全球化研究报告-PDF版

财务稳定委员会（FSB）：当局和受监管机构对监管技术的使用：市场发展和金融稳定的影响（英文版）（76页）.pdf

技术和创新正在改变全球金融格局，为受监管机构和当局带来机遇、风险和挑战。创新的一个重要领域是应用新技术，帮助当局提高监管能力(称为“SupTech”)，并由机构满足监管要求(称为“RegTech”)。SupTech和RegTech提供的机会是由近年来出现的各种因素共同创造的。其中包括数据可用性和粒度的大幅提高，以及云计算和应用程序编程接口(API)等新的基础设施，这些基础设施允许更有效地收集、存储和分析大型数据集。当局和受监管的机构都求助于这些技术，以帮助它们管理2008年金融危机后实施的日益严格的监管要求。SupTech和RegTech工具可能对金融稳定有重要好处。对于当局来说，使用SupTech可以提高监督、监视和分析能力，并生成实时风险指标，以支持前瞻性、基于判断的监督和决策。对于受监管机构而言，使用RegTech可以改善合规结果，增强风险管理能力，并对业务产生新的见解，以改进决策。对于当局和受管制的机构来说，效率和效力的提高，以及由于以前手动过程的自动化而可能提高的质量，都是一个重要的考虑因素。考虑到这些好处，SupTech成为越来越多当局的战略重点也就不足为奇了。根据对金融稳定委员会成员的调查，大多数受访者都制定了高科技、创新或数据战略，自2016年以来，此类战略的使用量大幅增长。主管部门报告的SupTech工具最常见的“用例”是在监管报告和数据管理领域。近年来，SupTech在“不当行为分析”和微观审慎监管方面的使用有所增加，而市场监督方面的使用案例则有所减少。超过一半的受访者表示，他们拥有一个正式的SupTech工具开发或测试平台。

2021-04-29 76页 5星级

奥纬咨询（Oliver Wyman）：努力维持批发银行的回报（英文版）（37页）.pdf

批发银行的回报率很高。十年来市场和IBD业务的结构变化导致了更有效的资产负债表使用和波动性捕捉，为在流感大流行中保持弹性的表现奠定了基础。我们认为，在积极的宏观和政策环境下，提高12%以上的回报率是可.

