L'édition 2020 du Sustainable Investing Summit nous a permis de réfléchir dans le contexte d'autant plus difficile de la crise du Covid-19
BRG – JPMPB – Sustainable Investing Summit Event Update – Transcript
Oliver:
I couldn't be more excited and delighted than to welcome all of you, our global audience, today for SIS 2020. 74% of you told us you wanted to invest sustainably, but you didn't know where to start, or how to do it. So, today, we're going to make sustainable investing a reality.
Sir Ronald Cohen:
We have to shift to stakeholder capitalism. We can no longer worry about shareholders, and, and neglect everyone else. So, "you begin to look at companies in terms of both their environmental and social performance, and their profit. And that will change the rules of the game."
Sir David King:
We know that sea levels will rise very, very significantly, perhaps, 30 to 40 cm by mid- century, just 30 years' time.
By which time, regions of South East Asia, for example, will no longer be livable. Cities like Calcutta, Mumbai underwater.
Mark Carney:
The key component is the private sector. Um, and this has been the big, big shift. You've seen, um, leading companies in the financial sector and the real economy, um, making commitments, and making real progress, um, towards net zero that gives, uh, a momentum to this.
Nicole Poindexter:
Because of the low cost of deploying solar technology, and some methodologies that we've really focused on to be incredibly low cost, including building local teams, we can actually be profitable while we are serving the least wealthy and the most vulnerable people in the world.
Daryn Dodson:
We can really look at the 10-year process that we can take our investors and our managers on to reduce their bias, so they can unlock their impact and their returns. And not create an artificial drag for our sector of impact investing, as it has a chance to be one of the dominant ways in which investors invest around the world.
Jennifer Wu:
Just by looking at oil and gas sector, right, we already know that some companies are fast embracing, you know, green energy and future proofing of their business model. Some of the others are not. And that difference is starting to be priced-in by the market. So, I think the message to investor is: get in early.
Jeremy Johnson:
I think that 10 years from now we're gonna look at those things as, actually, most well-run companies have a purpose on Earth, that a thing that they care about that goes above and beyond just existing as a company.
Lance Schiff:
If you're looking at equities, no matter what, equity markets were down in the middle of COVID. So, everything was down in price, but relative to markets, whether or not you're looking at Europe, or you're looking at emerging markets, or you're looking at the United States. You know, taking an ESG perspective versus a non-ASG ... ESG perspective, you consistently saw out performance.
Ben Thornley:
Impact, is really, uh, has built upon and stands on the shoulders of ESG practice. That good ESG practice is fundamentally an important aspect of, of impact also.
Oliver Gregson:
Whether it's investing in line with your values, or growing your portfolio more effectively, we believe, at J.P. Morgan, that through our sustainable investment platform we can help you invest with intent, aligning your portfolio to your principles. We believe the power of sustainable investing to mitigate investment risks, and to drive both long-term growth and positive impact.
It's why at last year's summit I quoted Carl Sagan, who said, whatever you do, "Don't sit this one out. Do something." The risks are simply too great, and the opportunities simply too huge.
BRG – JPMPB – Sustainable Investing Summit Event Update – Text Alternative Script
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Legal disclosures appear.
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This information is provided for informational purposes only. We believe the information contained in this video to be reliable; however we do not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage arising out of the use of any information in this video. The views expressed herein are those of the speakers and may differ from those of other J.P. Morgan employees, and are subject to change without notice. Nothing in this video is intended to constitute a representation that any product or strategy is suitable for you. Nothing in this document shall be regarded as an offer, solicitation, recommendation or advice (whether financial, accounting, legal, tax or other) given by J.P. Morgan and/or its officers or employees to you. You should consult your independent professional advisors concerning accounting, legal or tax matters. Contact your J.P. Morgan team for additional information and guidance concerning your personal investment goals.
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J.P. Morgan.
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Sustainable Investment. Summit & Roundtable Series 2020.
