മๆᢞ㈨࡬ࡢ⎔ቃ࣭♫఍࣭࢞ࣂࢼࣥࢫ
㸦ESG㸧せ⣲ࡢ⤫ྜGeorg Inderst and Fiona Stewartᮏሗ࿌᭩䛿ୡ⏺㖟⾜䜾䝹䞊䝥䛾䝇䝍䝑䝣䛻䜘䜚ᇳ➹䛥䜜䜎䛧䛯䚹 ୡ⏺㖟⾜䜾䝹䞊䝥ചୗ䛻䛒䜛䚸 ୡ⏺㖟⾜ 䠄ᅜ㝿᚟⯆㛤Ⓨ㖟⾜䠅䚸 ᅜ㝿㔠⼥බ♫ 䠄IFC䠅䚸 ከᅜ㛫ᢞ㈨ಖドᶵ㛵 䠄MIGA䠅 䛿䚸 䛭䜜䛮䜜䛾タ❧༠ᐃ䛾ୗ䛷⤌⧊䛥䜜䛯䚸 ἲⓗ䛻䜒⊂❧䛧䛯ᶵ㛵䛷䛩䚹 ᮏ᭩䛿䚸 ᩍ⫱ⓗ䛚䜘䜃㠀Ⴀ฼┠ⓗ䛷䛾౑⏝䜢᥎ዡ䛧䜎䛩䚹ᮏ᭩䛻グ㍕䛥䜜䛶䛔䜛ㄪᰝ⤖ᯝ䚸 ゎ㔘䛚䜘䜃⤖ㄽ䛿䚸 ୡ⏺㖟⾜䜾䝹䞊䝥䛾ᒁ㛗䜔ຍ┕ྛᅜᨻᗓ䛾௦⾲䛷䛒䜛⌮஦䛾ぢゎ䜢཯ᫎ䛧䛶䛔䜛䛸䛿㝈䜚䜎䛫䜣䚹 䜎䛯䚸 ୡ㖟䜾䝹䞊䝥䛿ᮏ᭩䛻グ㍕䛥䜜䛶䛔䜛䝕䞊䝍䛾ṇ☜ᛶ䜢ಖド䛩䜛䜒䛾䛷䛿䛒䜚䜎䛫䜣䚹ⴭసᶒ࡟ࡘ࠸࡚
䛣䛾ห⾜≀䛾ෆᐜ䛿ⴭసᶒ䛷ಖㆤ䛥䜜䛶䛔䜎䛩䚹 ᮏ᭩䛾୍㒊䜎䛯䛿඲㒊䜢↓᩿䛷」෗䜔㏦ಙ䛩䜛䛣䛸䛿䚸 ἲᚊ䛻㐪཯䛩䜛ྍ⬟ᛶ䛜䛒䜚䜎䛩䚹 ୡ⏺㖟⾜䛿䚸 ᮏ᭩䛾ෆᐜ䛜ᗈ䛟ά⏝䛥䜜䜛䛣䛸䜢ዡບ䛧䚸 ᮏ᭩䛾ෆᐜ䛾㒊ศᘬ⏝䛻䛴䛔䛶䛿㏻ᖖ㏿䜔䛛䛻ᢎㅙ䛧䜎䛩䚹๪ḟⓗᶒ฼䜢ྵ䜐ⴭసᶒ䛸䝷䜲䝉䞁䝇䛻㛵䛩䜛඲䛶䛾䛚ၥ䛔ྜ䜟䛫䛿௨ୗ䛻䛚㢪䛔䛧䜎䛩䚹The Office of the Publisher, The World Bank Group,1818 H Street NW, Washington, DC 20433, USA
fax: 202-522-2422; e-mail: pubrights@worldbank.orgᇳ➹⪅ 䠖 Inderst, G. and Stewart, F.,ྡ⛠ 䠖

Incorporating Environmental, Social and Governance (ESG) Factors into Fixed Income Investment.

ୡ⏺㖟⾜䜾䝹䞊䝥ฟ∧≀ 䠄2018 ᖺ 4 ᭶䠅෗┿䛾ⴭసᶒ : IFC and World Bank Photo Libraries and Shutterstock

┠ḟ

␎ㄒ

III

ㅰ㎡

V

࢚ࢢࢮࢡࢸ࢕ࣈ࣭ࢧ࣐࣮ࣜ
1. ⌧≧ㄆ㆑࡜ㄪᰝ◊✲ࡢ⫼ᬒ
ESGᢞ㈨ࡢᐃ⩏

VII
1
2
3

ᢞ㈨ᐙࡢࣔࢳ࣮࣋ࢩࣙࣥ
ESG࡜࢖ࣥࣃࢡࢺᢞ㈨ࡢ࢔ࣉ࣮ࣟࢳ

62㸬മๆᢞ㈨࡟࠾ࡅࡿESGศᯒ࡜ࡣ㸽

9
11

♫മⓎ⾜య
ᅜമⓎ⾜య

12

ࡑࡢ௚ࡢമๆ࣭ドๆ

14

3. ESG࡜㈈ົࣃࣇ࢛࣮࣐ࣥࢫ㸫୺࡞ඛ⾜◊✲ࡢ⤖ᯝ

17

♫മ

18

ᅜമ

19

മๆࣇ࢓ࣥࢻ

20

4. മๆESGᢞ㈨ࡢࡓࡵࡢࢶ࣮ࣝ

23ಙ⏝᱁௜࡜ESG

23

ESGࢫࢥ࢔㸭ࣛࣥ࢟ࣥࢢ

24

ᅜูࢫࢥ࢔

26

ESGമๆᣦᩘ

27

5. മๆᢞ㈨ᐙࡣ࡝ࡢࡼ࠺࡟ESGࢆᐇ㊶ࡋ࡚࠸ࡿࡢ࠿㸽31ࢢ࣮ࣜࣥ࣎ࣥࢻࠊࢯ࣮ࢩࣕࣝ࣎ࣥࢻࠊࢧࢫࢸ࢖ࢼࣈࣝ࣎ࣥࢻࠊࡑࡢ௚ࡢࢸ࣮࣐ᆺമๆ

32ࣃࢵࢩࣈᢞ㈨35࢔ࢡࢸ࢕ࣈᢞ㈨36

ESGࡢࠕ඲㠃໬ࠖ

36

മๆᢞ㈨࡬ࡢ⎔ቃ࣭♫఍࣭࢞ࣂࢼࣥࢫ㸦(6*㸧せ⣲ࡢ⤫ྜ|I6. ୺࡞ࢺࣞࣥࢻ࡜ㄢ㢟

39

᭱᪂ືྥ

39

ESGᢞ㈨࡟࠾ࡅࡿㄢ㢟40

7. ⤖ㄽ㸸ࣉࣟࢭࢫ࠿ࡽ࢖ࣥࣃࢡࢺ࡬

45

ᢞ㈨ᐙ࡬ࡢ୺࡞ᩍカ

45

㐍ࡴ࡭ࡁ㐨

46

ḟࡢࢫࢸࢵࣉ

47⿵㑇49

⿵㑇1㸸࢖ࣥࢱࣅ࣮ࣗඛ

49⿵㑇2㸸ESGࡢᇶ‽50⿵㑇3㸸മๆࡢ≉ᚩ࡜ESG࡬ࡢ࢖ࣥࣉࣜࢣ࣮ࢩࣙࣥ

51⿵㑇4㸸ᅜࡢᣢ⥆ྍ⬟ᛶ࡟㛵ࡍࡿRobecoSAMࡢࣇ࣮࣒࣮ࣞ࣡ࢡ

52⿵㑇5㸸Bloomberg Barclays MSCI ESGമๆᣦᩘ

53

ཧ⪃ᩥ⊩

55

⬮ὀ

61

Box
Box 1㸸ESG࡟㛵ࡍࡿᢞ㈨ᐙᅋయࠊᇶ‽ࠊཎ๎4

Box 2㸸ESG࡜つไ5

Box 3㸸Ẽೃኚື࡟㛵㐃ࡋࡓᢞ㈨6

Box 4㸸EAPFࡢࢧࢫࢸ࢖ࢼࣈࣝᢞ㈨࡜ ᐊຠᯝ࢞ࢫ๐ῶ┠ᶆ38

ᅗ1㸸࢖ࣥࣃࢡࢺᢞ㈨ࡢ᥎㐍ຊ

8ᅗ2㸸ᰴᘧ࣭മๆᢞ㈨࡟࠾ࡅࡿESGᢞ㈨ᡓ␎ࡢ㐺ྜᛶ

10

ᅗ3㸸മๆ࡟࠾ࡅࡿESG⤫ྜࡢỈ‽15

ᅗ4㸸୺࡞ඛ⾜◊✲ࡢ⤖ᯝ

20

ᅗ5㸸RobecoSAM࡟࠾ࡅࡿESG࢙࢘࢖ࢺ

27

ᅗ6㸸ESG⤫ྜࡢỈ‽32

ᅗ7㸸࣮ࣞ࣋ࣝࢻ࣭ࢢ࣮ࣜࣥ࣎ࣥࢻᕷሙࡢつᶍ㸦Ⓨ⾜యࢱ࢖ࣉู㸧33

ᅗ8㸸࣮ࣞ࣋ࣝࢻ࣭ࢢ࣮ࣜࣥ࣎ࣥࢻᕷሙࡢつᶍ㸦ᅜู㸧

34

ᅗ9㸸PGGM࡟࠾ࡅࡿESG࢔ࣉ࣮ࣟࢳ

37

ᅗ10㸸ࢧࢫࢸ࢖ࢼࣈࣝᢞ㈨࡟࠾ࡅࡿㄢ㢟41

⾲1㸸ᰴᘧᢞ㈨ᐙ࡜മๆᢞ㈨ᐙࡢ࢚ࣥࢤ࣮ࢪ࣓ࣥࢺ

11

⾲2㸸␗࡞ࡿⓎ⾜యࢱ࢖ࣉࡈ࡜ࡢࢫࢡ࣮ࣜࢽࣥࢢᇶ‽13

⾲3㸸MSCI࡟࠾ࡅࡿ௻ᴗࡢ୺せESGㄢ㢟

25

⾲4㸸⊂⮬ࢫࢡ࣮ࣜࢽࣥࢢ࡛฼⏝ྍ⬟࡞࢝ࢸࢦ࣮ࣜ

28

⾲5㸸മๆ࡟࠾ࡅࡿESGᡓ␎㸦㈨⏘つᶍู㸧

31

ᅗ

⾲

II | ┠ḟ␎ㄒ
ABS

Asset-backed Securities

AI

Artificial Intelligence

AIGCC

Asia Investor Group on Climate ChangeAIM

Affirmative Investment Management

ALM

Asset and Liability Management

AODP

Asset Owners Disclosure Project

CAT

Catastrophe Bonds

CCM

Convention on Cluster Munitions

CDP

Carbon Disclosure Project

CDS

Credit Default Swap

CFP

Corporate Financial Performance

CRA

Credit Rating Agency

CSR

Corporate Social Responsibility

EAPF

Environment Agency Pension Fund

EIB

European Investment BankETF

Exchange Traded Funds

ESG

Environmental, Social and Governance

GBP

Green Bond Principles

GIC

Global Investor Coalition on Climate

GIIN

Global Impact Investing Network

GP

General Partner

GPIF

Government Pension Investment Fund

GRI

Global Reporting Initiative

GSIA

Global Sustainable Investment Alliance

GSSB

Global Sustainability Standards Board

ICGNInternational Corporate Governance Network

ICMA

International Capital Market

IFC

International Finance Corporation

IG

Investment-grade

IGCC

Investor Group on Climate Change

IIGCC

Institutional Investors Group on Climate Change

ILS

Insurance-linked Securities

IRIS

Impact Reporting and Investment Standards

JFSA

Japan䇻s Financial Service Authority

LDI

Liability-driven Investment

MBS

Mortgage-Backed Security

OECD

Organization for Economic Co-operation andDevelopment

PE

Private Equity

മๆᢞ㈨࡬ࡢ⎔ቃ࣭♫఍࣭࢞ࣂࢼࣥࢫ㸦(6*㸧せ⣲ࡢ⤫ྜ

| III

III

PRI

UN Principles of Responsible Investing

SIB

Social Impact Bonds

RI

Responsible Investing

SPVSpecial Purpose Vehicle

SASB

Sustainability Accounting Standards Board

SRI

Socially Responsible Investment

SBP

Social Bond Principles

TCFD

Task Force on Climate-related Financial

SDGs

Sustainable Development Goals

SDSN

Sustainable Development Solutions Network

TIIP

The Investment Integration ProjectSI

Sustainable Investing

UNEP

United Nations Environment Programme

UNGC

UN Global Compact

IV | ␎ㄒ

Disclosuresㅰ㎡䛣䛾ㄪᰝሗ࿌᭩䛿䚸 ୡ⏺㖟⾜䜾䝹䞊䝥 䠄WBG䠅 䛾䝆䝮 䡡 䝶䞁 䡡 䜻䝮⥲⿢䛸䚸 ᖺ㔠✚❧㔠⟶⌮㐠⏝⊂❧⾜ᨻἲே 䠄GPIF䠅 䛾Ỉ㔝ᘯ㐨⌮஦ව CIO 䛻䜘䛳䛶ጞ䜑䜙䜜䛯䝟䞊䝖䝘䞊䝅䝑䝥䛾ᡂᯝ䛷䛒䜛䚹 䛭䛾┠ⓗ䛿䚸 ୡ⏺
㖟⾜䚸 WBG 䛷Ẹ㛫㒊㛛䛻≉໬䛧䛯ᅜ㝿㔠⼥බ♫ 䠄IFC䠅䚸 GPIF 䛜༠ຊ䛧䛶䚸 ᵝ䚻䛺㈨⏘䜽䝷䝇䜈䛾ᢞ㈨䛾ពᛮỴᐃ䛻䚸 ⎔ቃ 䞉 ♫఍ 䞉 䜺䝞䝘䞁䝇 䠄ESG䠅 䛾ᇶ‽䜢⤌䜏㎸䜐ᡓ␎䜢ಁ䛩䛣䛸䛻䛒䜛䚹 ᭱⤊ⓗ䛺┠ᶆ䛿䚸 ᣢ⥆ྍ⬟䛺ᢞ㈨䜈ྥ䛡䛶䛥䜙䛻ከ䛟䛾㈨ᮏ䜢᣺䜚ྥ䛡䚸 Ẹ㛫㒊㛛䜢ά⏝䛧䛶ᅜ㐃䛾ᣢ⥆ྍ⬟䛺㛤Ⓨ┠ᶆ 䠄SDGs䠅 䛾㐩ᡂ䛻ᚲせ䛺つᶍ䛾ᢞ㈨䜢ᐇ⌧䛩䜛䛣䛸䛻䛒䜛䚹䛣䛾䝟䞊䝖䝘䞊䝅䝑䝥䛿䚸 䝫䞊䝖䝣䜷䝸䜸䛾඲䛶䛾㈨⏘䜽䝷䝇䞁 䞉 䝣䜰 IFC ㈈ົᢸᙜ๪⥲⿢䚸 䝰䝙䝑䝅䝳 䞉 䝬䝹䜹 IFC ๪䛻 ESG 䛾⤫ྜ䜢㐍䜑䜛 GPIF 䛾ᡓ␎ⓗྲྀ䜚⤌䜏䜢཯ᫎ䛧䛯⥲⿢䛻䛿䚸 ୡ⏺㖟⾜䜾䝹䞊䝥䛷䛣䛾ྲྀ⤌䜏䜢᥎㐍䛧䛶㡬䜒䛾䛷䛒䜚䚸 䛣䛾ㄪᰝሗ࿌᭩䛷䛿䚸 മๆᢞ㈨䜈䛾 ESG 䛾䛔䛯䛣䛸䛻䚸 䝝䜲䜿 䞉 䝷䜲䝠䜵䝹䝖Ặ䛸䜰䝔䜱䝲 䞉 䜹䞊䝬䝸䞊Ặ⤫ྜ䛻↔Ⅼ䜢ᙜ䛶䛶䛔䜛䚹 䜎䛯䛣䛾ㄪᰝ䛿䚸 WBG 䛻䛸䛳䛶䛻䛿䚸 GPIF 䛸䛾䝟䞊䝖䝘䞊䝅䝑䝥䜢୺ᑟ䛧䛶㡬䛔䛯䛣䛸䛻ឤ䜒䚸 㛤Ⓨ㈨㔠䜢᭱኱໬䛥䛫䚸 䜘䜚ᣢ⥆ྍ⬟䛺㈨ᮏᕷሙ䛾ㅰ䜢⏦䛧ୖ䛢䜛䚹 䜎䛯䜰䝹䝣䜷䞁䝋 䞉 䜺䝹䝅䜰䞉 䝰䝷Ặ䚸 䝆䝵Ⓨᒎ䜢ಁ䛩ྲྀ䜚⤌䜏䛻㈨䛩䜛䜒䛾䛸䛺䛳䛶䛔䜛䚹䞁䞉䜺䞁䝗䝹䝣䜷Ặ䚸 䝆䝵䞊䝆䞉䝸䝏䝱䞊䝗䝋䞁Ặ䚸 䜰䞁䝗䝸䝳䞊䞉䛣䛾ሗ࿌᭩䛾ⴭ⪅䛿䚸䝆䝵䞊䝆䞉䜲䞁䝎䞊䝇䝖䛸䝣䜱䜸䝘䞉䝇䝏䝳䝽䞊䝖䛷䛒䜛䚹 䝆䝵䞊䝆 䞉 䜲䞁䝎䞊䝇䝖䛿䚸 䜾䝸䞊䞁䝣䜯䜲䝘䞁䝇䛸䜲䞁䝣䝷ᢞ㈨䜢ᑓ㛛䛸䛩䜛⊂❧䛾䜶䜻䝇䝟䞊䝖 䞉 䝁䞁䝃䝹䝍䞁䝖䛷䛒䜚䚸 䝣䜱䜸䝘 䞉䝇䝏䝳䝽䞊䝖䛿䚸 ୡ⏺㖟⾜䛾㔠⼥ 䞉➇தຊ 䞉 䜲䝜䝧䞊䝅䝵䞁䛾䜾䝻䞊䝞䝹 䞉 䝥䝷䜽䝔䜱䝇䛻䛚䛡䜛䝸䞊䝗 䡡 䝣䜯䜲䝘䞁䝇 䡡 䝉䜽䝍䞊 䞉䝇䝨䝅䝱䝸䝇䝖䛷䛒䜛䚹 ⴭ⪅䛿䜎䛪䚸 ▱ぢ䜔⤒㦂䜢ඹ᭷䛧䛶㡬䛔䛯䜰䝉䝑䝖䜸䞊䝘䞊䚸㐠⏝఍♫䚸 ᅜ㝿⤌⧊䚸 Ẹ㛫䛾䝃䞊䝡䝇ᥦ౪఍♫䚸 ⊂❧䛾ᑓ㛛ᐙ䛾ⓙᵝ䛻ᚚ♩⏦䛧ୖ䛢䛯䛔䚹 ຍ䛘䛶䚸 䝆䝵䜰䜻䞁䞉䝺䝡ୡ⏺㖟⾜䜾䝹䞊䝥ᑓົ⌮஦ව᭱㧗㈈ົ㈐௵⪅䠄CFO䠅䚸 䜰䝹䞁䝬 䞉 䜸䝔ୡ⏺㖟⾜㈈ົᢸᙜ๪⥲⿢䚸 䝆䞁䝗䜽䝻䝇Ặ䚸 䝃䝭䝳䜶䝹 䞉 䝮䞁䝊䝺 䞉 䝬䜲䞁䝪ྛẶ䛛䜙䛿䚸 䛣䛾◊✲䛻ᑐ䛧ᨭ᥼䜔ᥦゝ䜢㡬䛔䛯䚹 䜎䛯ᑓ㛛ⓗ䛺䛤ᥦゝ䜢㡬䛔䛯䛸䛔䛖Ⅼ䛻䛚䛔䛶䚸 䝁䝸䞊䞁䞉䜻䞊䝘䞁Ặ䚸 䝬䝹䝉䝻䞉䝆䝵䞊䝎䞁Ặ䚸 䝬䝹䝔䜲䞁 䞉 䝺䞊䝀䝸䞁䜽Ặ䚸 䝝䝹䞁 䞉 䝗䝂Ặ䚸䝇䞂䜵䝹䝍䞊䝘 䞉 䜽䝸䝯䞁䝁Ặ䚸 䝧䝸䝖 䞉 䝸䞁䝗䝩䝹䝖䠉䝻䞊䝸䝊䞁Ặ䚸 䜰䝺䝑䜽䝇 䞉 䝧䝹䜽ㅖẶ䜈䜒≉䛻ឤㅰ䛾ព䜢♧䛧䛯䛔䚹ୡ⏺㖟⾜ᮾி஦ົᡤ䛾᭷㤿Ⰻ⾜Ặ䚸 ᰗ⨾బẶ䚸 IFC ᮾி஦ົᡤ䛾ሷ⃝೺୍㑻Ặ䛻䛿䚸 ሗ࿌᭩䛾࿴ヂ䜢ྵ䜑䛤ᑾຊ㡬䛔䛯䚹 䜾䝷䝣䜱䝑䜽䝕䝄䜲䞁䛸䝺䜲䜰䜴䝖䜢ᢸᙜ䛧䛶䛟䜜䛯䜰䜲䝏䞁䞉䝸䝮䞉䝆䝵䞊䞁䝈Ặ䚸䝘䝺䝑䝆䛾⟶⌮䜔䝁䝭䝳䝙䜿䞊䝅䝵䞁䛾ᨭ᥼䜢⾜䛳䛶䛟䜜䛯䝸䝳䝗䝭䝷䞉䜴䞂䜯䝻䞂䜯Ặ䛸䝙䞊䝘䞉

മๆᢞ㈨࡬ࡢ⎔ቃ࣭♫఍࣭࢞ࣂࢼࣥࢫ㸦(6*㸧せ⣲ࡢ⤫ྜ|V䝡䝳䝉䝙䝑䜽Ặ䚸 ⣲ᬕ䜙䛧䛔䝸䝃䞊䝏䜰䝅䝇䝍䞁䝖䛾䜲䞁䝘 䞉す⏣኱ᇛẶ䚸 Ώ㎶᱇ኈẶ䛻䛿䚸 ཧ⪃䛻䛺䜛䛤ᥦゝ䛸䛤༠䝺䝭䝌䞂䜯Ặ䛸䝸䜰䞉 䜽䝉䞁䝉䝷Ặ䛻䜒ឤㅰ䜢⏦䛧ୖ䛢䜛䚹 䛣ຊ䜢㡬䛔䛯䛣䛸䛻ᑐ䛧ᚚ♩䜢⏦䛧ୖ䛢䛯䛔䚹 ௒ᚋ䜒ᘬ䛝⥆䛝䛾ሗ࿌᭩䛿䜎䛯䚸 䜶䜲䜻䞁䝏䝱䞁䞉䝆䜵䜲䞁Ặ䚸 䜾䝺䝑䜾䞉䝻䞊ᙼ䜙䛸䛾ᑐヰ䛸༠ാ䜢ᴦ䛧䜏䛻䛧䛶䛔䜛䚹䝊䞁䝞䞊䜾Ặ䚸 䜶䜲䞂䜱䞁䝗 䞉 䜸䜲Ặ䚸 䝆䝳䝕䜱䝇 䞉 䝮䞊䜰Ặ䜢䛿䛨䜑䛸䛩䜛ㅖẶ䛛䜙䛾ᰝㄞ䝁䝯䞁䝖䛻䜒ከ኱䛺ᜠᜨ䜢ཷ䛡䛯䚹 ᭱ᚋ䛻䚸 GPIF 䛾ⓙᵝ䛸ඹ䛻ാ䛟䛣䛸䛜䛷䛝䛶㠀ᖖ䛻ගᰤ䛷䛒䛳䛯䚹 㧘ᶫ๎ᗈ⌮஦㛗䚸 Ỉ㔝ᘯ㐨⌮஦䛻䛿䛭䛾ᨭ᥼䛸ᣦᑟຊ䛻ᑐ䛧䛶䚸 䜎䛯኱▼ဴஓẶ䚸 ᮌᮧ⋞ⶶẶ䚸

VI | ㅰ㎡࢚ࢢࢮࢡࢸ࢕ࣈ࣭
ࢧ࣐࣮ࣜ⎔ቃ 䞉 ♫఍ 䞉 䜺䝞䝘䞁䝇 䠄ESG䠅 䛜䚸 മๆᢞ㈨ᐙ䛻䛸䛳䛶㔜せ䛺ಙ⏝䝸䝇䜽せ⣲䛷䛒䜛䛣䛸䜢ከ䛟䛾◊✲䛜♧䛧䛶䛔䜛䚹 䜎䛯䚸 䛭䛾ᐇド⤖ᯝ䛿䚸 ESG 䛾⤫ྜ䛜㈈ົⓗ䛺฼┈䛾≛≅䛻䛴䛺䛜䜛䛸䛾ぢゎ䜢ྰᐃ䛧䚸 䜐䛧䜝䜘䜚Ᏻᐃ䛧䛯㈈ົⓗ䛺฼┈䜢ᚓ䜛䛯䜑䛻䚸 ໟᣓⓗ䛺ಙ⏝䝸䝇䜽ศᯒ䛾୍㒊䛸䛧䛶മๆᢞ㈨䛻 ESG 䜢⤫ྜ䛩䜉䛝䛣䛸䜢♧၀䛧䛶䛔䜛䚹 ESG ᢞ㈨䛿䚸 䜾䝸䞊䞁䝪䞁䝗䛻㝈ᐃ䛥䜜䛯≉ู 䞉 ≉Ṧ䛺άື䛷䛿䛺䛟䚸 മๆᢞ㈨ᐙ䛻䛸䛳䛶䛾୍⯡ⓗ䛺ᢞ㈨䝥䝻䝉䝇䛸䛺䜚䛴䛴䛒䜛䚹

മๆᢞ㈨䜈䛾 ESG 䛾⤫ྜ䛻䛿≉᭷䛾ㄢ㢟䜒䛒䜛䛜䚸 ᰴ㈨䝥䝻䝉䝇඲య䜈䛾 ESG 䛾⤫ྜ䛺䛹䛜ᣲ䛢䜙䜜䜛䚹 䛣䜜䜙

ᘧᢞ㈨䛷䛾౛䛻ᛴ㏿䛻㏣䛔䛴䛝䛴䛴䛒䜚䚸 ≉䛻♫മ䛸ᅜ䛾ᐇ⌧䛻䛒䛯䛳䛶䛿䚸 ESG 䛻㛵㐃䛧䛯ᵝ䚻䛺䝃䞊䝡䝇䜢ᥦ㝿ᶵ㛵മ䛻䛚䛔䛶ⴭ䛧䛔䚹 䛯䛰䛧䚸 ᅜമ䚸 ㈨⏘ᢸಖドๆ䚸౪䛩䜛஦ᴗ⪅䛾ᡭἲ䛻䛭䛾䜎䜎ᚑ䛖ሙྜ䜒䛒䜜䜀䚸 ᶵ㛵䝥䝷䜲䝧䞊䝖 䞉 䝕䝑䝖䛻䛚䛔䛶䛿䚸 䜎䛰ㄢ㢟䛜ከ䛔䛾䜒⌧≧ᢞ㈨ᐙ䛾⊂⮬䛾ဴᏛ䜔┠ᶆ䛻ἢ䛳䛶䜹䝇䝍䝬䜲䝈䛩䜛ሙྜ䛷䛒䜛䚹 䜎䛯䚸 ୍㒊䛾ᢞ㈨ᐙ䛷䛿䚸 ESG 䜢䝸䝇䜽䛸䝸䝍䞊䞁䜒䛒䜛䚹䛾ഃ㠃䛸䛧䛶䜏䜛䛰䛡䛷䛺䛟䚸 ESG 䛸 䛂䜲䞁䝟䜽䝖䛃 ᢞ㈨䜢
⤫ྜ䛥䛫䜛ື䛝䜒䜏䜙䜜䜛䚹 䛭䛾᪉ἲ䛸䛧䛶䛿䚸 䝫䞊䝖䝣䜷䝸䜸䛜⎔ቃ䜔♫఍䛻䛚䛡䜛≉ᐃ䛾஦㇟䛻୚䛘䜛䜲䞁䝟䜽䝖䜢ᐃ䛧䚸 䛥䜙䛻㐍䜣䛷ᅜ㝿㐃ྜ䛾 䛂ᣢ⥆ྍ⬟䛺㛤Ⓨ┠ᶆ䛃䠄SDGs䠅 䛸㛵㐃䛵䛡䜛ᡭἲ䛺䛹䛜ᣲ䛢䜙䜜䜛䚹౫↛䛸䛧䛶䚸 ከ䛟䛾ᢞ㈨ᐙ䛻䛸䛳䛶 ESG 䛾ᐇ㊶䛻䛿䜎䛰ㄢ㢟䛜䛒䜚䚸 ≉䛻മๆᢞ㈨䛷䛿䛺䛚䛥䜙䛷䛒䜛䚹 ESG 䛻䛴䛔䛶䛿䜎䛰ᶆ‽ⓗ䛺ᐃ⩏䛜☜❧䛥䜜䛶䛚䜙䛪䚸≉䛻䛂♫఍䛃䠄S䠅
䛾ศ㔝䛻㛵䛧䛶䛿ᵝ䚻䛺ぢゎ䛜䛒䜛䚹 䝕䞊䝍䛻䛴䛔䛶䛿䚸⢭ᗘ䛜㧗䜎䜚䛴䛴䛒䜚䚸 ᝟ሗ※䜒ከᵝ䛻䛺䛳䛶䛔䜛䜒䛾䛾䚸ᶵ㛵ᢞ㈨ᐙ䛜 ESG 䜢ᐇ㊶䛩䜛㝿䛻䛿䚸 ᵝ䚻䛺ᡭἲ䛜䛒䜛䚹᪂⯆ᅜᕷሙ䜢୰ᚰ䛻䜎䛰༑ศ䛸䛿䛔䛘䛺䛔䚹 ≉䛻䚸 മๆ䛻౛䛘䜀䚸 䛂䝺䞊䝧䝹䝗 䠄䜾䝸䞊䞁䝪䞁䝗䚸 䝋䞊䝅䝱䝹䝪䞁䝗䚸䛴䛔䛶䛿䚸 Ⓨ⾜య 䠄≉䛻ᅜമ䛾Ⓨ⾜య䛷䛒䜛ᨻᗓ䠅 䛸䛾䝃䝇䝔䜲䝘䝤䝹䠅 䝪䞁䝗䛃 䠄ヂὀ 䠖 Ⓨ⾜య䛜䜾䝸䞊䞁䝪䞁䝗➼䜶䞁䝀䞊䝆䝯䞁䝖 䠄ᘓタⓗ䛺ᑐヰ䠅 䛾᥎㐍䛜㞴䛧䛔䚸 ಙ⏝

䛸䛧䛶Ⓨ⾜䛧䚸 ㄪ㐩㈨㔠䛜⎔ቃ➼䛾㛵㐃㈨⏘䠋䝥䝻䝆䜵䜽᱁௜䜔മๆᣦᩘ䛻䛚䛔䛶 ESG 䛜ᯝ䛯䛩ᙺ๭䛜୙᫂░䚸䝖䛻඘䛶䜙䜜䜛മๆ䠅䛾㉎ධ䚸ESG 䜔♫఍ⓗ㈐௵ᢞ㈨䠄SRI䠅

ᰴᘧ䛸ẚ䜉䛶ஈ䛧䛔മๆᣦᩘ䛾㑅ᢥ⫥䚸 ≉ᐃ䛾 ESG 䛻↔

䛾䝣䜯䞁䝗タᐃ䜔䛭䛖䛧䛯䝣䜯䞁䝗䜈䛾ᢞ㈨䚸 ESG ᣦᩘ䛻㏣

Ⅼ䜢⤠䛳䛯ᢞ㈨ၟရ䛾୙㊊䛸䛔䛳䛯ㄢ㢟䜒䛒䜛䚹 䜎䛯䚸 䜾㝶䛩䜛ᢞ㈨䚸 ESG 䛾䜰䜽䝔䜱䝤㐠⏝䝬䝛䝆䝱䞊䛾᥇⏝䚸 ᢞ䝸䞊䞁䝪䞁䝗ᕷሙ䛻㛵䛧䛶䛿䚸 ౪⤥䛻ᑐ䛩䜛㟂せ㐣ከ䛾ၥമๆᢞ㈨࡬ࡢ⎔ቃ࣭♫఍࣭࢞ࣂࢼࣥࢫ㸦(6*㸧せ⣲ࡢ⤫ྜ| VII㢟䜒䛒䜛䚹 䛥䜙䛻䚸 ESG 䛸മๆ䛻㛵䛩䜛ᴫᛕⓗ䛺ศᯒ䛿䚸䛒䜚䚸 ESG せ⣲䛜മๆᢞ㈨䛻୚䛘䜛ᙳ㡪䛻䛴䛔䛶䛾䜘䜚୍ಙ⏝䝸䝇䜽䛻䛸䛹䜎䜙䛪䚸 ὶືᛶ䝸䝇䜽䜔䛭䛾௚䛾ᕷሙ䝸䝇䜽ᒙ䛾◊✲䛜ồ䜑䜙䜜䜛䚹 䜎䛯䚸 ᢞ㈨ᐙ䛜⮬㌟䛾ྲྀ䜚⤌䜏䜢䛸 ESG 䛸䛾㛵㐃䛻䜎䛷ᒎ㛤䛩䜛䛣䛸䛜ᮃ䜎䜜䜛䚹䜹䝇䝍䝬䜲䝈䛩䜛䛯䜑䛻䛿䚸 ESG 䛾㐺⏝䛸䜲䞁䝟䜽䝖ᢞ㈨䛻