2021-04-23 37页 5星级

气候相关金融信息披露工作组：前瞻性金融部门指标咨询报告（英文版）（24页）.pdf

Task Force onClimate-relatedFinancial DisclosuresForward-Looking FinancialSector MetricsConsultation湖人EOTCFDOctober 2020URES#page#ContentsA.Background and PurposeB.Scope and ApproachC.Forward-Looking Financial Sector Metrics41.Carbon and Emissions MetricsS2.Other Metrics53.Challenges of Forward-Looking InformationD. Metric for Consideration:Implied Temperature Rise1.Overview82. Potential Benefits93.Current Challenges13Appendix 1: Examples of Implied Temperature Rise Disclosure18Appendix 2: Examples of Climate Value-at-Risk Disclosure20Appendix3:Glossary22Appendix 4: ReferencesTask Force Miin the development ofthis consultation#page#A. Background and PurposeIn its 2019 status report,theTask Force onAs anticipated,disclosure practices and theClimate-related Financial Disclosures (Task Forceuse of disclosures by financial marketor TCFD)identified specificareas it intendedparticipantshave continued to evolvesince 2017In the context of a growing frequency of physicato explore to supportimplementation ofitsdisclosure recommendations, issued in Juneclimate-related impacts and the availability2017.One oftheareas wasrelatedtoclarifyingofnewresearch，tools，andresourcesforassessing climate-relatedrisks andelements of the Task Forces supplementalguidance which was issued at the same time asopportunities,there is increasing interest inforward-lookingclimate-related informationfinancial institutionsdisclosure practicestoinform financial decision-making.especially as they relate to metrics and targetsAdditionally,120 countries plus the European一and in consideration of market and industryUnion have announced that they are workingdevelopments，the Task Force determined thattoward achieving netzero greenhouse gas(GHG）insights gained through a public consultationemissions by 2050-an indication of potentialon current options would be useful in bettershifts in business models and capital flows thatunderstanding the evolution of metrics andthe financial sector seeks to understand.targetsreporting byassetowners，assetFromOctober29，2020.toJanuary 27，2021，managers banks，and insurance companies.the Task Force will hold a public consultatiorThe Task Forces supplemental guidance foron decision-usefulforward-looking metricsthe financialsector encouraged asset managersto be disclosed by financialinstitutions.Severaland asset owners to disclose to their clients orconsiderations for such metrics are describedbeneficiaries，respectivelythe metrics they usein Section C. Forward-Looking Financial Sectorto assess climate-related risks and opportunitiesMetrics，as context forthe consultation.as well as other metrics they believe are usefulIn particularametric that hasgainedinterestfor decision-makingin addition，the Task Forcefrom the financialsector since the Task ForceTable of Contentsrecommended asset managers andasset ownersissued its supplemental guidance-referrecdiscloseaspecific carbon footprint metric-thetoas“implied temperaturerise associatedwithAweighted average carbon intensity.Importantly.investments （ITR)-is described at a highBackground and Purposewhen the Task Force issued its supplementallevel in Section D.Metric for ConsiderationImplied Temperature Rise for consideration inguidancein 2017.itwasaware oflimitationsofcarbon footprinting and intensity metricsthe consultation.TheTask Force alsoseeks to8ScopeandApproachandviewed themasafirststepin theunderstand alternative forward-looking metricsdevelopment of metrics for disclosure bythat could be disclosed by financial institutionsfinancial sector companies.in line with the TCFD recommendationsC.Forward-LookingFinancial Sector MetricsD.Metric for Con#page#The Task FB.Scope and Approachinvestors that disclose forward-lookingdisclosure from several large institutionalclimate-related metrics to better understandinvestors.the Task Force formedaworkingavailable metrics and the potential benefits andchallenges ofdisclosure.Finally.the workinggroup to consider the benefits and challengesof disclosure of implied temperature rise andgroup developedasetofquestionsforpubldother forward-looking climate-related metrics.consultation，to ensure thatabroad range ofThe Task Forcemembers participating in theperspectives inform the Task Forces future work.working group contributed expertise from assetThe Task Force will take consultation responsesmanagement firms，pension funds,banks，andinto consideration to determine whetherfurthercreditrating agencies.TCFDfinancial sector guidance on forward-looking metrics is needed.Workinggroup members spoketoseveralmethodology providers and institutionalBox B1TCFD Public ConsultationTheTask Forces 90-day publicconsultation solicitsinputonforward-ookingclimate-related metricsforthefinancialsectorTheconsultationasks questionsabouttheusefulnessandchallengesofsuchmetricsandwhat may benecessaryto enhance their comparability.transparency,and rigorThe Task Forceencouragesthe publictorespondtothe consultationatfsb-tcfd.org between October 29,2020.andjanuary272021，Table of ContentsA.Background and PurposeB.Scope and ApproachC.Forward-LookingFinancial Sector MetricsD.Metric for Consideration:Implied Temperature RiseAppendices44.3851.31#page#C.Forward-Looking Financial Sector MetricsThrough public consultation， the Task Force aimsInvestors and other users of disclosure rely onto better understand the evolution of metricsclimate-related metrics to better understandused and disclosed by companies in the fourriskandevaluate progress toward establishedfinancial groups that wereidentified in its 2017targets and objectives.They may also usesupplemental guidance:asset owners，assetselect metrics for discussion and engagementwith portfolio companies.The absence ofmanagers，banks，andinsurancecompaniesSuch metrics may focus on carbon and otherwidelyavailable，high-qualityhistoricalclimateemissions orother financially relevant factors.related information contributes to the need forFigure C1 provides excerpts ofthe Task Forcesbetterforward-lookingapproaches.In additionguidance for asset owners on metrics used toto private sector innovation for metrics toassess climate-related issues and how theybetter understand climate-related financialconsider forward-looking information on a lower-impacts,there are increasingregulatorycarbon transition.Figure C1Excerpt of TCFD Guidance for Asset OwnersRisk ManagementDisclose how the organization identifiesassesses,and manages climate-relatedrisks.Table of ContentsRecommendedDisclosure b）Describe theSupplemental Guidance for Asset OwnersA.Assetownersshoulddescribehowthey considerthe positioningoftheirtotal portfolioBackground and Purposeorganizationswithrespectto thetransiton toalower-carbon energysupplyproductonanduseprocesses forsoooduaeuuaesuMoassemouuuedxpnupinosLmanagingclimate8related risks.ScopeandApproach1C.Metrics and TargetsForward-LookingDisclosethemetricsandtargetsusedtoassessand managerelevantclimate-relatedrisksFinancial Sector Metricsand opportunities where such information is materialRecommendedD.Disclosure a）Metric for Consideration:DisclosethemetricsImplied Temperature Riselused bytheorganizationtoSupplemental Guidance forAssetOwnersAppendicesassessclimateAsset owners should describe metrics used to assess dimate-related risks andrelated risks andopportunitiesineach fundorinvestmentstrategy.Whererelevantassetownersopportunities in lineShouldalsodescribe howthese metrics have changedovertimewith its strategy andWhereappropriate，assetownersshouldprovidemetrics consideredininvestmentriskmanagementdecisionsandmonitoringprocess.notedby-#page#The Task Force on Climate-related Financial Disclosuresexpectations for firms to demonstrateaforwardwith international climate agreementsandlooking understanding ofcimate-related risk.national policy goals.Forexample，in December2019,120countriesandthe European UnionItis importanttonote thatsimilartotheuse ofannounced that they areworking to achievemultipletraditional financial valuation metricsnet-zero emissions by 2050-an early indicationin mainstream financial decision-making，noof potentialfuture policyand regulatory changessingleclimate-related metric can fully describefor companies in those jurisdictionsthe position ofacompany.product.fund，orEven todays highest-emitting companies couldinvestment