J.P. 摩根-全球投资策略-ESG投资2021：更快、更深、更广-2021.5.13正文版.doc

Global Research13 May 2021This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan.J.P. Morgan PerspectivesJ.P. Morgan PerspectivesESGESGinvestinginvesting2021:Going2021:faster, Goingdeeper,broaderfaster, deeper, broaderESG and Sustainability ResearchESG and Sustainability ResearchGlobal Quantitative StrategyChair of Global ResearchJean-Xavier Hecker ACHugo Dubourg ACKhuram Chaudhry ACJoyce Chang ACjean-xavier.heckerhugo.dubourgkhuram.chaudhryjoyce.changJ.P. Morgan Securities plcJ.P. Morgan Securities plcJ.P. Morgan Securities plcJ.P. Morgan Securities LLCESG and Utilities EquityIT Hardware, Alternative EnergyGlobal Index ResearchStrategic ResearchResearchEquity ResearchGloria Kim ACKimberly Harano ACElaine Wu ACPaul Coster, CFA ACgloria.m.kimkimberly.l.haranoelaine.wupaul.costerJ.P. Morgan Securities LLCJ.P. Morgan Securities LLCJ.P. Morgan Securities (Asia Pacific)J.P. Morgan Securities LLCLimited/ J.P. Morgan Broking(Hong Kong) LimitedUS Fixed Income StrategyGlobal Credit ResearchSecuritized Products ResearchCurrencies, Commodities andJoshua Younger ACStephen Dulake ACAmy Sze, CFA ACEM Researchjoshua.d.youngerstephen.dulakeamy.szeLuis Oganes ACJ.P. Morgan Securities LLCJ.P. Morgan Securities LLCJ.P. Morgan Securities LLCluis.oganesJ.P. Morgan Securities plcSee page 141 for analyst certification and important disclosures, including non-US analyst disclosures.J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.Joyce ChangGlobal Strategic Research(1-212) 834-4203J.P. Morgan Perspectivesjoyce.chang13 May 2021Kimberly Harano(1-212) 834-4956kimberly.l.haranoJPMorgan Chases Approach to Environmental, Social and GovernanceAt JPMorgan Chase, environmental, social and governance (ESG) matters are an important consideration in how we do business, including our corporate governance systems, risk management and controls, human capital management, approach to serving clients and customers, support for local communities, and management of our physical operations.Equally important, we believe companies like ours have an obligation to put their businesses to work for all of their stakeholders. For our firm, this means we are leveraging our business and policy expertise, data, capital and global presence to help drive an inclusive recovery, expand access to economic opportunity, and accelerate sustainability and climate solutions.In October 2020, we announced our commitment to align our financing portfolio with the goals of the Paris Climate Agreement. To start, we have developed targets to reduce the carbon intensity in our Oil & Gas, Electric Power and Auto Manufacturing portfolios by 2030, and we are publicly sharing details about our process and methodology for measuring and tracking our progress, called Carbon Compass.We are also helping our clients execute on their sustainability strategies, decarbonize and raise capital to develop and scale new, greener technologies and industries. In 2020, we facilitated more than $220 billion in transactions that advance sustainable development and we aim to finance and facilitate an additional $2.5 trillion more over the next 10 years. In addition, we are working to advance effective policy development to address climate change and sustainable development. For example, as part of our active support for pricing carbon, in 2020 JPMorgan Chase joined the Climate Leadership Council. And, the firm achieved carbon neutrality within its operations, including sourcing renewable energy for 100 percent of its global power needs, for the first time in 2020 and will maintain this commitment each year going forward.In addition, we are harnessing our expertise in business, policy, and philanthropy to address key drivers of the racial wealth divide