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130****6380 · 2025年06月21日

esg tilt是什么知识点

NO.PZ2024021802000020

问题如下:

Which of the following statements is most accurate with respect to infrastructure investments? Investors should:

选项:

A.screen investments for an ESG tilt as engagement is not possible.

B.allow general partners to directly engage with the infrastructure company.

C.make ESG information and expertise available to the project company to help it develop capacity.

解释:

A. Incorrect ESG tilts are preferred for sovereign debt, not for infrastructure investments, as engagement is possible in the latter case.

B. Incorrect because with private equity investments, direct ESG engagement will be undertaken by the general partner (GP, the private equity house) rather than the limited partner (LP, the asset owner), although individual LPs may wish to engage with their GPs on the ways in which they are monitoring and acting on ESG issues across their portfolios. Therefore, this argument applies to private equity investments, not for infrastructure investments.

C. Correct because PRI recommends that investors consider eight potential mechanisms to act as engaged owners in infrastructure, including (where possible) to make ESG information and expertise available to the asset or project company to help it develop capacity.

不懂a为什么不对。。。。

1 个答案

Carol文_品职助教 · 2025年06月22日

嗨,爱思考的PZer你好:


同学,你好。

首先请记得看冲刺经典题课程,两位老师对这些题(课后题和模考题)都有详细的讲解。


选项 A:“screen investments for an ESG tilt as engagement is not possible.”意思是:投资者应该做 ESG 筛选,因为无法参与到项目中的对话和改善(engagement)过程。

为什么这个说法不准确?

基础错误:Infrastructure 是可以进行 engagement 的

  • 基础设施投资(例如电站、公路、通信网络等)通常是长期投资,投资者往往在结构中持有较大份额,甚至参与治理。
  • 这类投资不像公开市场股票那样分散,反而更容易通过董事会、合作协议、运营管理机制来开展 ESG 参与(engagement)。
  • 联合国责任投资原则(PRI)特别指出:投资者在基础设施领域应积极成为“engaged owner”。

选项 A 错误的根本在于,它把“主权债券”的ESG方法(screening / tilt)误套用到了基础设施投资上。 实际上,如图所示,“筛选或ESG倾斜”主要是针对主权债(因为无法参与engagement),而基础设施投资则恰恰是 engagement 可行且重要的资产类别。详见第六章讲义第66页。



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