strategy in relation to climate.Themetrics explored in the consultation wouldtake actions to significantly alter their futurebeintendedtocomplementnotreplaceemissionstrajectories，andconsequentlytheexisting disclosures in alignment with the TCFDrelevant climate-related risks and opportunitiesrecommendations.The Task Force welcomestheyface.Many investorsand other users ofinput on all forward-looking metricsthat coulddisclosuretherefore seekto betterevaluatehelp to better inform capital allocation decisions.how carbon exposures associatedwith theirinvestments could evolve overtimeAs described in Section D.Metric for1.CARBON AND EMISSIONS METRICSConsideration: Implied Temperature Riseafewlarge financialinstitutions have started toWeightedaveragecarbonintensity andothercalculate and disclose an“implied temperaturecarbon footprinting metrics provide someriseassociated with investments.This is onevisibility into the carbon exposure of certairapproach to considering the position oftheirassetsatafixedpointintime.Althoughstillassets in relation to thetransition to a loweruseful for decision-making， past carboncarbon economy.Other financially focusedexposures provide littleinsight into potentialapproaches mayrelatetopotentialcostsfutureexposure.Thisisparticularlythecaseassociatedwith carbon emissions，such asasagrowing numberof companies areunpriced carbon cost or carbon earnings at risk14announcing planned changes to products，strategies，and future emissions targets in lineTable of ContentsA.“Emissionsareaprime driver ofrising globaltemperaturesBackground and Purposeand.assuch，areakeyfocalpointofpolicy.regulatorymarketand technology responses to limit climate change，As a result8ScopeandApproachorganizations with significantemissions are lkey to be impactedmoresignifcantly by transition riskthan otherorganizations.C.In additioncurrentorfuture constraints on emissions，eitherForward-LookingFinancial Sector Metricsdirecty by emission restrictions or indirectly through carbon budgetsmayimpact organizationsfinancialy”D.Metric for Consideration:Implied Temperature RiseApppendiices#page#The Task Force on Climate-n50% ofthe carbon footprint for companies inofjurisdictions offer safe-harbor protections formany industries.222 Many forward-lookingforward-looking disclosures made in good faithcarbon and emissions metrics rely on pastusingthe best information reasonablyavailableGHGemissions data to estimatefuturetrendsatthetime.2and,thereforea lack ofhistorical data canComplexity of Calculation.Until otherexacerbate uncertainty in future assumptions.challengesareaddressed there maybealargeConversely when including all scopes of GHGresource burden associatedwith calculatinganddisclosing forward-lookingmetrics，whichcompanies across a portfolio，investors andoften require theassistance ofoneor moreothers must often take precautions to avoidexternal data and methodology providerscould overstate potentialclimate-related risk.2Suitability for Public Disclosure. Financialsector organizationsmay use several forward-Lack of Transparency and Comparability.lookingmetricsinvariousstatesofmaturityMany forward-looking methodologies are newas inputs to capital allocation decisionsandevolving，andthereis littletransparencyHoweverwhile useful internallythosefrom methodology providers on how theymetrics may be considered proprietary oare calculated or compare to each other.may not meet an organizations qualityWhere methodologies are publicly describedstandard for public disclosuredifferences across data providers can stillmake resulting disclosures difficult to compareSimilar challenges arerelevant to forward-forinvestors and others evaluating climatelookingclimateassessmentsoutsideofmetrics，exposure across their holdings.Forforward.However.the disclosures resulting from thoselooking metrics to be more useful in financialassessments can still be useful.Forexample，indecision-making,disclosure must be based onits recommended disclosure Strategy c) the Tasktransparentand comparablemethodologiesForce recommends that organizations describetheresilience oftheir strategy.taking intoReliance on Assumptions and Futureconsideration different climate-related scenariosUncertainty.Calculationsofforward-lookingincluding a 2C or lower scenario.Climate-relatecmetricsarecomplex andrequiremanyTable of Contentsscenario analysis has become more widely usedmethodological choices and assumptions.androbust since the Task Force released itsSome assumptions attempt to compensateA.recommendations in 2017.na2019 TCFD surveyfor existing data gaps,such as past emissionsBackground and Purposeon effective disclosure aligned with the TCFDtrends or comparable and reliable companyrecommendations，aselect group ofexpertspecific targets.Other assumptions rely onusers most often rated disclosure aligned with8StrategycVeryUseful.2ScopeandApproachmodels，the details ofwhich can varywidelyGreateravailabilityofhigh-qualityemissionsparticular uncertainty around future climateC.data，futureclimate-relatedtargets andrelated policy can contributetogreaterForward-Lookingstrategies,and convergence ar#page#The TaskD. Metric for ConsiderationImplied Temperature RiseA newclimate-related metric that severaldegree rating,ITR incorporates current GHGinstitutionalinvestors have begun to use andemissions orother data andassumptions todiscloseis impliedtemperaturerise（ITR）.27estimate expectedfuture emissions associatedmplied temperaturerise metrics aim to providewiththeselectedentities.Then，theestimateaforward-looking view ofcarbon exposure thatistranslated intoa projected increase incan be applied to a wide range of industriesglobal average temperature(in C)abovepreindustrial levels that would occurifallcompanies，andasset panies in corresponding sectors had then its consultation，theTask Force seeks broadsame carbon intensity as the selected asset(s）input onwhetherand how,ITR disclosure wouldbe useful in financial decision-makingIt alscTheITRmetric is expressedinasingletemperatureunit orrange thatis comparableseeks input on which types oforganizationsmight disclose ITR.which types ofinvestmentstowidely understood potentialclimateoutcomes(eg，1.5,2C,3.5).Asan ITR disclosure could address,as well as itslimitations，potentialchallenges，and what mightsummarized in Appendix 1:Examples ofbe needed to improve its usefulness.Implied Temperature Rise Disclosure,a fewlarge asset owners and asset managerscurrently disclose the implied temperaturerise oftheir portfolios.The extent to which ITR1.OVERVIEWisforward-looking dependson whetherthecalculation methodology usesonly historicalAn implied temperature rise metric attempts toemissions data orifitalsotakes projectedestimate a global temperature rise associatedGHGemissions into account.An example ofwith the greenhouse gas emissions ofasingledisclosure on implied temperature rise overTable of Contentsentity（e.g.,acompany）oraselectionofentitiestwoyears is provided in Figure D1.（egthoseinagiveninvestmentportfolio，fundorinvestment strategy）.ExpressedasanumericA.Background and Purpose8Figure D1ScopeandApproachExample of Implied Temperature Rise DisclosureC.Forward-Looking5.0Financial Sector Metrics4.0C4.0gPotential口.3.0C3.0Metric for Consideration:3.02.80Implied Temperature Rise2.0Appendices1.AXADivestedAXAAggregateBenchmarhAXASODebtCoalAssets2019#page#While ITR can be used as an impact metricDisclosure by different types oforganizationsor communication and engagement toolitswithin thefinancialsector may align withdisclosure could also provide insight on climatedifferent user needs as follows:related risks and opportunities associated withDisclosure by AssetOwners.whetherselect assets to better inform capitalallocationasset owners invest directly or through assetdecisions.In alignmentwith the Task Forcesmanagers.theybeartheoutcomesofclimatesupplemental guidance，a fewasset owners thatrelatedtransitionand physicalrisks towhichcurrently consider ITR in investment decisionstheirinvestmentsareexposed.Similarlyassetand monitoringor“the positioning oftheirowners can benefitfromthe potentialreturnstotal portfoliowithrespect to thetransitionon the investment opportunities associatedto a lowercarbon energy supply productionwithalow-carbontransition.Climate-relatedand use.including how they“actively managedisclosure by asset owners allows