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A man with short hair and wearing a business suit, Oliver Gregson.
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Oliver Gregson, Head of the UK & Ireland, J.P. Morgan Private Bank.
Oliver:
I couldn't be more excited and delighted than to welcome all of you, our global audience, today for SIS 2020.
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Six days of Insight, Strategy...And unparalleled access to today's top financial minds.
Oliver:
74% of you told us you wanted to invest sustainably, but you didn't know where to start, or how to do it.
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Source: Sustainable Investment Summit 2019 Audience Polling.
Oliver:
So, today, we're going to make sustainable investing a reality.
On screen:
A woman with long dark hair participates in the Summit remotely, from her home.
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Jessica Matthews, Global Head of Sustainable Investing, J.P. Morgan Private Bank.
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A man with silver hair and glasses, Sir Ronald Cohen, speaks remotely from an office.
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Sir Ronald Cohen, Chairman of the Global Steering Group for Impact Investment and the Portland Trust.
Sir Ronald:
We have to shift to stakeholder capitalism. We can no longer worry about shareholders, and, and neglect everyone else. So, "you begin to look at companies in terms of both their environmental and social performance, and their profit. And that will change the rules of the game."
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Climate.
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A man with glasses and headphones speaks remotely from a room with bookshelves.
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Sir David King, Founder and Chair, Center for Climate Repair Cambridge.
Sir David:
We know that sea levels will rise very, very significantly, perhaps, 30 to 40 cm by mid- century, just 30 years' time.
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(Source: Climate Central, Flooded Future, October 2019 www.climatecentral.org.
Sir David:
By which time, regions of South East Asia, for example, will no longer be livable. Cities like Calcutta, Mumbai underwater.
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A man with brown hair participates in the 2020 Summit, Nicolas Aguzin, speaks remotely.
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Nicolas Aguzin. Chief Executive Officer, International Private Bank, J.P. Morgan.
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A man with salt-and-pepper hair, Mark Carney, speaks remotely from his home.
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Mark Carney, UN Special Envoy on Climate Action and Finance, and Prime Minister Johnson's Finance Advisor for COP26.
Mark Carney:
The key component is the private sector. Um, and this has been the big, big shift. You've seen, um, leading companies in the financial sector and the real economy, um, making commitments, and making real progress, um, towards net zero that gives, uh, a momentum to this.
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One quarter of global Fortune 500 companies have adopted carbon neutral targets, or will by 2030.
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Source: Natural Capital Partners Deeds Not Words - The Growth of Climate Action in The Corporate World September 2019.
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A New Wave of Clean Energy.
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Ilaria Calabresi, Sustainable Investing Lead EMEA, Asia and Latin America, J.P. Morgan Private Bank and Geoffrey Eisenberg, Partner at Ecosystem Integrity Fund, listen (remotely) to an executive with short hair and brown eyes, Nicole Poindexter.
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Nicole Poindexter, Chief Executive Officer & Founder, Energicity Corp.
Nicole:
Because of the low cost of deploying solar technology, and some methodologies that we've really focused on to be incredibly low cost, including building local teams, we can actually be profitable while we are serving the least wealthy and the most vulnerable people in the world.
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There isn't a trade-off between creating impact and achieving an attractive financial return.
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A multiple split-screen shows close-ups of dozens of diverse individuals.
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Diversity: Will There Be Change?
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A woman with dark hair and brown eyes, Tiffany Lewis, participates in the Summit remotely.
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Tiffany Lewis, Executive Director, J.P. Morgan Asset Management.
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A man who keeps his head shaved and wears his beard in a goatee, Daryn Dodson, speaks remotely.
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Daryn Dodson, Managing Director, Illumen Capital.
Daryn:
We can really look at the 10-year process that we can take our investors and our managers on to reduce their bias, so they can unlock their impact and their returns. And not create an artificial drag for our sector of impact investing, as it has a chance to be one of the dominant ways in which investors invest around the world.
