1、29 April 2025Allianz ResearchEight lessons learned from 20 years of ESG investingAllianz Research2Content Page 3-4 Executive SummaryPage 5 Lesson 1:A double tragedy requires a new lensPage 6 Lesson 2:ESG is a bet on changePage 7-9 Lesson 3:From hype to resiliencePage 10-12 Lesson 4:Europe is in the

2、leadPage 13 Lesson 5:ESG as smart risk managementPage 14 Lesson 6:Integrating ESG with traditional financial analysisPage 15 Lesson 7:ESG is a fiduciary dutyPage 16 Lesson 8:The insurance industry as a powerful case study29 Aril 2025 ESG investing is the answer to a double tragedy.Global systemic ri

3、sks such as climate change are particularly challenging to address because they embody two intertwined dilemmas:a tragedy of the commons and a tragedy of the horizon.ESG investing has emerged as a mechanism for bridging the gap between short-term pressures and these long-term sustainability imperati

4、ves.A bet on change.ESG metrics as a risk and analytical tool provide an essential lens through which to navigate the investment landscape,focusing on avoiding idiosyncratic risks today while anticipating long-term systemic risks and opportunities tomorrow.Rather than assuming a continuation of the

5、status quo,they enable investors and institutions to manage change and drive innovation.Moving from hype to mainstream.Investor attitudes towards sustainable investing have evolved from early hype to more sober resilience,reflecting the classic Gartner Hype Cycle framework.Indeed,the performance of

6、ESG investments has been quite volatile over the past 15 years,mostly for the same reasons as non-ESG portfolios.But overall,ESG funds have proven resilient,continuing to see inflows and sustained growth.This shift towards more stable assets shows that sustainable investing has matured,not disappear