beneficiariestheir portfolios positioning in relation to thisandotheraudiences toassesstheassettransitionhave begunto disclose ITR.28.29owners investment strategies andapproachesHowever.theITRmetricisnewandstilevolvingtomanaging their portfolios，There are several technical and methodologicalchallenges related to calculating ITR.noITR disclosure could help asset ownersbeneficiaries make a forward-lookingcommonly agreed terminology to refer to themetricand little understanding ofadvancementsassessmentofan assetowner portfoliosthat would be needed to improvethe usefulnessexposuretoclimate-related risks,theirOfITR disclosuresability to capitalize on opportunities in thelow-carbon transition overtime，and overallinvestmentstrategy.Moreoverassetownerssitatthetopoftheinvestment chainand2.POTENTIALBENEFITSthereforetheir disclosure ofITR may encouragebetter forward-looking disclosure across theBasedon inputfrom severalinstitutionalinvestorsinvestment chain，fromotherasset owners，hat use and disclose implied temperaturerise，asasset managers，and underlying companieswell as data and methodology providers,the TaskTable of ContentsAn example ofan assetowners perspectiveForce understands that ITR disclosure has theon its ITR disclosure is described in Figurepotential to be usefulinseveralways.Appendix 1A1-1(p.13）in Appendix 1:Examples oflmpliedA.Examples of Implied Temperature Rise DisclosureTemperature Rise DisclosureBackground and Purposedescribes perspectives on theITRmetric from anasset ownerandtwoinsurance companies thatDisclosure by Asset Managers.Assetdisclose ITR metrics8ScopeandApproachassets withinaportfolio，bearthe potentialProponents ofITR disclosure note that it couldtransition and physicalrisks to which theirrepresenta proxy forclimate-related transitioninvestments are exposed.Similarly.theyrisks or opportunities associatedwith aselectedC.enjoy the potentialreturns on opportunitiesForward-Lookingportfoio，fundorinvestmentstrategy Forassociated with thetransition toa low#page#The Task Force on cimate6Disclosure by Banks and InsuranceSome methodologies use company-specificCompanies. Banks and insurers serve ahistorical emissions datawhile others takeavariety ofbeneficiariesand stakeholders.“top-down” approach to allocate emissionssome ofwhom could use disclosure ofITR asbased onsectoralor geographicaldata.adirectional proxy for exposure to climate-Methodologiesvary in their use ofScope 1related risks.As such，disclosure ofITR byScope2，and/orScope3GHGemissions.Somebanks and insurers could also indicate howuse only Scope 1data，while others use Scopewell positioned theseinstitutionsare tocapture1and2，andyetotherstake Scope 1，2,and3opportunities for thetransition to a low-carbonGHG emissions into account.economy.Users of disclosure must be ableto distinguish among banks and insuranceCertain methodologiestake cumulativecompanies exposures and risk profiles tohistorical GHG emissions into account whilemakeinformed financial decisions.others incorporate point-in-timeassessmentsHowever current disclosures from banksofemissionsintensity.and insurance companies often omit keyparts ofthe business,forexample capital-Some methodologies incorporate companymarket financing for banks and underwritingspecificfutureemissionstargets，whileothersportfolios for insurers.In part this is due totakeatop-down” approachtoestimatefuturea lack of consistent ITR methodologies foremissions based on sectororgeography.0flendingandinsurance portfolios.thosethatincorporateemissionstargetstherearedifferent criteria forthetypesoftargets that can and cannot be used3.CURRENT CHALLENGES-Methodologiesmay incorporate differentclimate-relatedscenariosoremissionsWhileITRmayhave potentialto beanpathways,orevenutilizeinternal proprietaryinformative metric,itscalculation，disclosure，andfutureemissionspathways.use are currently subject to several significantchallenges.Implied temperature rise is a newly-Certain methodologiesmay be better suiteddeveloped metric and therefore methodologiesTable of Contentstoassessing certain asset classes and mayand approaches are still evolving.Furtherworkvary in whethersome asset classesare abletoand input from preparers and users of disclosurebe assessedat all.A.will likely be needed to improveits quality andBackground and Purposeavailability.In addition to challenges generallyDifferent methodologies will lead to differentapplicable to forward-looking metrics describedITRestimates that are not directly comparablein Section C.3. Challenges of Forward-Looking8Variations in methodologies may also lead toInformation，ITR disclosure is currently subjectScopeandApproachunder or overestimates ofimpliedtemperaturetothefollowingrise，andconsequentlyanexaggeratedindication ofclimate-related riskC.Variationin Approaches and Outcomes.Forward-LookingInresponsetorecentinterestin ITR.severalFinancial Sector MetricsInitiative，Arabesque，Carbon Delta，CDPMSCIScience Based Targets Initiativeand Trucost口.-are developingarange ofITR calculationMetric fo#page#The Task Force on cimateancial DisclosureCoverage Limitations.Currently.calculationofITRseems to befeasible onlyforcertaincarbon-intensive sectors(e.g.，utilitiesoiland gas，androadtransport）or specific assetClasses rather than for a fully diversifiedportfolio. For example，ofthe ITR disclosureexamples provided in Table A1-1（p.13)ofAppendix 1: Examples of Implied TemperatureRise Disclosure none specify 100% portfolioCoverage.Moreoversomeavailablemethodologies may only include a limitednumber oftechnologies and indicators, whileother important levers/indicators that areneeded to understand transitionrisks andopportunities in certain sectors may not beincluded.Assessing otherfactors,suchasthe companys business model historicalperformance，and management actions mayalso be relevant but not taken into account intodays methodologiesChallengesare to beexpectedinthedevelopment ofnewforward-looking metrics.The Task Force recognizes that multipleinitiatives，comprisedofinvestorsandothers.areworking to encourage more consistent ITRdisclosureandaddressits challenges.Table of ContentsA.Background and Purpose8ScopeandApproachC.Forward-LookingFinancial Sector Metrics口.Metric for Consideration:Implied Temperature RiseAppendiices#page#The TaskAppendix 1: Examples of ImpliedTemperature Rise DisclosureCertainfnancialinstitutions have begun to discloseimpliedtemperaturerise （TRestimatesover the past two years.including the nine organizations listed in Table A1-1.As shown in thecomparison.the estimates address various portions ofthe organizationsportfolios andwerdevelopedin collaboration with several methodology providersTableA1-1Comparison of Select ITR DisclosuresadMethodologyLocation ofDisclosed ITROrganizationCoverageEmissionsProviderDisclosureAviva2.9C(al）80%ofScope 1onlyCarbon DeltaAviv,AivaCimate-Relatedaggregate（incl.equities，FinancialDisclosurecorporate credit，sovereign2019,Metricsrealestateand Targetsinfrastructure）Summaryp.3Table of ContentsAXA3.2C（equity）95%coverageScope 1 onlyCarbon DeltaAXA,2020Cimate Report.D.19A.2.8C（corporate70%coverageBackground and Purposedebt）82.8C(sovereign 99.79coverageBeyond RatingsScopeandApproachdebtC.Uamx70%ofequityNotspecifiedTrucost2Banque deBanqueForward-LookingFranceportfoliosdeFrance，InvestingFinancial Sector MetricsInitiativeResponsibleInvestmentReport2020，D.D.18Metric for Consideration:Implied Temperature Rise2.3-4.3NotspecifedBNP ParibasNotspecifedScience-BasedBNP Paribas，Cardif2CAlignment2019 TCFD（equity）Appendices（lower bound）.Report,p.41Carbon Impact2.2-3.1CNot specifiedNotspecifiedAnalytics（upper（bonds）bound）ContinuedonnextpogTableAZ-#page#The Task Force on Climatancial DisclosuresTable A1-1:ComparisonofSelectITRDisclosures（Continued）MethodologyLocation ofDisclosed ITRCoverageOrganizationEmissionsProviderDisclosureCNP28CCarbone4CNPAssurancesca78%coverageScope12and32018 CSRReportp.41.Scope 1and215nca50%-60%ofGPIF GPIFGovernmentPensionClimate Relatedeach asset classnvestmentFund(GPIF）2019,p.282.1C（equity）Not specifiedIrcantecNot specifiedICare & Consult，Ircantec,ClimateActions and ESGBeyondRatings，Carbone 4Report，p.353C(bonds）Not specifiedNot specifiedLegal& General2.9C（equity）Legal&General，NotspecifiedBaringaca43%coverageTCFD Report2019.p.123.1C(bonds）SCOR3.7-3.8Carbone485%ofportfolioNotspecifiedScor 2018Table of ContentsCimate