ESG ᢞ㈨䛿䚸 䛭䛾㐣⛬䜢㔜ど䛩䜛䜒䛾䛛䜙䚸 䛭䛾⤖ᯝ䜢㔜ど䛩䜛䜒䛾䜈䛸Ⓨᒎ䛧䛴䛴䛒䜛䚹 ௒ᚋ䛻ྥ䛡䛶䛿䚸 䜎䛪䚸
ESG 䝕䞊䝍䜢䜘䜚ᖜᗈ䛟䛛䛴῝᥀䜚䛩䜛ດຊ䜢⥅⥆䛩䜉䛝䛷

VIII | ࢚ࢢࢮࢡࢸ࢕ࣈ࣭ࢧ࣐࣮ࣜ

䛚䛡䜛ཎ๎䜔ᇶ‽䛻䛴䛔䛶䛥䜙䛻᳨ウ䛩䜛వᆅ䛜䛒䜛䚹 ᭱ᚋ䛻䚸 മๆ䛻䜘䜛ᣢ⥆ྍ⬟䛺ᢞ㈨䛻ᑐ䛩䜛㟂せ䛾㧗䜎䜚䛻ぢྜ䛖䚸 䜘䜚㠉᪂ⓗ䛺ᢞ㈨ၟရ䜒ồ䜑䜙䜜䛶䛔䜛䚹1. ⌧≧ㄆ㆑࡜ㄪᰝ◊✲ࡢ⫼ᬒ㈨ᮏᕷሙ䛿䚸 ᢞ㈨䜢፹௓䛧䛶⤒῭䛾ᡂ㛗䜔⦾ᰤ䜢ಁ䛩㔜せ䛺ᙺ๭䜢ᯝ䛯䛧䛶䛔䜛䚹 䜰䝉䝑䝖䜸䞊䝘䞊䛸㔠⼥௰௓ᶵ㛵䛻䛿䚸 ⌧ᅾᚲせ䛸䛥䜜䛶䛔䜛䜒䛾䛰䛡䛷䛺䛟䚸 ᑗ᮶ୡ௦䛜ᚲせ䛸䛩䜛䜒䛾䜒ᚓ䜙䜜䜛䜘䛖䚸ᣢ⥆ྍ⬟䛺Ⓨᒎ䜈䛾㈨㔠౪⤥䛻㈉⊩䛩䜛䛣䛸䛜ồ䜑䜙䜜䛶䛔䜛䚹♫఍ⓗ㈐௵ᢞ㈨䚸 ೔⌮ᢞ㈨䚸 ESG ᢞ㈨䜢ྵ䜐ᣢ⥆ྍ⬟ぢ䛫䛶䛚䜚䚸 ≉䛻മๆ䛻䛴䛔䛶䛿䚸 ᶵ䛺ᢞ㈨䛿䚸 ୍⯡ⓗ䛺㔠⼥ᕷሙ䛻䛚䛔䛶ᛴ㏿䛻㊊ሙ䜢ᅛ䜑㛵ᢞ㈨ᐙ䛾㈨⏘䛾䛖䛱┦ᙜ䛾๭ྜ䜢༨䜑䛶䛔䜛䛴䛴䛒䜛䚹 ୡ⏺䝃䝇䝔䜲䝘䝤䝹ᢞ㈨䜰䝷䜲䜰䞁䝇䠄GSIA2017䠅䛣䛸䛛䜙䚸 䛭䛾ື䛝䛿㢧ⴭ䛷䛒䜛 3䚹 ESG ᢞ㈨䛸ᰴᘧᕷ䛻䜘䜛䛸䚸 ୡ⏺ⓗ䛻 ESG ᢞ㈨䛿䚸 㐣ཤ 2 ᖺ㛫䛷 25䠂ቑሙ䛷䛾䝟䝣䜷䞊䝬䞁䝇䛾㛵ಀ䛻䛴䛔䛶䛿䚸 ከ䛟䛾Ꮫ⾡ⓗ 䞉

ຍ䛧䚸 23 ඙䝗䝹䜎䛷ᡂ㛗䛧䛯䚹 䛣䜜䛿䚸 ୡ⏺䛾ᶵ㛵ᢞ㈨ᐇົⓗ䛺ㄪᰝ䛜⾜䜟䜜䛶䛝䛯䛜䚸 മๆᕷሙ䜈䛾ᙳ㡪䛻䛴1ᐙ䛜㐠⏝䛩䜛㈨⏘䛾 1 䠋 4 䛻༉ᩛ䛩䜛 䚹䛔䛶฼⏝䛷䛝䜛ㄪᰝ䛿㠀ᖖ䛻ᑡ䛺䛔䚹

ESG ᢞ㈨䛿 1990 ᖺ௦䛛䜙ὀ┠䜢㞟䜑䜛䜘䛖䛻䛺䛳䛯䚹 ᰴ䛥䜙䛻䚸 ከ䛟䛾䜰䝉䝑䝖䜸䞊䝘䞊䛯䛱䛿䚸 ㈈ົⓗ䛺┠ᶆ䛻ຍᘧᕷሙ䛻䛚䛔䛶᐀ᩍ䚸 ౯್ほ䚸 ⎔ቃ➼䛾䝔䞊䝬䛻ἢ䛳䛯䛘䚸 ♫఍䜔⎔ቃ䛻ᑐ䛧䛶䝫䝆䝔䜱䝤䛺䜲䞁䝟䜽䝖䜢୚䛘䜛䜘䛖άື䜢⾜䛳䛶䛔䛯ᢞ㈨ᐙ䛛䜙ጞ䜎䛳䛯䛣䛾ື䛝䛿䚸 2006 ᖺ䛺ᢞ㈨䜢ቑ䜔䛩䛣䛸䛻┠䜢ྥ䛡ጞ䜑䛶䛔䜛䚹 䝟䝸༠ᐃ䛻ᥦၐ䛥䜜䛯ᅜ㐃㈐௵ᢞ㈨ཎ๎ 䠄PRI䠅 䛻䜘䛳䛶ᣑ኱䛧䚸

䠄COP21䠅 ᚋ䛾Ẽೃኚື䝸䝇䜽䜔ᨻ⟇䚸 2015 ᖺ䛾ᅜ㐃䛾ᣢ

2007 ᖺ䛻䛿ᅜ㝿ᶵ㛵䛻䜘䛳䛶䝺䞊䝧䝹䝗 䞉 䝪䞁䝗䛜Ⓨ⾜䛥⥆ྍ⬟䛺㛤Ⓨ┠ᶆ 䠄SDGs䠅 䜢㋃䜎䛘䚸 ᢞ㈨᪉㔪䜢෌⪃䛩䜜䛯䛣䛸䛷䚸 മๆ䛻䛚䛔䛶䜒ಁ㐍䛥䜜䜛䜘䛖䛻䛺䛳䛯䚹 䛣䛖䛧䜛ྥ䛝䜒䛒䜛䚹 ௒ᚋ䚸 മๆ䜢ྵ䜑䛯඲䛶䛾㈨⏘䛿䚸 ♫఍䛸䛯മๆ䛾Ⓨ⾜䛿䚸 ㏆ᖺ䚸 ᣢ⥆ྍ⬟䛺㔠⼥䛻㛵䛩䜛Ḣᕞ⎔ቃ䛻୚䛘䜛ຠᯝ䜔እ㒊ᛶ䛻䜘䛳䛶ホ౯䛥䜜䜛䛣䛸䛻䛺䜛䛰ጤဨ఍䛾䝝䜲䝺䝧䝹ᑓ㛛ᐙ䜾䝹䞊䝥䜔䚸 㔠⼥Ᏻᐃ⌮஦఍䜝䛖䚹

䠄FSB䠅 䛾Ẽೃ㛵㐃㈈ົ᝟ሗ㛤♧䝍䝇䜽䝣䜷䞊䝇 䠄TCFD䠅 䜲䝙䝅䜰䝔䜱䝤䛻ຍ䛘䚸 䝬䞊䜽 䞉 䜹䞊䝙䞊 䞉 䜲䞁䜾䝷䞁䝗㖟⾜⥲⿢➼䛾䝇䝔䞊䜽䝩䝹䝎䞊䛛䜙䛾ຓຊ䜒ᚓ䛶䚸 䛒䜙䛯䜑䛶⬮ග䜢㞟䜑䛶䛔䜛 2䚹ఏ⤫ⓗ䛻䚸 ESG ᢞ㈨䛾୰ᚰ䛿ᰴᘧᕷሙ䛷䛒䛳䛯䚹 䛯䛰䛧䚸㏆ᖺ䛷䛿䚸 ESG 䛿䛭䛾௚䛾㈨⏘䜽䝷䝇䛻䜒ᛴ㏿䛻ᗈ䛜䜚䜢䛣䛾ሗ࿌᭩䛿䚸 ㏆ᖺⴭ䛧䛔Ⓨᒎ䜢㐙䛢䛶䛔䜛䚸 മๆ䛻䛚䛡䜛 ESG ᢞ㈨䛻䛴䛔䛶ᴫᣓ䛧䚸 ୺䛻௨ୗ䛾Ⅼ䛻䛴䛔䛶⪃ᐹ䛧䛶䛔䜛䚹• മๆ䛾 ESG ᢞ㈨䛻䛚䛡䜛≉㉁䛸ㄢ㢟• മๆ䛻䛚䛡䜛 ESG ศᯒ䛾ඛ⾜◊✲䛸⌮ㄽⓗ᰿ᣐമๆᢞ㈨࡬ࡢ⎔ቃ࣭♫఍࣭࢞ࣂࢼࣥࢫ㸦(6*㸧せ⣲ࡢ⤫ྜ|1• മๆ䛻䛚䛡䜛 ESG ᢞ㈨䛾ᡭἲ䛸 ESG ᡓ␎䛾ᐇ㊶᪉ἲṔྐⓗ䛻䛿䚸 䜺䝞䝘䞁䝇䛻㛵㐃䛩䜛ᢞ㈨つ๎䛜䚸 䛚䛭䜙䛟• ୍⯡ⓗ䛺ᢞ㈨䛻 ESG 䜢䜘䜚῝䛟⤫ྜ䛧䛶䛔䛟䛯䜑䛾⥅⥆᭱ึ䛻ᢞ㈨ᡓ␎䛸䛾㛵㐃ᛶ䜢ᣢ䛱䚸 ⎔ቃⓗ 䞉 ♫఍ⓗ䛺ㄢ㢟䜔䚸 䜘䜚୍⯡ⓗ䛺䝃䝇䝔䜲䝘䝤䝹ᢞ㈨䛻ᑐ䛩䜛ぢ᪉䛸䛾ⓗ䛺ㄢ㢟• ESG 䜰䝥䝻䞊䝏䛾᥇⏝䜢䛥䜙䛻ಁ䛩䛯䜑䛾ᥦ᱌㛵㐃ᛶ䛜䚸 㐣ཤ 20 ᖺ㛫䛻䜟䛯䛳䛶ᙉ䜎䛳䛶䛝䛯䚹 ᕷሙ䛻䛿ከ䛟䛾␗䛺䛳䛯䚸 䛭䛧䛶䜎䛯ヲ⣽䛺ᐃ⩏䛜Ꮡᅾ䛩䜛䚹 ⿵䛣䛾ㄪᰝ䛿䚸 മๆ䝫䞊䝖䝣䜷䝸䜸䛾䛯䜑䛾 ESG 䜰䝥䝻䞊䝏㑇 2 䛻䛿䚸 CFA ༠఍䛻䜘䜛ᶆ‽ⓗ䛺 ESG ᇶ‽䛾䝸䝇䝖䛻㛵䛩䜛䛣䜜䜎䛷䛾◊✲䛸ᐇົⓗ䛺⤒㦂䜢䜒䛸䛻䛧䛯䜒䛾䛷

䠄2015䠅䚸 ᅜമ䛸♫മ䛻㛵䛩䜛ᅜ㐃ᢞ㈨ཎ๎ 䠄PRI䠅 䛾ᇶ‽䛒䜚䚸 ᗈ⠊䛺ඛ⾜◊✲䜢᣺䜚㏉䜚䛭䛾⤖ㄽ䜢⤂௓䛧䛶䛔䜛䚹

䠄2014䠅䚸 IFC 䛾䝟䝣䜷䞊䝬䞁䝇ᇶ‽ 䠄2012䠅 䛸䝁䞊䝫䝺䞊䝖䛣䛾ሗ࿌᭩䛻䛚䛔䛶䚸 ୍ḟⓗ䛺Ꮫ⾡◊✲䛿⾜䛳䛶䛔䛺䛔䜺䝞䝘䞁䝇ཎ๎䜢ᥖ㍕䛧䛯䚹䛜䚸 ௒ᚋ䛾ศᯒ䛻䜐䛡䛶䛾ᥦゝ䛿⾜䛳䛶䛔䜛䚹 䜎䛯䚸 䛣䛾ሗ࿌᭩䛿䚸 മๆᢞ㈨䛻 ESG 䜢⤫ྜ䛧䚸 䛣䛾ㄪᰝ䝥䝻䝆䜵

ESG ㄢ㢟䛻㛵䛩䜛Ỵᐃⓗ䛺䝸䝇䝖䛿Ꮡᅾ䛫䛪䚸 ྜព䜢ᙧᡂ䜽䝖䛾୍⎔䛸䛧䛶ᐇ᪋䛧䛯䝽䞊䜽䝅䝵䝑䝥䜔䝷䜴䞁䝗 䞉 䝔䞊䝤䝹䛩䜛䛣䛸䜒୙ྍ⬟䛰䛸䜏䜙䜜䜛䚹 ᕷሙ䚸 ᢏ⾡䚸 ᨻ⟇䚸 ౯್䚸䛾㆟ㄽ䛻ཧຍ䚸 䜎䛯䛿䜲䞁䝍䝡䝳䞊䛻ᛂ䛨䛶㡬䛔䛯ከ䛟䛾䝇♫఍ⓗ䛺㑅ዲ䛿้䚻䛸ኚ໬䛩䜛䛸䛸䜒䛻䚸 䛭䜜䜙䛿ᆅᇦ䜔䝔䞊䜽䝩䝹䝎䞊 䠄䜰䝉䝑䝖䜸䞊䝘䞊䚸 㐠⏝఍♫䚸 䝕䞊䝍ᥦᅜ䛤䛸䛻␗䛺䜚䚸 ྠ䛨ᅜ䛾୰䛷䜒␗䛺䜛䛣䛸䛜䛒䜛䚹 䛣䛾䛯䜑䚸౪఍♫䛺䛹䠅 䛾ᐇົⓗ䛺⤒㦂䜢䜒䛸䛻䛧䛯Ⓨぢ䜒┒䜚㎸䜣᫂☜䛷㏱᫂䛺䜺䝞䝘䞁䝇䛾䝣䝺䞊䝮䝽䞊䜽䛾୰䛷䚸䛂䜾䝸䞊䞁䛃䛷䛔䜛䚹 ᙼ䜙䛾▱ぢ䛿䛣䛾ሗ࿌᭩䜢㏻䛨䛶཯ᫎ䛥䜜䛶䛚䜚䚸䜎䛯䛿 䛂䝃䝇䝔䜲䝘䝤䝹䛃 ᢞ㈨䜢ᐃ⩏䛩䜛䚸 ᬑ㐢ⓗ䛷ᰂ㌾䛤༠ຊ䛻῝ㅰ䛧䛶䛔䜛 4䚹䛺䜰䝥䝻䞊䝏䛜ᮃ䜎䛧䛟䚸 䛣䛾ሗ࿌᭩䛷䜒䛭䛾᪉ἲ䜢᥇䛳䛶䛔䜛 䠄Inderst, Kaminker and Stewart 2012䠅 5䚹䛣䛾ሗ࿌᭩䛷䛿䚸 ᅜമ䚸 ᅜ㝿ᶵ㛵മ䚸 ♫മ䛺䛹୺せ䛺മ
ๆᢞ㈨ၟရ䛻↔Ⅼ䜢䛒䛶䛶䛔䜛䚹 䛭䛾௚䛾മๆᢞ㈨ 䠄ᆅ

PRI 䠄2017a䠅 䛾ㄪᰝ䛷䛿䚸 മๆ䛻䛚䛔䛶䛿♫఍䜔⎔ቃ䜘᪉മ䚸 䜹䝞䞊䝗䞉䝪䞁䝗䚸 䛭䛾௚㈨⏘ᢸಖドๆ䚸 䝥䝷䜲䝧䞊䜚䜒䚸 䜺䝞䝘䞁䝇䛾せ⣲䛻╔┠䛩䜛ᢞ㈨ᐙ䛜ⱝᖸከ䛔䛣䛸䝖 䞉 䝕䝑䝖䛺䛹䠅 䛻䛚䛡䜛 ESG 䛾◊✲䜔ᐇ㊶䛿䜎䛰㠀ᖖ䛻䛜ศ䛛䛳䛯䚹 Russell 䠄2017䠅 䛾ㄪᰝ䛷䜒䚸 䜺䝞䝘䞁䝇䛜᭱㝈ᐃⓗ䛷䛒䜛䚹 䛧䛛䛧䚸 䜾䝸䞊䞁䝪䞁䝗䚸 䝋䞊䝅䝱䝹䝪䞁䝗䚸䜒㔜せ䛺せ⣲䛸䛧䛶ᗈ䛟⪃䛘䜙䜜䛶䛔䜛䛣䛸䛜♧䛥䜜䛶䛔䜛䚹䝃䝇䝔䜲䝘䝤䝹䝪䞁䝗䛺䛹䛾䝔䞊䝬ᆺ䛾ᢞ㈨䛿ᣑ኱䛧䛶䛚䜚䚸䛣䛾ᩥ⬦䛻䛚䛡䜛௚䛾⏝ㄒ䛸䛧䛶䛿䚸 䝃䝇䝔䜲䝘䝤䝹ᢞ㈨മๆ䛻䛚䛡䜛 ESG 䛾⤫ྜ䜢ಁ䛧䛶䛔䜛䚹 䛣䛾䛯䜑䚸 䝺䞊䝧

䠄SI䠅䚸 ㈐௵ᢞ㈨ 䠄RI䠅䚸 ♫఍ⓗ㈐௵ᢞ㈨ 䠄SRI䠅 䛜䛒䜛䚹 䛣䝹䝗 䞉 䝪䞁䝗ᕷሙ䛻㝈䜙䛪䚸 䜘䜚ᗈ䛟മๆ䝫䞊䝖䝣䜷䝸䜸䜈䛾䜜䜙䛿䚸 ᕷሙ䛷䛿ከ䛟䛾ሙྜྠ䛨ព࿡䛷౑䜟䜜䛶䛔䜛䚹 䛣

ESG せ⣲䛾⤫ྜ䛻䛴䛔䛶䜒⪃ᐹ䛧䛶䛔䜛䚹䛾䛯䜑䚸 䛣䛾ሗ࿌᭩䛻䛚䛔䛶䜒䚸 ᴗ⏺䛾ᐇົ䜔Ꮫ఍䛷䛿䛣䜜䜙䜢༊ู䛧䛶䛔䜛䛣䛸䛿ㄆ㆑䛧䛴䛴䚸 ศ䛛䜚䜔䛩䛥䛾ほESGᢞ㈨ࡢᐃ⩏ESG ᢞ㈨䛿䚸 ⎔ቃ䚸 ♫఍䚸 䜺䝞䝘䞁䝇䛾せ⣲䜢䚸 ᢞ㈨䛾
ศᯒ䚸 㑅ᢥ䚸 ⟶⌮䛻⤌䜏㎸䜐䛣䛸䜢ᣦ䛩䚹 ୍⯡ⓗ䛻⪃៖䛥䜜䛶䛔䜛Ⅼ䛿䚸 ௨ୗ䛾䛸䛚䜚䛷䛒䜛䚹E 䠖 Ẽೃኚື䚸ᐊຠᯝ䜺䝇᤼ฟ䚸 ኱Ẽởᰁ䚸 ㈨※ຠ⋡ᛶ䚸 ⏕≀ከᵝᛶS 䠖 ேᶒၥ㢟䚸 ປാᇶ‽䚸 Ᏻ඲⾨⏕䚸 ேⓗከᵝᛶ䛾᪉㔪䚸ᆅᇦ♫఍䛸䛾㛵ಀ䚸 ேⓗ㈨ᮏ 䠄೺ᗣ䜔ᩍ⫱䠅 䛾ⓎᒎG 䠖 ௻ᴗ⤫἞䚸 ở⫋䚸 ἲ䛾ᨭ㓄䚸 ♫఍ไᗘ䛾㡹೺ᛶ䚸 ㏱
᫂ᛶ

2 | 1. ⌧≧ㄆ㆑࡜ㄪᰝ◊✲ࡢ⫼ᬒ

Ⅼ䛛䜙ྠ⩏ㄒ䛸䛧䛶ᢅ䛖䛣䛸䛸䛩䜛䚹䛭䛾䜋䛛㛵㐃䛧䛶䚸 ⱝᖸ␗䛺䜛どⅬ䜢ᣢ䛳䛯ᢞ㈨ᡓ␎ 䠄㛗
ᮇᢞ㈨䚸 䝴䝙䝞䞊䝃䝹䜸䞊䝘䞊䝅䝑䝥䛺䛹 6䠅 䜔䚸 ESG 䛾≉ᐃ䛾ഃ㠃䛻╔┠䛧䛯ᡓ␎ 䠄⎔ቃ䚸 Ẽೃኚື䚸 ♫఍䚸 ೔⌮䚸 ᐀ᩍᢞ㈨䛺䛹䠅 䜒䛒䜛 7䚹䛥䜙䛻䚸 ᢞ㈨䛻㛵䛩䜛㠀㈈ົⓗ䛺⤖ᯝ䜔እ㒊ᛶ 䠄ヂὀ 䠖
ᢞ㈨䛜⎔ቃ䜔♫఍䛺䛹䛻୚䛘䜛ᙳ㡪䠅 䛻ᑐ䛩䜛ὀ┠䜒㧗䜎䛳䛶䛔䜛䚹 䜲䞁䝟䜽䝖ᢞ㈨䛿䚸 ㈈ົⓗ䛺཰┈䛻ຍ䛘䚸 ♫఍䜔⎔ቃ䛻ᑐ䛧䛶ィ ྍ⬟䛷᭷┈䛺ᡂᯝ䜢⏕䜏ฟ䛩䛣䛸䜢┠ᶆ䛸䛧䛶䛔䜛 8䚹 䝤䝺䞁䝕䝑䝗 䞉 䝣䜯䜲䝘䞁䝇䛿䚸 Ẹ㛫㈨ᮏ䜢᪂⯆ᅜᕷሙ䜔䝣䝻䞁䝔䜱䜰ᕷሙ䜈ಁ䛩䛯䜑䚸 㛤Ⓨ㔠⼥䛸䛖䛸䛧䛶䛔䜛䚹 ከ䛟䛾ᢞ㈨ᐙ䛻䛸䛳䛶䚸 ୺䛺┠ᶆ䛿㈈ົⓗ䛺♫఍㈉⊩䜢┠ⓗ䛸䛩䜛ᇶ㔠䜢ᡓ␎ⓗ䛻ά⏝䛩䜛䜒䛾䛷䛒䜛ᡂᯝ 䠄䝸䝇䜽ㄪᩚᚋ䛾䝸䝍䞊䞁䚸 ㈇മ䛻ᑐᛂ䛧䛯䜻䝱䝑䝅䝳

䠄OECD 2018䠅䚹 ㏆ᖺⓎᒎ䛧䛶䛝䛶䛔䜛 SDGs ᢞ㈨䛿䚸 ᚑ᮶䝣䝻䞊䛺䛹䠅 䛷䛒䜛䛜䚸 ୍㒊䛾ᢞ㈨ᐙ䛻䛿䚸 ㈈ົⓗ䛺┠ᶆ䛾 ESG 䜢㉺䛘䛯ㄢ㢟䜢⪃៖䛧䛯䜒䛾䛷䚸 ᅜ㐃䛾ᣢ⥆ྍ⬟䛾䜋䛛䛻䚸 㠀㈈ົⓗ䛺┠ᶆ 䠄೔⌮䚸 ᐀ᩍ䚸 ᨻ἞䚸 ᩥ໬䛺㛤Ⓨ┠ᶆ 䠄SDGs䠅 䜢䝣䝺䞊䝮䝽䞊䜽䛸䛧䛶฼⏝䛧䛶䛔䜛䚹ⓗ౯್䚸 㑅ዲ䛺䛹䠅 䜒䛒䜛䚹 䛂ホุ䛃 䜔 䛂䝤䝷䞁䝗䛃 䛜䝰䝏䝧䞊䝅䝵䞁䛸䛺䜛䛣䛸䜒䛒䜛䚹 ㈈ົⓗ䛺཰┈䛸 ESG 䛾㛫䛾

ᢞ㈨ᐙࡢࣔࢳ࣮࣋ࢩࣙࣥ
䛭䜜䛮䜜䛾ᢞ㈨ᐙ䛻䛿䚸 ≉ᐃ䛾ᢞ㈨┠ⓗ䜔ᡓ␎䚸 ⊂⮬䛾ἲⓗ⩏ົ䚸 ཷ┈⪅䜔άື䛩䜛♫఍䛛䜙ㄢ䛫䜙䜜䛯≉᭷䛾ᮇᚅ䛜䛒䜛䚹 䛣䛾䛯䜑䚸 ㈐௵ᢞ㈨䛻䛚䛡䜛䝰䝏䝧䞊䝅䝵䞁䛿ᵝ䚻䛷䚸 ᬑ㐢ⓗ䛺ᡓ␎䜔䜰䝥䝻䞊䝏䛿䛺䛔 䠄Dimson etal. 2013䠅 9䚹₯ᅾⓗ䛺䝖䝺䞊䝗䜸䝣䛿䚸 䛔䜎䛰䛻ᢞ㈨ᐙ䛾㛫䛷㆟ㄽ䛥䜜䛶䛔䜛䛜䚸 䛣䜜䜙䛿⌮ㄽୖ䛻䛚䛔䛶䜒᫂䜙䛛䛻䛿䛺䛳䛶䛚䜙䛪䚸 䛣䛾䛯䜑 䛂ಙᛕ䛃 䛻䜘䛳䛶㆟ㄽ䛜⾜䜟䜜䜛䛣䛸䛜ከ䛔䚹୍᪉䛷䚸 ESG 䜢䝸䝇䜽せᅉ䛸䛧䛶⪃䛘䜛䛣䛸䛿䚸 㛗ᮇⓗ䛻䜘䜚Ᏻᐃⓗ䛺཰┈䛻䛴䛺䛜䜛䛿䛪䛷䛒䜛䚹 䛧䛛䛧䚸 ₯ᅾⓗ䛺ᢞ㈨䝴䝙䝞䞊䝇䜢⊃䜑䜛䛣䛸䛻䜘䜚䚸 ESG 䛜ᢞ㈨཰┈䜢పୗ䛥䛫䜛䛣䛸䜒䛒䜚䛘䜛䚹 䛣䛾ㄽⅬ䛻㛵䛧䛶䛿䚸 ≉䛻മๆ䛾

ESG 䛻䛴䛔䛶䛿ከ䛟䛾ᢞ㈨ᐙ䜰䞁䜿䞊䝖䛜䛒䜚䚸 䛭䜜䜙䛿␗ศ㔝䛻䛚䛔䛶䚸 䛥䜙䛺䜛⌮ㄽⓗ 䞉 ᐇドⓗ䛺ㄪᰝ䛜ồ䜑䜙䜜䛺䜛ẕ㞟ᅋ䚸 䝁䞁䝉䝥䝖䚸 ゝㄒ䜢཯ᫎ䛧䛶ᵝ䚻䛺Ⅼ䛷␗䛺䛶䛔䜛䚹䜛⤖ᯝ䛸䛺䛳䛶䛔䜛䛜䚸 ከ䛟䛾䜰䞁䜿䞊䝖䛛䜙䛿䚸 ESG 䛜ୖሙᰴᘧ䛻䛚䛔䛶᭱䜒ᬑཬ䛧䛶䛔䜛䛣䛸䛜☜ㄆ䛷䛝䜛䚹▷ᮇᚿྥ㸦ࢩ࣮ࣙࢺࢱ࣮࣑ࢬ࣒㸧࡜㛗ᮇᢞ㈨CFA ༠఍ 䠄2017䠅 䛻䜘䜛䛸䚸 ୖሙᰴᘧ䛾ᢞ㈨ᐙ䛾 76䠂䛜㈈ົⓗ䛺┠ᶆ䜢ඃඛ䚸 䛒䜛䛔䛿㈈ົⓗ䛺┠ᶆ䛰䛡䜢㏣ồ

ESG ศᯒ䜢⾜䛳䛶䛔䜛䛜䚸 മๆ䛾ᢞ㈨ᐙ䛷䛿 45䠂䛻㐣䛞䛧䛶䜒䚸 ᢞ㈨䛾ศᯒ 䞉 ⟶⌮䛻䛚䛔䛶㠀㈈ົⓗ䛺せ⣲䜢⪃䛺䛔 䠄௚䛾㈨⏘䜽䝷䝇䛷䛿䛥䜙䛻ᑡ䛺䛔䠅䚹 䛯䛰䛧ᑗ᮶ⓗ䛻៖䛩䜛䛣䛸䜢ጉ䛢䜛䛣䛸䛻䛿䛺䜙䛪䚸 䜐䛧䜝㛗ᮇⓗ䛺䝖䝺䞁䝗䛿䚸ከ䛟䛾ᢞ㈨ᐙ䛜䚸മๆ䚸 䝥䝷䜲䝧䞊䝖㈨⏘䚸 䜸䝹䝍䝘䝔䜱䜢䜘䛟⌮ゎ䛩䜛䛣䛸䛻䛴䛺䛜䜛ྍ⬟ᛶ䛜䛒䜛䚹 䜰䝉䝑䝖䜸䞊䝤㈨⏘䛻䛚䛔䛶䚸 ESG 䜢䜘䜚⪃៖䛩䜛䛣䛸䛸䛧䛶䛔䜛䚹 䛣䛾䝘䞊䛿䚸 ௨๓䜘䜚䜒㛗ᮇⓗ䛺ᢞ㈨䛾䝣䝺䞊䝮䝽䞊䜽䛻ྥ䛡ὶ䜜䛻䛿䚸 䛔䛟䛴䛛䛾ཎᅉ䛜䛒䜛䚹䛶ື䛝ฟ䛭䛖䛸䛧䛶䛔䜛䚹• ᵓᡂဨ䚸 㢳ᐈ䚸 ฼ᐖ㛵ಀ⪅䛾ពྥ• Ẽೃኚື䝸䝇䜽䛻ᑐ䛩䜛ㄆ㆑䛾㧗䜎䜚䚸 ⌮஦఍䛾᪉㔪ࣜࢫࢡせᅉ࡜ࡋ࡚ࡢESG࡜ᢞ㈨ᶵ఍࡜ࡋ࡚ࡢ
ESG• ♫఍ⓗ 䞉 ᨻ἞ⓗ䛺㛵ᚰᢞ㈨ᐙ䛾䝰䝏䝧䞊䝅䝵䞁䛿䚸 䝸䝇䜽⟶⌮䚸 䛴䜎䜚⎔ቃ䚸 ♫఍䚸• ἲᚊ 䞉 つไ䛾ኚ໬䜺䝞䝘䞁䝇䛾䝸䝇䜽䛸䛾㛵㐃ᛶ䛻䜘䛳䛶ᙳ㡪䛥䜜䜛䛣䛸䛜ከ䛔䚹• ⮬୺ⓗ䛺つ๎䝸䝇䜽䛾ほⅬ䛿䚸 ᙜ↛䛾䛣䛸䛺䛜䜙䚸 ಖ㝤఍♫䜔௚䛾䝸䝇䜽• ཷク⪅㈐௵