and provide economic opportunity to underserved communities, especially Black and Latinx communities. Building on our existing investments, in 2020 JPMorgan Chase committed an additional $30 billion which will include loans, equity and direct funding over the next five years to advance racial equity. We are also redoubling our efforts to build a more equitable and representative workforce within our own company.The events of 2020 the global pandemic, a societal reckoning with systemic racism and the increasingly visible effects of climate change underscore why understanding, anticipating, and effectively managing ESG matters is critical to delivering on our mission to serve our clients, customers, and communities. Now, more than ever, a strong focus on ESG is a business imperative and a key driver of long-term business success. We will continue to provide updates to our stakeholders on our efforts, and we invite you to learn more at 2Joyce ChangGlobal Strategic Research(1-212) 834-4203J.P. Morgan Perspectivesjoyce.chang13 May 2021Kimberly Harano(1-212) 834-4956kimberly.l.haranoContributing AuthorsLong-term StrategyESG & Sustainability ResearchJan LoeysSajal Jainjan.loeyssajal.jainJ.P. Morgan Securities LLCJ.P. Morgan India Private LimitedJapan Equity StrategyEuropean Equity ResearchRyota SakagamiEuropean Metals, Mining & Steelryota.sakagamiPatrick JonesJPMorgan Securities Japan Co., Ltd.patrick.jonesLatin America and Brazil Equity StrategyJ.P. Morgan Securities plcEmy Shayo ChermanCEEMEA Oil & Gasemy.shayoAlex ComerBanco J.P. Morgan S.A.erAsia Pacific Equity ResearchJ.P. Morgan Securities plcUtilities and EnvironmentalAngelina GlazovaStephen Tsui, CFAangelina.glazovastephen.tsuiJ.P. Morgan Bank International LLCJ.P. Morgan Securities (Asia Pacific) Limited / J.P. MorganEuropean Capital GoodsBroking (Hong Kong) LimitedAndrew WilsonInfrastructure, Industrials & Transportandrew.j.wilsonHan FuJ.P. Morgan Securities plchan.fuEuropean Oil and GasJ.P. Morgan Securities (Asia Pacific) Limited / J.P. MorganBroking (Hong Kong) LimitedChristyan F MalekASEAN TMTchristyan.f.malekJ.P. Morgan Securities plcRanjan Sharma, CFAMatthew Lofting, CFAranjan.x.sharmamatthew.loftingJ.P. Morgan Securities Singapore Private LimitedAPAC Data Driven ResearchJ.P. Morgan Securities plcJocelyn A Dsouza, CFAAnurag Rajat, CFAjocelyn.dsouzaanurag.rajatJ.P. Morgan India Private LimitedJ.P. Morgan Securities Singapore Private Limited/ J.P.Morgan Securities (Asia Pacific) LimitedEuropean Consumer Goods and BeveragesKorean AutosCeline Pannuti, CFASM Kimceline.pannutisangmyeong.kimJ.P. Morgan Securities plcJ.P. Morgan Securities (Far East) Limited, Seoul BranchEdward HockinUS Equity ResearchSoftware TechnologySterling Auty, CFAsterling.autyJ.P. Morgan Securities LLCInternetDoug Anmuthdouglas.anmuthJ.P. Morgan Securities LLCBryan M. Smilekbryan.smilekJ.P. Morgan Securities LLCCory A Carpentercory.carpenterJ.P. Morgan Securities LLCDae K Lee, CFAdae.k.leeJ.P. Morgan Securities LLCKaty Anselkaty.anselJ.P. Morgan Securities LLCNeeraj S Kookada, CFAneeraj.s.kookadaJ.P. Morgan India Private LimitedAlternative EnergyMark Strouse, CFAmark.w.strouseJ.P. Morgan Securities LLCIntegrated OilsPhil Gresh, CFAphil.m.greshJ.P. Morgan Securities LLCJohn M Royall, CFAjohn.m.royallJ.P. Morgan Securities LLCJapan Equity Researchedward.hockinLatin America Equity ResearchJapan Machinery, EnvironmentalJ.P. Morgan Securities plcLatAm Retail and HealthcareJoseph GiordanoTomohiko Sanojoseph.giordanotomohiko.sanoBanco J.P. Morgan S.A.JPMorgan Securities Japan Co., Ltd.Eugenia Cavalheiroeugenia.cavalheiroBanco J.P. Morgan S.A.Latin American FinancialsYuri R Fernandesyuri.r.fernandesJ.P. Morgan Securities LLC3Joyce ChangGlobal Strategic Research(1-212) 834-4203J.P. Morgan