Reportp.37A.Background and Purpose8ScopeandApproachC.Forward-LookingFinancial Sector MetricsD.Metric for Consideration:Implied Temperature RiseAppendices#page#Excerpts from an asset owners disclosure ofITRare provided in Figure A1-1.FigureA1-1Asset Owner Perspective on ITR DisclosureIn2019,theJapaneseGovernment Pension Investment Fund(GPIF）theworldslargest pensionfund，undertookand disclosedthe results ofa climate-related portfoliorisk assessmentTheresultingreportincludes avariety ofdisclosures such as carbon footprint metrics.fossilfuelandstranded asset exposuremetrics，andimplied temperaturerise metricsreferredtoas temperaturetrajectoryin thereport.GPIFworkedwiththedata providerTrucostto provideITRratingsatanaggregatelevelforallassetsundermanagementas wellas forvarious assetclasses andsectors within its portfolio.The disclosure coversaten-yearperiod（2012-2023）toshowcurrentinformationhistoricalchanges，andfutureprojections.Temperature TrajectoryforLatest PortfolioHoldingsForognEquitiosDomesticBondsForcign Bonds18FY18FY18FY18FY18FYXG3CxC2C3CPortfolloapp，2012-202360.000.003Table of Contents40.088.000A.Background and Purpose8ScopeandApproach2012201320142015201620172018F2019FC.Forward-LookingFinancial Sector Metricscurrentorfutureconstraints on GHG emissions.The disclosurelpresentedaimsto highlight leaders andlaggards atthe company levelaswell as overall portfolio performance and performance by sectorD.Metric for Consideration:HoweverGPIF also notes that current data gaps limit the usefulness ofITR in decision-making,Alack ofemissions data onsomeasset classesallows GPIF to estimate ITRonlyforabout 50%-60%oftheirassetsImplied Temperature RiseAppendices#page#Excerpts from an insurance companys disclosure of ITR are provided in Figure A1-2.Figure A1-2Insurance Company Perspective on ITR Disclosureratngsince2018 initsannualclimaterelated disclosures.AvivaSreports incudeawiderangeofmetrics forclimateValueatRisk.andweatherrelatedlossesAvivaworkedwith Carbon Delta to deriveits ITRrating forits shareholdersfunds creditequities,and realestate asaweighted average ofindividual issuers warming potential.As shown belowAviva reports its 2019ratingalongsideits2018 rating to showAvivasyearto-yearprogress，Portfolio Warming Potential/MSCICarbn DetaAvivas PortfolioTheanalysis foundthatthential ofourshareholdends equityporlolioWarming Potential2.9Table of ContentsA.Background and Purpose8ScopeandApproachted by organisC.Forward-LookingFinancial Sector MetricsAvivadescribesitsuseofITRratings asexploratory noting thatAvivais exploringtheusesofanumberD.ofdifferentemerging metrics designedto help analyse thealignment ofinvestment portfolio tothe PariMetric for Consideration:Agreementstargetoflimiting theglobaltemperature risetowell below2.HoweverwefullyanticipateImplied Temperature Risethattheseapproacheswillevolveovertimeandbeimprovedinthelightofnewresearch.dataandemerging best practice.We have fedthisanalysis into investment strategy reviews of our business.AppendicesAvivanotesthatthelevelofcoverageofitsiTRratingcontinuesto evole.Avivadisclosesthat only 80%ofshareholderfunds wereanalyzedwhich nonethelessrepresentsanincreasein coveragefrom 2018duetottheinclusion ofrealestate,sovereign bonds，andgreen assets#page#Excerpts from an insurance companys disclosure of ITR are provided in Figure A1-3.Figure A1-3Insurance Company Perspective on ITR Disclosureinformation onthetemperaturealignmentofisdirectlyownedequityandbond portoliossince2017mpactAnalytics and the Science-Based 2C Alignment.while both methodologies are largely based on theare largely due to how Carbon Impact Analytics method reflects current carbon performance of companieswithout adjusting for potentialorpromised reduction efforts.uoupeduueseogpeeusuedddemuuelssepueuesterminvestmentdecisions.Temperatures of the equity and corporate bond portfolios held by BNP Paribas CardifBond portfolioEquity portfolioScience-BasedCarbon ImpactScience-BasedCarbon ImpactAnalytics2C Alignment2C AlignmentAnalytics2.34.32.23.1Table of ContentsA.SB2A and CIA methods(source:ICare & Consult/ Mirova/ Carbone 4）Background and Purpose8ScopeandApproachC.Forward-LookingFinancial Sector MetricsD.Metric for Consideration:Implied Temperature RiseAppendices#page#The TaskAppendix 2: Examples of ClimateValue-at-Risk DisclosureValue-atRisk(VaR）measuresthesizeofthelossmodel the returns to different asset classesin different countries or regions.It is modelaportfolio may experience,withinagiven timehorizonata particular probability.Climate VaRand data-intensiveand itis unclear whetherquantifies the size oflossattributableto climatethe uncertainty inherentin providing thisrelatedfinancialrisks by comparing the value ofhigh levelof detail would provide particularlyassets inaworldwith climate change relativetoaccurate estimates.the same world without climate change.3sAtop-down approach uses a simple macro-Given that Climate VaRisarelativelynewmetriceconomicmodelthat has been integratedtherearefewavailable methodologiesandthosewithemissionsandclimate modules.Asmallthatareavailablearenotyet fully transparentonumber ofintegrated assessment models ofcomparable，Generally.estimatesofclimateVaRcimatechangeexistwhich havebeen builtincould takea bottom-up or top-down approach:ordertoestimatetheeconomic costofclimatechange.Howeverthesecanbe conservativeirA bottom-up approach would be builttheirestimatesasthey canfailto fullyaccountaroundarelatively detailed portfolio analysisforthe fullrange and deep uncertainty ofmodel which takes as its input variousclimate impacts.macroeconomicvariablesand goes on toFigureA2-1Excerpt from an Asset Managers Climate VaR DisclosureTable of ContentsForward looking metrics:Investmentstemperature and Climate Valueet RiskA.Background and Purpose20182019AxA IMEvolution8ScopeandApproach婚价停03TransitioncostVaR（1.5Cscenario）%-5.10.231TransitioncostaR2Cscenario)TransitioncostVaR（3Cscenario）%C.Forward-Looking04CostofcimateVaR(15Cscenario)Financial Sector Metrics心4.7CostofclimateVaR（2Cscenario）18皖ZD.625治TechnologyopportunityVaR(1.5cscenario）%Metric for Consideration:58TechnologyopportunityVaR2Cscenario)Implied Temperature Rise80TechnologyopportunityaR(3Cscenario%Source:AXAIM.CarbonDeltoAppendicesCostofClimateVaR（Transitionrisks PhysicalrisksVaR）representsaportfoliovaluelossofneary7%iftheworldwenttoa1.5cscenario，duetoregulation costsandextremeweatherevents losses.Itisalreadyrepresentingaportfoliovalueloss ofnearly5%ina2cscenarioandof2%inthe Paris Pledgesscenaric（3c）.Intermsofnewopportunities，GreenVaRrepresentsaportfoliovaluegainofnearly3%ina1.5cscenarioandnearly2%ina2cscenario，companiesbeingallthemoreincentivsedtodevelopgreentechnologies.CLD.35#page#The Task Forceon climatAfew financialinstitutions have disclosedinclude examples of climate VaR disclosuresfrom an asset manager and an insuranceinformation on their use of climate VaRand climate VaR estimates related to theircompany.respectivelyportfolios.FigureA2-1(p.16)and FigureA2-2FigureA2-2Excerpt from an Insurance CompanysClimate VaR DisclosureAvivasclimateVaR measureClimate-relatedrisksandopportunitieshavethe potentialtoaffectinsurers balancesheets aswell asthelong-term businessmodel.Traditionalapproaches based largely on backward looking analysis may needtberefinedor enhancedtocapturetheserisks going forward.In orderto addressthis challengeAviva hasdevelopedaClimate VaR measureinconjunctionwith theUNEP Flinvestor pilot projectand Carbon Deltapotentialbusiness impacts offuture dimate-related risks and opportunities to beassessed in each oftheIPCCscenariosandinaggregate(seeAppendix formore detailsofourClimate VaRmethodology)aswellasprovidinganindicationoftheresilienceofourstrategyCalculatedonalike forlike basis theYE18 andYE19 CimateVaRsaresimilarindicating thatAvivas overallexposureto climate-relatedrisks and opportunities remains broadly unchanged.Figure 9 comparesa plausible range of outcomes(5th to 95th percentile） from our Climate VaR analysis forthedifferent scenarios considered.Consistentwith lastyearAvivaismostexposedtothebusiness-as-usual（BAU)4Cscenariowhere physicalriskdominates，negativelyimpactinglongterminvestmentreturnsonTable of Contents1.5Cand 2C scenarios are the only scenarios with potential upside.Physicalrisk impacts are more limitedbutthere isstil downside risk on longterm investment returns fromcarbon intensive sectors (for exampleA.utilities)asa result oftransition policy actions.This is offsetpartially by revenuetechnologies fromBackground and Purposesome sectors (for example automotivesWhenaggregatedtogethertoderermineanSot3/11/2019overall impact ofclimate-relatedrisks and8opportunities acrossallscenarios，theplausibleScopeandApproachrangeis dominated bytheresultsofthe3Cand4Cscenarios，refectingthatneitherexistingnorC.planned policyactionsare sufficiently ambitiousForward-Lookingto meet the1.5CParisAgreementtarget.InFinancial Sector Metricsthe 1.5Cscenariotransition riskis largerthanphysical risk（see figure 10)even aftertakingintoaccount mitigating technology opportunities.nD.the 2Cscenario，transition and physical risksareMetric for Consideration:somewhat balanced，whereasin the3Cand4Implied Temperature Risescenarios physicalriskdominates.Wewill continueto develop andincorporateAppendicesClimateVaRintoouroverallstrategyrisk0/1/201500management andreporting frameworks.Inparticular.wewill furtherrefineandimproveourClimate VaRapproach in the lightofnewresearchand data aswellas emerging bestpracticeincluding using outputfrom the UNEP FlinsuranceTCFD pilot.