チᐜᗘ䛾ప䛔ᢞ㈨ᐙ䛻䛸䛳䛶୺せ䛺ၥ㢟䛷䛒䜛䚹 䛧䛛䛧䚸• ᢏ⾡ⓗ䛺ኚ໬ 䞉 ๰㐀ⓗ◚ቯ୍㒊䛾ᢞ㈨ᐙ䛿䚸 ESG 䜢ᢞ㈨ᶵ఍䛸䛧䛶䜒䜏䛶䛚䜚䚸 䛂䜰䝹• 㢼ホ䝸䝇䜽䝣䜯䛃 䜢ồ䜑䛶䛔䜛䚹 ౛䛘䜀䚸 ESG ศᯒ䛻䜘䜚䚸 㛗ᮇⓗ䛺• බⓗ 䞉 㞟ᅋⓗ䛺ᅽຊ䝖䝺䞁䝗䛾⌮ゎ䛜῝䜎䜛䛣䛸䜒䛒䜚䛘䜛䚹 ⎔ቃ 䞉 ♫఍ศ㔝䛷᪂䛯䛺ᢞ㈨ᑐ㇟䜢Ⓨ᥀䛩䜛ᢞ㈨ᐙ䜒䛔䜛䚹㈈ົⓗ࡞┠ᶆ࡜㠀㈈ົⓗ࡞┠ᶆᶵ㛵ᢞ㈨ᐙ䛿䚸 ESG ㄢ㢟䛻䛚䛡䜛⮬㌟䛾⾜ື䛸䚸 ᵓᡂဨ䚸ཷ┈⪅䚸 ⿕ಖ㝤⪅䚸 㢳ᐈ䛻ᑐ䛩䜛㈐௵䜢୧❧䛥䛫䜛䛣䛸䛜ᐇ㝿䛻䛿䚸 ESG ᢞ㈨ᐙ䛿䚸 3 䛴䛾䜾䝹䞊䝥䛻኱䛝䛟ศ㢮䛩䜛䛣䛸䛜䛷䛝䜛䚹ྍ⬟䛷䛒䜚䚸 ᘓタⓗ䛺♫఍䛾┠ⓗ䛾䛯䜑䛻ᢞ㈨䜢ά⏝䛧䜘മๆᢞ㈨࡬ࡢ⎔ቃ࣭♫఍࣭࢞ࣂࢼࣥࢫ㸦(6*㸧せ⣲ࡢ⤫ྜ|3• ኱ከᩘ䛾ᢞ㈨ᐙ䛿䚸 ౫↛䛸䛧䛶㈈ົⓗ䛺ᡂᯝ䜢၏୍䛾• ♫఍ⓗ䜎䛯䛿⎔ቃⓗ䛺฼┈䜢ᚓ䜛䛯䜑䚸 ㈈ົⓗ䛺཰┈┠ⓗ䛸䛧䛶䛔䜛䛜䚸 ESG せᅉ䛜ᢞ㈨䛾䝸䝇䜽 䞉 䝸䝍䞊䞁䛻䛾୍㒊䜎䛯䛿඲㒊䜢㐍䜣䛷≛≅䛻䛩䜛ᢞ㈨ᐙ䜒䛔䜛 䠄䜲㔜኱䛺ᙳ㡪䜢୚䛘䜛䛣䛸䜒ಙ䛨䛶䛔䜛䚹䞁䝟䜽䝖䠋䝁䝭䝳䝙䝔䜱ᢞ㈨䚸 䝏䝱䝸䝔䜱ᢞ㈨䠅䚹

• ㈈ົⓗ䛺┠ᶆ䜢㜼ᐖ䛫䛪䚸 ≉ᐃ䛾㠀㈈ົⓗ䛺┠ᶆ 䠄೔⌮ⓗ䚸 ᐀ᩍⓗ䚸 ᨻ἞ⓗ䚸 ᩥ໬ⓗ䚸 ♫఍ⓗ䛺౯್ 䞉 㑅ዲ䛺䛹䠅 䛾୧❧䜢┠ᣦ䛩ᢞ㈨ᐙ䜒ቑ䛘䛶䛔䜛䚹ᵝ䚻䛺⤌⧊䛜ᥦ౪䛩䜛ከ䛟䛾ໟᣓⓗ䛺 ESG 䛾䜺䜲䝎䞁䝇䛜䛩䛷䛻䛒䜚䚸 ඲䛶䛾䝍䜲䝥䛾ᢞ㈨ᐙ䛜฼⏝䛩䜛䛣䛸䛜䛷䛝䜛䠄Box 1䠅䚹

Box 1㸸ESG࡟㛵ࡍࡿᢞ㈨ᐙᅋయࠊᇶ‽ࠊཎ๎䜰䝉䝑䝖䜸䞊䝘䞊䜔㐠⏝఍♫䛿䚸 ESG䚸 䝁䞊䝫䝺䞊䝖䜺⎔ቃ࣭Ẽೃኚື࡟㛵ࡍࡿᢞ㈨ᐙᅋయ

䝞䝘䞁䝇䚸 Ẽೃኚື䚸 䛭䛾௚㛵㐃ศ㔝䛻㛵䛧䛶䚸 ᵝ䚻• Institutional Investors Group on Climate Change 䠄IIGCC䠅䛺௵ពᅋయ䜔䝛䝑䝖䝽䞊䜽䜢ᙧᡂ䚸 䛒䜛䛔䛿䛭䜜䜙䛻ཧ• Investor Group on Climate Change 䠄IGCC䠅ຍ䛧䛶䛔䜛䚹 ከ䛟䛾ᢞ㈨ᐙ䛜㑂Ᏺ䛩䜛⮬୺ᇶ‽䜒䛒䜚䚸• Asia Investor Group on Climate Change 䠄AIGCC䠅䛭䛾ከ䛟䛿ᅜ䝺䝧䝹䛾䜒䛾䛷䛒䜛 䠄ᖺ㔠ᇶ㔠䛻䜘䜛⤌⧊• GIC global platform䛺䛹䠅䚹 㔜せ䛺ᅜ㝿ⓗ஦౛䛿䚸 ௨ୗ䛾䛸䛚䜚䛷䛒䜛䚹• Ceres㈐௵ᢞ㈨ࠊࢧࢫࢸ࢖ࢼࣈࣝᢞ㈨• UN Global Compact 䠄UNGC䠅
• UN Principles for Responsible Investment 䠄PRI䠅
• EuroSIF䚸 UKSIF䚸 USSIF䚸 SIF Japan䚸 ASrIA䚸 RIA
Canada䚸 RIA Australia 䛺䛹• Global Sustainable Investment Alliance 䠄GSIA䠅

࢖ࢽࢩ࢔ࢸ࢕ࣈ
• Carbon Disclosure Project 䠄CDP䠅
• Asset Owners Disclosure Project 䠄AODP䠅• Montreal Carbon Pledge• Portfolio Decarbonization Coalition• Action 100+

• Equator Principles࢖ࣥࣃࢡࢺᢞ㈨• International Capital Market Association 䠄ICMA䠅䚸 Green• Global Impact Investing Network 䠄GIIN䠅

Bond Principles 䠄GBP䠅䚸 Social Bond Principles 䠄SBP䠅ࢥ࣮࣏࣮ࣞࢺ࢞ࣂࢼࣥࢫࠊ఍ィࠊࢹ࢕ࢫࢡ࣮ࣟࢪ࣮ࣕ
• International Corporate Governance Network 䠄ICGN䠅• Global Reporting Initiative 䠄GRI䠅䚸 Global Sustainability
Standards Board 䠄GSSB䠅
• Sustainability Accounting Standards Board 䠄SASB䠅• The FSB Task Force on Climate-related Financial
Disclosures 䠄TCFD䠅

4 | 1. ⌧≧ㄆ㆑࡜ㄪᰝ◊✲ࡢ⫼ᬒᴗ⏺ᣦ㔪
ESG ᢞ㈨䛻㛵䛩䜛ᐇົⓗ䛺ᣦ㔪䛿䚸 CFA䚸 PRI䚸 SSF
䠄2017䠅䚸 BNP Paribas 䠄2016䠅 䛺䛹䛾ᴗ⏺ 䞉 ⤌⧊䛻䜘䜛ከ䛟䛾ฟ∧≀䛾୰䛛䜙᥈䛩䛣䛸䛜䛷䛝䜛䚹 䛣䛾䛖䛱മๆศ㔝䛻䛴䛔䛶䛿䚸 PRI 䠄2014䠅䚸 Klein 䠄2015䠅 䛺䛹䚸 Ẽೃኚື䛻㛵䛩䜛ᢞ㈨䜔മๆ䜈䛾䜲䞁䝥䝸䜿䞊䝅䝵䞁䛻䛴䛔䛶䛿䚸
IIGCC 䠄2015䠅䚸 Mercer 䠄2015䠅䚸 Forum Ethibel 䠄2017䠅 䛺䛹䛾ᣦ㔪䛜䛒䜛䚹

ESG࡜つไ

ESG ᢞ㈨䛸ཷク⪅㈐௵䜢୧❧䛷䛝䜛䛾䛛䛸䛔䛖㆟ㄽ䜒䚸 㛗

ESG ᢞ㈨䛻䛚䛔䛶䚸 つไ䛿᥎㐍ຊ䛷䛒䜛䛸ྠ᫬䛻㞀ቨ䛻ᖺ⾜䜟䜜䛶䛝䛯 10䚹 ཷク⪅䛜ཷ┈⪅䛾฼┈䛾䛯䜑䛻⾜ື䜒䛺䜚䛘䜛䚹 ౛䛘䜀䚸 Ḣᕞ䛷䛿ẚ㍑ⓗつ⠊ⓗ䛺䜰䝥䝻䞊䝏䛩䜛㝿䚸 ㈈ົⓗ䛺཰┈䛾䜏䜢⪃៖䛩䜉䛝䛸䛩䜛ᙜึ䛾ุ䛜ᥦၐ䛥䜜䛶䛔䜛୍᪉䚸 䜰䝆䜰䛷䛾つไゎ㔘䛿䜘䜚⮬Ⓨⓗ᩿䛛䜙䚸 䛭䛾௚䛾せ⣲䜢⪃៖䛩䜛䛣䛸䛿ཷク⪅㈐௵㐪཯䛰䛜ᨭᣢ䜢ᚓ䜙䜜䜛䜒䛾䛸䛺䛳䛶䛔䜛䚹 ໭⡿䛷䛿䚸 ⌧⾜ἲ䛻䛒䛯䜙䛺䛔䛸䛾ゎ㔘䛜Ⓨᒎ䛧䛶䛝䛯䚹 ⌧ᅾ䛾ᣦ㔪䛿䛥䜙䛾ゎ㔘䛾୙ഛ䛜䚸 ESG 䛾⤫ྜ䜢㐍䜑䜛㝿䛾㞀ᐖ䛻䛺䛳䛶䛻㐍䜣䛷䚸 ESG せ⣲䜢ᢞ㈨䛾ពᛮỴᐃ䛻⤌䜏㎸䜐䛣䛸䜢䚸䛔䜛䛸⪃䛘䜛ᢞ㈨ᐙ䜒䛔䜛䚹 䛣䜜䜙䛾୺䛺ഴྥ䛻䛴䛔䛶䛿䚸ཷク⪅䛻ồ䜑䜛䜿䞊䝇䜒䛒䜛䚹 ౛䛘䜀䚸 ᅜ㐃⎔ቃィ⏬

Box 2 䛻䜎䛸䜑䛶䛔䜛䚹

䠄UNEP 2015䠅 䛿䚸 䛂ESG ㄢ㢟䜢ྵ䜑䚸 㛗ᮇⓗ䛺ᢞ㈨౯್
䛻ᙳ㡪䜢ཬ䜌䛩඲䛶䛾せ⣲䜢⪃៖䛧䛺䛔䛣䛸䛿䚸 ཷク⪅㈐௵㐪཯䛻䛒䛯䜛䛃 䛸⤖ㄽ䛵䛡䛶䛔䜛䚹Box 2㸸ESG࡜つไ௻ᴗ䛺䛹䜈䛾 ESG ≉᭷䛾つไ䚸 ᢞ㈨ᐙ䜢ᑐ㇟䛸䛧䛯つ• ᣢ⥆ྍ⬟䛺㔠⼥䛻㛵䛩䜛 EU 䛾䝝䜲䝺䝧䝹ᑓ㛛ᐙ䜾ไ䚸 ESG ᢞ㈨䛻⫯ᐃⓗ䜎䛯䛿ྰᐃⓗ䛺ᙳ㡪䜢୚䛘䜛つ䝹䞊䝥䛿䚸 ᢞ㈨ᐙ䛻㛵㐃䛧䛯䛔䛟䛴䛛䛾ᥦ᱌䜢බ⾲䛧ไ 䞉 ἲᚊ䜢༊ู䛩䜛䛣䛸䛿㔜せ䛷䛒䜛䚹 ᢞ㈨ᐙ䜢ᑐ㇟䛸䛶䛔䜛 䠄EU2018䠅䚹 2018 ᖺ䚸 Ḣᕞጤဨ఍䛿䚸 ᣢ⥆ྍ䛧䛯つไ䛻䛿䚸 ㈨㔠ㄪ㐩䜔఍ィつ๎䛾䜋䛛䚸 ≉ᐃ䛾㈨⬟䛺άື䛻㛵䛩䜛 EU ศ㢮య⣔䛾ᑟධ䚸 ⎔ቃ㔠⼥ၟ⏘䜽䝷䝇䜔ၟရ䛻ᑐ䛩䜛඲㠃ⓗ䛺ᢞ㈨ไ㝈➼䜒䛒䜛䚹 䜎ရ䛻ᑐ䛩䜛 EU ㄆド䛾๰タ䚸 㐠⏝఍♫䛸ᶵ㛵ᢞ㈨ᐙ

䛯つไ䛿䚸 ௻ᴗ䚸 㐠⏝఍♫䠋䝣䜯䞁䝗䚸 䜰䝉䝑䝖䜸䞊䝘䞊䛾ཷク⪅㈐௵䛾᫂☜໬䚸 ௻ᴗ䛾䝕䜱䝇䜽䝻䞊䝆䝱䞊ྥ䛺䛹␗䛺䜛䝺䝧䝹䛷㐺⏝䛥䜜䜛 䠄PRI2016a䚸 Northern Trustୖ䛻䛴䛔䛶䛾ィ⏬䜢Ⓨ⾲䛧䛯䚹

2015䠅䚹 OECD 䠄2017䠅 䛿䚸 ୺䛺ື䛝䜢௨ୗ䛾䛸䛚䜚䜎䛸䜑䛶䛔䜛䚹• ᢞ㈨䜺䝞䝘䞁䝇䛻ᑐ䛩䜛つไ䛾䝣䝺䞊䝮䝽䞊䜽䛜䚸 ᫂♧ⓗ䛻 ESG ㄢ㢟䛻ゝཬ䛩䜛౛䛿ᑡ䛺䛔䛜䚸 䝣䝷䞁䝇䚸䜸䝷䞁䝎䚸 䝏䝸䛺䛹䛾ᆅᇦ䛷䛿ኚ໬䛧䛴䛴䛒䜛䚹• 䛔䛟䛴䛛䛾ᅜ䛷䛿䚸 ᢞ㈨ᐙ䛻ᑐ䛩䜛 ESG ሗ࿌䛾ᙧᘧ䛸᝟ሗ㛤♧䛾せ௳䛜䛒䜛 䠄䜸䞊䝇䝖䝷䝸䜰䚸 䝣䝷䞁䝇䚸 䝗䜲䝒䚸 䝇䜴䜵䞊䝕䞁䚸 䜲䜼䝸䝇䛺䛹䠅䚹• つไ䛾䝣䝺䞊䝮䝽䞊䜽䛜 ESG 䛾⤫ྜ䜢ጉ䛢䜛䛣䛸䛿䛺䛟䚸ἲᚊ䜔⮬୺つไ䛜ᶵ㛵ᢞ㈨ᐙ䛻䜘䜛 ESG せ⣲䛾⪃៖䜢ಁ䛧䛶䛔䜛 䠄䜰䝯䝸䜹䚸 䜲䜼䝸䝇䚸 ༡䜰䝣䝸䜹䚸 䜹䝘䝎䜸䞁䝍䝸䜸ᕞ䛺䛹䠅䚹• 䛯䛰䛧䚸 ᶵ㛵ᢞ㈨ᐙ䛜䚸 ᢞ㈨䛻䛚䛡䜛 ESG 䛾⤫ྜ䛸䚸⮬ᅜ䛾ἲᚊ䚸 つไ䚸 ⩏ົ䛸䛾ㄪ࿴䜢䛔䛛䛻ᅗ䜛䛛䛻䛴䛔䛶䚸୙᫂☜䛷䛒䜛䛣䛸䜒䛒䜛䚹ከ䛟䛾䜰䝉䝑䝖䜸䞊䝘䞊• 2015 ᖺ䚸䝣䝷䞁䝇䛾 䛂䜾䝸䞊䞁ᡂ㛗䛾䛯䜑䛾䜶䝛䝹䜼䞊㌿᥮䛃 䛻㛵䛩䜛ἲᚊ䛿䚸 173 ᮲䛷㔠⼥ᶵ㛵䛻ᑐ䛧䛶Ẽೃኚືሗ࿌䛾⩏ົ䜢ㄢ䛧䛯䚹 䛣䛾䛣䛸䛿䚸 䜘䜚ᗈ⠊ᅖ䛻ᙳ㡪䛜ᗈ䛜䜛ྍ⬟ᛶ䛜䛒䜛䛸䛔䛖ព࿡䛷䚸 ⏬ᮇⓗ䛰
䛸㈹㈶䛥䜜䛶䛔䜛䚹• 䛥䜙䛻䚸 ከ䛟䛾ᅜ䛻䛚䛔䛶䚸 䜺䝞䝘䞁䝇䜔䛭䛾௚䛾
ESG ㄢ㢟䜢ᑐ㇟䛸䛩䜛䚸 䝇䝏䝳䝽䞊䝗䝅䝑䝥䞉 䝁䞊䝗䚸௻ᴗ䛾䝕䜱䝇䜽䝻䞊䝆䝱䞊 䞉 䝁䞊䝗䚸 ドๆྲྀᘬᡤ䛾䝹䞊䝹䛜䛒䜛䚹 ᪥ᮏ䛾㔠⼥ᗇ䠄JFSA䠅䛜 2014 ᖺ䛻Ⓨ⾜䠄2017ᖺ䛻ᨵゞ䠅 䛧䛯䝇䝏䝳䝽䞊䝗䝅䝑䝥䞉 䝁䞊䝗䛿䚸 ≉䛻ᙳ㡪䛜኱䛝䛛䛳䛯䛸䛥䜜䛶䛚䜚䚸 ᐇ㝿䛻 GPIF 䛜ᢞ㈨䜰䝥
䝻䞊䝏䛻 ESG ཎ๎䜢᥇⏝䛩䜛᥎㐍ຊ䛾䜂䛸䛴䛸䛺䛳䛯䚹ຍ䛘䛶䚸 ᅜ㝿㐃ྜ䜔 OECD 䛺䛹䛾ᅜ㝿ᶵ㛵䛻䜘䜛䚸ᨻᗓ䜔ᢞ㈨ᐙ䛾䛯䜑䛾ᵝ䚻䛺ཎ๎䜔䝧䝇䝖 䞉 䝥䝷䜽䝔䜱䝇䛾᱌ෆ᭩䜒Ꮡᅾ䛩䜛䚹䛿䚸 ཷク⪅㈐௵䛜 ESG 䛾⤫ྜ䛻ᑐ䛧䛶㞀ᐖ䛸䛺䛳䛶

2017 ᖺᮎ䚸 ୰ኸ㖟⾜䛸つไᙜᒁ䛿䚸 Ẽೃኚື䜔䛭䛾௚䛔䜛䛸⪃䛘䛶䛔䜛䛜䚸 䛣䛾Ⅼ䛻䛴䛔䛶䛿 䛂⊃⩏䛃 䛾ゎ䛾⎔ቃ䝸䝇䜽䛾┘╩ᐇົ䜢ඹ᭷䛩䜛䛯䜑䚸 䜾䝸䞊䞁㔠⼥㔘䛛䜙 䛂ᗈ⩏䛃 䛾ゎ㔘䜈䛸ኚ໬䛧䛴䛴䛒䜛䜘䛖䛻䜏䛘䜛䝅䝇䝔䝮䛻㛵䛩䜛䝛䝑䝖䝽䞊䜽䜢᪂䛯䛻タ❧䛧䛯䚹䠄OECD 2017䠅䚹

മๆᢞ㈨࡬ࡢ⎔ቃ࣭♫఍࣭࢞ࣂࢼࣥࢫ㸦(6*㸧せ⣲ࡢ⤫ྜ|5

ESG࡜࢖ࣥࣃࢡࢺᢞ㈨ࡢ࢔ࣉ࣮ࣟࢳ
ᢞ㈨ᐙ䛿䚸ពᛮỴᐃ䛻䛚䛔䛶 ESG 䜢⪃៖䛩䜛䛯䜑䛻䚸ᵝ䚻䛺ᡭἲ䜢⏝䛔䛶䛔䜛䚹 ESG 䛿ఏ⤫ⓗ䛻ᰴᘧᢞ㈨䛻䛚䛔䛶䜽䝸䞊䝙䞁䜾䛿䚸 䝫䞊䝖䝣䜷䝸䜸䛻䛚䛡䜛ពᅗ䛧䛺䛔䝉䜽䝍䞊䜔䝣䜯䜽䝍䞊䜈䛾䝞䜲䜰䝇䛻⧅䛜䜛䛣䛸䜒䛒䜚䚸 䛣䛖䛧䛯ㄢ㢟䜈䛾ᑐᛂ䛜ᚲせ䛸䛥䜜䜛䚹㐺⏝䛥䜜䛶䛔䛯䛜䚸 ⌧ᅾ䛿മๆ䜔䛭䛾௚䛾㈨⏘䜽䝷䝇䛻䛚䛔䛶䜒㐺⏝䛥䜜䛴䛴䛒䜛䚹 䛣䜜䜙䛾ᡭἲ䛿䚸 䛭䜜䛮䜜▩┪䛩䜛䜒䛾䛷䛿䛺䛟䚸 ⤌䜏ྜ䜟䛫䛶౑䜟䜜䜛䛣䛸䛜ከ䛔䚹 䛥䜙࢔ࢡࢸ࢕ࣈ࣮࢜ࢼ࣮ࢩࢵࣉ㸭㆟Ỵᶒ⾜౑㸭࢚ࣥࢤ࣮ࢪ࣓ࣥࢺ㸭ࢫࢳ࣮ࣗ࣡ࢻࢩࢵࣉ

䛻䚸 ᵝ䚻䛺 ESG 䛾ᡭἲ䛿䚸 䜰䜽䝔䜱䝤㐠⏝䛻䛚䛔䛶䜒䝟䝑䛣䜜䛿䚸 ESG ㄢ㢟䛻䛴䛔䛶௻ᴗ䜔ᅜ䛸ᑐヰ䜢⾜䛔䚸 䜸䞊䝅䝤㐠⏝䛻䛚䛔䛶䜒ᐇ㊶䛩䜛䛣䛸䛜䛷䛝䜛䚹 ⣙ 99䠂䛾㈨⏘䝘䞊䛸䛧䛶䛾ᶒ฼ 䠄㆟Ỵᶒ䜢ྵ䜐䠅 䛸 䛂Ⓨゝᶒ䛃 䠄മๆಖ

䛷 ESG 䛾⤫ྜ䚸 䜶䞁䝀䞊䝆䝯䞁䝖䚸 䝇䜽䝸䞊䝙䞁䜾䛜⾜䜟䜜᭷⪅䛾䜘䛖䛻㆟Ỵᶒ䛾䛺䛔ᢞ㈨ᐙ䛻䛸䛳䛶䛿≉䛻㔜せ䠅 䛾䛶䛚䜚䚸 ṧ䜚䛾⣙ 1䠂䛾㈨⏘䛷䝔䞊䝬ᆺᢞ㈨䜔䜲䞁䝟䜽䝖ᢞ୧᪉䜢⾜౑䛧䛶ኚ໬䜢䜒䛯䜙䛩䛣䛸䜢ᣦ䛧䚸 䛂㏥ฟ䛃 䛴䜎䜚ᴗ㈨䛜⾜䜟䜜䛶䛔䜛 11䚹ົ䛻␲⩏䛾䛒䜛ᢞ㈨ඛ䜢኎༷䛩䜛䛣䛸䜔䚸 ≉ᐃ䛾ၥ㢟䛻ᇶ䛵䛔䛶䝎䜲䝧䝇䝖䝯䞁䝖 䠄౛䛘䜀䚸 䛂ᗙ♋㈨⏘䛃 䛸䛧䛶䛾໬▼ࢿ࢞ࢸ࢕ࣈ㸭㝖እࢫࢡ࣮ࣜࢽࣥࢢ
䛣䜜䛿䚸 ᐜㄆ䛷䛝䛺䛔䛸ุ᩿䛩䜛≉ᐃ䛾άື䜔⏘ᴗ 䠄㠀ே㐨ⓗරჾ䚸 ↮ⲡ䚸 ໬▼⇞ᩱ䛺䛹䠅 䛾ドๆ䜢ᢞ㈨ᑐ㇟
䛛䜙㝖እ䛩䜛䜒䛾䛷䛒䜛䚹 ೔⌮䚸 ἲᚊ䚸 䛭䛾௚䛾つ⠊䜔⇞ᩱ䜈䛾䜶䜽䝇䝫䞊䝆䝱䞊䜢㝖እ䠅 䛩䜛䛣䛸䛻௦䜟䜛䜒䛾䛷䛒䜛䚹 ᢞ㈨ᐙ䛾୰䛻䛿䚸 ESG 䝔䞊䝬䛻䛴䛔䛶䜘䜚ᗈ䛟ᨻ἞ⓗ䛺䝻䝡䞊άື䜢䛩䜛ྥ䛝䜒䛒䜛䚹ᇶ‽ 䠄ேᶒ䚸 ປാ⎔ቃ䚸 ở⫋䛺䛹䠅 䛜䛭䛾⌮⏤䛸䛺䛳䛶

ESGࡢ⤫ྜ

䛔䜛䚹䛣䜜䛿䚸 ESG 䛾䝸䝇䜽䛸ᢞ㈨ᶵ఍䜢䚸 ᢞ㈨ศᯒ䚸 䝫䞊䝖䝣䜷䝸䜸ᵓ⠏䚸 䝸䝇䜽⟶⌮䛻య⣔ⓗ䛻⤌䜏㎸䜐䜒䛾䛷䛒䜚䚸 ᢞ࣏ࢪࢸ࢕ࣈ࣭ࢫࢡ࣮ࣜࢽࣥࢢ㸭࣋ࢫࢺ࣭࢖࣭ࣥࢡ
ࣛࢫ㸦ᶍ⠊౛㸧ࡢ㑅ᢥ㈨䜢⾜䛖⤌⧊䛻䜘䛳䛶ᵝ䚻䛺ᡭἲ䛷⾜䜟䜜䛶䛔䜛 12䚹䛣䜜䛿䚸 ྠ䛨䝉䜽䝍䞊䛾୰䛷䚸 ESG 䝟䝣䜷䞊䝬䞁䝇䛜┦ᑐࢸ࣮࣐ᆺᢞ㈨ⓗ䛻ඃ఩䜎䛯䛿ᨵၿ䛧䛶䛔䜛ᅜ䜔௻ᴗ䜢㑅ᐃ䜎䛯䛿䜸䞊

ᢞ㈨䝔䞊䝬䛾ከ䛟䛿䚸 䜽䝸䞊䞁䝔䜽䝜䝻䝆䞊䚸 ෌⏕ྍ⬟䜶䝛䝞䞊䜴䜵䜲䝖䛩䜛䜒䛾䛷䛒䜛䚹 ESG ホ౯䛾Ỉ‽䜎䛯䛿ኚ໬䛾䝹䜼䞊䚸 ┬䜶䝛䝹䜼䞊䚸 ᣢ⥆ྍ⬟䛺㎰ᯘᴗ䚸 Ỉ䚸 ᩍ⫱䚸ྍ⬟ᛶ 䠄ESG 䝰䝯䞁䝍䝮䠅 䛻䜘䛳䛶⾜䜟䜜䜛䚹೺ᗣ䚸 ேⓗከᵝᛶ䛺䛹䛾 ESG ㄢ㢟䛻ᇶ䛵䛔䛶䛔䜛䚹 䛺䛛㝖እ䜔䝧䝇䝖 䞉 䜲䞁 䞉 䜽䝷䝇䛻䛴䛔䛶䜎䛪ᠱᛕ䛥䜜䜛䛾䛿䚸
ᢞ㈨䝴䝙䝞䞊䝇䛜⊃䜎䜛ྍ⬟ᛶ䛜䛒䜛䛣䛸䛷䛒䜛䚹 䜎䛯䚸 䝇䛷䜒ὀ┠䜢㞟䜑䛶䛔䜛䛾䛜䚸 Ẽೃኚື䛻㛵㐃䛧䛯ᢞ㈨䛷䛒
䜛 䠄Box 3䠅䚹

Box 3㸸Ẽೃኚື࡟㛵㐃ࡋࡓᢞ㈨䝟䝸༠ᐃ 䠄COP21䠅 ௨㝆䚸 Ẽೃኚື䛻㛵䛩䜛ᐇົⓗ䛺᪉• 䝫䞊䝖䝣䜷䝸䜸䛻䛚䛡䜛₞ῶⓗ䛺 ᬮ໬䜺䝇䛾๐ῶ┠ᶆ㔪䜢⟇ᐃ䛩䜛ᢞ㈨ᐙ䛜ቑ䛘䛶䛔䜛䚹 䛭䜜䜙䛿ከ䛟䛾ሙྜ䚸• ≉ᐃ䛾ᴗ✀䠋௻ᴗ䛾㝖እ䠋䜰䞁䝎䞊䜴䜵䜲䝖 䠄▼Ⅳ䚸 ໬䝅䞁䝥䝹䛺䜾䝸䞊䞁ᢞ㈨䜔ఏ⤫ⓗ䛺 ESG ᪉㔪䛻ྵ䜎䜜䜛▼⇞ᩱ䛺䛹䠅

䜒䛾䛰䛜䚸 ᢞ㈨ᐙ䛾୰䛻䛿䚸 ௨ୗ䛾䜘䛖䛻䛥䜙䛻㐍䜣䛰• 䜶䝛䝹䜼䞊ຠ⋡ᛶ┠ᶆ 䠄୙ື⏘䛺䛹䠅ື䛝䜒䛒䜛䚹

• 䜾䝸䞊䞁䜲䞁䝣䝷ᢞ㈨ 䠄䜽䝸䞊䞁䜶䝛䝹䜼䞊䚸 Ẽೃኚື• ㈨⏘㓄ศ䛻䛚䛡䜛Ẽೃኚື䛾䝅䝘䝸䜸ศᯒ•ᬮ໬䜺䝇᤼ฟ㔞䛾 ᐃ୪䜃䛻䚸 䛭䛾ฟᡤㄪᰝ䛸ᢕᥱ

6 | 1. ⌧≧ㄆ㆑࡜ㄪᰝ◊✲ࡢ⫼ᬒ䜈䛾㐺ᛂ䛺䛹䠅
• 䜾䝸䞊䞁䝪䞁䝗䚸 Ẽೃ䝪䞁䝗• 䝎䜲䝧䝇䝖䝯䞁䝖䚸 䛂ᗙ♋㈨⏘䛃 䛾䝁䞁䝉䝥䝖 13࢖ࣥࣃࢡࢺᢞ㈨䛾䛛䚸 ከ䛟䛾ᢞ㈨ᐙ䛻䛸䛳䛶䛔䜎䛰䛻᫂䜙䛛䛻䛺䛳䛶䛔䛺䛔䚹䛣䜜䛿䚸 ୍⯡ⓗ䛻䚸 ㈈ົⓗ䛺཰┈䛸䛸䜒䛻䚸 ♫఍ⓗ 䞉 ⎔䛣䛾Ⅼ䛻䛚䛔䛶᭱䜒ඛ㐍ⓗ䛺ᡭἲ䛿䚸ቃⓗ䛺౽┈䜢๰ฟ 䞉 ホ౯䛩䜛䛣䛸䜢┠ⓗ䛸䛧䛯ᢞ㈨䛾䛣䛸䜢㔞䠋䜹䞊䝪䞁 䞉 䝣䝑䝖䝥䝸䞁䝖䛷䛒䜛䛸䜏䜙䜜䜛䚹 䜎䛯䚸 GIINᣦ䛩 14䚹 䜲䞁䝟䜽䝖ᢞ㈨ᐙ䛿䚸 㐩ᡂ䛩䜉䛝┠ᶆ䜔┠ⓗ䜢஦䛜䜲䞁䝟䜽䝖ሗ࿌ 䞉 ᢞ㈨ᇶ‽ 䠄IRIS䠅䚸 䛴䜎䜚ᵝ䚻䛺䝉䜽䝍䞊๓䛻Ỵ䜑䛶ᢞ㈨䜢ᐇ⾜ 䞉 䝰䝙䝍䝸䞁䜾䛧䚸 ஦ᚋⓗ䛺⤖ᯝ䜢䛻䛚䛡䜛䝟䝣䜷䞊䝬䞁䝇ホ౯᪉ἲ䛾䜹䝍䝻䜾䜢స䜛䛺䛹䚸 䛣ホ౯䛩䜛䚹 䜲䞁䝟䜽䝖ᢞ㈨ᐙ䛿䚸 ㈈ົⓗ཰┈䛸♫఍ⓗ౽┈䛾ศ㔝䛷䛿᪂䛯䛺᳨ウ䛜㐍䜑䜙䜜䛶䛔䜛 15䚹ᐊຠᯝ䜺䝇᤼ฟ