Perspectivesjoyce.chang13 May 2021Kimberly Harano(1-212) 834-4956kimberly.l.haranoContributing AuthorsDomingos Falavinadomingos.falavina J.P. Morgan Securities LLCGuilherme Grespanguilherme.grespan Banco J.P. Morgan S.A.Marlon Medina Roblesmarlon.medinaroblesJ.P. Morgan Casa de Bolsa, S.A. de C.V., J.P. Morgan Grupo FinancieroLatin American UtilitiesMilene Carvalhomilene.carvalho Banco J.P. Morgan S.A.Henrique Perettihenrique.peretti J.P. Morgan Securities LLCLatin American Transportation & Utilities Fernando Abdallafernando.abdalla Banco J.P. Morgan S.ALatAm Food & Beverages and Agribusiness Lucas Ferreiralucas.x.ferreira Banco J.P. Morgan S.A.Emerging Market EconomicsKatherine Marneykatherine.v.marney J.P. Morgan Securities LLCJessica Murrayjessica.x.murray J.P. Morgan Securities plcGlobal Index ResearchJarrad K Linziejarrad.k.linzie J.P. Morgan Securities plcLydia Harveylydia.harveyJ.P. Morgan Securities plcRupert Rinkrupert.rinkJ.P. Morgan Securities plcGlobal Credit ResearchEuropean CreditEla Kurtogluela.n.kurtoglu J.P. Morgan Securities plcUS CreditVirginia Chambless, CFAvirginia.chambless J.P. Morgan Securities LLCKevin L Kwankevin.l.kwanJ.P. Morgan Securities LLCTarek Hamidtarek.x.hamidJ.P. Morgan Securities LLCArjun Chandararjun.c.chandarJ.P. Morgan Securities LLCLatin America Corporate Research Sean Viscountsean.viscountJ.P. Morgan Securities LLCAlejandra Andradealejandra.andrade J.P. Morgan Securities LLCAsia Corporate ResearchSoo Chong Limsoochong.limJ.P. Morgan Securities (Asia Pacific) LimitedVarun Ahuja, CFAvarun.x.ahujaJ.P. Morgan Securities (Asia Pacific) LimitedQuantitative Credit ResearchShivam Ghoshshivam.ghoshJ.P. Morgan Securities plcEuropean Credit Strategy and Derivatives ResearchSaul Doctorsaul.doctorJ.P. Morgan Securities plcFixed Income ResearchSecuritized Products ResearchJohn Simjohn.simJ.P. Morgan Securities LLCAkshit R Jaisinghani, CFA, FRMakshit.r.jaisinghani J.P. Morgan Securities LLCAlex D. Krausalexander.d.kraus J.P. Morgan Securities LLCNick Maciunasnicholas.m.maciunas J.P. Morgan Securities LLCAni Gelashviliani.gelashviliJ.P. Morgan Securities LLCKaustub S. Samantkaustub.s.samant J.P. Morgan Securities LLCSanjana Prasadsanjana.t.prasadJ.P. Morgan Securities LLCChong Sinchong.c.sinJ.P. Morgan Securities LLCCrystal Lincrystal.linJ.P. Morgan Securities LLCRishad Ahluwaliarishad.ahluwaliaJ.P. Morgan Securities plcHeather A Rochfordheather.a.rochford J.P. Morgan Securities LLCInternational ABS and Covered Bonds Meghan C Kellehermeghan.c.kelleher J.P. Morgan Securities plcSuraj Dey, CFAsuraj.deyJ.P. Morgan Securities plcUS Fixed Income StrategyPhoebe A Whitephoebe.a.whiteJ.P. Morgan Securities LLCHenry St Johnhenry.stjohnJ.P. Morgan Securities LLCColin W Paivacolin.w.paivaJ.P. Morgan Securities LLCWilliam W Wadewilliam.walter.wadeJ.P. Morgan Securities plc4Joyce ChangGlobal Strategic Research(1-212) 834-4203J.P. Morgan Perspectivesjoyce.chang13 May 2021Kimberly Harano(1-212) 834-4956kimberly.l.haranoTable of ContentsExecutive summary .6ESG 2021: Going faster, broader, deeper after Bidens Earth Day Summit .7Biden's Climate Summit brings alignment of global goalsBidens Environmental & Energy policies: On the way to meeting his campaign pledges .18Bold pledges but no roadmap from Bidens Earth Day Climate Summit.23COVID-19 accelerates secular stagnation and raises the social cost of carbon .28Mainstreaming Sustainable Finance Disclosure Regulation in the EU A revolution for ESG investing .32Major investments for Japans environmental policies and ESG investing set in motion .38Hurdles for EM Sovereign ESG Strategies: Concepts and misconceptions in an uncharted world .42Navigating Greenhouse Gas Emissions Data: Building trust in the data sources.472030 is the new 2050: Is Hydrogen the solution for the