#page#The Task Appendix 3: GlossaryCLIMATE-RELATED OPPORTUNITY refers toGREENHOUSE GAS (GHG) EMISSIONSSCOPELEVELS38the potential positive impacts related to climatechange on acompany or organization. EffortsScope 1 refers to all direct GHG emissions，to mitigate and adapt to climate change canoroduce opportunities for companies,such asScope2refers to indirect GHG emissionsthrough resource efficiency and cost savings,thefrom consumption of purchased electricityadoption and utilization of low-emission energyheat，orsteam.sources，the development ofnew products andservices，and building resilience along the supply Scope 3 refers to other indirectemissionschain.Climate-relatedopportunitieswillvarynot coveredin Scope2thatoccurin thevaluedepending on the region marketand industrychain ofthe reporting company. including bothin which an organization operates.upstream and downstream emissions.Scope3emissionscould include:the extraction ancCLIMATE-RELATED RISKrefers to theproduction ofpurchased materials and fuelspotential negative impacts of climate changetransport-related activities in vehicles notonacompany ororganization.Physical risksowned or controlled by thereporting entity.emanating from climate change can be eventelectricity-related activities(eg,transmissiondriven（acute)such as increased severityand distribution losses)outsourced activitiesofextremeweatherevents(eg，cyclonesandwaste disposal.3droughts，floods，and fires）.They can also relateto longer-term shifts （chronic） in precipitationIMPLIED TEMPERATURE RISE （ITR） refersand temperature and increased variability into anestimate ofaglobaltemperatureweatherpatterns（e.g.,sea levelrise）.Climaterise associated with the greenhouse gasrelatedriskscan also beassociatedwith theemissions ofa single entity (egacompany）transition toalower-carbon global economy，theoraselectionofentities（e.g.，thoseinagivenmostcommon of which relate to policy and legalTable of Contentsinvestment portfolio，fund，orinvestmentactionstechnology changes，market responsesstrategy）. Expressedas a numeric degreeand reputational considerationsrating，ITRmetrics incorporate current GHGA.emissions or other data andassumptions toBackground and PurposeCLIMATE VALUE-AT-RISK measures the sizeestimateexpected futureemissions associatedofthelossa portfoliomay experience,withinawiththeselectedentityorentities.Thenthegiven time horizon，ataparticular probability8estimateistranslatedintoaprojectedincreaseattributabletoclimate-related financialrisks.ScopeandApproachin globalaverage temperature（in C)abovepreindustriallevels thatwould occurifallGOVERNANCE refers to “the system by whichcompanies in corresponding sectors hadtheC.an organization is directed and controlledSamecarbon intensity as theselectedassetis）Forward-Lookingin theinterests ofshareholders and otherFinancial Sector Metricsstakeholders.“GovernanceinvolvesasetNET-ZERO refers to achieving an equal balanceof relationships between an organizationsbetween GHG emissions produced and GHGmanagementits b#page#SCENARIO ANALYSIS is aprocessforidentifyingSECTORrefers to a segment of companiesand assessing a potential range ofoutcomes ofperforming similar business activities inanfutureevents under conditions ofuncertainty.economy.A sector generally refers to a largeInthecase ofclimate change,for example，segment ofthe economy or grouping of businessscenarios allow an organization to explore andtypes，while “industry” is used to describe moredevelop an understanding of how the physicalspecific groupings of companies within a sectorand transition risks ofclimate change mayperformance over time.STRATEGY refers to an organizations desiredfuturestate，An organizationsstrategyestablishesafoundationagainstwhichitcanmonitorand measure its progress inreachingthat desired state，Strategy formulation generallyinvolves establishingthe purposeand scope ofthe organizations activities and the nature ofits businesses,taking into account the risks andopportunities it faces and the environment inwhichitoperatesTable of ContentsA.Background and Purpose8ScopeandApproachC.Forward-LookingFinancial Sector MetricsD.Metric for Consideration:Implied Temperature RiseAppendices49.9351.54#page#The TaskAppendix 4: ReferencesAviva.Aviva Climate-Related Financial Disclosure2019.2019.https:/ Paper:The2021 Biennial ExploratoryScenarioon theFinancial Risksfrom Climate Change.December 2019.https:/www.bankofengland.co.uk/-/media/boe/files/pdfzla=en&hash=73D06B913C73472DODF21F18DB71C2F454148C80.en.pdf.Table of ContentsA.1992.http:/cadbury.qjbs.archios.info/report.Background and PurposeCDP.CDP Ful GHGEmissions Dataset2019Summary.2019,https:/6fefcbb86e61af1b2fc48original/2020_01_06_FulL_GHG_Emissions_Dataset_Summary.pdfScopeandApproachCimate Finance Leadership Initiative，Financingthelow-Carbon Future,2019.https:/assets.bbhub.io/company/sites/55/2019/09/Financing-the-Low-Carbon-Future_CFLl-Full-Report_September-2019.C.pdf.Forward-LookingFinancial Sector MetricsCNP Assurances.2018 CSR Report2018,https:/p.rlen/the-cnpassurancesgroup/newsroom/publications.D.Metric for Consideration:Implied Temperature Risecop25.mma.gob.c/wp-content/uploads/2020704/Alianza-11122019-INGLS.pdf.AppendicesFinancial Assets. NatureClimate Change676-679.2016.https:/larticles/nclimate2972relating to risk management and disclosure. May 2020. https:/www.bankingsupervision.europa.eu/legalframework/publiccons/pdficlimate-related_risks/ssm.202005_draft_guide_on_climaterelated_and_environmental_risks.enpdf.2019.https:/www.gpif.go.jp/en/investment/trucost_report_enpdf.#page#Intergovernmental Panel on Climate ChangeGlobal Warming of1.5Summaryfor PoicymakersOctober 2018.https:/www.ipcc.ch/site/assets/uploads/sites/2/2018/07/SR15_SPM_versionstand_alone_LR.pdfIrcantec.CimateActons andESGReport2018.https:/www.ircntec.retraites.fr/sites/defaultfles/publiclactionscimat19_en2_0pdf.Jorion， Phillipe.“How Informative Are Valueat-Risk Disclosures TheAccounting Review.O OwnersAlianceUN-Convened NetZero AssetOwnerAliance. 2020.https:/www.unepti.org/net-zero-alliance/Network for Greening the Financial System.NGFS Climate Scenarios for central banks and supervisors.final_version_v6.pdf.NewClimateInstitute，Germanwatch，and2nvestingInitiative，Developing CriteritoAignTable of ContentsA.Season3.pdf.Background and P Report.2018.https:/ ExposeCompanies and Directors to Liability Risk?Commonwealth CimateForward-LookingFinancial Sector Metricsrns-Misplaced-Report-Final-BriefingpdfTask Force on Climate-related Financial Disclosures CTCFD).2020 status report. November 2020.D.https:/assets.bbhub.io/company/sites/60/2020/09/2020-TCFD_Status-Report.pdfMetric for Consideration:Implied Temperature RiseTCFD.ImplementingtheRecommendationsofthe Task ForceonCimate-related Financial Disclosures.June 29，2017.https:/www.fsb-tcfd.org/wp-content/uploads/2017/12/FINALTCFD-AnnexAppendicesAmended-121517.pdf.World Resources Institute and World Business Council for Sustainable Development The GreenhouseGas Protocol:A Corporate Accounting and Reporting Standard (Revised Edition）.March 2004.https:plepueis-aielodo/81010010jd8u#page#For moreinformation， please visit fsb-tcfd.org0alPE