䛾䝞䝷䞁䝇䜢䛸䜛䛣䛸䜢┠ᣦ䛧䛶䛔䜛䛜䚸 䛹䛱䜙䜢ᙉㄪ䛩䜛䛛䛻䛴䛔䛶䛿䚸ලయⓗ䛺䜲䞁䝟䜽䝖䞉䝥䝻䝆䜵䜽䝖䠋䝣䜯䞁䝗䛻䜘䛳

SDGsᢞ㈨䛶␗䛺䜛䚹䜲䞁䝟䜽䝖ᢞ㈨䛻䛴䛔䛶 2 䛴┠䛻୺せ䛺᥎㐍ຊ䛸䛺䛳䛯䛾䛿䚸䜲䞁䝟䜽䝖ᢞ㈨䛻䛿␗䛺䜛䜰䝥䝻䞊䝏䛜䛒䜛䚹 ึᮇ䛻䛿䚸䛂䝁䝭䝳䝙䝔䜱ᢞ㈨䛃䚸 䛴䜎䜚ᑠつᶍ䛺䝣䜯䞁䝗ᢞ㈨䛻䜘䜚䚸 ⮬἞య䜔ᆅ᪉䛾ᑠつᶍ䛺♫఍䜎䛯䛿⎔ቃ䝥䝻䝆䜵䜽䝖䛾㈨㔠ㄪ㐩䜢ᨭ᥼䛩䜛ᙧ䛷Ⓨᒎ䛧䛯䚹 ᭱㏆䛷䛿䚸 䜲䞁䝟䜽䝖ᢞ㈨䛿䚸
䛭䜜䜢ᑓ㛛䛸䛧䛺䛔ᢞ㈨ᐙ䛻䜒ᗈ䛜䜛᪉ྥ䛷Ⓨᒎ䛧䛶䛔䜛䚹୍⯡ⓗ䛺ᢞ㈨ᐙ䛿䚸 䝫䞊䝖䝣䜷䝸䜸䛾 䛂䜲䞁䝟䜽䝖䛃 䜢ホ౯䛩䜛ᚲせᛶ䜢ឤ䛨䛶䛔䜛䛜䚸 䜋䛸䜣䛹䛾ሙྜ䚸 ㈈ົⓗ䛺཰┈䜢ㅉ䜑䜛䛣䛸䛿ㄆ䜑䜙䜜䛶䛔䛺䛔䚹ᵝ䚻䛺䝰䝏䝧䞊䝅䝵䞁䛜䛣䛖䛧䛯ື䛝䛾⫼ᬒ䛻䛒䜛䛜䚸 ≉䛻㢧ⴭ䛺䜒䛾䛜 2 䛴䛒䜛 䠄ᅗ 1䠅䚹 䠍䛴䛿䚸 䝭䝺䝙䜰䝹ୡ௦䛾
ᢞ㈨ᐙ䛾ᙳ㡪ຊ䛾㧗䜎䜚䛷䛒䜛䚹 䝰䝹䜺䞁䝇䝍䞁䝺䞊䛜䜰䝯䝸䜹䛷ᐇ᪋䛧䛯䜰䞁䜿䞊䝖䛻䜘䜛䛸 䠄The Economist 2017䠅䚸 ⮬ศ䛾ᢞ㈨䛜Ẽೃኚື䛻ᙳ㡪䜢ཬ䜌䛩䛸ᅇ⟅䛧䛯䛾䛿䚸 ඲ୡ௦䜢ᖹᆒ䛩䜛䛸 58䠂䛸䛺䛳䛶䛔䜛䛜䚸 䝭䝺䝙䜰䝹ୡ௦䛻㝈
䜛䛸 75䠂䛸䛺䛳䛶䛔䜛䚹 䜎䛯䚸 䝭䝺䝙䜰䝹ୡ௦䛜♫఍ⓗ 䞉 ⎔ቃⓗ䛺┠ⓗ䜢ᥖ䛢䜛௻ᴗ䜈ᢞ㈨䛩䜛ྍ⬟ᛶ䛿䚸 ඲ୡ௦ᖹᆒ䛾 2 ಸ䛸䛺䛳䛶䛔䜛䚹The Economist 䛾グ஦䛻䛒䜛㏻䜚䚸䛂䝧䝡䞊䝤䞊䝬䞊ୡ௦䛿ၿ⾜䛸ᢞ㈨䛿ู≀䛸䛩䜛䛜䚸 䝭䝺䝙䜰䝹ୡ௦䛿ၿ⾜䛸ᢞ㈨䜢༊ู䛩䜛Ⓨ᝿䛩䜙䛺䛔䛃䚹

SDGs 䠄ᅜ㐃䛾 䛂ᣢ⥆ྍ⬟䛺㛤Ⓨ┠ᶆ䛃䠅 䛾Ⓨ⾲䛷䛒䜛䚹2015 ᖺ䚸ᅜ㐃䛿䚸17 䛾 SDGs 䛸 169 䛾ಶู┠ᶆ䜢ᢎㄆ䛧䛯䚹
SDGs 䛿䚸 ᢞ㈨ᐙ䜢୺䛺ᑐ㇟䛸䛧䛶స䜙䜜䛯䜒䛾䛷䛿䛺䛔䛜䚸䛭䛾┠ᶆ䛾㐩ᡂ䛿䚸 Ẹ㛫㒊㛛䜔ᢞ㈨ᐙ䜢ྵ䜐䚸 ඲䛶ே䚻䛾㈉⊩䛾ᚲせᛶ䜢ㄆ㆑䛧䛯䜒䛾䛷䛒䜛䚹 䛣䛖䛧䛯ᖜᗈ䛔┠ᶆ䛻ᑐ䛩䜛㈉⊩䛾ᅾ䜚᪉䛻䛴䛔䛶䛿ᚲ䛪䛧䜒᫂☜䛷䛿䛺䛔䛜䚸
ᢞ㈨䛾ពᛮỴᐃ䜢㏻䛨䛶 SDGs 䛻ྲྀ䜚⤌䜐䛣䛸䜔䚸 䜰䜽䝔䜱䝤䜸䞊䝘䞊䝅䝑䝥䛻 SDGs 䜢⤫ྜ䛩䜛䛣䛸䛜ᐜ᫆䛺ሙྜ䜒䛒䜛 䠄PRI 2017b䠅䚹
SDGs 㛵㐃䛾ᢞ㈨䛿䚸 䜎䛰ึᮇẁ㝵䛻䛒䜛䚹 ⌧᫬Ⅼ䛷䛿䚸
ᢞ㈨ඛ௻ᴗ䛸 SDGs 䜢㛵㐃䛵䛡䜛ศᯒ䛜୰ᚰ䛷䛒䜛䚹 䜸䝷
䞁䝎䛾 APG 䜔 PGGM䚸 䝇䜴䜵䞊䝕䞁䛾 AP2 䛺䛹䛾ᢞ㈨ᐙ䛿䚸
SDGs 䛻㛵㐃䛧䛯ᢞ㈨䛾ྍ⬟ᛶ䛻䛴䛔䛶᳨ウ䜢⾜䛳䛶䛔䜛䚹䛭䛣䛷ඹ㏻䛧䛶ᣦ᦬䛥䜜䜛㞀ᐖ䛾䠍䛴䛜䚸 䜲䞁䝟䜽䝖䛾ホ౯䛻㛵䛩䜛ㄢ㢟䛷䛒䜛䚹 䛔䛟䛴䛛䛾⤌⧊䛿䚸 ᢞ㈨ᐙ䛻䛸䛳䛶㔜せ䛺 SDGs 䜲䞁䝟䜽䝖䛻䛴䛔䛶䚸 䛭䛾ᣦᶆ䛸ホ౯᪉ἲ䜢ᶍ⣴䛧䛶䛔䜛 䠄DNB 2017䚸Trucost 2017䠅䚹 ᢞ㈨⤫ྜ䝥䝻䝆䜵䜽䝖 䠄TIIP䠅 䛿䚸 䝫䞊䝖䝣䜷䝸䜸䛻䛚䛡䜛ᢞ㈨䛸 SDGs 䛾㛵㐃ᛶ䜢ᢞ㈨ᐙ䛜㛵㐃䛵䛡䜛䛣䛸䜢ຓ䛡䜛䜲䝙䝅䜰䝔䜱䝤䛷䛒䜛
䠄TIIP 2018䠅 16䚹䜲䞁䝟䜽䝖ᢞ㈨䛿඲䛶䛾㈨⏘䜽䝷䝇䜢⥙⨶䛧䛶䛚䜚䚸മๆ 䠄♫఍ⓗ䜲䞁䝟䜽䝖മๆ䛺䛹䠅 䜔䝥䝷䜲䝧䞊䝖䜶䜽䜲䝔䜱䚸 䝥䝷䜲䝧䞊䝖 䞉 䝕䝑䝖䜒ྵ䜎䜜䜛 䠄GIIN 2017䠅䚹 ཰┈䛿ᇶᮏⓗ䛻㔠⼥ᕷሙ䛸↓㛵ಀ䛺䛯䜑 䠄SSF 2017䠅䚸 䜲䞁䝟䜽䝖ᢞ㈨䛸୍⯡ⓗ䛺㈨⏘䜽䝷䝇䛾཰┈⋡䛾┦㛵䛿ప䛔䚹䛂䜲䞁䝟䜽䝖䛃 䛾ホ౯䛿ᐜ᫆䛺䛣䛸䛷䛿䛺䛔䚹 E䚸 S䚸 G 䜢ಶู䛒䜛䛔䛿䜎䛸䜑䛶ホ౯䛩䜛䛻䛿䛹䛾䜘䛖䛺᪉ἲ䛜㐺ษ䛺䛾䛛䚸 ඲䛶䛻䛒䛶䛿䜎䜛 䛂䝣䝸䞊䝃䜲䝈䛃 䛾ᡭἲ䛜䛒䜛䜉䛝䛺

മๆᢞ㈨࡬ࡢ⎔ቃ࣭♫఍࣭࢞ࣂࢼࣥࢫ㸦(6*㸧せ⣲ࡢ⤫ྜ|7ᅗ1㸸࢖ࣥࣃࢡࢺᢞ㈨ࡢ᥎㐍ຊ䝭䝺䝙䜰䝹ୡ௦䛾䛯䜑䛾ᢞ㈨䝭䝺䝙䜰䝹ୡ௦䛿䜲䞁䝟䜽䝖䜢୚䛘䜛䛣䛸䜢ᕼᮃ㉁ၥ䛻㈶ᡂ䛩䜛๭ྜ⚾䛾ᢞ㈨䛾ពᛮỴᐃ䛿䚸⚾䛾♫఍䚸ᨻ἞䚸⎔ቃ౯್䜢⾲⌧䛩䜛᪉ἲ䛷䛒䜛䚹67%䝭䝺䝙䜰䝹ୡ௦
䝆䜵䝛䝺䞊䝅䝵䞁X䝧䝡䞊䝤䞊䝬䞊
69才以上♫఍䜔⎔ቃ䜈䛾䜲䞁䝟䜽䝖䜢䜒䛸䛻䛧䛯௻ᴗ䜈䛾
ᢞ㈨䛷䚸ᕷሙ཰┈⋡䜢㐩ᡂ䛩䜛䛣䛸䛿ྍ⬟䚹

73%
61%
58%
47%

44%
36%
34%

䝃䝇䝔䜲䝘䝤䝹ᢞ㈨86%䝃䝇䝔䜲䝘䝤
䝹ᢞ㈨䛻⯆࿡䞉㠀ᖖ䛻⯆
࿡䛜䛒䜛

SDGsᢞ㈨ᣦᶆ

61%᫖ᖺᑡ䛺䛟䛸
䜒䠍ᅇ䛿䝃䝇
䝔䜲䝘䝤䝹ᢞ
㈨䜢ᐇ⾜

䜲䞁䝟䜽䝖
ᢞ㈨

75%
⚾䛾ᢞ㈨䛿Ẽ
ೃኚື䛻ᙳ㡪
䜢୚䛘䜛ྍ⬟
ᛶ䛜䛒䜛

84%

ᢞ㈨ᐙ䛸௻ᴗ䜈䛾䜺䜲䝗⚾䛾ᢞ㈨䛿㈋ᅔ䛸䛾ᡓ䛔䛾
ຓ䛡䛸䛺䜛ྍ⬟ᛶ䛜䛒䜛ฟᡤ 䠖 U.S. Trust Insights on Wealth and Worth, 2014, Harvard Business Review (October 3 2014), Morgan Stanley (on-line presentation August 9 2017),
Visual Capitalist (on-line presentation August 11 2017), and DNB (2017)8 | 1. ⌧≧ㄆ㆑࡜ㄪᰝ◊✲ࡢ⫼ᬒ

2㸬മๆᢞ㈨࡟࠾ࡅࡿ
ESGศᯒ࡜ࡣ㸽ከ䛟䛾 ESG ㄪᰝ䛜ᰴᘧ䛻䛴䛔䛶⾜䜟䜜䛶䛝䛯䛯䜑䚸 മๆᢞ㈨䛻 ESG 䜢⪃៖䛩䜛㝿䛾⛬ᗘ䚸 ᪉ἲ䚸 ᫬Ⅼ䛿᫂☜䛻䛺䛳䛶䛔䛺䛔䚹ᰴᘧ௨እ䛾㈨⏘䜽䝷䝇䛷 ESG 䜢ᙜ䛶䛿䜑䜛ሙྜ䚸 䛭䛾㈨⏘䜽䝷䝇䛻㐺䛧䛯᪉ἲ䛜ᚲせ䛸䛺䜛 䠄Johnson 2017䠅䚹 മๆ㐠⏝䛿䚸 㔠฼䚸 ≀౯䚸 ಙ⏝ຊ䚸 ὶືᛶ䝸䝇䜽䛾ศᯒ䛺䛹䚸 」ᩘ䛾せ⣲䛻䜘䛳䛶ᡂ䜚❧䛱䚸 㠀ᖖ䛻ᐃ㔞ⓗ䛺䝥䝻䝉䝇䛷䛒䜛䛯䜑䚸 㐠⏝⪅䛿䚸䛭䜜䛮䜜䛾㔠⼥䝰䝕䝹䛻 ESG ᇶ‽䜢ྲྀ䜚ධ䜜䜛䛣䛸䛿ᅔ㞴䛷䛒䜛䛸⪃䛘䛶䛚䜚䚸 ESG 䛻㛵㐃䛧䛯ኚ໬䛻䛂᢬ᢠ䛃 䛩䜛䛣䛸䜒䛒䜛 17䚹ᰴᘧ䛸മๆ䛻䛿㔜せ䛺㐪䛔䛜ከ䛟Ꮡᅾ䛧䚸 ≉䛻䚸 ㈨⏘౯• ♫മⓎ⾜䛻䛚䛔䛶䚸 ᶵ㛵ᢞ㈨ᐙ䛾๭ྜ䛜㧗䛔䚹್䛜ୗⴠ䛩䜛䝸䝇䜽䛸ୖ᪼䛩䜛ྍ⬟ᛶ䚸 䜻䝱䝑䝅䝳䝣䝻䞊䛾• ಖ㝤఍♫䜔ᖺ㔠ᇶ㔠䛻䜘䜛㛗ᮇ㈇മ䛾⟶⌮䜢┠ⓗ䛸䛧Ᏻᐃᛶ䛾Ⅼ䛻䛚䛔䛶␗䛺䜛䚹• മๆ䛿䚸 ಙ⏝ຊ䛸㏉῭⬟ຊ䛜㔜せ䛷䛒䜛䛯䜑䚸 ಙ⏝ 䞉◚⥢䝸䝇䜽䛻↔Ⅼ䛜ᙜ䛶䜙䜜䜛䚹• മๆᢞ㈨䛻䛚䛔䛶䚸 ౯᱁ୗⴠ䛾䝸䝇䜽䛸౯᱁ୖ᪼䛾ྍ⬟ᛶ䛿䚸 㠀ᑐ⛠ⓗ䛸䛺䛳䛶䛔䜛䚹• ᢞ㈨ᮇ㛫 䠄മๆᢞ㈨䛿᭷㝈䛰䛜䚸 ᰴᘧ䛿Ọஂ䛻ಖ᭷䛩䜛䛣䛸䜒ྍ⬟䠅䚹• ㈨ᮏᵓ㐀䛻䛚䛡䜛఩⨨䛵䛡䛸␗䛺䜛䝺䝧䝹 䠄ඃඛമ䚸 ຎᚋമ䚸 䝝䜲䝤䝸䝑䝗ドๆ䛺䛹䠅䚹• മๆྲྀᘬ䛿䚸 ୺䛻ᗑ㢌䠋ᕷሙእ䛷⾜䜟䜜䜛䚹• മๆಖ᭷⪅䛸ᰴ୺䛾ᶒ฼䛾㐪䛔䚹• ᅜ䚸 ᆅ᪉⮬἞య䚸 ᅜ㝿ᶵ㛵䚸 ᨻᗓᶵ㛵䛾㔜せᛶ䚹• ศᯒᡭἲ䛾㐪䛔 䠄䝕䝳䝺䞊䝅䝵䞁䚸䜲䞊䝹䝗䜹䞊䝤䚸䝇䝥䝺䝑䝗䛾⟶⌮䛺䛹䠅䚹• ㈨⏘ᢸಖドๆ䚸 䝥䝻䝆䜵䜽䝖䝪䞁䝗䚸 䛭䛾௚ၟရ䛾≉Ṧᛶ䚹䛯മๆ䛾฼⏝䚹• ᫬౯⥲㢠ᖹᆒᣦᩘ䛾ၥ㢟 䠄മົ䛾ከ䛔Ⓨ⾜య䛾ᵓᡂ๭ྜ䛜㧗䛟䛺䜛䠅䚹• ᢞ㈨ᐙ䛾䝫䞊䝖䝣䜷䝸䜸䛻䛚䛔䛶䝥䝷䜲䝧䞊䝖 䞉 䝕䝑䝖䛾㔜せᛶ䛜ୖ᪼䚹
ᰴᘧ䛸ẚ㍑䛧䛶䚸 മๆ䛷 ESG ᢞ㈨䜢⾜䛖䛻䛒䛯䜚䚸 ௨ୖ䛾┦㐪Ⅼ䛜୚䛘䜛ᙳ㡪䛿䚸 ௨ୗ䛾䛸䛚䜚 䠄PRI 2014 䛻䜘䜛ᴫせ䛻䛴䛔䛶䛿⿵㑇 3 䜢ཧ↷䛾䛣䛸䠅䚹• ᰴᘧಖ᭷⪅䛸മๆಖ᭷⪅䛷䛿䚸 䜶䞁䝀䞊䝆䝯䞁䝖䛾᪉㔪䛻㐪䛔䛜䛒䜛䚹
• ᅜമ 䠄䛚䜘䜃ᆅ᪉മ䚸 ᅜ㝿ᶵ㛵മ䠅 䛾Ⓨ⾜య䛿䚸 ♫മ䛾Ⓨ⾜య䛸᰿ᮏⓗ䛻␗䛺䜛䚹• 䜲䝧䞁䝖䝸䝇䜽䛜䚸 Ⓨ⾜య䛾ಙ⏝ຊ䛸᱁ୗ䛢䛻኱䛝䛺ᙳ㡪䜢୚䛘䜛䚹

മๆᢞ㈨࡬ࡢ⎔ቃ࣭♫఍࣭࢞ࣂࢼࣥࢫ㸦(6*㸧せ⣲ࡢ⤫ྜ|9• മๆ䛷䛿䚸 Ⓨ⾜㔞䛾ከ䛔㖭᯶䛷䛒䛳䛶䜒䚸 ὶືᛶ䛜ᛴ䛻䛒䜛」ᩘ䛾Ⓨ⾜య䜢ྵ䜏䚸 㠀ୖሙ䛾Ⓨ⾜య䛿᝟ሗධᡭ䛜ᅔ㞴䛷䚸 ௻ᴗ௨እ䛾Ⓨ⾜య䚸 䜹䝞䞊䝗 䞉 䝪䞁䝗䚸 ㈨㏿䛻ᯤῬ䛩䜛䛣䛸䛜䛒䜛䚹• 䝸䝇䜽ศᯒ䛿䚸 ᵝ䚻䛺௻ᴗ䝺䝧䝹 䠄ぶ఍♫䚸 Ꮚ఍♫䚸 ≉ู┠ⓗ఍♫ 䠄SPV䠅䚸 䜸䝸䝆䝛䞊䝍䞊䠅 䛻䛴䛔䛶⾜䛖ᚲせ䛜䛒䜛䚹• മๆ䛿䚸 ESG 䜒㛵㐃䛧䛯」㞧䛺ዎ⣙ 䠄௜ᖏ᮲㡯䚸 ⾜౑ᶒ฼䛺䛹䠅 䛸䛺䜛䛣䛸䛜䛒䜛䚹• 」ᩘ䛾ドๆ䜢ฟ䛧䛶䛔䜛Ⓨ⾜య䛻䛴䛔䛶䛿䚸 ᢞ㈨䛜㞟୰䛧䛶䛧䜎䛖䝸䝇䜽䛜䛒䜛䚹• മๆ㛵㐃䛾䝧䞁䝏䝬䞊䜽䛻䛿䚸 ESG 䛾ほⅬ䛛䜙䜘䜚ၥ㢟⏘ᢸಖドๆ䜒Ꮡᅾ䠅䚹㈨⏘䜽䝷䝇䜔മๆ䛾✀㢮䛻䜘䛳䛶㐺ษ䛺 ESG 䜰䝥䝻䞊䝏䛿␗䛺䜛䛜䚸 䛣䜜䛻䛴䛔䛶䛿␗ㄽ䜒䛒䜛䚹 ౛䛘䜀 Ngo 䠄2016䠅䛿䚸 ᅜമ䛾Ⓨ⾜య䛻䛴䛔䛶䛿 ESG 䛾⤫ྜ䛜㠀ᖖ䛻᭷ຠ䛰䛜䚸䛭䛾௚䛾ᡓ␎䛿䛒䜎䜚᭷ຠ䛷䛺䛔䛸ᣦ᦬䛧䛶䛔䜛 䠄ᅗ
2䠅䚹 SSF 䠄2017䠅 䜒ྠᵝ䛻䚸 䜰䜽䝔䜱䝤䛸䝟䝑䝅䝤䜢༊ู䛧䛶⪃ᐹ䛧䛶䛔䜛䛜䚸 Ngo 䛸䛿䜔䜔␗䛺䜛⤖ㄽ䛸䛺䛳䛶䛔䜛䚹䛜ከ䛔 䠄ከ㢠䛾മົ䛸㈋ᅔ䛺䜺䝞䝘䞁䝇䠋⤌⧊䛸䛾㛵ಀ䛺䛹䠅䚹• മๆᣦᩘ䛾సᡂ䛿㞴᫆ᗘ䛜㧗䛔 䠄മๆᣦᩘ䛿䚸 ྠ୍䛾Ⓨ⾜య䛜ฟ䛧䛯」ᩘ䛾മๆ䜔䚸 ྠ୍䛾௻ᴗ䜾䝹䞊䝥

ᅗ2㸸ᰴᘧ࣭മๆᢞ㈨࡟࠾ࡅࡿESGᢞ㈨ᡓ␎ࡢ㐺ྜᛶ
ᰴᘧᢞ㈨࡜മๆᢞ㈨ࡢẚ㍑

ESGᢞ㈨ᡓ␎/㈨
⏘ࢡࣛࢫ

೔⌮ⓗ㸦ࢿ
࢞ࢸ࢕ࣈ/㝖
እࢫࢡ࣮ࣜ
ࢽࣥࢢ㸧

つ⠊࣮࣋ࢫ
ࢫࢡ࣮ࣜࢽ
ࣥࢢ

ESG⤫ྜ

ESG࢚ࣥࢤ࣮
ࢪ࣓ࣥࢺ/࢔
ࢡࢸ࢕ࣅࢬ࣒

ESG࣋ࢫࢺ࣭
࢖࣭ࣥࢡࣛࢫ

ESG㸦࣏ࢪ
ࢸ࢕ࣈ/ࢸ࣮
࣐ᆺ㸧ᢞ㈨

ᰴᘧ

㠀ᖖ䛻᭷ຠ

㠀ᖖ䛻᭷ຠ

㠀ᖖ䛻᭷ຠ

㠀ᖖ䛻᭷ຠ

㠀ᖖ䛻᭷ຠ/
䜔䜔᭷ຠ㠀ᖖ䛻᭷ຠ/
䜔䜔᭷ຠ

മๆ㸸♫മ

䜔䜔᭷ຠ

䜔䜔᭷ຠ

㠀ᖖ䛻᭷ຠ

䜔䜔᭷ຠ/᭷ຠᛶ䛜ప䛔᭷ຠᛶ䛜ప䛔

㠀ᖖ䛻᭷ຠ/
䜔䜔᭷ຠ

മๆ㸸ᅜമ

᭷ຠᛶ䛜ప
䛔

䜔䜔᭷ຠ

㠀ᖖ䛻᭷ຠ

᭷ຠᛶ䛜ప䛔

᭷ຠᛶ䛜ప䛔

᭷ຠᛶ䛜ప䛔ฟᡤ 䠖 Ngo 䠄2016䠅

10 | 2㸬മๆᢞ㈨࡟࠾ࡅࡿESGศᯒ࡜ࡣ㸽௨ୗ䚸 ␗䛺䜛䝍䜲䝥䛾മๆ䛻䛴䛔䛶䚸 䜘䜚ヲ⣽䛻䜏䜛䛣䛸䛸മๆಖ᭷⪅ࡢᶒ฼䛩䜛䚹㈨㔠䛾㈚ᡭ䛷䛒䜛䛜௻ᴗ䛾䜸䞊䝘䞊䛷䛿䛺䛔മๆಖ᭷⪅䛿䚸 ㆟Ỵᶒ⾜౑䜔ᰴ୺⥲఍䛷䛾Ⓨゝ䛺䛹䚸 ୍⯡ⓗ䛻௻♫മⓎ⾜యᴗ䛻ാ䛝䛛䛡䜛ᶵ఍䛜ᑡ䛺䛔䚹 䛯䛰䛧䚸 മๆಖ᭷⪅䛿䚸䝁䞊䝫䝺䞊䝖䜺䝞䝘䞁䝇䛾せ⣲ 䠄௻ᴗ䛾ㄝ᫂㈐௵䚸 䝸䝇䜽⟶≉ᐃ䛾≧ἣ䛻䛚䛔䛶䛿䚸 ௻ᴗ䛻㏱᫂ᛶ䜢ồ䜑䜛䛣䛸䛜䛷䛝⌮䚸 ྲྀ⥾ᙺ䛾⊂❧ᛶ䛺䛹䠅 䛿䚸 ಙ⏝ຊ䛾㧗䛥䛸ᙉ䛟㛵㐃䛧䜛䚹 ᢞ㈨ᐙྥ䛡ㄝ᫂఍䜔മົ䛾೉᥮᫬䛻䚸 䛭䛾௚䛾മ䛶䛔䜛䚹 Ⰻ䛔䝁䞊䝫䝺䞊䝖䜺䝞䝘䞁䝇䛿䚸 㧗䛔ಙ⏝᱁௜䜔ๆಖ᭷⪅䛸䛸䜒䛻䚸 䜶䞁䝀䞊䝆䝯䞁䝖䜢᳨ウ䛩䜛䛣䛸䛜䛷䛝䜛ప䛔೉ධ䝁䝇䝖䛻䛴䛺䛜䜚䚸 䛭䛾㏫䜒ᡂ䜚❧䛴䚹 Ⰻ䛔௻ᴗ⤒䠄⾲ 1䠅䚹 മๆ䛾Ⓨ⾜య䛿⧞䜚㏉䛧ᕷሙ䛷㉳മ䛩䜛䛯䜑䚸 ㉳Ⴀ䛿䚸 മๆಖ᭷⪅䛾฼┈䛸୍⮴䛧䚸 ௻ᴗ䛾㏱᫂ᛶ䛻䜘䜚䚸മ᫬䛿 ESG ㄢ㢟䛻㛵䛩䜛᫬ᮇ䛸䛧䛶䛿㐺䛧䛶䛚䜚䚸 ೉ᡭ䛻മๆಖ᭷⪅䛿䝸䝇䜽䛾ᡤᅾ䜔⟶⌮䛻䛴䛔䛶▱䜛䛣䛸䛜䛷䛝䜛䚹ᑐ䛧䛶 ESG 䝸䝇䜽䛾᝟ሗ㛤♧䜢ồ䜑䜛䛣䛸䜒䛷䛝䜛䚹⎔ቃ䜔♫఍ၥ㢟䜈䛾ᑐฎ䛜୙㐺ษ䛺ሙྜ䚸 ᱁ୗ䛢䜔೉മๆಖ᭷⪅䛿䚸 ᰴ୺䛸ẚ㍑䛧䛶䚸 䛒䜛ഃ㠃䛻䛚䛔䛶䛿䜘䜚ධ䝁䝇䝖䛾ቑຍ䛻䛴䛺䛜䜛䛣䛸䛜䛒䜛䚹 E 䜔 S 䛾せ⣲䛾㔜ᙳ㡪ຊ䜢ᣢ䛳䛶䛔䜛䛸⪃䛘䜛䛣䛸䜒䛷䛝䜛䚹 ᰴ୺䛿䚸 ᭱⤊ⓗせᛶ䛿䚸 䝉䜽䝍䞊䜔⏘ᴗ䛻䜘䛳䛶኱䛝䛟␗䛺䜛䚹 ౛䛘䜀䚸 ⎔䛻䛿ಖ᭷ᰴ䜢኎༷ 䠄䝎䜲䝧䝇䝖䠅 䛩䜛ຊ䛜䛒䜚䚸 䛭䜜䛜䜶䞁ቃၥ㢟䛿䚸 䜶䝛䝹䜼䞊䚸 බ┈䚸 ㈨※䚸 䛭䛾௚㔜ᕤᴗ䛾䝀䞊䝆䝯䞁䝖䛾※Ἠ䛸䛺䜛䛜䚸 ⌧ᅾ䛾䜘䛖䛻௻ᴗ䛜᪂ᰴ䜢Ⓨศ㔝䛸㛵㐃䛜῝䛔䚹 Ỉ୙㊊䛾ၥ㢟䛿䚸 㖔ᴗ䚸 㣗ရ䚸 㣧ᩱ䚸⾜䛫䛪䚸 䜐䛧䜝⮬♫ᰴ䜢㈙䛔ᡠ䛧䛶䛔䜛ᕷሙ⎔ቃ䛻䛚䛔䛶㎰ᴗศ㔝䛺䛹䛾≉ᐃ⏘ᴗ䛻䛚䛔䛶㔜せ䛸䛺䜛ྍ⬟ᛶ䛜㧗䛿䚸䝎䜲䝧䝇䝖䝯䞁䝖䛿ᡂຌ䛧䛺䛔䚹 ᑐ↷ⓗ䛻䚸മๆ䛴䛔䛶䛿䚸䛔䚹 ⯟✵఍♫䛻䛴䛔䛶䛿䚸 ⇞㈝䛜⎔ቃ 䞉 ㈈ົ㠃䛷䛾㔜せൾ㑏䛜㢖⦾䛻䛒䜚䚸 䛭䛾ᗘ䛻೉᥮䛜ᚲせ䛸䛺䜛䚹 䛣䛾Ⅼ䛻䛺≀ᕪ䛧䛸䛺䜛䛰䜝䛖䚹䛚䛔䛶䚸 മๆಖ᭷⪅䛿䚸 ೉᥮䛻ᛂ䛨䛺䛔䚸 䛒䜛䛔䛿㧗䛔೉᥮㔠฼䛷䛧䛛ᛂ䛨䛺䛔䛣䛸䛷䚸 ௻ᴗ䛻ᑐ䛧䛶₯ᅾⓗ䛻኱♫മ䜈䛾 ESG ᢞ㈨䛿䚸 䛩䛷䛻☜❧䛥䜜䛶䛔䜛ୖሙᰴᘧ䜈䛝䛺ᙳ㡪ຊ䜢ᣢ䛳䛶䛔䜛䚹䛾 ESG ᢞ㈨䝥䝻䝉䝇䛸ᐦ᥋䛻㛵㐃䛧䛶䛔䜛䚹 ౛䛘䜀䚸 㝖እ䝸䝇䝖䜔 ESG 䝇䜽䝸䞊䞁䛿䚸 㠀ᖖ䛻ఝ䛯䜒䛾䛸䛺䜛ഴྥ䛜⌧ᐇ䛻䛿䚸 ᢞ㈨ᐙ䛿䚸 മๆಖ᭷⪅䛸䛧䛶䛾䜶䞁䝀䞊䝆䝯䞁䛒䜛䚹 䛧䛛䛧䚸 ኱䛝䛺㐪䛔䜒Ꮡᅾ䛩䜛䚹䝖䛻䛴䛔䛶䚸 ኱ከᩘ䛾ᾘᴟⓗ䛺ᑐᛂ䛛䜙䚸 䛔䛟䛴䛛䛾䝦䝑䝆䝣䜯䞁䝗䛾䜘䛖䛺䜰䜾䝺䝑䝅䝤䛺䜰䜽䝔䜱䝡䝈䝮䜎䛷䚸 ␗䛺䜛䜰䝥䝻䞊䝏䜢᥇⏝䛧䛶䛔䜛 䠄Celik et al 2015䠅䚹 䜎䛯䚸 മๆಖ᭷⪅䛾฼┈䛜䚸 ≉䛻▷ᮇ䛻䛚䛔䛶䚸 ᰴ୺䛾฼┈䛸ᑐ❧䛩䜛䛣䛸䜒䛒䜚䛘䜛Ⅼ䛻䛴䛔䛶䛿䚸 ぢⴠ䛸䛧䛶䛿䛺䜙䛺䛔䚹