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65% of investors say gender diversity is important in manager selection. But only 25% actually ask about diversity during investment selection.
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Source: Harvard Business Review Institutional Investors Must Help Close the Race and Gender Gaps in Venture Capital August 2020.
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In the Loop: Why Consider a Circular Economy?
By 2030, the circular economy could globally yield up to $4.5 trillion in economic benefits...Saving 92 million tons of textiles in landfills...1.3 bilion tons of food waste...and 45 trillion gallons of water wasted through food production annually.
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Source: Accenture's 2015 book "Waste to Wealth."
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ESG and Sustainability: The New Normal?
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A woman with short black hair and gray blazer, Jennifer Wu, speaks remotely.
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Jennifer Wu, Global Head of Sustainable Investing, J.P. Morgan Asset Management
Jennifer:
Just by looking at oil and gas sector, right, we already know that some companies are fast embracing, you know, green energy and future proofing of their business model. Some of the others are not. And that difference is starting to be priced-in by the market. So, I think the message to investor is: get in early.
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Impact Investing: Fact or Fiction?
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Now, Rob Hutter, Founder & Managing Partner of Learn Capital and John Ancona, Co-Head of Private Equity, with J.P. Morgan Private Bank, listen (remotely) to an executive with short dark hair, Jeremy Johnson.
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Jeremy Johnson, Co-Founder and CEO, Andela.
Jeremy:
I think that 10 years from now we're gonna look at those things as, actually, most well-run companies have a purpose on Earth, that a thing that they care about that goes above and beyond just existing as a company.
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Portfolio Implementation: How Do I Do It?
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A man with light hair and headphones, Lance Schiff, speaks remotely.
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Lance Schiff, Portfolio Manager, J.P. Morgan Private Bank.
Lance:
If you're looking at equities, no matter what, equity markets were down in the middle of COVID. So, everything was down in price, but relative to markets, whether or not you're looking at Europe, or you're looking at emerging markets, or you're looking at the United States. You know, taking an ESG perspective versus a non-ASG ... ESG perspective, you consistently saw out performance.
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Measuring ESG and Impact: Are There Tips and Tactics?
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A man with short reddish-brown hair, Ben Thornley, speaks remotely from his home.
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Ben Thornley, Managing Partner, Tideline.
Ben:
Impact, is really, uh, has built upon and stands on the shoulders of ESG practice. That good ESG practice is fundamentally an important aspect of, of impact also.
On screen:
Oliver speaks to the viewer.
Oliver:
Whether it's investing in line with your values, or growing your portfolio more effectively, we believe, at J.P. Morgan, that through our sustainable investment platform we can help you invest with intent, aligning your portfolio to your principles. We believe the power of sustainable investing to mitigate investment risks, and to drive both long-term growth and positive impact.
On screen:
A montage shows clean bodies of water, white turbines in an offshore wind farm, and a massive waterfall in a pristine landscape.
Oliver:
It's why at last year's summit I quoted Carl Sagan, who said, whatever you do, "Don't sit this one out. Do something." The risks are simply too great, and the opportunities simply too huge.
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"Anything else you're interested in is not going to happen if you can't breathe the air and drink the water. Don't sit this one out. Do something. You are by accident of fate alive at an absolutely critical moment in the history of our planet."
- Carl Sagan.
J.P. Morgan Private Bank can help align your portfolio to your principles with compelling growth ideas that make an impact. Please contact your J.P. Morgan team for more information.
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J.P.Morgan Private Bank.
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Legal disclosures appear.
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L'édition 2020 de Sustainable Investing Summit nous a permis de réfléchir à la façon dont, dans le contexte d'autant plus difficile de la crise du Covid-19, une approche durable pourrait permettre d'atténuer les risques inhérents à l'investissement et favoriser la croissance à long terme tout en produisant un impact positif.