2021-04-21 24页 5星级

Banking Circle：数字化时代反洗钱的再思考（英文版）（17页）.pdf

欧洲银行业正经历着800年历史上最伟大的转型时期之一。优先通过分支网络交付的银行模式正在消失，取而代之的是数字，因为移动设备控制了我们自己和客户的更多生活。这个新世界的潜力是众所周知的个性化服务、更快的响应速度、即时支付等等，全天候实时提供。尽管存在这一潜力，但客户采用数字技术的速度和金融服务业对COVID-19的响应加速了数字化，这有助于创造一个迅速扩大的欺诈机会，犯罪分子能够利用数字解决方案、银行系统和客户之间的差距。在不断上升的欺诈案件中，由于监管和银行流程难以跟上犯罪创新的增长，洗钱活动迅速增长。2020年前6个月，反洗钱(AML)合规违规罚款超过了2011年全年的罚款总额912020年上半年的罚款比前一年全年高出40%。虽然处罚相对于行业收入而言有时是很小的，但对客户信任和业务中断造成的损害却是相当大的。利用自动化合规流程中的运营效率的机会也被忽略了。

2021-04-20 17页 5星级

Positive Money：绿色中央银行记分卡报告（英文版）（56页）.pdf

中央银行和金融监管机构有责任将环境因素纳入其决策。如果不这样做，就会危及他们完成任务的能力，降低我们应对气候和生态崩溃的机会。由于我们全球经济体系对自然的破坏，导致像COVID-19这样的流行病的风险增加，这加强了采取行动的理由。本报告回顾了一个理想的绿色中央银行将采取的四类政策和举措：研究和宣传、货币政策、金融政策和以身作则。基于这一文献回顾、专家咨询以及与央行行长和监管机构的双边互动，我们开发了一个系统，对G20国家的货币和审慎监管机构的绿色政策和举措进行评分和排名。我们的结果显示在下面的“记分卡”中，表明行动与言辞不符，因为绝大多数国家在研究和宣传方面得分满分，而在其他三个类别中表现不佳。虽然一些机构已采取具体行动评估环境风险并鼓励绿色投资，但所有机构都在回避那些抑制或限制资金流向有害环境活动的政策。我们将货币和金融政策与环境目标的一致性确定为向前推进的关键优先事项。实现这一目标的高影响力政策包括将化石燃料排除在资产购买方案和抵押品框架之外，以及调整风险权重等审慎工具，以有效整合高碳贷款的风险。我们正在经历的“大流行时代”是我们全球经济体系对自然无情开发的一个征兆。各国央行并没有以支持向一个更可持续和公正的社会过渡的方式应对当前的危机，而是支持了一个促进气候变化、生态和社会稳定的金融体系破坏，以及更高的流行病风险。

2021-04-20 56页 5星级

气候相关财务披露工作组（TCFD）：前瞻性金融指标咨询总结报告（英文版）（14页）.pdf

工作组在2017年发布的建议和补充指南鼓励资产管理人和资产所有者向其客户和受益人披露他们用于评估气候相关风险和机遇的指标，以及他们认为对决策有用的其他指标。披露实践和使用自2017年以来，通过开发新的.

2021-04-20 14页 5星级

绿色金融科技网络：2021年绿色金融科技行动计划：针对瑞士金融中心的16项建议（英文版）（47页）.pdf

气候变化以及与之相关的生物多样性丧失和由此带来的社会挑战正在定义我们时代的危机。 它们的规模要求将全球经济的所有领域作为重点，尤其是金融市场。 利用数据和技术的力量，瑞士绿色数字金融解决方案加速了全球金融市场向可持续发展的过渡，从而为将全球变暖限制在1.5摄氏度，扭转了生物多样性的丧失以及应对与之相关的社会挑战做出了巨大贡献。解决气候变化和生物多样性丧失给世界各地的公司带来了重大机遇。 这样做是可取的，因为它可以争夺最高荣誉，从而增强对这些全球危机的反应。瑞士绿色数字金融解决方案使全球公司能够抓住这些机会，不断提高竞争力，并带来整体经济增长。 来自实体经济的全球金融机构和公司与瑞士绿色金融科技公司合作，成为技术和金融解决方案的重要合作伙伴。 全面拥抱绿色数字金融，并与瑞士绿色金融科技紧密合作，使瑞士金融机构成为可持续金融的全球领导者，充分利用其作为拥有2.4万亿美元客户资产的最重要的跨境财富管理中心的地位 。瑞士绿色数字金融生态系统具有创建和扩展绿色金融科技的理想框架条件。 例如，可以方便地访问最高质量的可持续发展数据，专用的加速器，获得经验丰富的风险投资基金，世界一流的研究，促进创新和数据安全的监管环境，以及所有利益相关者(尤其是现有金融机构)之间的紧密合作，以实现 共同的可持续金融雄心。 瑞士拥有众多绿色金融科技公司，它们成功地扩大规模，成为了全球技术领导者，为企业客户提供解决方案以及直接面向消费者的服务。它们还可以推动整个瑞士金融业的创新和数字化。

2021-04-20 47页 5星级

苏格兰政府：《2021-22至2025-26年基础设施投资计划草案》征求意见回复分析（英文版）（72页）.pdf

本执行摘要概述了苏格兰政府2021-22年至2025-26年基础设施投资计划(IIP)草案咨询响应中产生的主要主题。2018年，首席部长宣布了一项国家基础设施任务，以增加苏格兰的年度基础设施投资，使其在下届议会结束前达到具有国际竞争力的水平。为了支持国家基础设施任务的执行，苏格兰部长们为苏格兰成立了一个独立的基础设施委员会。此后，苏格兰基础设施委员会发布了两份报告：苏格兰蓝图(2020年1月)和第二阶段交付结果报告(2020年7月)。苏格兰政府目前正在考虑第二阶段报告的调查结果，并将在适当时候公布正式答复。苏格兰部长们同意第一阶段报告中的建议，IIP草案显示了这些建议将如何在苏格兰实施。在这样做的过程中，IIP草案试图为我们未来的基础设施制定一个明确的愿景支持和实现包容性的净零排放经济。IIP草案阐述了苏格兰政府对苏格兰基础设施的长期愿景，展示了它将如何选择正确的未来投资，并制定了一个五年的进一步改善计划。就IIP草案进行的磋商并没有试图重复苏格兰基础设施委员会(Infrastructure Commission for Scotland)先前进行的接触过程。相反，它就苏格兰政府计划如何执行委员会建议的具体领域征求广泛的意见和反馈，以确保采取正确的最终办法。共收到147份咨询回复，其中包括大量与A96行动小组有关的运动回复(约占所有回复的三分之一)。撇开这一局限性不谈，这次协商会吸引了广泛的基础设施主题领域的响应，包括：建筑和建成环境、自然环境和气候变化、旅行和运输、地方政府、能源、电信、水和废物、商业和企业、卫生、教育和公共服务。苏格兰政府将利用此次磋商的结果在2021年初敲定IIP，并在此后公布。

2021-04-20 72页 5星级

美国退休人员协会（AARP）：疫情期间的金融经验如何影响未来前景（英文版）（48页）.pdf

由于COVID-19大流行，从2020年初开始，美国和世界各地的日常生活发生了巨大变化。随着人们越来越多地避开人群，尽可能呆在家里以减少暴露的风险，许多工人，尤其是那些提供现场服务的行业的工人，失去了.