⾲1㸸ᰴᘧᢞ㈨ᐙ࡜മๆᢞ㈨ᐙࡢ࢚ࣥࢤ࣮ࢪ࣓ࣥࢺ
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ฟᡤ 䠖 Aberdeen 䠄2017䠅

മๆᢞ㈨࡬ࡢ⎔ቃ࣭♫఍࣭࢞ࣂࢼࣥࢫ㸦(6*㸧せ⣲ࡢ⤫ྜ| 11ࢹ࣮ࣗࣞࢩࣙࣥ⟶⌮⚾ເമ␗䛺䜛᫬㛫㍈䛷䚸 ␗䛺䜛 ESG 䝣䜯䜽䝍䞊䛜䚸 ከ኱䛺䝸䝇䜽䜢⚾ເമ䛿䚸 ㏱᫂ᛶ䛜ప䛟䚸 ᭱ᑠྲྀᘬ༢఩䛜኱䛝䛟䚸 ‶ᮇ⏕䜏ฟ䛩䚹 ▷ᮇⓗ䛻䛿䚸 ᢞ㈨ᐙ䛿䚸 ␗ᖖẼ㇟䜔⏘ᴗ⅏䛜㛗䛔ഴྥ䛜䛒䜚䚸 䝎䜲䝧䝇䝖䛜㞴䛧䛔䚹 䛯䛰䛧䚸 ኱ཱྀ䛾മᐖ䛺䛹䚸 Ⓨ⏕㢖ᗘ䛿ప䛔䛜ᙳ㡪䛾኱䛝䛔஦㇟䛻䜘䜛⬣ጾᶒ⪅䛿䚸 䜘䜚᭷฼䛺ዎ⣙䜔 ESG ㄢ㢟䛾ሗ࿌⩏ົ䛻䛴䛔䛶䛻┤㠃䛧䛶䛔䜛䚹 㛗ᮇⓗ䛻䛿䚸 ேཱྀືែ䛾ኚ໬䜔Ẽೃኚ஺΅䛩䜛䛣䛸䜒䛷䛝䜛䚹ື䛺䛹䛾 ESG 䝖䝺䞁䝗䛿䚸 മๆ฼ᅇ䜚䛻㔜኱䛺ᙳ㡪䜢୚䛘䜛ྍ⬟ᛶ䛜㧗䛔䛜䚸䛭䛾ᙳ㡪䛾⛬ᗘ䛿䜘䜚୙☜ᐇᛶ䛜㧗䛔䚹ᅜമⓎ⾜య௻ᴗ䛾ಙ⏝ຊศᯒ䛸ᨻᗓ䛾ಙ⏝ຊศᯒ䛿䚸 ESG 䛾඲䛶䛾ὶືᛶഃ㠃䛻䛚䛔䛶኱䛝䛟␗䛺䜛䚹 ᨻ἞ 䞉 ♫఍ไᗘ䚸 䝬䜽䝻⤒῭㈨㔠䛾ὶືᛶ䛿䚸 ᭱䜒ᚲせ䛸䛥䜜䜛᫬䚸 ౛䛘䜀༴ᶵⓗ≧䛾Ⓨᒎ䚸 ᨻᗓ䛾ᨻ⟇䛿䚸 ணᐃ䛹䛚䜚䛻മົ䜢㏉῭䛩䜛ᨻἣ➼䛾᫬䛻ᯤῬ䛩䜛䛣䛸䛜ከ䛟䚸 䝁䝇䝖䛾䛛䛛䜛䝫䞊䝖䝣䜷䝸ᗓ䛾⬟ຊ䜔ពᛮ䜢ホ౯䛩䜛㝿䛻኱䛝䛺ᙺ๭䜢ᯝ䛯䛩䚹 ᅜ䜸䛾෌ᵓ⠏䜢వ൤䛺䛟䛥䜜䜛ሙྜ䛜ከ䛔䚹 മົ䛾䝸䝇䜽䝦䝑മ䛾䝸䝇䜽䛸䝸䝍䞊䞁䛾㛵ಀᛶ䛿」㞧䛷䚸 䛛䛴┤⥺ⓗ䛺䜒䛾䝆䜢┠ⓗ䛸䛧䛯ᢞ㈨ᡓ␎ 䠄LDI䠅 䛿䚸 ୍⯡ⓗ䛻㛗ᮇ䛾ᢞ㈨䛷䛿䛺䛔 䠄Schroders 2017a䠅䚹䝩䝷䜲䝌䞁䛸䛺䛳䛶䛚䜚䚸 ὶືᛶ䛾ຎ䜛മๆ䜢䝞䜲 䞉䜰䞁䝗 䞉䝩䞊䝹䝗ᡓ␎䛷ᢞ㈨䛩䜛㝿䛿䚸 ESG 䜔䛭䛾௚䛾㛵㐃䛩䜛඲䛶䛾䝸䝇䜽䝣䜯䜽䝍䞊䜢䚸 㐺ษ䛺᫬㛫㍈䛷⪃៖䛩䜛ᚲせ䛜䛒䜛䚹G 䠄䜺䝞䝘䞁䝇䠅 䛻䛴䛔䛶䛿䚸 ἲ䛾ᨭ㓄䚸 ♫఍ไᗘ䛾㡹೺ᛶ䚸 ᨻ἞ⓗ䛺Ᏻᐃᛶ䚸 つไ䛾୍㈏ᛶ䚸 ở⫋䛺䛹䛜㔜せ䛺
せ⣲䛸䛺䜛䚹 㟁Ẽ䠋Ỉ䠋䛭䛾௚䛾㈨※䛾ഛ⵳䜔⟶⌮䛿䚸⎔ቃ䠋Ẽೃኚືᨻ⟇䛸䛸䜒䛻ಙ⏝ຊ䛻㔜せ䛷䛒䜛䛜䚸 䛭䛾ὶືᛶ䛾ప䛔മๆ䛿䚸 ⤒Ⴀ≧ἣ䛾ᝏ䛔௻ᴗ䛻䛸䛳䛶䜒₯ᅾⓗ䛺⬣ጾ䛸䛺䜚䛖䜛䚹 ୍ே䛾ᢞ㈨ᐙ䛜മๆ䜢኎༷䛩䜛䛰䛡䛷౯᱁䛜ኚື䛧䚸㈨ᮏ䝁䝇䝖䛾ୖ᪼䛻⧅䛜䜛ྍ⬟ᛶ䛜䛒䜛䚹㔜せᛶ䛿ᅜ䜔᫬௦䛻䜘䛳䛶␗䛺䜛䚹䜰䝘䝸䝇䝖䛿䚸 E 䠄⎔ቃ䠅 䜘䜚䜒 S 䠄♫఍䠅 䛾䝣䜯䜽䝍䞊䜢㔜
せど䛩䜛ഴྥ䛜䛒䜛䚹 䛣䜜䛿䚸 ᨻ἞ⓗ䛺Ᏻᐃᛶ䚸 䜺䝞䝘ࣁ࢖࢖࣮ࣝࢻമ
₯ᅾⓗ䛻 ESG 䝸䝇䜽䛻䜘䜚᫹䛥䜜䛶䛔䜛ศ㔝䜒Ꮡᅾ䛩䜛䚹 ౛䞁䝇䚸 ቑ⛯䜔ᨵ㠉䜢⾜䛖ᅜᐙ䛾⬟ຊ䛸⤖䜃䛴䛔䛶䛔䜛䛛䜙䛷䛒䜛䚹 ୺䛺♫఍ⓗ䛺䝣䜯䜽䝍䞊䛻䛿䚸 ேᶒ䚸 ປാᇶ‽䚸ᩍ⫱䝅䝇䝔䝮䚸 䝦䝹䝇䜿䜰䚸 ேཱྀືែ䛜䛒䜛䚹䛘䜀䚸 䝝䜲䜲䞊䝹䝗മ䛾Ⓨ⾜య䛿䚸 ௻ᴗつᶍ䛜䜘䜚ᑠ䛥䛟㠀ୖሙ௻ᴗ䛜ከ䛔䛣䛸䛛䜙䚸 䠄ヂὀ 䠖 ୖሙ௻ᴗ䛺䛹䛸䠅 ྠ䛨ᅜമ䛻ᑐ䛧䛶 ESG ᢞ㈨䜰䝥䝻䞊䝏䜢㐺⏝䛩䜛䛻䛒䛯䛳䛶䛿䚸᝟ሗ䛾㛤♧䜔ྠ䛨ᇶ‽䛷ᴗົ䜢⾜䛖ᚲせ䛜䛺䛔䚹 മᶒ⪅䠄ヂὀ 䠖 ♫മ䛸䛿䠅 ᫂☜䛺㐪䛔䛜䛒䜚䚸 ᨻ἞ⓗ䛻䝕䝸䜿䞊䝖䛾฼┈䛸୍⮴䛧䛺䛔䚸 ≉Ṧ䛺䜺䝞䝘䞁䝇ᵓ㐀䛸䛺䛳䛶䛔䜛䛺䜒䛾䛻䛺䜛䛣䛸䛜䛒䜛䚹 ౛䛘䜀䚸 ≉ᐃ䛾ᅜ䛜≉ᐃ䛾᮲⣙ഴྥ䜒䛒䜛䚹 䝝䜲䜲䞊䝹䝗മ䛾Ⓨ⾜య䛿䝺䝞䝺䝑䝆䜢฼⏝䛩䜔༠ᐃ䛻ཧຍ䛧䛶䛔䛺䛔䛣䛸䜢⌮⏤䛻䚸 䛭䛾ᅜ䛾ᅜമ䜢඲䜛䛣䛸䛛䜙䚸 മๆಖ᭷⪅䛿ᰴ୺䛸୪䜆㔜せ䛺㈨㔠※䛷䛒䜚䚸䛶᤼㝖䛩䜛䛣䛸䜒⪃䛘䜙䜜䛺䛟䛿䛺䛔 䠄⾲ 2䠅䚹 ᗈ䛟౑䜟䜜䛶௻ᴗ䛾⤒Ⴀ㝕䜈䜶䞁䝀䞊䝆䝯䞁䝖䛩䜛᭷ព⩏䛺ᶵ఍䛜䛒䜛䛔䜛ᡭἲ䛸䛧䛶䛿䚸 䛒䜛 ESG ホ౯య⣔䛻䛚䛔䛶䚸 䛂Ⰻ䛔䛃

䠄Aristotle 2016䠅䚹

ᅜ䜢䜸䞊䝞䞊䜴䜵䜲䝖䛧䚸 䛂ᝏ䛔䛃 ᅜ䜢䜰䞁䝎䞊䜴䜵䜲䝖䛩䜛᪉ἲ䛷䛒䜛䚹

12 | 2㸬മๆᢞ㈨࡟࠾ࡅࡿESGศᯒ࡜ࡣ㸽⾲2㸸␗࡞ࡿⓎ⾜యࢱ࢖ࣉࡈ࡜ࡢࢫࢡ࣮ࣜࢽࣥࢢᇶ‽ࢫࢡ࣮ࣜࢽࣥࢢ᪉ἲ

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• ᆅᇦ෌ᢞ㈨ἲ䠄⡿ᅜ䠅
• IFC䝟䝣䜷䞊䝬䞁䝇ᇶ‽• ㉥㐨ཎ๎• ᅜ㝿ⓗไ⿢ฟᡤ 䠖 PRI 䠄2014䠅ᙜ↛䛾䛣䛸䛺䛜䜙䚸 ᨻᗓ䛸䛾䜶䞁䝀䞊䝆䝯䞁䝖䛿䚸 ௻ᴗ䛸䛾᪂⯆ᅜമๆ䜶䞁䝀䞊䝆䝯䞁䝖䛸䛿኱䛝䛟␗䛺䛳䛶䛚䜚䚸 ᐇ㝿䛻䛿䛒䜎䜚⾜

ESG せ⣲䛿䚸 ᪂⯆ᅜᕷሙ䜔䝣䝻䞁䝔䜱䜰ᕷሙ䛾മๆ䜢ホ䜟䜜䛶䛔䛺䛔䚹 ᢞ㈨ᐙ䛿䚸 つไᙜᒁ䚸 ᨻ⟇❧᱌⪅䚸 ᇶ౯䛩䜛ୖ䛷≉䛻᭷┈䛸䛺䜛ഴྥ䛜䛒䜛䛸䚸 ከ䛟䛾ᢞ㈨ᐙ䛜‽タᐃ⪅ 䠄㈈ົ┬ᐁ൉䚸 ⾜ᨻᶵ㛵䚸 ᅜമ⟶⌮ᶵ㛵䛺䛹䠅ㄆ㆑䛧䛶䛔䜛䚹 ᪂⯆ᅜ䛾ᨻ἞ⓗ 䞉 ♫఍ⓗⓎᒎ䛾ᢕᥱ䛿ከ䛸䛾ᑐヰ䜢ồ䜑䜛䛣䛸䛜䛒䜛䚹 䛣䛾᫬䚸ᢞ㈨ᐙ䛸ᨻᗓ䛸䛾 䛂つ䛟䛾ሙྜᅔ㞴䛷䛒䜚䚸 䛣䜜䜙䛿ಙ⏝᱁௜䜔ᕷሙ౯᱁䛻ᚲ䛪ᶍ䛾᱁ᕪ䛃 䛜䚸 ᢞ㈨ᐙ䛸኱௻ᴗ䛸䛾ሙྜ䜘䜚䜒ၥ㢟䛻䛺䜛䛧䜒᏶඲䛻཯ᫎ䛥䜜䜛䛸䛿㝈䜙䛺䛔䚹 つไ䛾䝣䝺䞊䝮䝽䞊䜽䛣䛸䛜䛒䜛䚹 䛧䛯䛜䛳䛶䚸 ᢞ㈨ᐙྠኈ䛾༠ാ䛜䚸 മๆಖ᭷䜔㏱᫂ᛶ䜒ஈ䛧䛔ྍ⬟ᛶ䛜䛒䜛䛜䚸 IFC 䛾䝟䝣䜷䞊䝬䞁䝇⪅䛾䜶䞁䝀䞊䝆䝯䞁䝖䛻䛸䛳䛶≉䛻᭷⏝䛸䛺䜛ྍ⬟ᛶ䛜䛒䜛䚹ᇶ‽䜔㉥㐨 䠄䜶䜽䜶䞊䝍䞊䠅 ཎ๎䛻ᚑ䛖മๆⓎ⾜య䜒䛔䜛䚹ᨻᗓ䛻㛵䛩䜛 ESG 䛾᝟ሗ䛻䛴䛔䛶䛿䚸 ᅜ㝿㐃ྜㅖᶵ㛵䚸
OECD䚸 CIA 䝽䞊䝹䝗䝤䝑䜽䚸 䝖䝷䞁䝇䝨䜰䝺䞁䝅䞊 䞉 䜲䞁䝍䞊ᆅ᪉മ䝘䝅䝵䝘䝹䚸 ୡ⏺㖟⾜䚸 䛭䛾௚㢮ఝ䛾ᶵ㛵䛛䜙ධᡭ䛩䜛䛣ᕞ䚸 ᆅᇦ䚸 㒔ᕷ䚸 䛭䛾௚䛾ᅋయ䛿䚸 ᆅ᪉മ䜢Ⓨ⾜䛩䜛䛣䛸䛜䛷䛝䜛䛜䚸 ᅜമ䛾≉ᐃ䛾䝉䜾䝯䞁䝖䛻䛴䛔䛶䛿ὀព䛜ᚲ䛸䛜䛷䛝䜛䚹 ᆅ᪉മᕷሙ䛿䚸 ⡿ᅜ䛻䛚䛔䛶ᴟ䜑䛶኱䛝䛺ᕷせ䛷䛒䜛䚹

ሙ 䠄4 ඙䝗䝹䠅 䛷䛒䜚䚸 ௚䛾ᅜ䛷䜒฼⏝䛥䜜䛶䛔䜛䚹 ᆅ᪉മ䛿 2 䛴䛾✀㢮䛻ศ䛡䜛䛣䛸䛜䛷䛝䜛䚹 ⛯཰䜢䜒䛸䛻䛧䛯୍⯡㈈※മ䛸䚸 ᭷ᩱ㐨㊰䛺䛹䛾≉ᐃ஦ᴗ䛛䜙䛾ṓධ䜢䜒䛸䛻䛧䛯཰┈஦ᴗമ䛷䛒䜛䚹 䛣䜜䜙䛿䚸 ⤒῭䜲䞁䝣䝷 䠄஺㏻䚸മๆᢞ㈨࡬ࡢ⎔ቃ࣭♫఍࣭࢞ࣂࢼࣥࢫ㸦(6*㸧せ⣲ࡢ⤫ྜ| 13䜶䝛䝹䜼䞊䚸 Ỉ䚸 ᗫᲠ≀䛺䛹䠅 䜔♫఍䜲䞁䝣䝷 䠄Ꮫᰯ䜔࢝ࣂ࣮ࢻ࣭࣎ࣥࢻ

⑓㝔䛺䛹䠅 䛾䛯䜑䛻฼⏝䛥䜜䚸 ᆅᇦ䜔䝥䝻䝆䜵䜽䝖䛻≉᭷䜹䝞䞊䝗 䞉 䝪䞁䝗䛿䚸 ABS 䛾୍✀䛷䛒䜚䚸 ୺䛻ఫᏯ䝻䞊䞁䛺 ESG せ⣲䛜㔜せ䛸䛺䜛䚹䜔බඹ㒊㛛䜈䛾⼥㈨䜢⿬䛵䛡䛸䛧䛶䛔䜛䚹 ABS 䛸ྠᵝ䛻䚸ᢞ㈨ᐙ䛿䚸 Ⓨ⾜య䛻㛵㐃䛩䜛 ESG 䝸䝇䜽䜔䚸 ㈨⏘䛭䛾䜒䛾ᅜ㝿ᶵ㛵മ䛾ᣢ⥆ྍ⬟ᛶ䜢⪃៖䛩䜛ᚲせ䛜䛒䜛䚹 㖟⾜䛜䚸 മົ୙ᒚୡ⏺㖟⾜ 䠄IBRD䠅䚸 ᅜ㝿㔠⼥බ♫ 䠄IFC䠅䚸 䜰䝆䜰㛤Ⓨ㖟⾜䛾Ⓨ⾜య䛾㈨⏘䜢ᕪ䛧ᢲ䛥䛘䜛ሙྜ䚸 ⨩㔠䚸 ಀத୰䛾⾜䠄ADB䠅䚸Ḣᕞᢞ㈨㖟⾜䠄EIB䠅䚸Ḣᕞ᚟⯆㛤Ⓨ㖟⾜䠄EBRD䠅ἲົ㈝⏝䚸 ⎔ቃί໬㈝⏝䛺䛹䛾മົ䜒ᘬ䛝ཷ䛡䜛䛣䛸䛸䛺䜛䚹䛺䛹䛾ᅜ㝿ᶵ㛵䛿䚸 㛤Ⓨ㛵㐃䛾䝥䝻䝆䜵䜽䝖䜔஦ᴗ䜈䛾⼥㈨䜢┠ⓗ䛸䛧䛯മๆ䜢ᐃᮇⓗ䛻Ⓨ⾜䛧䛶䛔䜛䚹 䛣䜜䜙䛾ᶵಖ㝤ࣜࣥࢡドๆ㛵䛿䚸 ㏻ᖖ䚸 䝸䝇䜽䛜ప䛟䚸 ㉁䛾㧗䛔 ESG 䛾ྲྀ䜚⤌䜏䜢䛧ಖ㝤䝸䞁䜽ドๆ 䠄ILS䠅 䛿䚸 ኳೃ䛺䛹≉ᐃ䛾䝸䝇䜽䜲䝧䞁䝖䛻䛶䛔䜛䛸ㄆ㆑䛥䜜䛶䛚䜚䚸 ᢞ㈨㐺᱁മ 䠄AAA ᱁䠅 䜢Ⓨ⾜䛧㛵㐃䛩䜛㔠⼥ၟရ䛷䛒䜛䚹 ኱⅏ᐖമๆ 䠄CAT 䝪䞁䝗䠅 䜒䚸䛶䛔䜛䚹 䛣䛾⤖ᯝ䚸 䛣䛾䜘䛖䛺ᅜ㝿ᶵ㛵മ䛾 ESG ศᯒ䛻䛴䝸䝇䜽䛻㛵㐃䛧䛯മๆ䛷䛒䜚䚸 ≉ᐃ䛾䝸䝇䜽䜢 䠄෌䠅 ಖ㝤఍䛔䛶䛿䚸 Ⓨ⾜య䛾ಙ⏝ຊ䛭䛾䜒䛾䜘䜚䜒䚸 ㈨㔠䛾౑㏵䛜䜘

♫䛛䜙ᢞ㈨ᐙ䛻⛣㌿䛩䜛䚹 䛣䜜䜙䛾䝸䝇䜽䛿䚸 ᙜ↛䛾䛣䛸䛺䜚㔜ど䛥䜜䜛ഴྥ䛜䛒䜛䚹 ᅜ㝿ᶵ㛵䛿䚸䜾䝸䞊䞁䝪䞁䝗䚸䝋䞊䛜䜙Ẽೃኚື䝸䝇䜽䛸㛵ಀ䛧䛶䛚䜚䚸 䛭䛾㈈※䛜⅏ᐖᚋ䛾ᆅ䝅䝱䝹䝪䞁䝗䚸 䝃䝇䝔䜲䝘䝤䝹䝪䞁䝗䛺䛹䛾䝺䞊䝧䝹䝗 䞉 䝪䞁ᇦ䛾෌⏕䛻౑䜟䜜䜛䛣䛸䛛䜙䚸 䝋䞊䝅䝱䝹ᢞ㈨䛸䜒㛵㐃䛧䛶䝗䜢Ⓨ⾜䛩䜛䛣䛸䛷䚸 ≉ᐃ䛾㛤Ⓨィ⏬䜔ඃඛ㡰఩䜈䛾ព㆑䛔䜛䚹ྥୖ䜢ᅗ䜚䚸 ┠ⓗ䜢ᣢ䛳䛶ᢞ㈨䜢⾜䛖ᢞ㈨ᐙ䛾㛵ᚰ䛻ᛂ䛘䛶䛔䜛䚹ࡑࡢ௚ࡢമๆ࣭ドๆ
ᢞ㈨ᐙ䛾䝫䞊䝖䝣䜷䝸䜸䛻䛿䚸 䛭䛾௚ከ䛟䛾മๆ䜔ドๆ䛜䛒䜚䚸 䛭䛾ከ䛟䛿㖟⾜䜔㔠⼥㒊㛛䛾௻ᴗ䛻䜘䛳䛶Ⓨ⾜䛥䜜䛯䜒䛾䛷䛒䜛䚹

㈨⏘ᢸಖドๆ㸦ABS㸧
ABS 䛾 ESG ศᯒ䛷䛿䚸 ドๆ䛾䜸䝸䝆䝛䞊䝍䞊䚸䝃䞊䝡䝃䞊䚸ᢸಖ㈨⏘䝥䞊䝹䛻㛵㐃䛧䛯䝸䝇䜽䜢ᢕᥱ䛧䛺䛡䜜䜀䛺䜙䛺䛔䚹
ᢞ㈨ᐙ䛿䚸 ⮬ື㌴䝻䞊䞁䜔ఫᏯ䝻䞊䞁䛺䛹䚸 ドๆ䛾⿬䛵䛡䛸䛺䜛㈨⏘䝥䞊䝹䜔༢⊂䝥䝻䝆䜵䜽䝖䛾㈈ົⓗᣢ⥆ྍ⬟ᛶ䛻䚸 ESG せ⣲䛜䛹䛾䜘䛖䛻ᙳ㡪䛩䜛䛛䛻䛴䛔䛶⪃៖䛧䛺䛡䜜䜀䛺䜙䛺䛔䚹 ᢞ㈨ᐙ䛿䚸 Ⓨ⾜䛥䜜䛯≉ᐃ䛾 ABS 䛾㈨㔠
౑㏵䛻╔┠䛧䚸 ㈨⏘䝥䞊䝹䛾ᵓᡂ䜔ኚ໬䜢䝰䝙䝍䝸䞁䜾䛩䜛䛣䛸䜒䛒䜛䚹

14 | 2㸬മๆᢞ㈨࡟࠾ࡅࡿESGศᯒ࡜ࡣ㸽௙⤌മ
ᢞ㈨ᐙ䛾䝫䞊䝖䝣䜷䝸䜸䛻䛿䚸 䛭䛾௚䛻䜒ᵝ䚻䛺௙⤌മ䛜䛒䜛䚹 ୍⯡ⓗ䛻䚸 ௙⤌മ䛿䚸 」㞧䛷㏱᫂ᛶ䛾ప䛟䚸 ESG せ⣲䛸㛵㐃௜䛡䜛䛣䛸䛿⡆༢䛷䛿䛺䛔䚹ࣉࣛ࢖࣮࣋ࢺ࣭ࢹࢵࢺ

䜒䛾䛾䚸ᚎ䚻䛻ᰴᘧ䛻㏣䛔䛴䛝䛴䛴䛒䜛䚹 ౛䛘䜀䚸䜶䞁䝀䞊䝆䝯䞁䝖䝏䞊䝮䛜㈨⏘ᶓ᩿ⓗ䛻άື䛧䚸 മๆ䛸ᰴᘧ䛾ᢞ㈨䝥䝷䜲䝧䞊䝖䜶䜽䜲䝔䜱䛻䛚䛡䜛 ESG 䛜㛵ᚰ䜢㞟䜑䛯䛾䛿䚸ඛ௻ᴗ䛸䝁䝭䝳䝙䜿䞊䝅䝵䞁䛩䜛䛺䛹䚸 ♫മ䛻㛵䛧䛶䛿䜘䜚Ⓨୖሙᰴᘧ䜘䜚䜒䛿䜛䛛䛻㐜䛔䚹 ௻ᴗ䚸 ୙ື⏘䚸 䜲䞁䝣䝷䛺䛹䛾䝥䝷䜲䝧䞊䝖䞉䝕䝑䝖䛜ಖ㝤఍♫䜔ᖺ㔠ᇶ㔠䛾䝫䞊䝖䝣䜷䝸䜸䛻䛚䛔䛶ᯝ䛯䛩ᙺ๭䛿኱䛝䛟䛺䛳䛶䛔䜛䚹 㛗ᮇ㛫䛻ཬᒎ䛜ぢ䜙䜜䜛䚹 PRI 䛾ㄪᰝ 䠄2017a䠅 䛷䛿䚸 ♫മ䛾᪉䛜ᅜമ䜘䜚䜒 ESG 䜰䝘䝸䝇䝖䛻䜘䛳䛶䜹䝞䞊䛥䜜䚸 ㈨⏘ᢸಖドๆ䛿䛿䜛䛛䛻㐜䜜䛶䛔䜛䛣䛸䛜ศ䛛䛳䛯䛜䚸 䛣䜜䜙䛻䛴䛔䛶䜒䜆ప㔠฼䛻ຍ䛘䚸 つไᙉ໬ 䠄䝞䞊䝊䝹 3 䛺䛹䠅 䛻䜘䛳䛶௒ᚋከ䛟䛾◊✲䜔Ⓨᒎ䛜ᮇᚅ䛥䜜䜛䚹ఏ⤫ⓗ䛺㖟⾜䛜㛗ᮇ⼥㈨䛛䜙㒊ศⓗ䛻ᡭ䜢ᘬ䛔䛶䛔䜛䛣䛸䛜䚸 䛣䛾ὶ䜜䛻ᢿ㌴䜢䛛䛡䛶䛔䜛䚹 ඲䛶䛾䝥䝷䜲䝧䞊䝖㈨⏘䛻䛴䛔䛶䚸 ὶືᛶ䛸㏱᫂ᛶ䛾ၥ㢟䛿኱䛝䛟䚸 ESG ㄢ㢟䛸䛾㛵㐃䛻䛴䛔䛶ᢞ㈨ᐙ䝃䜲䝗䛷䛾⤒㦂䛿䜎䛰ᑡ䛺䛔䚹䜎䛸䜑䜛䛸䚸 മๆ䛻䛚䛡䜛 ESG ᢞ㈨䛿䚸 ᅛ᭷䛾ၥ㢟䛿䛒䜛

ᅗ3㸸മๆ࡟࠾ࡅࡿESG⤫ྜࡢỈ‽

♫മ
ᅜ㝿ᶵ㛵മ
ᅜമ
䛭䛾௚/ᐇ⏘㈨⏘

ฟᡤ 䠖 ⴭ⪅മๆᢞ㈨࡬ࡢ⎔ቃ࣭♫఍࣭࢞ࣂࢼࣥࢫ㸦(6*㸧せ⣲ࡢ⤫ྜ

| 15

16 | 2㸬മๆᢞ㈨࡟࠾ࡅࡿESGศᯒ࡜ࡣ㸽3. ESG࡜㈈ົࣃࣇ࢛࣮࣐ࣥࢫ
㸫୺࡞ඛ⾜◊✲ࡢ⤖ᯝ

ESG 䛸㔠⼥ᣦᶆ䛸䛾㛫䛾ᐇドⓗ䛺⤖䜃䛴䛝䜢ド᫂䛩䜛䛯䜑䚸ከ䛟䛾◊✲䛜⾜䜟䜜䛶䛝䛯䚹 㐣ཤ䛾䜋䛸䜣䛹䛾◊✲䛿ᰴᘧ䛻↔Ⅼ䜢ᙜ䛶䛯䜒䛾䛰䛳䛯䛜䚸 ㏆ᖺ䛿മๆ䛻㛵㐃䛩䜛ㄪᰝ䜒ከ䛟⾜䜟䜜䛶䛔䜛 18䚹

2,200 䛾୍ḟ◊✲䛸䛭䛾䝺䝡䝳䞊䜢䜎䛸䜑䛯ໟᣓⓗ䛺䝃䞊䝧䜲ㄽᩥ 䠄Friede et al. 2015䠅 䛻䜘䜛䛸䚸 ⣙ 90䠂䛾◊✲䛜䚸• 䝕䝣䜷䝹䝖䝸䝇䜽䚸 䜽䝺䝆䝑䝖 䞉 䝕䝣䜷䝹䝖 䞉䝇䝽䝑䝥 䠄CDS䠅

ESG 䛸௻ᴗ䛾㈈ົⓗ䛺䝟䝣䜷䞊䝬䞁䝇䛻䛿㈇䛾┦㛵䛿䛺䛔• മๆ౯᱁䛾䝟䝣䜷䞊䝬䞁䝇䚸 㔠฼䛸䛧䛶䛔䜛䚹 䛧䛛䛧䚸 ಶู௻ᴗ䛾䝕䞊䝍䛷䛿䛺䛟䚸 ESG 䝣䜯• ᕷሙ䝸䝇䜽

䞁䝗䜔ᣦᩘ䛺䛹䝫䞊䝖䝣䜷䝸䜸䛾䝕䞊䝍䜢⏝䛔䛯◊✲䛷䛿䚸• ௻ᴗ౯್

19䜘䜚୰❧ⓗ䠋┦཯䛩䜛⤖ᯝ䛸䛺䛳䛶䛔䜛 䚹 ᰴᘧ௨እ䛾㈨• ᅜ䛾⤒῭ᡂ㛗䛸䛭䛾௚䛾䝬䜽䝻ኚᩘ⏘䜽䝷䝇䛻䛴䛔䛶䛾ㄪᰝ䛿ẚ㍑ⓗᑡ䛺䛔䚹 䛂മๆ䛻㛵䛩䜛• 䝟䝣䜷䞊䝬䞁䝇䛻㛵䛩䜛䛭䛾௚䛾௦⌮ኚᩘ

