data that works across regulatory regimes. That's why Bloomberg is investing in mapping and delivering company-reported and modelled data aligned to these standards, helping clients stay compliant while accessing insights that are both practical and forward-looking.

　　Ultimately, simplifying reporting shouldn't mean lowering the bar. With the right focus, it’s possible to reduce complexity for companies and enhance better decision making for investors at the same time.

　　Q: What's your view on the how the Chinese financial markets are approaching sustainable investing, are there particular challenges or demands from your end users?

　　A: China is making significant strides in advancing sustainable finance. It's not just about commitments—it's about implementation. The country is actively aligning its financial system with green development goals, from mandatory climate-related disclosures to the integration of ESG into core regulatory frameworks.

　　For example, China's plans to mandate sustainability disclosures for listed companies starting in 2026 is a major milestone. The alignment of China's green bond principles with international standards—through the China Green Bond Principles (CGBP)—is another important step that improves transparency, comparability, and international investor confidence.

　　From Bloomberg's vantage point, we see a growing focus among Chinese financial institutions and asset owners on incorporating climate risk, transition readiness, and biodiversity exposure into portfolio strategies. However, data quality, coverage, and consistency remain key challenges. In our 2024 survey, 62% of Chinese firms cited difficulties accessing reliable sustainability data, particularly in areas like Scope 3 emissions, supply chain impact, and physical risk.

　　To support this transition, Bloomberg has launched several initiatives: We partnered with CFETS to deliver CGT-aligned Chinese green bond data on the Bloomberg Terminal—making local sustainable fixed income markets more accessible to global investors; We introduced Climate Tilted Government Bond Indices, which assess sovereign exposure to physical risk and transition commitments, helping investors align sovereign allocations with climate objectives; We are also expanding our sustainability data and analytics coverage of Chinese corporates to reflect both local regulatory developments and global best practices.

　　We remain committed to supporting China's sustainable finance journey with transparent, actionable data that bridges global capital with local opportunity.

　　Q: There has been growing debate around the terminology and framing of ESG in recent years. In this context, how do you assess the role of ESG in investment today?

　　A: The debate around ESG terminology is understandable—but it shouldn't distract from the fundamentals. Whether we call it ESG, sustainability, or non-financial data, the underlying premise remains the same: investors need a full picture of risk and opportunity. Sustainability-related data helps reveal factors—such as climate risk, supply chain fragility, or biodiversity loss—that traditional financial statements often miss.

　　What we're seeing now is a healthy evolution. The framing is moving from aspiration to accountability, from broad values to financial value. Sustainability is no longer a standalone theme—it's becoming part of core risk management, strategic allocation, and regulatory compliance.

　　The data supports this trend. According to Bloomberg Intelligence, ESG assets under management are projected to grow through 2030. BNP Paribas' 2025 survey found that 84% of institutional investors expect the pace of progress towards sustainability to either continue or accelerate between now and 2030. These are not signals of decline—they're evidence of momentum.

　　At Bloomberg, we see this shift as an opportunity to refocus on what matters most: financial materiality, transparency, and performance. Our goal is to help clients go beyond box-ticking—empowering them to integrate sustainability into decision-making in a way that's credible, data-driven, and forward-looking.

　　（实习生曲正圆对本文亦有贡献）

　　新浪财经ESG评级中心简介

　　新浪财经ESG评级中心是业内首个中文ESG专业资讯和评级聚合平台，致力于宣传和推广可持续发展，责任投资，与ESG（环境、社会和公司治理）价值理念，传播ESG的企业实践行动和榜样力量，推动中国ESG事业的发展，促进中国ESG评估标准的建立和企业评级的提升。

　　依托ESG评级中心，新浪财经发布多只ESG创新指数，为关注企业ESG表现的投资者提供更多选择。同时，新浪财经成立中国ESG领导者组织论坛，携手中国ESG领导企业和合作伙伴，通过环境、社会和公司治理理念，推动建立适合中国时代特征的ESG评价标准体系，促进中国资产管理行业ESG投资发展。

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责任编辑：李欣然