2021-04-19 48页 5星级

全球经济与金融组织：新冠肺炎疫情：银行监管改革的压力测试（英文版）（15页）.pdf

2008-09年金融危机爆发后，银行监管框架在全球和地方层面都进行了全面改革。在全球层面，巴塞尔银行监管委员会(BCBS)2制定了流动性管理的新原则，并提高了资本金要求在地方层面，许多国家的监管机构显.

2021-04-19 15页 5星级

Visa：2021年签证重返商业研究展望：全球小企业和消费者洞察（英文版）（25页）.pdf

中小企业占全球企业总数的90%以上，占全球GDP的一半以上，是世界经济的重要贡献者。但Covid-19的影响使许多小企业容易受到严峻挑战，包括永久性关闭，这可能会产生真正、持久的影响。然而，事实证明，.

2021-04-19 25页 5星级

Mobiquity：2021年美国数字银行调查报告（英文版）（11页）.pdf

随着疫情的持续，越来越多的人依赖科技来帮助他们完成日常工作，数字工具变得越来越重要。包括我们自己的研究在内的无数研究已经证明，新用户正在数字化地参与银行业，这是一个永久性的转变。鉴于这一快速发展，我们.

2021-04-19 11页 5星级

凯捷（Capgemini）：2021年后疫情时代金融服务新常态报告（英文版）（20页）.pdf

COVID-19流行正在加速数字频道的使用，尽管物理频道仍然对消费者具有重要意义。消费者越来越多地转向银行和保险的在线渠道，预计在流感大流行结束后，互动频率还会进一步上升。与此同时，消费者表示，一旦条.

2021-04-16 20页 5星级

气候政策倡议组织（CPI）：中国扩大气候金融规模的潜力（英文版）（44页）.pdf

The Potential for Scaling Climate Finance in ChinaFebruary 2021Copyright 2020 Climate Policy Initiat.

2021-04-15 44页 5星级

花旗银行：资助绿色地球：缩小绿色投资和投资者之间的鸿沟（英文版）（104页）.pdf

我们真的关心气候变化吗?2019年，大赦国际要求18至25岁的年轻人说出世界面临的五大问题。最常被提及的问题是气候变化。虽然年轻人比老一代更关心气候变化，但各个年龄段的人都有越来越多的意识。在美国，当.

2021-04-15 104页 5星级

国际货币基金组织（IMF）：2021年全球金融稳定报告（4月刊）（英文版）（92页）.pdf

非常政策措施缓解了金融状况，支持了经济，有助于遏制金融稳定风险。但在流感大流行期间采取的行动可能会产生意想不到的后果，如估值过高和金融脆弱性上升。预计复苏将是异步的，发达市场经济体和新兴市场经济体之间.

2021-04-14 85页 5星级

源讯科技（Worldline）：沟通银行业的人力和数字体验报告（英文版）（21页）.pdf

十年前的银行业已经不可识别，这种市场混乱和转型可能会加速。随着客户生活方式、新技术和新形式的竞争继续影响银行业，银行的传统角色正在消失。目前，仍有工作要做，以改善数字体验，缩小消费习惯快速演变与银行业缓慢演变之间的差距。当然，数字化是一个关键因素，对大多数行业来说也是如此。但更多数字化市场带来的连锁反应是，消费者对银行业的期望和首选互动方式的要求远高于以往任何时候。然而，客户希望能够随时随地与服务提供商进行交易和沟通。他们已经习惯了跨越数字商品、零售和社交媒体体验的无缝、高度个性化的旅程，要求提供一种随时可用的服务，并提供多种渠道选择。银行业的消费者行为已经发生了重大变化，客户互动模式向银行发出了一个明确的信息，即他们希望金融服务业也能效仿。值得注意的是，研究显示，54%的消费者现在都在夜间或周末办理银行业务。满足这种全天候支持的需求对许多银行来说已经是一项艰巨的任务由于分行关闭和大量内部重组计划而导致的人员短缺加剧了这一问题，所有这些都会直接影响客户服务能力。凯捷2019年世界零售银行报告指出，“总体而言，跨渠道的客户体验明显低于渠道重要性。虽然银行在更成熟的渠道(如分行和网站)提供更高的积极体验，但它们必须确保在越来越流行的数字渠道(如移动和聊天机器人/语音助理)提供更好的体验。“越来越多的银行已经在移动渠道上提供服务，允许潜在客户开设新帐户，客户100%在线订阅其他产品。在其2019年的“银行业数字销售”报告中，Temenos特别指出，“手机现在是主流，50%的各类账户都可以在移动设备上开设。两年前，移动设备的可访问性仅为在线桌面渠道的一半”。

2021-04-14 21页 5星级

国际金融公司（IFC）：私营部门的良好做法说明：解决项目利益相关者遭受报复的风险（英文版）（54页）.pdf

在世界各地的许多情况下，公民空间的缩小、对和平抗议者的镇压、结社自由的障碍以及脆弱和冲突的局势正在给自由表达自己的社区、工人和项目利益相关者带来更大的风险。这包括他们提出问题或反对发展项目的能力。私营.

2021-04-14 54页 5星级

世界妇女银行：印度尼西亚建立以客户为中心的现金援助能力（英文版）（16页）.pdf

自COVID-19大流行爆发以来，至少有200个国家和地区启动或修改了1055个社会保障项目，以帮助10亿多弱势群体应对前所未有的经济和健康危机。虽然世界各地的许多项目都在努力将紧急援助发放给合适的受益者，但印尼的主要G2P项目具有独特的优势，可以迅速作出反应。2020年4月,印尼政府宣布将一个额外的110万亿印尼盾(超过70亿美元)向社会安全网编程,并宣布有条件的现金转移项目 (PKH),将支付额外8.3万亿印尼盾(约合5.58亿美元),进行以下更改：每位受益人的年度支出增加25%；将支付频率从季度支付改为月度支付；将该项目受益者从920万人扩大到1000万人。MoSA准备在一个月内改变PKH的支付节奏、支付金额和规模，这在很大程度上是因为PKH受益人已经直接收到G2P付款到他们的银行账户。从2017年开始，MoSA为PKH以及非现金粮食援助项目 (BPNT)的所有受益人开设了基本储蓄账户(BSAs)。加入PKH的80万人中的大多数很快就加入了，因为他们已经是BPNT的一部分，也拥有BSAs。

2021-04-12 16页 5星级

美国Mobiquity公司：2021年数字银行的全球指南（英文版）（27页）.pdf

COVID-19永久性地改变了消费者与企业打交道的方式，迅速增加了他们对数字技术的采用。智能手机已经成为消费者用来参与的遥控器在银行、杂货店、餐馆你指定的任务，消费者可能会启动甚至用他们的智能手机完成.

2021-04-08 27页 5星级