36 䛾◊✲䛾䛖䛱䚸 63.9% 䛜䝫䝆䝔䜱䝤䛺⤖ᯝ䛸䛺䜛୍᪉䚸 13䛾◊✲䛜୰❧ⓗ䜒䛧䛟䛿┦཯䛩䜛⤖ᯝ䜢♧䛧䛯 䠄36.1%䠅䛃
䠄p.222䠅䚹

മๆᢞ㈨ᐙ䛾ከ䛟䛿䚸 ESG 䛸ಙ⏝䝸䝇䜽䛾㛵ಀᛶ䚸 䛴䜎䜚⎔ቃ䚸 ♫఍䚸 䜺䝞䝘䞁䝇䛾せ⣲䛜䚸 ಙ⏝ຊ䛻䛹䛾䜘䛖䛻ᙳ㡪䜢୚䛘䛶䛔䜛䛾䛛䛻䛴䛔䛶䚸 䛸䜚䜟䛡㛵ᚰ䜢ᣢ䛳䛶䛔䜛䚹

ESG せ⣲䛿䚸 മๆᢞ㈨䛾㈈ົⓗ䝟䝣䜷䞊䝬䞁䝇䛻䛹䛾䜘䛖◊✲䛜኱䛝䛟 2 ✀㢮䛻ศ䛛䜜䜛䛾䛿䚸 ୍⯡ⓗ䛻䚸 ௻ᴗ䠋䛻ᙳ㡪䜢୚䛘䜛䛾䛰䜝䛖䛛䚹♫മⓎ⾜య䜎䛯䛿ᅜ䠋ᅜമⓎ⾜య䛾䛹䛱䜙䛛䜢୺䛻ྲྀ䜚ከ䛟䛾◊✲⪅䛿䛭䜜䛮䜜 ESG 䛻ᑐ䛧䛶␗䛺䜛䜰䝥䝻䞊䝏䜢ྲྀ䛳䛶䛚䜚䚸 ᪉ἲ䚸 䝕䞊䝍䚸 ᫬㛫㍈䜒㠀ᖖ䛻␗䛺䜛䚹 ◊✲ᢅ䛖䛯䜑䛷䛒䜛䚹 ๓⪅䛻䛴䛔䛶䛿䜘䜚㐍䜣䛷䛔䜛䛜䚸 ᚋ⪅䛻䛴䛔䛶䛿㦫䛟䛣䛸䛻㛗䛔㛫ぢ㐣䛤䛥䜜䛶䛝䛯䚹⪅䛜ゎ᫂䛧䜘䛖䛸䛧䛯ከ䛟䛾୺䛺␲ၥ䛿䚸 ESG 䝣䜯䜽䝍䞊䛸௨ୗ䛸䛾㛵ಀ䛷䛒䜛䚹• മๆ䛻䜘䜛㈨㔠೉ධ䝁䝇䝖䛸ᰴ୺㈨ᮏ䝁䝇䝖• ಙ⏝䝸䝇䜽䚸 ಙ⏝䝇䝥䝺䝑䝗• ಙ⏝᱁௜

മๆᢞ㈨࡬ࡢ⎔ቃ࣭♫఍࣭࢞ࣂࢼࣥࢫ㸦(6*㸧せ⣲ࡢ⤫ྜ

| 17

♫മ
♫മ䛾䝟䝣䜷䞊䝬䞁䝇䛸 ESG 䛸䛾㛵㐃䛻䛴䛔䛶䛿䚸 䛔䛟䛴䛛䛾ㄪᰝ䛜⾜䜟䜜䛶䛔䜛䚹 ௨ୗ䛿䚸 ᴗ⏺ㄪᰝ䛸Ꮫ⾡◊✲䛾୍౛䛷䛒䜛䚹

Hsu and Cheng 䠄2015䠅 䛿䚸 ♫఍ⓗ䛺㈐௵䜢ᯝ䛯䛧䛶䛔䜛௻ᴗ䛿䚸 ㏻ᖖ䚸 ಙ⏝᱁௜䛾㠃䛷Ⰻ䛔⤖ᯝ䜢ṧ䛧䚸 ⼥㈨䝇
䝥䝺䝑䝗䜔䝕䝣䜷䝹䝖䛾㠃䛷ಙ⏝䝸䝇䜽䛜ప䛔䛸ᣦ᦬䛧䛶䛔䜛䚹䝥䝷䝇䛾 ESG ホ౯䛿㈈ົⓗ䛺䝸䝇䜽䛾పῶ䛻㛵ಀ䛧䚸 ୍᪉䝬䜲䝘䝇䛾 ESG ホ౯䛿㈈ົⓗ䛺ⱞቃ䛸㛵ಀ䛧䛶䛔䜛䚹 ᢞ

Barclays 䠄2015䚸 2016䠅 䛿䚸 2007 ᖺ䛛䜙 2015 ᖺ䛾⡿ᅜᢞ㈨㐺᱁♫മ䛾䝟䝣䜷䞊䝬䞁䝇䛻ᑐ䛩䜛 ESG 䛾䜲䞁䝟䜽䝖䛻䛴䛔䛶◊✲䜢⾜䛔䚸 ESG ホ౯䛜㧗䛔௻ᴗ䛿䚸 ᑠ䛥䛔䜒䛾䛾Ᏻᐃ䛧䛯䝟䝣䜷䞊䝬䞁䝇ୖ䛾᭷ពᛶ䛜䛒䜛䛣䛸䜢ᣦ᦬䛧䛶䛔䜛䚹 䛣䛾ᙳ㡪䛿䚸 G せ⣲䛻ᑐ䛩䜛䝫䝆䝔䜱䝤䛺ഴྥ䛻䛴䛔䛶᭱䜒ᙉ䛟ぢ䜙䜜䚸 E 䜔 S ホ౯䛜㧗䛔Ⓨ⾜య䜢㑅ዲ䛧䛶䜒䝸䝍䞊䞁䛻ᝏ䛔ᙳ㡪䛿䜏䜙䜜䛺䛛䛳䛯䚹 䜎䛯䚸 G 䝇䝁䜰䛜㧗䛔Ⓨ⾜య䛿䚸 ᱁௜఍♫䛻䜘䜛᱁ୗ䛢䛻┤㠃䛩䜛䛣䛸䜒ᑡ䛺䛛䛳䛯䚹㈨ᐙ䛿䚸 䝥䝷䝇䛾 ESG ホ౯䛻ᑐ䛧䛶䜘䜚ᙉ䛟཯ᛂ䛩䜛 20䚹ᑐ↷ⓗ䛻䚸 Amiraslani et al. 䠄2017䠅 䛿䚸 2005 ᖺ䛛䜙 2013ᖺ䛻䛚䛔䛶䚸 ௻ᴗ䛾♫఍ⓗ㈐௵䛸മๆ䝇䝥䝺䝑䝗䛾㛫䛻㛵㐃䛿䛺䛛䛳䛯䛸䛧䛶䛔䜛䚹 䛧䛛䛧䚸 2008 ᖺ䛛䜙 2009 ᖺ䛾㔠⼥༴ᶵ䛻䛚䛔䛶䛿䚸 CSR ホ౯䛾㧗䛔௻ᴗ䛿ప䛔മๆ䝇䝥䝺䝑䝗䛻䜘䛳䛶ᜠᜨ䜢ཷ䛡䛯䛸ᣦ᦬䛧䛶䛔䜛䚹 Hoepnerand Nilsson 䠄2017a䠅 䛿䚸䛂ᙉ䜏䛿䛺䛔䛜䚸ᠱᛕ䜒≀㆟䜒䛺䛔䛃௻ᴗ䛜Ⓨ⾜䛧䛯മๆ䛿䚸 ᕷሙ䜢኱䛝䛟䜰䜴䝖䝟䝣䜷䞊䝮䛩䜛䛸୺ᙇ䛧䛶䛔䜛䚹 䛣䛖䛧䛯Ⓨぢ䛿䚸 ᕷሙ䛾ΰ஘ᮇ䛻≉䛻㢧

ESG 䝸䝇䜽䛾䝥䝷䜲䝅䞁䜾䛻ᑐ䛩䜛␗䛺䜛䜰䝥䝻䞊䝏䛸䛧䛶䚸ⴭ䛻䜏䜙䜜䜛䚹

Hermes 䠄2017䠅 䛿䚸 ⊂⮬䛾 ESG 䝸䝇䜽ᣦᶆ䠉 QESG 䝇䝁䜰䠉䛸䜽䝺䝆䝑䝖 䞉 䝕䝣䜷䝹䝖 䞉䝇䝽䝑䝥 䠄CDS䠅 ᣦᩘ䛸䛾㛵ಀ䜢◊✲䛧䛯䚹 QESG 䝇䝁䜰䛜ప䛔௻ᴗ䛿 CDS 䝇䝥䝺䝑䝗䛾ᖜ䛜᭱䜒ᗈ䛟䚸 䜎䛯ᖺᖹᆒ䛾 CDS 䝇䝥䝺䝑䝗䛾ศᕸ䜒᭱䜒ᗈ䛛䛳䛯䚹 䛥䜙䛻䚸 ಙ⏝᱁௜䛿 ESG 䝸䝇䜽䜢ṇ☜䛻཯ᫎ䛧䛶䛚䜙䛪䚸 䛧䛯䛜䛳䛶 ESG 䝸䝇䜽䛾Ⰻ䛔௦᭰ᣦᶆ䛻䛿䛺䜙䛺䛔䛸䛧䛶䛔䜛䚹
Insight Investment 䠄2016䠅 䛿䚸 ≉ᐃ䛾䜰䝥䝻䞊䝏䚸 䛴䜎䜚♫䜲䞁䝣䝷മๆ䛿䚸 ᢞ㈨ᐙ䛾䝫䞊䝖䝣䜷䝸䜸䛻䛚䛔䛶ቑຍ䛧䛴䛴䛒䜛䝉䜾䝯䞁䝖䛷䛒䜛䚹 Kiose and Keen 䠄2017䠅 䛿䚸 ㈈ົ
ⓗ䝸䝇䜽䛻䛚䛡䜛♫఍ 䞉 ⎔ቃ䝸䝇䜽せᅉ䛾ᙳ㡪䛻䛴䛔䛶᳨ド䛧䚸ᐊຠᯝ䜺䝇᤼ฟ㔞䛸ྲྀ⥾ᙺ䛾⊂❧ᛶ䛜㔜せ䛷䛒䜛䛸䛧䛶䛔䜛䚹
Allianz 䠄2017a䠅 䛿䚸 ᢞ㈨㐺᱁ 䠄IG䠅 ♫മ䛻䛴䛔䛶䛾◊✲䜢᣺䜚㏉䜚䚸 ௨ୗ䛾䜘䛖䛻䜎䛸䜑䛶䛔䜛䚹മ䛾䝫䞊䝖䝣䜷䝸䜸䛛䜙䛾㝖እ䛻╔┠䛧䚸 ᗈ⠊ᅖ䛺೔⌮ⓗ• ᢞ㈨㐺᱁മๆ䛻䛚䛔䛶䚸 㔜኱䛺 ESG 䝸䝇䜽䛻┤㠃䛧⥅䝇䜽䝸䞊䝙䞁䜾䛷䛿䚸 㛗ᮇⓗ䛺䝸䝍䞊䞁䛻ᑐ䛩䜛ᙳ㡪䛜᭱ᑠ⥆ⓗ䛻 ESG ホ౯䛜ప䛔Ⓨ⾜య䛿䚸 ᢞ㈨䜢㑊䛡䛯䜋䛖䛜㝈䛻␃䜎䜛䜒䛾䛾䚸 䜘䜚↔Ⅼ䜢⤠䛳䛯䝇䜽䝸䞊䝙䞁䜾䛿䚸 䜘䜚䜘䛔 䠄䝔䞊䝹䝸䝇䜽䜒Ꮡᅾ䠅䚹኱䛝䛺䜲䞁䝟䜽䝖䜢㉳䛣䛩ྍ⬟ᛶ䛜䛒䜛䛸䛧䛶䛔䜛䚹 䛯䛰䛧䚸• ᮇᚅ䛥䜜䜛 ESG 䛾᪉ྥᛶ䛿䚸 䛭䜜䛜ᨵၿഴྥ䛷䜒ᝏ໬䜲䞁䝟䜽䝖䛾᪉ྥᛶ䚸 䛴䜎䜚㝖እ䛻䜘䛳䛶㛵㐃ᣦᩘ䜢䜰䜴䝖䝟ഴྥ䛷䜒䚸 ᕷሙ䛷䛿౯᱁䛻᏶඲䛻⧊䜚㎸䜎䜜䛶䛔䛺䛔䚹䝣䜷䞊䝮䛩䜛䛛䜰䞁䝎䞊䝟䝣䜷䞊䝮䛩䜛䛛䛿䚸 ண 䛩䜛䛣䛸䛜• 㝖እ䛾䝣䜱䝹䝍䞊䛻䛛䛡䜛䛣䛸䛷䚸 䝟䝣䜷䞊䝬䞁䝇䛜ⴭ䛧䛟䛷䛝䛺䛔䚹㜼ᐖ䛥䜜䜛䛣䛸䛿䛺䛔䚹

Oikonomou 䠄2014䠅 䛻䜘䜜䜀䚸 ♫മⓎ⾜య䛻䛸䛳䛶䚸 ௻ᴗᑐ↷ⓗ䛺ぢ᪉䜒䛒䜛䚹 Cantino et al. 䠄2017䠅 䛿䚸 ESG 䛸㈈䛾♫఍ⓗ㈐௵ 䠄CSR䠅 䛻䛚䛡䜛Ⰻ䛔 ESG 䝬䝛䝆䝯䞁䝖䛿పົⓗ䛺㈨ᮏᵓ㐀䜢䝺䝡䝳䞊䛧䚸 ESG 䛿㈨ᮏ䝁䝇䝖䛻䛿Ⰻ䛔䛔♫മ䜲䞊䝹䝗䝇䝥䝺䝑䝗䛻䜘䛳䛶ሗ䜟䜜䚸 ᝏ䛔 ESG 䝬䝛䝆ᙳ㡪䜢୚䛘䜛䛸䛾ぢ᪉䛷ᴫ䛽୍⮴䛧䛶䛔䜛䛜䚸 䛂ESG 䛻䛚䛡䝯䞁䝖䛿㧗䛔♫മ䜲䞊䝹䝗䝇䝥䝺䝑䝗䛸䛔䛖⨩䜢ཷ䛡䛶䛔䜛䚹䜛ᣢ⥆ྍ⬟ᛶ䛸㈨㔠೉ධ䛾㛵ಀ䛻䛴䛔䛶䛿䚸 ⤖ᯝ䛿᭕᫕㢮ఝ䛾⤖ᯝ䛿䚸 മๆ᱁௜䛻䜒ᙜ䛶䛿䜎䜛䚹 Bauer and Hann䛷᫂☜䛷䛿䛺䛔䛃 䛸䛧䛶䛔䜛 䠄p.124䠅䚹 Bektic 䠄2018䠅 䛿䚸䠄2010䠅 䛿䚸 ⎔ቃ㠃䛷䛾ᠱᛕ䛿㈨㔠೉ධ䝁䝇䝖䛾ୖ᪼䛸ಙ௻ᴗ䝺䝧䝹䛾䝸䝍䞊䞁䛻䛚䛡䜛 ESG せ⣲䛻䛴䛔䛶䛿ពぢ䛜⏝᱁௜䛾పୗ䛻㛵ಀ䛧䚸 ඛᡭ䜢䛖䛳䛯⎔ቃ㠃䛷䛾ᑐ⟇䛿ప䛔㈨㔠೉ධ䝁䝇䝖䛻䛴䛺䛜䜛䛸⤖ㄽ䛵䛡䛶䛔䜛䚹18 | 3. ESG࡜㈈ົࣃࣇ࢛࣮࣐ࣥࢫ㸫୺࡞ඛ⾜◊✲ࡢ⤖ᯝΰᅾ䛧䛶䛚䜚䚸 ⤖ㄽ䜢ฟ䛩䛾䛿᫬ᮇᑦ᪩䛷䛒䜛䛸୺ᙇ䛧䛶㉁䛾㧗䛔♫఍ไᗘ䛜䚸 ᅜമ䛾ಙ⏝ຊ䛻䛸䛳䛶㔜せ䛺せ⣲䛔䜛䚹䛷䛒䜛䛸ᖜᗈ䛟ㄆ㆑䛥䜜䛶䛔䜛䚹 ᅜ㝿ᶵ㛵䛻䜘䜛◊✲䛿䚸䛣䜜䜢⿬௜䛡䛶䛔䜛䚹 ౛䛘䜀䚸 Qian 䠄2012䠅 䛿䚸 90 䞄ᅜ䛾ᅜമ
ᢞ㈨ᐙ䛿䚸 ᅜമ䛾ศᯒ䛻䛚䛔䛶䚸 Ⓨ⾜య䛾മົ㏉῭⬟ຊ䜢ホ౯䛩䜛䛣䛸䛻ຍ䛘䚸 Ⓨ⾜య䛾മົ㏉῭ពᛮ䛾ホ౯䛻 ESG ᝟ሗ䜢฼⏝䛧䛶䛔䜛䚹 䛣䜜䜎䛷䛿䚸 ♫఍⤌⧊䛾㡹䝕䞊䝍䜢⏝䛔䚸㡹೺䛺♫఍ไᗘ䜢ᣢ䛳䛯ᅜ䛷䚸ᅜമ䛜䝕䝣䜷䝹䝖䛻䛺䜛஦౛䛿ᑡ䛺䛔䛣䛸䜢♧䛧䛶䛔䜛䚹 ຍ䛘䛶䚸 ♫఍ไᗘ䛜⬤ᙅ䛺ሙྜ䚸 ஧ᴟ໬䛧䛯ᨻᗓ䛜䜘䜚㢖⦾䛻䝕䝣䜷䝹䝖䜢ᘬ䛝㉳䛣䛩ഴྥ䛜䛒䜛䚹೺ᛶ䜔ᨻ἞䝸䝇䜽䛺䛹䛾䜺䝞䝘䞁䝇せ⣲䛻䜋䛸䜣䛹䛾ὀ┠䛜ở⫋䜔㏱᫂ᛶ䛺䛹䛾ಶู䛾䜺䝞䝘䞁䝇せ⣲䜒䚸 䛣䛾ᩥ⬦䛻㞟䜎䛳䛶䛔䛯䚹

䛚䛔䛶◊✲䛥䜜䛶䛝䛯䚹 ౛䛘䜀䚸Union Investment 䠄2014䠅 䛿䚸

ESG 䛸ᅜമ䛾䝟䝣䜷䞊䝬䞁䝇䛾㛵ಀ䛻䛴䛔䛶䛾ᩘᑡ䛺䛔◊✲䛾䛖䛱䚸 Capelle-Blancard et al. 䠄2017䠅 䛿䚸 OECD ຍ┕ᅜ䛾ᅜമ䛻䛴䛔䛶ໟᣓⓗ䛺ศᯒ䜢⾜䛔䚸 Ⰻ䛔 ESG 䝟䝣䜷䞊䝬䞁䝇䜢♧䛩ᅜᐙ䛿䚸 䝕䝣䜷䝹䝖䝸䝇䜽䛜ప䛟䚸 䛭䛾䛯䜑മๆ䝇䝥䝺䝑䝗䛜ప䛔䛸⤖ㄽ䛵䛡䛶䛔䜛䚹 䛥䜙䛻䚸 ⤒῭ⓗ䛺ᙳ㡪䛿㛗ᮇⓗ䛻䜘䜚ᙉ䛟䛺䜛䛯䜑䚸 ESG 䝟䝣䜷䞊䝬䞁䝇䛿㛗ᮇⓗ䛻⥅⥆䛩䜛⌧㇟䛷䛒䜛䛸䛧䛶䛔䜛䚹 ⎔ቃⓗഃ㠃䛿㈈ົⓗ䛺ᙳ㡪䜢ཬ䜌䛥䛪䚸 䜺䝞䝘䞁䝇䛿♫఍ⓗせ⣲䜘䜚䜒ブḭ䚸 ⬺⛯䚸 ㈈ົ⟶⌮䚸 Ⓨ⾜య䛾മົᨭᡶ⬟ຊ䛸䛾㛵㐃ᛶ䛛䜙䚸 䝣䜯䞁䝎䝯䞁䝍䝹ホ౯䛻䛚䛔䛶ᅜᐙ䛾ಙ⏝ຊ䛾ᙉ䛥䜢 䜛㝿䚸 ở⫋䛜୺䛺ᣦᶆ䛸䛺䜛䛸䛧䛶䛔䜛䚹 ở⫋䛸ᅜമ䛾䝕䝣䜷䝹䝖䛾ᩘ䛻䛿䚸 ᙉ䛔┦㛵䛜䛒䜛䚹 Choi and
Hashimoto 䠄2017䠅 䛿䚸 IMF 䛾䝕䞊䝍 䞉䝇䝍䞁䝎䞊䝗 䞉 䜲䝙䝅䜰䝔䜱䝤䜈䛾ཧຍ䛻཯ᫎ䛥䜜䛶䛔䜛䛸䛚䜚䚸 ᝟ሗ䛾㏱᫂ᛶ䜢ᅗ䜛ᨻ⟇ᨵ㠉䛻䜘䜚䚸 ᪂⯆ᅜമๆ䛾䝇䝥䝺䝑䝗䛜⦰ᑠ䛧䛯䛸♧䛧䛶䛔䜛䚹

㔜せᛶ䜢ᣢ䛳䛶䛔䜛䚹ᅜമ䛻䛴䛔䛶᪂䛯䛻⾜䜟䜜䛯ᴗ⏺ㄪᰝ䛾䜋䛸䜣䛹䛿䚸 ESG
䛸ಙ⏝᱁௜䛻╔┠䛧䛶䛔䜛䚹 Allianz 䠄2017b䠅 䛿䚸 ESG 䝸䝇䜽せᅉ䛜ᅜമ䛾ಙ⏝᱁௜䛻᏶඲䛻䛿཯ᫎ䛥䜜䛶䛔䛺䛔஦ᐇ䜢Ⓨぢ䛧䛶䛔䜛䚹 ᝏ䛔䜺䝞䝘䞁䝇䛜୺䛺䝸䝇䜽䛷䛒䜚䚸 䛭䛾ḟ䛻♫఍ⓗ䝸䝇䜽䛜⥆䛟䚹 ESG せ⣲䜢ᅜമ䛾ಙ⏝᱁௜䛻⤫ྜ䛩䜛䛣䛸䛷䚸 䝔䞊䝹䝸䝇䜽䜢పῶ䛷䛝䜛ྍ⬟ᛶ䛜䛒䜛䚹
Sustainalytics 䠄2017a䠅 䛿䚸ᅜ䛾 ESG 䛸ಙ⏝᱁௜ᶵ㛵 䠄CRA䠅䛾᱁௜䚸 ESG 䝰䝯䞁䝍䝮䛸 1 ேᙜ䛯䜚 GDP ᡂ㛗⋡䛾㛫䛻䚸䛭䜜䛮䜜ṇ䛾┦㛵䛜䛒䜛䛣䛸䜢᫂䜙䛛䛻䛧䛯䚹 CRA 䛾ಙ⏝᱁௜䛻 ESG 䝇䝁䜰䜔䛭䛾ኚ໬䜢⤌䜏ྜ䜟䛫䜛䛣䛸䛷䚸 㐣ᑠ䜎䛯䛿㐣኱ホ౯䛥䜜䛶䛔䜛ᅜ䛾Ⓨぢ䛻ᐤ୚䛩䜛ྍ⬟ᛶ䛜䛒䜛䚹䛭䛾௚䛾ᴗ⏺ㄪᰝ䛿䚸 ESG 䛸ಙ⏝䝇䝥䝺䝑䝗䛻╔┠䛧䛶䛔䜛䚹 Lazard 䠄2017䠅 䛿䚸 䜲䞊䝹䝗䝇䝥䝺䝑䝗䛾䛖䛱 ESG ⪃៖䛜ᐤ୚䛩䜛ᗘྜ䜢᥎ィ䛧䛯䚹 ᅜ䛾 ESG ᇶ‽䛸ಙ⏝ຊ䠋೉ධ䝁䝇䝖䛾㛫䛾ᙉ䛔㛵ಀᛶ䛿䚸 ≉䛻᪂⯆ᅜ䛷㢧ⴭ䛻ぢ䜙䜜䛯䚹മๆᢞ㈨࡬ࡢ⎔ቃ࣭♫఍࣭࢞ࣂࢼࣥࢫ㸦(6*㸧せ⣲ࡢ⤫ྜ| 19മๆࣇ࢓ࣥࢻ
ESG/SRI മๆ䝣䜯䞁䝗䜔㐠⏝⪅䛾䝟䝣䜷䞊䝬䞁䝇䛻ὀ┠䛩䜛Ḣᕞ䛾 SRI 䝣䜯䞁䝗䛿䚸 ୗ䛢┦ሙ䛷䛿ᗏሀ䛔䛜䚸 䛭䛾௚䛾ᒁ㠃䛷䛿䜎䛱䜎䛱䛾⤖ᯝ䛸䛺䛳䛶䛔䜛䚹◊✲⪅䜒䛔䜛䚹 ౛䛘䜀䚸 Henke 䠄2016䠅 䛿䚸 2001 ᖺ䛛䜙

Hoepner and Nilsson 䠄2017b䠅 䛿䚸 മๆ㐠⏝⪅䛻䜘䜛 ESG

2014 ᖺ䛾㛫䚸 SRI മๆ䝣䜯䞁䝗䛜ᖺ⋡ 0.5䠂䜰䜴䝖䝟䝣䜷䞊䛾䜶䞁䝀䞊䝆䝯䞁䝖άື䛻䛴䛔䛶ㄪᰝ䛧䛯䚹ESG 䛾䜶䞁䝀䞊䝮䛧䛯䛣䛸䜢Ⓨぢ䛧䛶䛔䜛䚹 䛣䜜䛿୺䛻䚸 ♫఍ⓗ㈐௵άື䝆䝯䞁䝖άື䜢⾜䛳䛶䛔䛺䛔㐠⏝఍♫䛾䝣䜯䞁䝗䛾䝟䝣䜷䞊䛜⬤ᙅ䛺♫മⓎ⾜య䜢㝖እ䛧䛯䛣䛸䛻䜘䜛䜒䛾䛷䛒䜛䚹 ≉䝬䞁䝇䛿ᴟ䜑䛶ᝏ䛟䚸 മๆᢞ㈨䛻䛚䛡䜛 ESG 䛾ᑓ㛛▱㆑䛸䛻䚸 ୙ἣᮇ䜔ୗ䛢┦ሙ䛷䜰䜴䝖䝟䝣䜷䞊䝮䛧䜔䛩䛔䚹 Leite䜶䞁䝀䞊䝆䝯䞁䝖䛾㔜せᛶ䜢♧၀䛧䛶䛔䜛䚹and Cortez 䠄2016䠅 䛿䚸 ࿘ᮇⓗ䛺䝟䝍䞊䞁䜢Ⓨぢ䛧䛶䛔䜛䚹ᅗ4㸸୺࡞ඛ⾜◊✲ࡢ⤖ᯝ

ESGせ⣲䛾⤫ྜ䛿཰┈䜢≛≅䛩䜛䛣䛸䛻䛿䛺䜙䛺䛔

ESGせ⣲䛿㔜せ䛺ಙ⏝䝸䝇䜽ฟᡤ 䠖 ⴭ⪅௨ୖ䜢䜎䛸䜑䜛䛸䚸 മๆᢞ㈨䛻䛚䛡䜛 ESG せ⣲䛾㛵㐃ᛶ䜢• 䜋䛸䜣䛹䛾Ꮫ⾡◊✲䛿䚸 ಙ⏝䝸䝇䜽䛾ᣦᶆ䛸䛧䛶ಙ⏝᱁௜ศᯒ䛩䜛◊✲ດຊ䛿㧗䜎䛳䛶䛔䜛䚹 ಶ䚻䛾◊✲᪉ἲ䛿㠀䜢䜒䛸䛻䛧䛶䛚䜚䚸 䠄䜽䝺䝆䝑䝖 䞉 䝕䝣䜷䝹䝖 䞉䝇䝽䝑䝥䛺䛹䠅ᖖ䛻ከᙬ䛷䚸 ␲ၥ䜢࿊䛩䜛䜒䛾䜒䛒䜛䛜䚸 ඲యⓗ䛻䚸 䛣䜜䛭䛾௚䛾ᡭἲ䜢⏝䛔䛯ㄽᩥ䛿㠀ᖖ䛻ᑡ䛺䛔䚹䜙ቑຍ䛧䛶䛔䜛◊✲䛿䚸 1䠅 ESG せ⣲䛿ಙ⏝䝸䝇䜽䛻ᙳ㡪䜢• 䝕䝣䜷䝹䝖䛾஦౛䚸 ≉䛻ᢞ㈨㐺᱁മ䛾䝕䝣䜷䝹䝖䜢䜏䜛䛸䚸୚䛘䚸2䠅ESG せ⣲䛾⤫ྜ䛿䝸䝍䞊䞁䛾≛≅䜢ព࿡䛧䛺䛔䠄ᅗ䜺䝞䝘䞁䝇䛸௻ᴗ䛾◚⥢䛻᫂ⓑ䛺㛵ಀ䛜䛒䜛䛣䛸䛜ศ䛛

4䠅 䛸䛔䛖ᗈ䛟ಙ䛨䜙䜜䛯ぢ᪉䜢ᨭᣢ䛩䜛䜒䛾䛸䛺䛳䛶䛔䜛䚹 䛣䜛䛜䚸 ⎔ቃ䜔♫఍ၥ㢟䛸䛾㛵ಀ䜢ᢕᥱ䛩䜛䛣䛸䛿ᅔ㞴䛷䜜䜙䛿䚸 ◊✲䝥䝻䝉䝇䛾ึᮇẁ㝵䛻䛚䛡䜛⯆࿡῝䛔⤖ᯝ䛒䜛䚹䛾୍㒊䛷䛒䜚䚸䛥䜙䛻῝䜑䛶䛔䛟ᚲせ䛜䛒䜛䚹 PRI 䠄2017a䠅 䛿䚸⌧ẁ㝵䛷௨ୗ䛾 䛂ᩍカ䛃 䜢ᑟ䛝ฟ䛧䛶䛔䜛䚹• Ꮫ⾡◊✲䛸ᕷሙㄪᰝ䛾䛔䛪䜜䜒䚸 ESG せ⣲䛸೉䜚ᡭ䛾ಙ⏝䝸䝇䜽䛿㛵㐃䛧䛶䛔䜛䛸䛔䛖⪃䛘䜢ᨭᣢ䛧䛶䛔䜛䚹

20 | 3. ESG࡜㈈ົࣃࣇ࢛࣮࣐ࣥࢫ㸫୺࡞ඛ⾜◊✲ࡢ⤖ᯝ• ESG せ⣲䛸ᅜ䛾ಙ⏝ຊ䛾㛵ಀᛶ䜢ㄪ䜉䛯Ꮫ⾡◊✲䛻䛴䛔䛶䛿䚸 ༑ศ䛻ᨭᣢ䛥䜜䛶䛔䜛䜟䛡䛷䛿䛺䛔䚹 䛧䛛䛧䚸䝬䜽䝻ኚᩘ䜔₯ᅾᡂ㛗⋡䛻ᑐ䛩䜛 ESG せ⣲䛾ᙳ㡪䛻䛴䛔䛶䛿䚸 ᰿ᣐ䛜Ꮡᅾ䛩䜛䚹䛣䜜䜎䛷䛾◊✲⤖ᯝ䛾㔜せᛶ䛸ᢞ㈨䜈䛾㐺⏝䛻䛴䛔䛶䛿䚸ៅ㔜䛻⪃䛘䜛䛣䛸䜒㔜せ䛷䛒䜛䚹• 䜋䛸䜣䛹䛾 ESG ◊✲䛿䚸 㐣ཤ䛾䝕䞊䝍䜢౑⏝䛧䛶䛔䜛䚹㐣ཤ䛾⤖ᯝ䛜ᑗ᮶䜒ᡂ䜚❧䛴䛸䛿㝈䜙䛺䛔䚹 ᢞ㈨ཎ๎䛿䚸㐣ཤ䛾ㄪᰝ⤖ᯝ䛻䛚䛡䜛 䛂ከᩘỴ䛾⤖ᯝ䛃 䛰䛡䛻౫ᣐ䛩䜛䛣䛸䛿䛷䛝䛺䛔䚹• 㐣ཤ䝕䞊䝍䛜㝈䜙䜜䚸䛔䛟䛴䛛䛾◊✲⤖ᯝ䛻䛴䛔䛶䛿䝞䝑䜽䝔䝇䝖䛜ᅔ㞴䛷䛒䜛䚹• ㄪᰝ◊✲䛷Ⓨぢ䛥䜜䜛䛾䛿┦㛵㛵ಀ䛷䛒䜚䚸 ᚲ䛪䛧䜒ᅉᯝ㛵ಀ䛷䛿䛺䛔 䠄DB 2012䠅䚹

