汇丰投资管理全球行政总裁Nicolas Moreau：转型经济的投资机会在哪里？

净零碳排放转型是汇丰整体战略的一个关键支柱，我们希望在这方面提供积极支持。我们相信，可持续性考虑因素和客户的长期投资利益是相互联系且一致的。

作为一家全球性银行，汇丰专注于通过功能、战略转型以及与顾客、客户开展合作来实现自身转型，继而为实现全球净零经济提供协助。

我们希望到2030年实现运营和供应链的净零排放，到2050年实现投融资组合的净零排放。我们希望到2030年能为7500亿至1万亿美元的融资和投资提供便利，以便帮助客户实现转型。

汇丰相信公共和私营部门之间的合作是气候危机唯一解决之道，因此我们正在利用我们的全球网络、规模和影响力来倡导系统性行动。

因此，合作是我们的核心要务——我们正在与政府、银行及其他全球机构开展合作，以确保投资能够迅速流向真正可持续的项目。依靠我们的合作伙伴关系，我们在开发全世界实现净零排放所需技术方面发挥了作用。

作为汇丰投资管理业务的行政总裁，我一直专注于开发解决方案，为那些支持转型的项目和业务提供资金。可持续经济中出现的新技术正在带来激动人心的投资机会，而替代方案正处于这方面的前沿。可持续基础设施、气候技术和基于自然的解决方案都需要资金，我们正在努力构建促进必要的投资能力和资金以便促进资本流动。

这就是我今天要论述的重点。

我们看到，越来越多的客户参与到与转型经济相关的投资机会，我们作为投资管理公司也有意于此。我们在这一新体系转型中的作用是发展能力和资金，帮助我们的客户将资本引导至推动变革的地区、部门和活动。

凭借我们在新兴市场的专业知识，我们可以为转型最为困难的地区、部门和国家提供支持。

同时，我们也要协助开发新的、有价值的、将在实现净零排放中发挥关键作用的资产类别，即基于自然的资产以及可以为大气除碳的资产。

事实上，当我成为汇丰投资管理的行政总裁时，我做的第一件事就是与Pollination Group成立合资企业——Climate Asset Management（CAM），其目标是成为世界上规模最大的专注于自然资本的资本管理公司。我坚信，自然作为一种资产类别，可以通过推动投资来阻止我们自然世界的衰退。

自然资本是全世界自然资产的关键基础设施，后者的作用是保护和养育地球生命。自然资本包括土地、土壤、海洋、空气、树木、植物、动物，以及确保他们健康、得到保护和恢复的流程。换句话说，地球上的一切生命因为自然资本才有可能存续下去。

CAM认为，从人类的角度来看自然是无价的，但从金融角度来看自然的价值被低估了。

他们正在开发新的自然资本投资方式，例如直接与开发可持续自然实践的项目合作。他们正在将这些项目与全球大型资产管理机构关联起来，并协助将自然资本作为一种资产类别纳入资产配置方案。他们率先将自然资本确立为具有继承和明确财务价值的主流资产类别，以此为投资者创造回报，恢复自然生态。

自然资本为投资者提供了一个机会，使投资者不仅可以从支持地球生命的有限和必要资源中产生长期价值，还可以对资源进行管理，从而为子孙后代强化自然资本。

在此过程中，他们秉持着开发和提供投资解决方案的使命，志在保护生物多样性，增强生态系统，并加快向净零排放和气候适应性未来的转型。

最近，CAM宣布通过其Natural Capital Fund（CAM迄今为止的第三个大规模土地改造项目）成功完成了对澳大利亚昆士兰约1800公顷农田的收购工作。该再生农业项目，会将以往用于高强度甘蔗生产的耕地转变为接受可持续管理的本地高价值澳洲坚果果园。该果园将采用整体土地管理方法，利用再生实践进行种植和收获。

另一个有可能推动向净零经济转型的领域是气候技术。

气候技术市场已成为更广泛的技术和可持续发展领域中一个充满活力且快速发展的行业。Holon IQ的研究结果显示，上一年全球气候技术风险投资资金同比增长89%，达到700亿美元。