Cette année a été un tournant majeur pour le développement durable au niveau mondial. La pandémie de coronavirus a non seulement engendré la plus forte récession depuis la Deuxième Guerre mondiale, mais a aussi accéléré la transition vers l'investissement durable et braqué les projecteurs sur le changement climatique et les inégalités sociales.
Dans le cadre de cette édition 2020 de notre Sustainable Investing Summit, nous avons réfléchi à la façon dont la crise du Covid-19 a transformé notre conception de l'investissement durable et avons abordé les grandes tendances, opportunités et performances que nous observons au sein de cet univers. Nous avons évoqué divers enjeux avec des professionnels de premier plan, depuis les problèmes environnementaux de notre planète jusqu'à l'avenir de l'économie circulaire. Nous sommes convaincus que l'investissement durable peut générer à la fois des rendements sur le long terme et un impact positif.
La gestion ESG serait-elle devenue la nouvelle norme ?
A mesure que nous digérons les répercussions de la pandémie de coronavirus, il est clair que les enjeux environnementaux, sociaux et de gouvernance (ESG) revêtent une importance grandissante. Les bouleversements liés au Covid-19 ont engendré une prise de conscience chez les responsables politiques et les investisseurs sur la nécessité d'appréhender l'investissement d'une autre manière. La dimension sociale a notamment gagné en importance en 2020 car la crise sanitaire actuelle fait ressortir les inégalités à travers le monde.
Dans le cadre de cette transition vers un capitalisme des parties prenantes, les investisseurs commencent à s'intéresser à la performance environnementale et sociale des entreprises, et pas seulement à leurs résultats financiers. Les entreprises prennent davantage de mesures pour lutter contre le changement climatique : un quart des entreprises figurant dans le classement Fortune 500 se sont fixées un objectif de neutralité carbone à l'horizon 2030 ou se sont engagées à le faire.1
Les entreprises affichant de bonnes performances en matière d'ESG sont généralement plus compétitives, plus rentables et contrôlent mieux les risques, avec un rendement élevé à la clé. De nombreuses recherches suggèrent que l'intégration de facteurs ESG pertinents au sein du processus d'investissement permet de prendre des décisions plus éclairées et est susceptible de générer de l'alpha.
Outre l'importance sans cesse croissante de l'intégration des facteurs ESG dans le processus d'investissement, nous considérons la durabilité comme un thème potentiel de croissance à long terme pour les portefeuilles, car cette approche s’aligne sur les tendances de croissance séculaires. Parmi celles qui offrent potentiellement des opportunités d’investissement attractives, citons l’énergie propre (la transition vers les énergies renouvelables), les produits de consommation durables et les véhicules électriques.
L'avènement de l'énergie propre
Nous entrons dans une nouvelle ère pour l'énergie propre, regorgeant d'opportunités tant pour les entreprises que pour les investisseurs. Les coûts liés à l'énergie renouvelable sont désormais équivalents à ceux du gaz naturel, et largement en deçà de ceux du charbon. Depuis 2010, le coût de l'électricité photovoltaïque à large échelle a connu la plus importante baisse (82%), tandis que les coûts de l'énergie éolienne terrestre et en mer ont reculé de 39% et 29% respectivement.2
Les gouvernements du monde entier reconnaissent le besoin de plus en plus pressant en énergies propres, et les autorités fixent des objectifs ambitieux à cet égard afin d'inciter les économies à adopter de nouvelles sources d'énergies renouvelables. Il ne s'agit là que d'un début. Si, actuellement, moins de 20% de la production d'électricité dans le monde provient de sources renouvelables, ce chiffre devrait toutefois croître pour atteindre plus de 50% d'ici 2050.3
Nous pensons que l'attrait économique et les incitations gouvernementales en faveur d'une énergie propre déboucheront à terme sur une surprise positive bienvenue, à savoir une croissance bénéficiaire à deux chiffres pour les entreprises à même de contribuer et de profiter de la chaîne de valeur de l'énergie propre.