• ᐇ㊶䛩䜛䛯䜑䛾㈝⏝ 䠄ྲྀᘬ䚸 ⟶⌮䚸 ሗ࿌䛺䛹䠅 䛻䛴䛔䛶䜒⪃៖䛩䜛ᚲせ䛜䛒䜛䚹• ᢞ㈨ᐙ䛻䛿ᑐ䛧䛶䛿䚸 ⊂⮬䛾㏣ຍⓗ䛺◊✲䜔Ὕᐹ䜢᥎ዡ䛩䜛䚹• ␗䛺䜛ሗ࿌ᇶ‽䛻䜘䜚䚸 ◊✲⤖ᯝ䛾ẚ㍑䛜䛷䛝䛺䛔䚹᭱ᚋ䛻䚸 㠀㈈ົⓗ䝟䝣䜷䞊䝬䞁䝇䛻㛵䛩䜛ᴫᛕⓗ◊✲䜔ᐇドⓗ᰿ᣐ䛸ẚ䜉䛶䚸 ㈈ົⓗ䝟䝣䜷䞊䝬䞁䝇䛜㔜せ䛷䛒䜛䛣䛸䛿☜䛛䛷䛿䛒䜛䛜䚸 ᫖௒䛿䛭䜜䜀䛛䜚䛻ὀ┠䛜㞟䜎䛳䛶䛔䜛䛸ឤ䛨䛶䛔䜛ᢈホᐙ䜒Ꮡᅾ䛩䜛 䠄Capelle-Blancard
and Monjon 2012 䛺䛹䠅䚹 ⥲䛨䛶䚸 മๆᢞ㈨䛻䛚䛡䜛 ESG 䛻• ESG 䛂せ⣲䛃 䛜䚸 䝞䝸䝳䞊䠋䜾䝻䞊䝇䚸 䝃䜲䝈䚸 ὶືᛶ䛺䛴䛔䛶䛿䚸 ㈈ົⓗ䝟䝣䜷䞊䝬䞁䝇䛻䛴䛔䛶䛾◊✲䛷䛩䜙ጞ䛹㈨⏘౯᱁䝰䝕䝹䛻䛚䛡䜛୍⯡ⓗ䛺せ⣲䛸䛹䛾䜘䛖䛻㛵䜎䛳䛯䜀䛛䜚䛷䛒䜚䚸 㠀㈈ົⓗ䝟䝣䜷䞊䝬䞁䝇䛻䛴䛔䛶䛿⥴㐃䛩䜛䛾䛛䛻䛴䛔䛶䚸 ⌮ゎ䜔୍㈏ᛶ䛜୙㊊䛧䛶䛔䜛䚹䛻䛴䛔䛯䜀䛛䜚䛷䛒䜛䚹• ⤒῭䛸ᕷሙ䛾ᵓ㐀䛿᫬㛫䛸䛸䜒䛻ኚ໬䛧䚸 ᨻ⟇䜒ኚ໬䛩䜛䚹 ᢞ㈨ᐙ䛿䚸 ᑗ᮶䜢ぢᤣ䛘䛶ពᛮỴᐃ䜢䛩䜛ᚲせ䛜䛒䜛䚹• 䠄ศᯒᑐ㇟䛾㑅ᢥ䚸 䝕䞊䝍䚸 䝃䜲䝈䚸 䛭䛾௚䠅 䝞䜲䜰䝇䛜ാ䛔䛶䛔䜛ྍ⬟ᛶ䛜䛒䜛䚹 ESG ◊✲䛜ᡂ⇍䛩䜜䜀䚸䜘䜚ヲ⣽䛻᳨ド䛥䜜䜛䛣䛸䛸䛺䜛䚹• മๆ䛻䛚䛡䜛 ESG 䛾◊✲䛿䚸 䜎䛰㠀ᖖ䛻㝈䜙䜜䛶䛔䜛䚹

മๆᢞ㈨䛻䛚䛡䜛 ESG 䛸㈈ົⓗ䝟䝣䜷䞊䝬䞁䝇䛸䛾㛵㐃䛻䛴䛔䛶䛿䚸 䛥䜙䛻䛧䛳䛛䜚䛸䛧䛯◊✲䛜ᚲせ䛷䛒䜛䚹 ᴗ⏺ㄪᰝ䛻ᑐ䛧䚸 䛥䜙䛺䜛Ꮫ⾡◊✲䛜ồ䜑䜙䜜䛶䛚䜚䚸 മๆ䛸
ESG 䛾㛵ಀ䜢㛗ᮇ㛫䚸 ᖜᗈ䛔㈨⏘䜔ᅜ䜢ᑐ㇟䛻ほᐹ䛩䜛ᚲせ䛜䛒䜛䚹 ESG മๆᢞ㈨䛜୺ὶ䛻䛺䜛䛻䛴䜜䛶䚸 ☜䛯䜛ドᣐ䛸䛧䛶ಙ⏝䝸䝇䜽௨እ䛾せ⣲䜒ᚲせ䛸䛥䜜䛶䛔䜛䚹• ከ䛟䛿䚸 ಙ⏝䝸䝇䜽䛻↔Ⅼ䜢ᙜ䛶䛶䛔䜛䚹 ESG せ⣲䛸䚸 ᕷሙ䝸䝇䜽䚸䜲䞁䝣䝺䞊䝅䝵䞁䚸ὶືᛶ䚸‶ᮇ䚸ᮇ㛫ᵓ㐀䛸䜲䞊䝹䝗䜹䞊䝤䚸 ཰┈䛾Ᏻᐃᛶ䚸 ⥲ྜ཰┈䚸 䝕䝣䜷䝹䝖䝸䝇䜽䜔ᅇ཰⋡䛺䛹䛭䛾௚䛾䝸䝇䜽䠋ᶵ఍䛾㛵ಀᛶ䛻䛴䛔䛶䛿䚸䜎䛰䛒䜎䜚ศᯒ䛥䜜䛶䛔䛺䛔䚹

മๆᢞ㈨࡬ࡢ⎔ቃ࣭♫఍࣭࢞ࣂࢼࣥࢫ㸦(6*㸧せ⣲ࡢ⤫ྜ

| 21

22 | 3. ESG࡜㈈ົࣃࣇ࢛࣮࣐ࣥࢫ㸫୺࡞ඛ⾜◊✲ࡢ⤖ᯝ

4. മๆESGᢞ㈨ࡢࡓࡵࡢ
ࢶ࣮ࣝESG 䝸䝇䜽䛸ᶵ఍䜢ศᯒ䛩䜛ୖ䛷䚸 ᢞ㈨ᐙ䜢䝃䝫䞊䝖䛩䜛ከ䛟䛾䝒䞊䝹䛜㛤Ⓨ䛥䜜䛶䛝䛯䚹 䛣䛣䛷䜒䚸 മๆ䛿ᰴᘧ䛻ᑐ䛧䛶㐜䜜䛶䛔䜛 21䚹 䛧䛛䛧䚸 ᭱㏆䛿䚸 ≉䛻௻ᴗ䚸 ᅜ䚸 䛭䛾௚䛾 ESG 䝇䝁䜰䜔䝷䞁䜻䞁䜾䚸
ESG മๆᣦᩘ䛺䛹䚸 മๆ䛻䛴䛔䛶ከ䛟䛾 ESG 䝣䝺䞊䝮䝽䞊䜽䛜㛤Ⓨ䛥䜜䛶䛔䜛 22䚹 䛣䛣䛷᭱ึ䛻⏕䛨䜛␲ၥ䛜䚸 ఏ⤫ⓗ䛺മๆᢞ㈨䛻䛚䛔䛶୺せ䛺せ⣲䛸䛺䛳䛶䛔䜛ᚑ᮶䛾᱁௜䛸䚸
ESG 䛜䛹䛾䜘䛖䛻㛵ಀ䛩䜛䛾䛛䛸䛔䛖䛣䛸䛷䛒䜛䚹ಙ⏝᱁௜࡜ESG

㔜せᛶ䛹䛾 ESG せ⣲䛜ಙ⏝䝸䝇䜽䚸 ≉䛻ಙ⏝᱁௜䛸䛹䛾⛬ᗘ㛵㐃

䛂Fitch Ratings 䛾ᇶ‽䛸ศᯒ䛿䚸 ⎔ቃ䚸 ♫఍䚸 䜺䝞䝘䞁䝇䛜䛒䜛䛾䛛䛻䛴䛔䛶㆟ㄽ䛥䜜䛶䛔䜛䚹 ಙ⏝᱁௜䛻䛚䛡䜛

䠄ESG䠅 䛾䝸䝇䜽せᅉ䜢⤫ྜ䛧䛶䛔䜛䛜䚸 䛭䜜䛿ಙ⏝䝸䝇䜽䛾

ESG せ⣲䛾ᙺ๭䜢᫂☜໬䛩䜛䜘䛖ồ䜑䚸 ESG 䛾᫂☜䛺⤫ホ౯䛸㛵㐃ᛶ䛜䛒䜛ሙྜ䛾䜏䛷䛒䜛䛃 䠄Fitch Ratings 2017,ྜ䜢ಙ⏝᱁௜఍♫ 䠄CRA䠅 䛻ồ䜑䜛ᢞ㈨ᐙ䜒䛔䜛 䠄PRI

p.1䠅䚹 䛂ᡃ䚻䛾┠ⓗ䛿䚸 ⎔ቃ䚸 ᣢ⥆ྍ⬟ᛶ䚸 ೔⌮ⓗ䛺䛹䛸

2017a䠅 23䚹⛠䛥䜜䜛඲䛶䛾᳨ウ஦㡯䛷䛿䛺䛟䚸 䜐䛧䜝ಙ⏝ຊ䛻୚䛘䜛㔜኱䛺᳨ウ஦㡯䜢ྲྀ䜚ධ䜜䜛䛣䛸䛷䛒䜛䛃䠄Moody䇻s 2017, p.3䠅䚹

ESGࡢ⤫ྜ
඲䛶䛾኱ᡭ᱁௜఍♫䛿䚸 䛩䛷䛻 ESG 䛾⪃៖䜢ᚑ᮶䛾᱁᫬㛫㍈௜䛻⤌䜏㎸䜣䛷䛔䜛䛸㏙䜉䛶䛔䜛 䠄S&P Global Ratings≉ᐃ䛾᫬㛫㍈䛷䛿䛺䛟䚸 䛂ணぢྍ⬟䛺᭱䜒ᑗ᮶ⓗ䛺ぢ㏻䛧䛃2017, Moody䇻 s 2017, Fitch Ratings 2017䠅䚹 ྠ᫬䛻䚸 ᱁௜఍䛻↔Ⅼ䛜ᙜ䛶䜙䜜䛶䛔䜛 䠄Moody䇻s 2017䠅䚹 S&P 䛿䚸 ୍⯡♫䛿䚸 ≉䛻Ẽೃኚື䝸䝇䜽䛺䛹䛾 ESG 䝔䞊䝬䛻䛴䛔䛶䚸 ῝ⓗ䛻᫬㛫㍈䛻䛴䛔䛶䚸 ᢞᶵⓗ᱁௜മๆ 䠄䛂BB+䛃 ௨ୗ䛸᱁䛟ᗈ䛟ㄪᰝ䜢⾜䛳䛶䛔䜛䚹 ᱁௜఍♫䛿䚸 䛣䛖䛧䛯Ⅼ䛻㛵䛩䜛௜䛡䛥䜜䛯䜒䛾䠅 䛻䛚䛔䛶䛿 2 ᖺ䜎䛷䚸 ᢞ㈨㐺᱁മๆ䛻䛴䝁䝭䝳䝙䜿䞊䝅䝵䞁䛾ᨵၿ䜢ᮃ䜣䛷䛔䜛䚹䛔䛶䛿 5 ᖺ௨ෆ䛸䛧䛶䛔䜛䛜䚸 䛭䜜௨ୖ䛸䛩䜛䛣䛸䜒ྍ⬟䛸䛩䜛䚹 ౛䛘䜀䚸 ᅜ䛾᱁௜䛻ᙳ㡪䛩䜛 E 䛾せ⣲䛻䛴䛔䛶䛿䚸᫬㛫㍈䛿 5 ᖺ䛛䜙 10 ᖺ䛸䛺䛳䛶䛔䜛䚹

മๆᢞ㈨࡬ࡢ⎔ቃ࣭♫఍࣭࢞ࣂࢼࣥࢫ㸦(6*㸧せ⣲ࡢ⤫ྜ| 23

ESGࢫࢥ࢔㸭ࣛࣥ࢟ࣥࢢ

ᴗ✀
ESG 䝔䞊䝬䛿䚸 ᴗ✀䛤䛸䛻኱䛝䛟␗䛺䛳䛶䛔䜛䚹 ౛䛘䜀୍⯡ⓗ䛻䚸 ESG 䝇䝁䜰䛸䛿䚸 ⎔ቃ䚸 ♫఍䚸 䜺䝞䝘䞁䝇せMoody's 䛻䜘䜛䛸䚸ᐊຠᯝ䜺䝇᤼ฟ㔞つไ䛻ᑐ䛩䜛ಙ⏝⣲䛾ホ౯䛷䛒䜛䚹 ಶ䚻䛾 ESG 䜹䝔䝂䝸䞊䛻䛿ᵝ䚻䛺ᑠ㡯㠃䛷䛾ᙳ㡪ຊ䛿䚸 14 ᴗ✀䛷㧗䜎䛳䛶䛔䜛䚹 S&P 䛻䜘䜜䜀䚸┠䛜Ꮡᅾ䛧䚸 ศᯒ䜔䝷䞁䜽௜䛡䛜⾜䜟䜜䚸 ᴗ✀䚸 ᆅᇦ䛤

2015 ᖺ䛛䜙 2017 ᖺ㛫䚸 ⎔ቃ䜔Ẽೃኚື䝸䝇䜽䛻䜘䛳䛶᱁䛸䛻㞟ィ䛥䜜䚸 䜎䛯඲య䛾䝫䞊䝖䝣䜷䝸䜸䛻䛴䛔䛶䜒䝇䝁䜰௜௜䜢ኚ᭦䛧䛯䜿䞊䝇䛿 106 䛒䜚䚸 ≉䛻䜶䝛䝹䜼䞊䚸 ㈨※䚸䛡䛥䜜䜛䚹 E䚸 S䚸 G 䝇䝁䜰䛾⟬ฟ᪉ἲ䜔ຍ㔜᪉ἲ䚸 䜎䛯⮬ື㌴⏘ᴗ䛻䛚䛔䛶ከ䛟ぢ䜙䜜䛯䚹䛭䜜䛮䜜䛾ᑠ㡯┠䛿䚸 ྛᴗ✀䜔ᆅᇦ䛻䜘䛳䛶␗䛺䛳䛶䛔䜛䚹ᅜമⓎ⾜⪅඲䛶䛾ಙ⏝᱁௜ᶵ㛵䛻䛚䛔䛶䚸 㔜せ䛺 ESG せ⣲䛿䚸 ௻ᴗ䚸ᅜᐙ䚸䛭䛾௚䛾Ⓨ⾜⪅䛤䛸䛻␗䛺䜛䚹 ᅜമ䛻䛴䛔䛶 S&P 䛿䚸♫఍ไᗘ䛾㉁䛸䜺䝞䝘䞁䝇䛾ຠ⋡ᛶ䚸 ♫఍ⓗ⤖᮰ຊ䚸 Ẽೃኚື䚸 䛭䛾௚䛾୺せ䛺せ⣲䜢ホ౯䛩䜛୰䛷䚸 ESG せ⣲ESG 䝇䝁䜰䛾୰䛷᭱䜒㢖⦾䛻౑䜟䜜䛶䛔䜛䛾䛿䝭䜽䝻䝺䝧䝹䛾䜒䛾䛷䚸 ௻ᴗ䛾 ESG 䛾䝟䝣䜷䞊䝬䞁䝇䜢ィ䜛䜒䛾䛷䛒䜛䚹ᅜ䛾㛗ᮇⓗ䛺⤒῭ⓗぢ㏻䛧䚸 ಙ⏝ຊ䚸 ₯ᅾⓗ䛺ホุ䝸䝇䜽䛺䛹䜢ホ౯䛩䜛ᚑ᮶䛾ᡭἲ䜢⿵᏶䛩䜛ᅜ䝺䝧䝹䛾 ESG
䝇䝁䜰䜒Ꮡᅾ䛩䜛䚹䜢⪃៖䛧䛶䛔䜛䚹 Moody䇻s 䛿ᅜമ䛻䛴䛔䛶䚸 ᅜ䛾➇தຊ䚸

ESG 䝇䝁䜰䜢ᥦ౪䛩䜛እ㒊䛾Ⴀ฼௻ᴗ䛜Ꮡᅾ䛩䜛䚹 ᪉ἲᨻᗓ䛾ຠ⋡ᛶ䚸 ở⫋䛾⟶⌮䚸 ἲ䛾ᨭ㓄䚸 ≀⌮ⓗ䛺Ẽೃㄽ䛿ᐃ㔞ⓗ䛰䛜䚸 ホ౯䛿ᮏ㉁ⓗ䛻䛿ᐃᛶⓗ䛷䛒䜛䚹 䛣䛾ኚື䛾 5 䛴䜢୺䛺 ESG 䛾䝖䝺䞁䝗䛷䛒䜛䛸䛧䛶䛔䜛䚹 Fitch䛯䜑䚸 ୍㒊䛾ᢞ㈨ᐙ䛿⊂⮬䛾䝇䝁䜰䝸䞁䜾䞉 䝅䝇䝔䝮䜢タ⨨䛿ᅜമ䛾᱁௜䛻䛚䛔䛶䚸 䜺䝞䝘䞁䝇ᣦᶆ䜢᭱㔜せ㡯┠䛸䛧䛧䚸 እ㒊䛾᝟ሗ䛸⮬♫䛾ศᯒ䜢⤌䜏ྜ䜟䛫䛶䛔䜛䚹 Russell䛶䛔䜛䚹䠄2017䠅 䛻䜘䜜䜀䚸 മๆ㐠⏝⪅䛾 52䠂䛿䚸 ESG 䝇䝁䜰䜢ධᡭ䛩䜛䛯䜑䛰䛡䛻䚸 ➨୕⪅䛾ᥦ౪ᴗ⪅䜢ά⏝䛧䛶䛔䜛䚹඲యⓗ䛻ಙ⏝᱁௜䛿䚸 ୺䛻ಙ⏝䝸䝇䜽䜈䛾ᙳ㡪䛸ẚ㍑ⓗ▷ᮇ䛾᫬㛫㍈䛻╔┠䛩䜛䛯䜑䚸 㛗ᮇⓗ䛺ᣢ⥆ྍ⬟ᛶ䝸䝇䜽䛾䛖䛱୍㒊䜢ㄝ᫂䛩䜛䛰䛡䛷䛒䜛䚹 䛣䛾㝈⏺䜢⿵䛖䛯䜑䛭䛾௚䛾᪉ἲ䛜⪃䛘䜙䜜䛶䛔䜛䛜䚸 ಙ⏝᱁௜䛾⠊␪䛛䜙䛿㞳䜜䜛䚹 ୍㒊䛾ᢞ㈨ᐙ䛿䚸 ᱁௜఍♫䛜௨ୗ䛾䜰䜴䝖䝥䝑䝖䜢35䠂䛿䚸 እ㒊䛾ᴗ⪅䛸♫ෆ䛾 ESG ศᯒ䜢ే⏝䛧䛶䛔䜛䚹
15䠂䛿䚸 ⮬♫䛾ศᯒ䛾䜏䜢฼⏝䛧䛶䛔䜛䚹 ⌧ᅾ䚸 മๆ䛻䛴䛔䛶ᕷሙ䜢ඛᑟ䛧䛶䛔䜛䛾䛿 Sustainalytics 䛸 MSCI 䛷䛒䜚䚸 ᅽಽⓗከᩘ䛾ᢞ㈨ᐙ䛸㔠⼥ၟရᥦ౪ᴗ⪅䛜䛣䜜䜙䛾
᝟ሗ※䛻㢗䛳䛶䛔䜛䚹ቑ䜔䛩䜘䛖ồ䜑䛶䛔䜛䚹• ᱁௜䛾䛯䜑䛾㛗ᮇⓗ䛺᫬㛫㍈

Sustainalytics• E䚸 S䚸 G せ⣲䛾༊ูSustainalytics 䛾 ESG 䝇䝁䜰䛿䚸 ಶู௻ᴗ䛾 E䚸 S䚸 G せ⣲• 䜘䜚ᗈ⠊䛺 ESG ᝟ሗ䛾㛤♧䛻ᑐ䛧䛶ಶู䛻ホ౯ 䠄0 䡚 100䠅 䜢⾜䛖䚹 ඲య䛾 ESG 䝇䝁• ᚑ᮶䛾᱁௜䛸୪䜆 ESG ᱁௜䜰䛿䚸 ௻ᴗ䛾 ESG 䝟䝣䜷䞊䝬䞁䝇䛾⤯ᑐホ౯䛸䚸 ᴗ✀ෆ᱁௜఍♫䛿䚸 ≉䛻⎔ቃ䛸 ESG 䝸䝇䜽䛻䛴䛔䛶䚸 ู䛾ホ౯䜢ጞ䜑䛶䛔䜛䚹 㟂せ䛾㧗䛔㔠⼥ၟရ䛻㛵䛧䛶 䛂E䛃 䛻≉໬䛧䛯䜒䛾䛾୍౛䛸䛧䛶䛿䚸 Moody's 䜾䝸䞊䞁䝪䞁䝗 䞉䜰䝉䝇䝯䞁䝖䛷䛾┦ᑐホ౯䜢ᥦ౪䛧䛶䛔䜛䚹 ᴗ⏺䛤䛸䛻ホ౯㡯┠䜔䜴䜵䜲䝖䛜␗䛺䜚䚸 ྛᴗ⏺䛷ᑡ䛺䛟䛸䜒 70 㡯┠䛜䜹䝞䞊䛥䜜䛶䛔䜛 䠄Sustainalytics 2017b䠅䚹䛜䛒䜛 24䚹 2016 ᖺ䚸 S&P 䛿ఏ⤫ⓗ䛺ಙ⏝᱁௜䛸䛿ู䛻䚸

ᅜമᢞ㈨ᐙ䛻䛸䛳䛶䛿䚸 ➨୕⪅䛾 36 㡯┠䛾ᣦᶆ䛛䜙䛺䜛᪂䛯䛺 ESG ホ౯䝒䞊䝹䛸䜾䝸䞊䞁䝪䞁䝗䛾䝇䝁䜰䝸䞁䜾䞉 䝣ᅜู ESG 䝇䝁䜰䜒䛒䜚䚸 ఏ⤫ⓗ䛺䝬䜽䝻⤒῭ศᯒ䜢⿵᏶䛩䝺䞊䝮䝽䞊䜽䛾 2 䛴䜢බ⾲䛧䛯䚹䜛䜒䛾䛸䛺䛳䛶䛔䜛䚹 E䚸 S䚸 G 䛤䛸䛾ᅜู䝇䝁䜰䛸඲య䛾
ESG 䝇䝁䜰䛜䛒䜛 䠄0 䡚 100䠅䚹 ᭱⤊ⓗ䛻䛿䚸 ᖹᆒ䛛䜙䛾ᶆ‽೫ᕪ䜢䜒䛸䛻 A 䡚 E 䛾ᅜู䝷䞁䜻䞁䜾䛸䛺䜛䚹24 | 4. മๆESGᢞ㈨ࡢࡓࡵࡢࢶ࣮ࣝMSCIMSCI 䛾 ESG ᨻᗓ᱁௜䛿䚸 ᨻᗓ䜔ᨻᗓ㛵ಀ䛾Ⓨ⾜య䜢MSCI 䛾 ESG ᱁௜䛿䚸 ௻ᴗ䛜⎔ቃ 䞉 ♫఍䜈䛾እ㒊ᛶ䛻ホ౯䛩䜛䜒䛾䛷䛒䜛䚹 ᅜ䛿䚸 䛂AAA䛃 䛛䜙 䛂CCC䛃 䛾 7 ẁ㝵┤㠃䛩䜛㝿䛾䚸 10 䛾 ESG 䝔䞊䝬䛸 37 䛾୺䛺 ESG ㄢ㢟䜢䛷᱁௜䛡䛥䜜䚸 ESG 䝸䝇䜽䜈䛾䜶䜽䝇䝫䞊䝆䝱䞊䛸⟶⌮⬟ຊ≉ᐃ䛧䛶䛔䜛䚹 䝁䞊䝫䝺䞊䝖䜺䝞䝘䞁䝇䛻䛴䛔䛶䛿䚸 ඲௻ᴗ䛜䚸 ⤒῭䛾㛗ᮇⓗ䛺ᣢ⥆ᛶ䛻䛹䛾䜘䛖䛻ᙳ㡪䜢୚䛘䜛䛛䜢䛻䛚䛔䛶ホ౯䛜⾜䜟䜜䚸 ⎔ቃ䜔♫఍䛻䛴䛔䛶䛿䚸 ᱁௜䝰཯ᫎ䛧䛶䛔䜛䚹 ᅜമ䛻䛚䛡䜛 ESG せ⣲䛻䛿䚸 ᨻ἞䝸䝇䜽䚸䝕䝹䛻䛚䛔䛶⣽䛛䛔ᴗ✀䛤䛸䛻㈈ົⓗ䛻ᙳ㡪䛾䛒䜛ㄢ㢟ேᶒၥ㢟䚸 ⎔ቃၥ㢟䛜ྵ䜎䜜䜛䚹 Swiss Re 䠄2017䠅 䛿䚸䛜Ỵ䜑䜙䜜䛶䛔䜛 䠄⾲ 3䠅䚹 ᴗ✀≉᭷䛾 ESG 䝸䝇䜽䜈䛾䜶䜽㈨⏘മົ⟶⌮ 䠄ALM䠅 䜰䝥䝻䞊䝏䛻䚸 ᭱ప ESG ᱁௜ᇶ䝇䝫䞊䝆䝱䞊䛸䚸ྠᴗ⪅䛸ẚ䜉䛯䝸䝇䜽⟶⌮⬟ຊ䛻䜘䜚䚸䛂AAA䛃‽䛾⪃䛘᪉䜢ྲྀ䜚ධ䜜䛶䛔䜛䚹䛛䜙 䛂CCC䛃 䛾 7 ẁ㝵䛷௻ᴗ䜢᱁௜䛡䛧䛶䛔䜛䚹 ヲ⣽䛺ㄝ᫂䛿䚸 MSCI 䠄2017a䠅 䜢ཧ↷䛾䛣䛸䚹

⾲3㸸MSCI࡟࠾ࡅࡿ௻ᴗࡢ୺せESGㄢ㢟
3ࡘࡢᰕ
⎔ቃ

♫఍

࢞ࣂࢼࣥࢫ

10ࡘࡢࢸ࣮࣐

37ࡢ୺せㄢ㢟Ẽೃኚື• ᐊຠᯝ䜺䝇䛾᤼ฟ• 〇ရ䛾䜹䞊䝪䞁䞉䝣䝑䝖䝥䝸䞁䝖• ⎔ቃⓗ䛺䜲䞁䝟䜽䝖䜈䛾㈨㔠ᥦ౪• Ẽೃኚື䜈䛾⬤ᙅᛶ⮬↛㈨ᮏ

• Ỉ㈨※୙㊊• ⏕≀ከᵝᛶ䞉ᅵᆅ฼⏝• ཎᮦᩱ䛾ㄪ㐩ởᰁ࣭ᗫᲠ• ᭷ᐖ≀䛾᤼ฟ䞉ᗫᲠ• ໟ⿦ᮦ䞉ᗫᲠ• 㟁Ꮚᶵჾ䛾ᗫᲠ⎔ቃ㠃࡛ࡢᶵ఍• 䜽䝸䞊䞁䝔䜽䝜䝻䝆䞊䛻䛚䛡䜛ᶵ఍• 䜾䝸䞊䞁䝡䝹䛻䛚䛡䜛ᶵ఍• ෌⏕ྍ⬟䜶䝛䝹䜼䞊䛻䛚䛡䜛
ᶵ఍

ேⓗ㈨ᮏ

• ປാ⟶⌮• ೺ᗣ䞉Ᏻ඲

• ேⓗ㈨ᮏ䛾㛤Ⓨ• 䝃䝥䝷䜲䝏䜵䞊䞁䛷䛾ປാᇶ
‽

〇㐀≀㈐௵

• 〇ရ䛾Ᏻ඲䞉ရ㉁• ໬Ꮫ≀㉁䛾Ᏻ඲• 㔠⼥ၟရ䛾Ᏻ඲• 䝥䝷䜲䝞䝅䞊䞉᝟ሗ䝉䜻䝳䝸䝔䜱䞊• ㈐௵ᢞ㈨• ೺ᗣ䞉ேཱྀືែ䛾䝸䝇䜽ࢫࢸ࣮ࢡ࣍ࣝࢲ࣮ࡢ཯ᑐ• ␲⩏䛾䛒䜛௙ධ䜜♫఍㠃࡛ࡢᶵ఍• 䝁䝭䝳䝙䜿䞊䝅䝵䞁䜈䛾ᶵ఍ᥦ౪• 㔠⼥䜈䛾ᶵ఍ᥦ౪• ་⒪䜈䛾ᶵ఍ᥦ౪• 㣗⏕ά䞉೺ᗣ䛻䛚䛡䜛ᶵ఍ࢥ࣮࣏࣮ࣞࢺ࢞ࣂࢼࣥࢫ *• ྲྀ⥾ᙺ఍*
• ሗ㓘*

• ᡤ᭷*
• ఍ィ*

௻ᴗ⾜ື

• ௻ᴗ೔⌮• ཯➇தⓗ䛺័⾜• ⛯䛾㏱᫂ᛶ• ở⫋䞉ᨻ᝟୙Ᏻ
• 㔠⼥䝅䝇䝔䝮୙Ᏻฟᡤ 䠖 MSCI 䠄2017a䠅
* 䝁䞊䝫䝺䞊䝖䜺䝞䝘䞁䝇䛿䚸 ESG ᱁௜䝰䝕䝹䛷඲䛶䛾௻ᴗ䛻䛴䛔䛶⪃៖䚹 䛭䛾௚䛾୺せㄢ㢟䛻䛴䛔䛶䛿䚸 ᴗ✀≉᭷䛾䜒䛾䚹

മๆᢞ㈨࡬ࡢ⎔ቃ࣭♫఍࣭࢞ࣂࢼࣥࢫ㸦(6*㸧せ⣲ࡢ⤫ྜ| 25ࡑࡢ௚ࡢᥦ౪఍♫ᅜูࢫࢥ࢔௻ᴗ䛾 ESG 䝇䝁䜰䛻䛴䛔䛶ᑓ㛛䝃䞊䝡䝇䜢ᥦ౪䛩䜛஦ᴗ䛣䜜䛻ຍ䛘䛶䛔䛟䛴䛛䛾㐠⏝఍♫䜔䜰䝉䝑䝖䜸䞊䝘䞊䛿䚸⪅䛸䛧䛶䛿䚸 RepRisk䚸 ISS-Ethix䚸 Bloomberg䚸 Thomson⊂⮬䛾 ESG 䝇䝁䜰䝸䞁䜾䞉 䝅䝇䝔䝮䜢㛤Ⓨ䛧䛯䜚䚸 ≉䛻௻ᴗ

Reuters/Eikon 䛺䛹䜒䛒䜛 䚹 Verisk Maplecroft䚸 VigeoEiris䚸䝺䝧䝹䛻䛴䛔䛶 MSCI 䜔 Sustainalytics 䛾ཎ䝕䞊䝍䜢␗䛺䜛

Oekom Research 䜒䚸 ᅜ䛾ᣢ⥆ྍ⬟ᛶ䛻䛴䛔䛶᱁௜䜢ᥦ౪ᙧ䛷ᨵⰋ䛧䛶䛔䜛䚹 ௨ୗ䛿䚸 ⊂⮬䛾ᅜู ESG 䝇䝁䜰䛾୍䛧䛶䛔䜛䚹 2018 ᖺ䛻䛿䚸 Beyond Ratings 䛸䛔䛟䛴䛛䛾䝣䝷䞁౛䛷䛒䜛䚹 ඛ㐍ᅜ䛿䚸 ᪂⯆ 䞉䝣䝻䞁䝔䜱䜰ᕷሙ䛸ẚ䜉䛶䝇䝁䝇䛾㖟⾜䛜䚸 ESG せ⣲䛸㈈ົ᱁௜䜢⣔⤫❧䛶䛶⤫ྜ䛧䚸䜰䛜㧗䛟䛺䜛䛾䛜୍⯡ⓗ䛷䛒䜛䚸≉䛻 䛂ኚ໬䛃 䛷䛿䛺䛟 䛂Ỉ