然而，应对气候变化挑战需要极大的规模。根据国际能源署的“净零排放路线图”报告，实现净零排放所需的技术有三分之一（34%）正处于开发之中，而且净零经济在这些技术成熟之前不可能实现。这些技术的开发可以加速全球脱碳。这就是气候技术的用武之地。

气候技术公司主要集中在美国、欧洲和中国。新加坡等国已经制定了到2050年实现净零排放的目标，并为促进气候技术创新做出了重大努力。据彭博社最近报道，新加坡在创建气候智能解决方案方面处于领先地位，部署了区域冷却、浮动太阳能发电厂和节能海水淡化等的技术。

因此，气候技术是走向净零排放的一条康庄大道，我们认为它的潜力尚未完全开发出来。

根据汇丰投资管理的气候科技风险投资战略，我们的投资对象是那些专注于实现净零经济转型的初创公司。我们的重点是在四个垂直领域加速去碳化和去污染的数字和创新技术：电力转型、交通电气化、供应链可持续性和气候风险缓解。

到目前为止，我们的气候技术风险投资团队已经为八家公司提供了资金，初始投资为300~700万美元。

我们更偏好那些规模还不大，但已经展现出市场吸引力且增长速度快的初创公司。有很多小公司正在开发有影响力的创新技术，但它们没有足够的资本来进行扩张。他们便是我们的投资机会所在，可以带来真正有意义的变化。

气候技术也是整个汇丰集团的一大关注点。汇丰集团最近宣布计划在资产负债表中拨款10亿美元用于债务融资，以支持气候科技公司。

我想谈的最后一个领域是能源转型基础设施。

转型基础设施是指能够从化石燃料转向更清洁、更可持续的能源的系统、设施和网络，这类基础设施是实现净零排放的必由之路。根据调研公司彭博新能源财经的数据，2022年能源转型投资达到1万亿美元，与首次分配给化石燃料的投资大致相当。

尽管我们认为净零排放正在走向光明的前景，但要实现低碳乃至净零经济，还需要做更多的工作。麦肯锡表示，全世界要实现净零目标，那么到2050年总共需要275万亿美元的投资。

这一投资规模相当惊人。我们认为亚洲在能源转型基础设施机会的格局中最有可能脱颖而出。彭博新能源财经的数据显示，2022年全球能源转型投资的59%流向了亚太地区。亚洲开发银行的数据显示，作为全球制造业中心，亚洲的能源消耗高于其他地区，亚太地区占全球能源消耗的一半以上，温室气体（GHG）排放量占全球温室气体排放的一半以上。

随着生活水平的提高、电气化和全球变暖，亚洲的能源需求正在大幅增加：气候组织预计，到2040年亚太地区更广泛的能源需求将增长80%。

此外，气候变化对亚洲有着深远影响，海平面的上升可能会摧毁传统基础设施。这使得亚洲不得不发展转型基础设施。考虑到这一点，我们认为亚洲是能源转型投资的关键地区，我们的投资也加强了我们对公正、有序转型的承诺。

为此，汇丰投资管理最近在亚洲新增了一个能源转型基础设施专家团队。该团队的战略是投资于那些开发、拥有和运营能源转型基础设施资产的中型企业，同时侧重于亚太地区的脱碳资产（如可再生能源发电、替代燃料基础设施）和能源解决方案资产（电网、储能、充电和电表基础设施）。

根据这一战略，该团队最近对Tekoma Energy进行了首次投资，后者是亚洲北部太阳能光伏发电项目的开发商、所有者和运营商。依靠这笔新投资，Tekoma Energy预计将投资建设一系列新的可再生能源项目。

最后，作为一家投资管理企业，我们专注于构建可持续的投资解决方案，促进资本从投资者流向那些推动实现可持续全球经济转型的企业。我们相信，根据客户的投资目标将ESG（环境、社会与治理）考虑因素纳入我们的投资方法能够提高客户投资的长期价值。

我们知道我们自己，以及我们许多客户目前是如何导致温室气体排放的。这也是我们在支持净零转型方面可以发挥重要作用的原因。

我们正在逐步制定战略，以期减少我们自身的排放量同时帮助我们的客户减少排放量，从而为更构建更加可持续和包容的世界贡献一份力量。

The financial services sector plays a critical role in building a more sustainable future.