Une transition vers l'économie circulaire
Le modèle d’« économie linéaire » que nous connaissons actuellement consomme, fabrique et produit des déchets. La demande mondiale de ressources naturelles augmente rapidement et l'on estime que d’ici 2050, elle aura triplé pour atteindre 130 milliards de tonnes par an, soit une surexploitation de plus de 400% des capacités de la Terre.4
L'économie circulaire, en plein essor ces dernières années, pourrait nous mettre sur la voie d'un avenir plus durable. Ce concept consiste à éliminer les déchets en créant un système en boucle fermée au sein duquel les matériaux restent en circulation tout en encourageant la réutilisation, le recyclage et la réparation des produits plutôt que la fabrication de biens neufs.
Trouver des solutions circulaires est un enjeu particulièrement pressant dans le secteur de la mode et l'industrie agroalimentaire. A l'horizon 2030, l'économie circulaire pourrait générer 4.500 milliards de dollars de retombées économiques favorables au niveau mondial, notamment en économisant 92 millions de tonnes de textile qui finissent dans les décharges, 1,3 milliard de tonnes d'aliments gaspillés et 170.000 milliards de litres d'eau consommés chaque année pour produire des aliments.
Comment avoir un impact ?
L'investissement durable peut stimuler la croissance à long terme et vous permettre d'aligner vos portefeuilles sur vos principes. Par exemple, l'investissement dans des tendances séculaires relatives à l'enseignement, à la santé et à l'environnement peut générer de solides rendements en produisant un impact positif sur le monde.
En particulier, l'enseignement est à l'aube d'une révolution technologique. Le potentiel de croissance est considérable : le taux de pénétration du numérique dans le secteur augmente rapidement et se situe actuellement à un niveau similaire à celui du commerce électronique il y a dix ans. Le basculement vers l'apprentissage en ligne est l'occasion pour les investisseurs d'améliorer la qualité et la cohérence de l'enseignement à travers le monde. De plus, l'enseignement est un facteur essentiel de la croissance économique et du développement.
Outre l'intégration des facteurs ESG et la mise à profit des tendances à long terme liées à durabilité, la sélection des gérants constitue également un élément clé. Notre équipe dédiée, qui compte plus de 50 spécialistes de la due diligence préalable à l'investissement, évalue les gérants sur des critères de durabilité et de performance. Notre processus repose sur quatre piliers : philosophie, collaborateurs, processus et performance. L’importance du dialogue actionnarial et de reportings réguliers en matière de développement durable sont des éléments clés pour évaluer les gérants spécialisés dans l'investissement durable.
Nous pouvons vous aider à explorer les différentes façons d'investir de manière durable, avec des approches comme le recours à des filtres d'exclusion et l'intégration ESG, sans oublier l'investissement thématique et l'investissement d'impact. Ces approches peuvent être mises en œuvre aussi bien sur les marchés publics (actions et obligations) que privés (fonds de private equity). Nous pouvons par ailleurs vous aider à comprendre comment l'investissement ESG se traduit par un portefeuille plus efficient, qui vous permet d'atteindre vos objectifs à long terme tout en restant fidèle à vos principes.
Œuvrer à un avenir plus durable
Chez J.P. Morgan Banque Privée, nous sommes convaincus que l'investissement durable peut permettre de générer à la fois des rendements sur le long terme pour les investisseurs et un impact positif. Pour plus d'informations, veuillez contacter votre Conseiller.
1 Natural Capital Partners, Deeds not words, September 2019
2 IRENA, https://www.irena.org/newsroom/pressreleases/2020/Jun/Renewables-Increasingly-Beat-Even-Cheapest-Coal-Competitors-on-Cost
3 Bloomberg New Energy Finance, June 2019, New Energy Outlook 2019
4 www.ellenmacarthurfoundation.org/circular-economy/what-is-the-circular-economy