The transition to net zero is a key pillar of HSBC's overall strategy, and we want to take an active role in supporting the transition. We believe that sustainability considerations and the long term investment interests of our clients are linked and aligned.

As a global bank, HSBC is focused on helping to deliver a net zero global economy by transforming itself functionally and strategically, and working with its customers and clients to make their own transition.

In terms of what we are aiming to achieve, we want to attain net zero in our operations and supply chain by 2030 and in our financing portfolio by 2050. And our ambition is to facilitate between USD750bn and USD1 trillion of finance and investment by 2030 to help clients with their transition.

At HSBC, we believe the climate crisis can only be tackled through collaboration between public and private sectors, so we are using our global network, scale, and influence to advocate for systemic action.

Collaboration is therefore at the heart of our approach - we're also working with governments, banks, and other global institutions to ensure investment can be swiftly and channelled towards truly sustainable projects. And through our partnerships, we're playing a role in developing the technologies needed to take the world to net zero.

As the CEO of HSBC's Asset Management business, a big focus for me has been on developing solutions to provide funding for projects and businesses supporting the transition. Exciting investment opportunities are developing from the new technologies emerging in the sustainable economy, and alternatives are at the forefront of this. Sustainable infrastructure, climate technology and nature-based solutions all need funding, and we are working to build the investment capabilities and funds needed to facilitate the flow of capital.

And that's what I'd like to focus on today. 

We see growing engagement from our clients in the investment opportunities associated with the transition economy, which is of interest to us as asset managers - our role in this new system transition is to develop the capabilities and funds to help our clients direct capital towards regions, sectors and activities that are driving change.

With our expertise in emerging markets, we can support the regions, sectors and countries where the transition challenge is greatest.

We also see our role as helping to develop new and valuable asset classes that will play a critical role in net zero - namely, nature-based assets, and assets that remove carbon from the atmosphere.

In fact, one of the first things I did when I became the CEO of HSBC Asset Management was form a joint venture with Pollination Group - Climate Asset Management - with the aim of becoming the largest asset manager in the world dedicated to natural capital. I passionately believe that nature as an asset class can drive the investment towards halting the decline of our natural world.

Natural capital is the critical infrastructure of the world's natural assets that protect and support life on earth. It includes land, soil, oceans, air, trees, plants, animals and the processes that ensure their health, protection and restoration. In other words, natural capital makes all life on earth possible.

Climate Asset Management understands that nature is priceless from a human perspective, but undervalued from a financial one. They are developing new ways to invest in natural capital, working directly with the projects that are developing sustainable nature practices.

And they are linking these projects with large global asset owners and helping to incorporate natural capital as an asset class into asset allocation approaches. They are at the vanguard of establishing natural capital as a mainstream asset class with inherit and explicit financial value, generating returns for investors and restoration of nature.

Natural capital represents an opportunity for investors not only to generate long-term value from the finite and essential resources that support life on our planet, but also to manage them in a way that enhances those assets for future generations.

In doing so, its mission is to develop and deliver investment solutions that protect biodiversity, enhance ecosystems, and accelerate the transition to a net zero and climate resilient future.

Most recently, CAM announced its successful completion of the acquisition of approximately 1,800 hectares of farmland in Queensland, Australia, through its Natural Capital Fund - its third large-scale land transformation project to-date. This regenerative agriculture project will involve the transformation of farmed land previously used for high-intensity sugar cane production into a sustainably  managed,  native,  and  high-value  Macadamia orchard that will  be  cultivated  and harvested using regenerative practices taking a holistic land management approach.

Another area that has the potential to propel the transition to a net-zero economy is climate technology.

The climate tech market has emerged as a dynamic and rapidly evolving sector within the broader  technology and sustainability landscape. Research by Holon IQ shows that last year, global climate tech venture capital funding increased 89% year-on-year, reaching $70 billion.

But the scale of what's needed to tackle the challenges posed by climate change is vast. According to IEA's 'Net Zero roadmap'report, one-third (34%) of the technology needed for net zero is under  development,  without  these  maturing  into  production  a  net  zero  economy  is  not  possible. Developing these technologies can shift the dial and accelerate decarbonisation globally. And this is where climate tech comes in.

Climate tech companies are notably concentrated in the US, Europe and China. Other countries including Singapore, which has set a target of reaching net-zero emissions by 2050, have made significant efforts to promote innovation in climate technologies. According to recent Bloomberg  reports,  Singapore  is  at  the  forefront  of  efforts  to  create  climate-smart  solutions,  deploying technologies  including  district  cooling, floating  solar  power  plants  and  energy-efficient water desalination.

So climate tech is an exciting avenue in the transition to net-zero that we think has untapped potential.

HSBC Asset Management's Climate tech Venture Capital strategy invests in early-stage companies focused on the transition to a net zero economy. The focus is on digital andinnovative technologies that accelerate de-carbonisation and de-pollution across four verticals: power transformation, transport electrification, supply chain sustainability and climate risk mitigation.

Our Climate Tech VC team has so far backed eight companies, with $3-7million initial investments.

We prefer those companies that do not have the scale yet, but are showing evidence of market traction, early and high growth. There are lots of smaller companies developing impactful and innovative technologies that do not have enough capital to expand. That's where we think the investment opportunity lies and a genuine, meaningful difference can be made.

Climate tech is a big focus for the wider HSBC Group too, with the group recently announcing plans to allocate $1bn of balance sheet for debt financing to support climate tech companies.

The last area I wanted to touch on is energy transition infrastructure.

Transition infrastructure - referring to the systems, facilities, and networks enabling a shift from fossil fuels to cleaner and more sustainable sources of energy- is an exciting part of the path to net zero. According to research firm BloombergNEF, in 2022, investments in the energy transition reached $1trillion, roughly matching investments allocated to fossil fuels for the first time.

And while we think this is heading in a promising direction, much more needs to be done in order to reach a low-carbon, net-zero economy. Mckinsey says that if the world is to attain net zero targets, then a total of $275trillion of investment is required until 2050.

The scale of investment is staggering. If we think about where we believe there is most opportunity, Asia stands out as a key player in the landscape of energy transition infrastructure opportunities. BloombergNEF data shows that 59% of global energy transition investment, for example, was directed to the Asia-Pacific region in 2022. As a global manufacturing hub, Asia's energy consumption surpasses that of other regions, with the Asia-Pacific region accounting for more than half of global energy consumption and more than half of global greenhouse gas (GHG) emissions, according to data from Asian Development Bank.

Energy demand in Asia is substantially increasing owing to rising living standards, electrification and global heating: the Climate Group expects the energy demand in the Asia-Pacific more broadly to increase by 80% by 2040.

What's more, the impacts of climate change are being felt deeply in Asia, with rising sea levels having the potential to overwhelm legacy infrastructure. This makes the need to develop transition infrastructure all-the-more important. With this in mind, we see Asia as a pivotal location for energy transition investment, in which our investments also strengthen our commitment to a just and orderly transition.

In line with this, at HSBC Asset Management we've recently added a team of energy transition infrastructure specialists based in Asia. The team's strategy is to invest in mid-market businesses that  develop,  own  and  operate  energy  transition   infrastructure  assets,  focusing  on decarbonisation assets (such as renewable energy generation, alternative fuel infrastructure) and energy solution assets (grids, energy storage, charging and meter infrastructure) in the Asia Pacific region.

The team has recently made its first investment under the strategy in Tekoma Energy, a developer, owner and operator of solar photovoltaic power projects across north Asia. With this new investment, Tekoma Energy are expected to invest into a significant pipeline of new renewable projects.

Ultimately, as an asset management business, we focus on building sustainable investment solutions that facilitate the flow of capital from investors to businesses that are driving the transition to a sustainable global economy. We believe that incorporating ESG considerations into our investment approach in line with clients' investment objectives will enhance the value of their investments in the long term.

We're cognisant of how we and  many of our clients currently contribute to greenhouse gas emissions. This is why we have an important role to play in supporting the net zero transition.

Step by step, we are developing strategies to reduce our own emissions and help our clients reduce theirs, supporting a more sustainable and inclusive world.