ᢞ㈨ᐙ䛻ᑐ䛧 䛂ಙ⏝ຊ䛾ᣑᙇⓗホ౯䛃 䜢ᥦ౪䛩䜛ึ䛾ಙ‽䛃 䛻㔜䛝䜢䛚䛔䛯ሙྜ䛿䛭䛾ഴྥ䛜ᙉ䛔䚹 䛣䜜䛿䚸 ᅜ⏝᱁௜఍♫䛾タ❧䜢᳨ウ䛧䛶䛔䜛䛣䛸䜢බ⾲䛧䛯䚹 ᐇ㝿䚸മ䛾 ESG ศᯒ䜢⾜䛖ୖ䛷῝้䛺␲ၥ䜢⏕䛨䛥䛫䛶䛔䜛䚹25

ᢞ㈨ᐙ䛿䚸 2 䛴௨ୖ䛾 ESG 䝇䝁䜰ᥦ౪఍♫䜢฼⏝䛩䜛䛣䛸䛜䜋䛸䜣䛹䛷䛒䜛䚹

RobecoSAM
RobecoSAM 䛾 ESG ホ౯䛿䚸 ᅜ䛾ᣢ⥆ྍ⬟ᛶ䜢ィ䜛㏱᫂ࣇ࢓ࣥࢻࡢᣢ⥆ྍ⬟ᛶホ౯ᛶ䛾㧗䛔䝣䝺䞊䝮䝽䞊䜽䛾䜂䛸䛴䛷䛒䜛䚹 65 䞄ᅜ 䠄ඛ㐍ᅜ䝣䜯䞁䝗䛻ᑐ䛧䛶䛾 ESG ホ౯䛿䚸 MSCI䚸 Barron䇻 s䚸

22 䞄ᅜ䛸᪂⯆ᅜ 43 䞄ᅜ䠅 䜢ホ౯䛧䚸 ᶆ‽໬䝇䝁䜰䛸ᣦᶆ

Corporate Knights 䛺䛹ከ䛟䛾఍♫䛻䜘䛳䛶ᑟධ䛥䜜䛶䛔䜛䚹䛾䜴䜵䜲䝖䛻䜘䛳䛶䚸 1 䡚 10 䛾⠊ᅖ䛷ᅜ䛾ᣢ⥆ྍ⬟ᛶ䝇䝁౛䛘䜀䚸 Morningstar ᣢ⥆ྍ⬟ᛶ᱁௜䛿䚸 㢮ఝ䝣䜯䞁䝗䛸䜰䛜⾲♧䛥䜜䜛 䠄RobecoSAM 2015䠅䚹 䛣䛾䝣䝺䞊䝮䝽䞊䜽䛿䚸ẚ㍑䛧䛯᫬䚸 䝣䜯䞁䝗䛷ಖ᭷䛧䛶䛔䜛௻ᴗ䛜䚸 䛹䛾䜘䛖䛻⎔ቃ䚸 ♫఍䚸 䜺䝞䝘䞁䝇䛾 17 䛾ᑻᗘ䜢䜒䛸䛻䛧䛶䛔䜛 䠄䛭

ESG 䛾䝸䝇䜽䛸஦ᴗᶵ఍䜢⟶⌮䛧䛶䛔䜛䛾䛛䛸䛔䛖Ⅼ䜢ᅗ䜛䜒䜜䛮䜜䛜ከᵝ䛺䝕䞊䝍⣔ิ䜔๪ḟᣦᶆ䜢䜒䛸䛸䛧䛶䛔䜛䠅䚹䛾䛷䛒䜛䚹 䛣䜜䛿䚸 Sustainalytics 䛾௻ᴗู ESG 䝇䝁䜰䜢䜒䛣䜜䜙䛿 E䚸 S䚸 G 䛾 3 ஦㇟䛻ศ㢮䛥䜜䚸 䛭䜜䛮䜜඲య䛾䛸䛻䛧䛶䛔䜛䚹 䛣䜜䛿䚸 䠄ᰴᘧ䜔മๆ䜢ྵ䜐䠅 ඲䛶䛾ᑐ㇟䝇䝁䜰䛾 15䠂䚸 25䠂䚸 60䠂䜢༨䜑䛶䛔䜛 䠄ᅗ 5 䛸⿵㑇 4䠅䚹ドๆ䜢ຍ㔜ᖹᆒ䛧䚸 䝫䞊䝖䝣䜷䝸䜸䛾 ESG 䝇䝁䜰䛻㞟⣙䛧䛯ᣦᶆ䛾㑅ᐃ䛸㓄ศ䛿䚸 ୺䛻ᅜമᕷሙ䛾ホ౯䛻䛚䛡䜛㈈ົ

䜒䛾䛷䛒䜛䚹 䝣䜯䞁䝗䛿䚸 ṇつศᕸ䛻ᚑ䛳䛶 5 䛴䛾䜾䝹䞊ⓗ䛺㛵㐃ᛶ䛻ᇶ䛵䛔䛶䛔䜛䚹 ⌧ᅾ䚸 ໭Ḣ䛾 4 䞄ᅜ䚸 䝇䜲䝇䚸䝥䛻ศ䛡䜙䜜䜛 䠄1 䛴ᫍ䡚 5 䛴ᫍ䠅䚹䜹䝘䝎䚸 䜸䞊䝇䝖䝷䝸䜰䛜ホ౯䛾ୖ఩䜢༨䜑䛶䛔䜛䚹䛧䛛䛧䚸 ᱁௜䛾⫼ᚋ䛻䛒䜛ศᯒ䛜䚸 䝣䜯䞁䝗䛻䛚䛡䜛 ESG
䛾⤫ྜ䜔䜲䞁䝟䜽䝖䛾ᮏᙜ䛾Ỉ‽䜢䚸 ᏶඲䛻䛿཯ᫎ䛧䛶䛔䛺䛔䛸䛔䛖ᢈุ䜒䛒䜛䚹 ౛䛘䜀䚸 ᰴ୺䛸䛧䛶䛾䜶䞁䝀䞊䝆䝯䞁䝖䜔ၨⵚάື䛻㛵䛩䜛ᢞ㈨ᐙ䛾ດຊ䛿ㄆ㆑䛥䜜䛶䛔䛺䛔䚹䛥䜙䛻䚸 ᮏᙜ䛾䜲䞁䝟䜽䝖䛻䛴䛔䛶䛿⪃៖䛥䜜䛪䚸 ᪂⯆ᅜ䜔Ⓨᒎ㏵ୖᅜ䛷䛾άື䜒ྵ䜑䛯≉ᐃ䛾䜲䞁䝟䜽䝖䛻↔Ⅼ䜢䛚䛔䛯䝬䞁䝕䞊䝖䜢⾜䛖㐠⏝఍♫䛿䚸 䜐䛧䜝䝬䜲䝘䝇䛻ホ౯䛥䜜䜛ሙྜ䜒䛒䜛 䠄Krosinsky 2018 ➼䠅 26䚹

DZ Bank
DZ Bank 䛿䚸 䠄Sustainalytics 䛛䜙䛾ཎ䝕䞊䝍䜢⏝䛔䛯䠅 ESG
ᡭἲ䛸⤒῭䛾ᣢ⥆ྍ⬟ᛶ䜢⼥ྜ䛧䛯ᅜู䛾ᣢ⥆ྍ⬟ᛶ᱁௜䚸 䛩䛺䜟䛱 4 せ⣲䜢ศᯒᑐ㇟䛸䛩䜛 EESG 䝰䝕䝹䜢㛤Ⓨ䛧䛯䚹 䛣䛾䝰䝕䝹䛷䛾 E せ⣲䛿 20䠂䚸 S せ⣲䛿 20䠂䚸
G せ⣲䛿 30䠂䚸 ⤒῭せ⣲䛿 30䠂䛾䜴䜵䜲䝖䛸䛺䛳䛶䛚䜚䚸ྛᅜ䛿 䛂ᣢ⥆ྍ⬟䛺ᅜ䛃䚸 䛂Ⓨᒎ㏵ୖ䛾ᅜ䛃䚸 䛂ᣢ⥆୙ྍ⬟䛺ᅜ䛃 䛾 3 䛴䛾䜾䝹䞊䝥䛻ศ㢮䛥䜜䜛䚹 ⌧ᅾ䚸 ໭Ḣ䛸୰Ḣㅖᅜ䛜ホ౯䛾ୖ఩䜢༨䜑䛶䛔䜛䚹26 | 4. മๆESGᢞ㈨ࡢࡓࡵࡢࢶ࣮ࣝ

ᅗ5㸸RobecoSAM࡟࠾ࡅࡿESG࢙࢘࢖ࢺ27⎔ቃせᅉ䚸♫఍୙Ᏻ䚸㧗㱋໬䛺䛹CSR䛻䛚䛡䜛ESG䛾䜴䜵䜲䝖

E
15%
S
25%

10%
2.5%
2.5%
10%
10%
5%
10%
10%
10%
10%
5%
15%

⎔ቃ᝟ໃ
䜶䝛䝹䜼䞊
⎔ቃ䝸䝇䜽
♫఍ⓗᣦᶆ
ேᮦ㛤Ⓨ
♫఍୙Ᏻ
⮬⏤䞉୙ᖹ➼
➇தຊ

G
60%

ᨻ἞䝸䝇䜽
㧗㱋໬
♫఍ไᗘ
䛭䛾௚6䛴䛾せ⣲ฟᡤ 䠖 RobecoSAM

Candriam

SDGࢫࢥ࢔

Candriam 䛾ᅜู ESG ศᯒ䛿䚸 ᅜ㐃 SDGs 䛷ᥦၐ䛥䜜䛶䛔

Bertelsmann Stiftung 䛸ᣢ⥆ྍ⬟䛺㛤Ⓨ䛻㛵䛩䜛䝋䝸䝳䞊䝅䝵䜛 4 䛴䛾 䛂㈨ᮏ䛃 㡿ᇦ䚸 䛩䛺䜟䛱ேⓗ㈨ᮏ䚸 ⮬↛㈨ᮏ䚸䞁䝛䝑䝖䝽䞊䜽 䠄SDSN䠅 䛿䚸 SDG ᣦᩘ䜢㛤Ⓨ䛧䛯䚹 䛣䛾䝇♫఍㈨ᮏ䚸 ⤒῭㈨ᮏ䜢䜒䛸䛻䛧䛶䛔䜛䚹 䛣䜜䜙䛾 4 せ⣲䛿䝁䜰䛿䚸᭱ప 䠄0䠅 䛛䜙᭱㧗 䠄100䠅 䜎䛷䛾⤖ᯝ䛷ᅜ䛾䝫䝆䝅䝵඲䛶ྠ䛨䜴䜵䜲䝖䛷䚸 䛭䛾ୗ䛻ᑠ㡯┠䛜䛔䛟䛛䛒䜛䚹 ඲య䛾䞁䜢⾲䛩䚹 2017 ᖺ䛾ᣦᩘ䛷䛿䚸 Ḣᕞ 10 䞄ᅜ䛜ୖ఩䜢༨䜑䚸

ESG 䝇䝁䜰䛿䚸 Ỉ‽䛸ኚ໬䛾୧せ⣲䜢ྵ䜐䚹᪥ᮏ䛜䛭䜜䛻⥆䛔䛶䛔䜛 䠄Bertelsmann 2017䠅䚹 䛣䜜䜎䛷䚸

Candriam 䛾ᅜู ESG 䝺䝫䞊䝖 䠄2017䠅 䛿䚸 123 䞄ᅜ 䠄ඛ㐍ᅜ 35 䞄ᅜ䚸 ᪂⯆ᅜ 88 䞄ᅜ䠅 䜢ศᯒ䛧䚸 䛭䛾䛖䛱 74 䞄ᅜ䛜

SDG 䝇䝁䜰䜢മๆ䛻㐺⏝䛧䛯౛䛿䛺䛔䚹

ᢞ㈨㐺᱁䛾ᅜ䚸 49 䞄ᅜ䜢ᢞ㈨୙㐺᱁䛺ᅜ䛸ศ㢮䛧䛶䛔䜛䚹

ESGമๆᣦᩘ

ศᯒ䛧䛯ඛ㐍ᅜ 35 䞄ᅜ䛾䛖䛱䚸 䜼䝸䝅䝱䛾䜏䜢ᢞ㈨୙㐺᱁

ᢞ㈨ᐙ䛿㏻ᖖ䚸 ᢞ㈨ᣦᩘ䜢䜒䛸䛻ᢞ㈨䜢⾜䛖䚹 䛣䜜䜙䛿୍䛺ᅜ䛸䛧䚸 䠄୍⯡䜘䜚䜒ᑐ㇟䜢ᗈ䛢䛯䠅 ᪂⯆ᅜ 88 䞄ᅜ䛾䛖䛱䚸⯡ⓗ䛻䚸 䜰䜽䝔䜱䝤㐠⏝䜢ᅗ䜛䝧䞁䝏䝬䞊䜽䛸䛧䛶฼⏝䛥䜜

40 䞄ᅜ䜢ᢞ㈨㐺᱁䚸 48 䞄ᅜ䜢ᢞ㈨୙㐺᱁䛸ศ㢮䛧䛶䛔䜛䚹䜛䜋䛛䚸 䝟䝑䝅䝤㐠⏝䛷෌⌧䛩䜛䛯䜑䛻฼⏝䛥䜜䜛䚹 ከ䛟䛾മๆᣦᩘ䛜䜾䝻䞊䝞䝹䜎䛯䛿䝻䞊䜹䝹䛺ᣦᩘ఍♫䛻䜘䛳

Mellon/Standish 䠄2016䠅 䛺䛹䛾㐠⏝఍♫䜒䚸 㢮ఝ䛾᪉ἲ䜢
㛤Ⓨ䛧䛶䛔䜛䚹 ౛䛘䜀䚸 Global Evolution䚸 Neuberger
Berman 䠄2013䠅䚸 Lazard 䠄2017䠅 䛺䛹䛜䚸 ᪂⯆ᅜ䛻≉໬䛧䛶ᥦ౪䛥䜜䛶䛔䜛䛜䚸 䛣䜜䜙䛿඲䛶䛔䛟䛴䛛䛾Ⅼ䛷␗䛺䛳䛶䛔䜛䚹 ESG 䛾䝸䝇䜽䛸䜶䜽䝇䝫䞊䝆䝱䞊䜢䛺䜣䜙䛛䛾ᙧ䛷⤫ྜ䛧䛯ᣦᩘ䜢౑䛚䛖䛸䛩䜛ᢞ㈨ᐙ䜒䛔䜛䚹䛯 ESG ホ౯䝰䝕䝹䜢㛤Ⓨ䛧䛶䛔䜛䚹䛧䛛䛧ᰴᘧ䛸㐪䛳䛶䚸 ⌧᫬Ⅼ䛷മๆ䛻䛴䛔䛶฼⏝䛷䛝䜛
ESG ᣦᩘ䛿ከ䛟䛺䛔䚹 䛣䜜䛿䚸 മๆศ㔝䛷䛾 ESG 䛾⤫ྜ䛜䚸 ᰴᘧ䜘䜚䜒᪂䛧䛔䛸䛔䛖஦ᐇ䛷୍㒊ㄝ᫂䛷䛝䜛 䠄䜒䛸䜒

മๆᢞ㈨࡬ࡢ⎔ቃ࣭♫఍࣭࢞ࣂࢼࣥࢫ㸦(6*㸧せ⣲ࡢ⤫ྜ| 27

䛸 ESG 䛾⤫ྜ䛿䚸 ㆟Ỵᶒ⾜౑䜔䝇䝏䝳䝽䞊䝗䝅䝑䝥䛻䜘䛳• ESG ຍ㔜ᣦᩘ䛿䚸 ᪤Ꮡ䛾 Barclays മๆᣦᩘ䛻䛴䛔䛶䚸䛶᥎㐍䛥䜜䛯䠅䚹 ຍ䛘䛶䚸 ୖሙ௻ᴗ䛻䛴䛔䛶䛿䚸 䛭䛾௚䛾

MSCI 䛾 ESG ᱁௜䛾Ỉ‽䛸ኚ໬䛷ㄪᩚ 䞉 䜴䜵䜲䝖௜䛡䛧മๆⓎ⾜య䚸 ≉䛻௻ᴗ௨እ䛾Ⓨ⾜య䛻ẚ䜉䚸 䜘䜚䝕䞊䝍䛯䜒䛾䛷䛒䜛䚹 䛣䛾䜰䝻䜿䞊䝅䝵䞁䝹䞊䝹䛿䚸 䜘䜚ᙉ䛔䛜฼⏝䛷䛝䜛䚹 䛩䛷䛻㏙䜉䛯䛸䛚䜚䚸 ᣦᩘ䜢సᡂ䛩䜛఍♫

ESG 䝣䜯䞁䝎䝯䞁䝍䝹䝈䜢ᣢ䛴Ⓨ⾜య䚸 䜎䛯䝣䜯䞁䝎䝯䞁䝍䛿䚸 ྠ᫬䛻 ESG 䝕䞊䝍䜢ᥦ౪䛩䜛఍♫䛷䜒䛒䜚䚸 㢳ᐈ䛿䝹䝈䛜ྥୖ䛧䛶䛔䜛Ⓨ⾜య䜢ホ౯䛩䜛䛣䛸䜢┠ⓗ䛸䛧䛶䛭䜜䜢౑䛳䛶⊂⮬䛾ᡭἲ䜢స䛳䛶䛔䜛䚹 ᭱ᚋ䛻䚸 䛂ᩥ໬ⓗ䛃䛔䜛䚹䛺⌮⏤䚸 ≉䛻മๆ䛻䛚䛡䜛ఏ⤫ⓗ䛺ᐃ㔞ศᯒ䜈䛾ᇳ╔䜒䛒䜛䚹䛣䜜䜙䛾ᣦᩘ䛿䚸 ♫മ≉໬ᆺ䛸⥲ྜᆺ 䠄♫മ䛸ᅜമ䠅 䛻䛴䛔䛶฼⏝ྍ⬟䛷䛒䜛䛜䚸 ⯆࿡῝䛔䛣䛸䛻䚸 ᅜമ≉໬䛾䝧䞁䝏䝬䞊䜽ᣦᩘ䛿䛺䛔䚹 ᆅᇦู䚸 ‶ᮇู䚸 Ⅽ᭰䝦䝑䝆

Barclays MSCIᆺ䛺䛹䛾䝃䝤ᣦᩘ䜒Ꮡᅾ䛩䜛䚹2013 ᖺ䚸 Barclays 䛸 MSCI 䛿ඹྠ䛷䚸 䝹䞊䝹䛻ᇶ䛵䛔䛯᪂䛧䛔മๆ䝧䞁䝏䝬䞊䜽ᣦᩘ䜢㛤Ⓨ䛧䛯䚹 䛣䛾ᣦᩘ䛿䚸 3䛴䛾␗䛺䜛 ESG ⤫ྜ䛾ᡓ␎䜢཯ᫎ䛧䛶䛔䜛䚹 䠄MSCIb䠅 䠄ヲ⣽䛿⿵㑇 5䠅䚹

S&P Dow Jones• 2015 ᖺ䛛䜙ጞ䜎䛳䛯 S&P ESG ᅜമᣦᩘ䛿䚸 ᶆ‽ⓗ䛺᫬౯ຍ㔜ᖹᆒ䛾ᅜമᣦᩘ䜢䜒䛸䛻䛧䛶䛔䜛䛜䚸 RobecoSAM• ♫఍ⓗ㈐௵ᢞ㈨ 䠄SRI䠅 ᣦᩘ䛿䚸 䝛䜺䝔䜱䝤䞉䝇䜽䝸䞊䝙䛾ᅜ䛾ᣢ⥆ྍ⬟ᛶ䝷䞁䜻䞁䜾䛻䛚䛔䛶䜘䜚ᣢ⥆ྍ⬟䛺ᅜ䞁䜾䛻䜘䜚䚸 ᪤Ꮡ䛾 Barclays 䛾ᣦᩘ䛛䜙䚸 ᢞ㈨᪉㔪䚸 ౯䛻䜴䜵䜲䝖௜䛡䛧䛶䛔䜛 䠄S&P Dow Jones Indexes 2017䠅䚹್ほ䚸 ♫఍つ⠊ 䠄㠀ே㐨ⓗරჾ䛺䛹䠅 䛻཯䛩䜛஦ᴗ䜔• ᫬౯ຍ㔜䛾മๆᣦᩘ䛿䚸 മົ䛾ከ䛔ᅜ䚸 ༶䛱䝸䝇䜽䛾άື䛻㛵୚䛧䛶䛔䜛ྍ⬟ᛶ䛾䛒䜛Ⓨ⾜య䜢㝖እ䛧䛶䛔䜛䚹㧗䛔ᅜ䛻ከ䛟䛾䜶䜽䝇䝫䞊䝆䝱䞊䜢ᣢ䛳䛶䛧䜎䛖䛣䛸䛜ከ䛔䛥䜙䛻䚸 ≉ᐃ䛾ㄽⅬ 䠄䜹䝖䝸䝑䜽䛾౯್ほ䛺䛹䠅 䛻䛴䛔䛶䚸䛣䛸䛛䜙䚸 ಙ⏝ศᯒ䛾ഃ㠃䛻㛗ᮇⓗ䛺ᣢ⥆ྍ⬟ᛶ䜢ྲྀ䜚㝖እ㡯┠䜢䜹䝇䝍䝬䜲䝈䛩䜛䛣䛸䜒䛷䛝䜛䚹㎸䜐䛣䛸䛷䚸 ௜ຍⓗ䛺䝸䝇䜽పῶ䝒䞊䝹䛸䛧䛶ᶵ⬟䛩䜛䛣䛸• ᣢ⥆ྍ⬟ᛶᣦᩘ䛿䚸ᴗ⏺䛤䛸䛾 ESG 䛾䝫䝆䝔䜱䝤䞉䝇䜽䝸䞊䝙䞁䜾䛻䜘䜚䚸 ᴗ⏺ෆ䛾 䛂䝧䝇䝖 䞉 䜲䞁 䞉 䜽䝷䝇䛃 䛾Ⓨ⾜య䜢௻ᅗ䛧䛶䛔䜛䚹 ⌧ᅾ䚸 䛣䛾䜘䛖ᣦᩘ䛷฼⏝ྍ⬟䛺䜒䛾䛿䚸S&P ESG ỗḢᕞඛ㐍ᅜᅜമᣦᩘ䛾 1 䛴䛧䛛䛺䛔䚹䛻䜴䜵䜲䝖௜䛡䜢䛩䜛ᙧ䛷ㄪᩚ䛧䛶䛔䜛䚹 ᣦᩘ䛻⤌䜏ධ䜜䜙䜜䜛Ⓨ⾜య䛿䚸 MSCI 䛾 ESG ᱁௜䛷 䛂BBB䛃 ௨ୖ䛷䛺䛡䜜䜀䛺䜙䛺䛔䚹

⾲4㸸⊂⮬ࢫࢡ࣮ࣜࢽࣥࢢ࡛฼⏝ྍ⬟࡞࢝ࢸࢦ࣮ࣜ
୰⤯࣭㑊ዷᡭẁ

ᅜ㜵࣭Ṋჾ

ཎᏊຊⓎ㟁

ᡂேྥࡅፗᴦ

㉃༤

㇜⫗

࢔ࣝࢥ࣮ࣝ

㑇ఏᏊ⤌᥮

㧗฼㈚

ື≀ឡㆤ

ୡ⏺ⓗ࡞つ⠊᐀ᩍⓗ౯್ྲྀ⥾ᙺ఍ࡢከᵝᛶୡ⏺ⓗ࡞ไ⿢

ᖿ⣽⬊

ඣ❺ປാ

ேᶒ

↮ⲡ

ฟᡤ 䠖 MSCI 䠄2017b䠅

28 | 4. മๆESGᢞ㈨ࡢࡓࡵࡢࢶ࣮ࣝ

ࡑࡢ௚ࡢᣦᩘᥦ౪஦ᴗ⪅• ⌧ᅾ䚸 䛭䛾௚ᣦᩘᥦ౪఍♫䛜䚸 ESG മๆᣦᩘ䛻ྲྀ䜚⤌䜣䛷䛔䜛 䠄౛䛘䜀䚸 FTSE 䛿䚸 2018 ᖺ䜎䛯䛿 2019 ᖺ䛻᪂䛯䛺ᣦᩘ䜢ᥦ౪䛩䜛ணᐃ䛷䚸 UBS 䛿ᅜ㝿㛤Ⓨ㔠⼥ᶵ㛵䛜Ⓨ⾜䛩䜛മๆ䛾ᣢ⥆ྍ⬟ᛶᣦᩘ䛾㛤Ⓨ䛻ྲྀ䜚⤌䜣䛷䛔䜛䠅䚹ࢢ࣮ࣜࣥ࣎ࣥࢻᣦᩘ
• 2014 ᖺ௨㝆䚸 ᵝ䚻䛺ᣦᩘᥦ౪఍♫䛜䚸 䜾䝸䞊䞁䝪䞁䝗䛾䜏䜢ᑐ㇟䛸䛩䜛ᣦᩘ䜢㛤Ⓨ䛧䛶䛝䛯䚹 ⤌䜏ධ䜜䛾せ௳䚸⟬ฟ᪉ἲ䚸 䜹䝞䝺䝑䝆䛿䚸 ᣦᩘ䛻䜘䛳䛶␗䛺䜛䚹 ௨ୗ䛿䛭䛾୍㒊䛷䛒䜛䚹

• S&P 䜾䝸䞊䞁䝪䞁䝗ᣦᩘ䚸 S&P 䜾䝸䞊䞁䝥䝻䝆䜵䜽䝖䝪䞁䝗ᣦᩘ• Solactive 䜾䝸䞊䞁䝪䞁䝗ᣦᩘ• ChinaBond ୰ᅜ䜾䝸䞊䞁䝪䞁䝗ᣦᩘపⅣ⣲ᣦᩘ• పⅣ⣲䜔Ⅳ⣲ຠ⋡ᛶᣦᩘ䛿䚸 ᰴᘧ䛻䛴䛔䛶䛿௨๓䛛䜙䛒䛳䛯䛜䚸 മๆ䛻䛴䛔䛶䛿䛒䜎䜚䛺䛔䚹 2016 ᖺ䛻ጞ䜎䛳䛯 Solactive SPG 䝴䞊䝻ᢞ㈨㐺᱁മపⅣ⣲ᣦᩘ䛿䚸ᐊຠᯝ䜺䝇᤼ฟ㔞䛾ከ䛔ྠᴗ௚♫䛸ẚ䜉䛶䚸 ▼Ἔ⇞ᩱ䜈䛾౫Ꮡᗘ䛜ప䛔௻ᴗ䛜Ⓨ⾜䛩䜛ᢞ㈨㐺᱁മ䜢ᑐ㇟䛸䛧䛶䛔䜛䚹• Bank of America Merrill Lynch 䜾䝸䞊䞁䝪䞁䝗ᣦᩘ• Barclays MSCI 䜾䝸䞊䞁䝪䞁䝗ᣦᩘ

മๆᢞ㈨࡬ࡢ⎔ቃ࣭♫఍࣭࢞ࣂࢼࣥࢫ㸦(6*㸧せ⣲ࡢ⤫ྜ

| 29

30 | 4. മๆESGᢞ㈨ࡢࡓࡵࡢࢶ࣮ࣝ

5.

മๆᢞ㈨ᐙࡣ࡝ࡢ
ࡼ࠺࡟ESGࢆᐇ㊶ࡋ࡚࠸ࡿࡢ࠿㸽

ESG ᢞ㈨䛿䚸 㐠⏝఍♫䜔䜰䝉䝑䝖䜸䞊䝘䞊䛻䜘䛳䛶␗䛺䛳䛯᪉ἲ䛷ᐇ㊶䛥䜜䛶䛔䜛䚹 ᢞ㈨ᐙ䛿䛭䛾ᛶ㉁䛤䛸䛻䚸 つᶍ 䠄ᑠつᶍ⤌⧊䛷䛿⮬ᐙ㐠⏝䛾๭ྜ䛜ᑠ䛥䛔䠅䚸 つไ䛾䝣䝺䞊䝮䝽䞊䜽 䠄㔠⼥ᴗ⏺䜔ᆅ⌮ⓗ䛺ᡤᅾᆅ䛻ᛂ䛨䛶つไ䛜ᙉ໬䛥䜜䜛ྍ⬟ᛶ䠅䚸 ஦ᴗ䛾ᛶ㉁ 䠄ᶵ㛵ᢞ㈨ᐙ䛻䜘䛳䛶䛿㉸㐣཰┈䜘䜚䜒 ALM 䛾⪃៖䜢䜘䜚㔜ど䠅 䛺䛹䛻ᛂ䛨䛶䚸 ⮬↛䛸␗䛺䜛᪉ἲ䜢ྲྀ䛳䛶䛔䜛䚹䛭䜜䛿ᐃᆺⓗ䛻ㄝ᫂䛩䜜䜀䚸ᢞ㈨䛻㛵䛩䜛᪉㔪䚸䝥䝻䝉䝇䚸ၟရ䚸 ㈨⏘ 䠄௻ᴗ䛺䛹䠅䚸 䝬䞊䜿䝔䜱䞁䜾䠋ᗈሗ䚸 ᝟ሗ㛤♧䛺䛹䚸 ᢞ㈨άື䛾䛒䜙䜖䜛ẁ㝵䚸 」ᩘ䛾ẁ㝵䛷㉳䛣䜚䛘䜛䚹മๆ䛾 ESG ᢞ㈨䛿䚸 ㏆ᖺᛴ㏿䛻Ⓨᒎ䛧䛶䛔䜛䚹 Russell

⾲5㸸മๆ࡟࠾ࡅࡿESGᡓ␎㸦㈨⏘つᶍู㸧മๆ࡟࠾ࡅࡿ࢔ࣉ࣮ࣟࢳࡢྜィ㸦඙⡿ࢻࣝ㸧ࢫࢡ࣮ࣜࢽࣥࢢᡓ␎ࡢࡳ

$2.3

ࢸ࣮࣐ᆺᡓ␎ࡢࡳ

$0.1

䛧䛛䛧䚸 䛣䜜䛿㐠⏝⪅䛻䜘䛳䛶␗䛺䜚䚸 ᮏᙜ䛾⤫ྜ䛸䛔䛖㠃⤫ྜᡓ␎ࡢࡳ

$9.6

䛻䛚䛔䛶䛿䜎䛰␲ၥ䛜ṧ䜛䚹ࢫࢡ࣮ࣜࢽࣥࢢᡓ␎࡜⤫ྜᡓ␎

$5.8

ᢞ㈨ᐙ䛜᭱䜒ᐇ㊶䛧䛶䛔䜛䛾䛿䚸 䛹䛾 ESG ᡓ␎䛰䜝䛖䛛䠛ࢸ࣮࣐ᆺᡓ␎࡜⤫ྜᡓ␎

$0.1

മๆ䛾 PRI 䠄2017a䠅 䛾ㄪᰝ䛷䛿䚸 ESG 䛾⤫ྜ䛿䚸 䝇䜽䝸䞊ࢫࢡ࣮ࣜࢽࣥࢢᡓ␎࡜ࢸ࣮࣐ᆺᡓ␎

$0.4

඲࡚ࡢᡓ␎

$1.4

๭ྜ䠅 䛻␃䜎䜛 䠄⾲ 5䠅䚹 䛥䜙䛻䚸 ♫മ䛾᪉䛜ᅜമ䜘䜚䜒䜘䜚㐺⏝ࡍࡿᡓ␎࡞ࡋ

$2.3

ከ䛟 ESG ศᯒ䛾ᑐ㇟䛸䛺䛳䛶䛚䜚䚸 ドๆ໬ၟရ䛿䛿䜛䛛䛻

ྜィ

$21.9

䠄2017䠅 䛜 109 䛾മๆ㐠⏝⪅䜢ㄪᰝ䛧䛯䛸䛣䜝䚸 ⌧ᅾ䛭䛾
68䠂䛜䛺䜣䜙䛛䛾ᙧ䛷 ESG 䜢ᢞ㈨䝥䝻䝉䝇䛻⤫ྜ䛧䛶䛔䜛䚹䝙䞁䜾䜔䝔䞊䝬ᆺ䜘䜚䜒㐍䜣䛷䛔䜛䚹 E 䞉 S 䞉 G䚸 3 䛴䛾䜰䝥䝻䞊䝏඲䛶䜢⏝䛔䛶䛔䜛㐠⏝⪅䛿䚸 6䠂 䠄⥲㈨⏘䛻༨䜑䜛㐜䜜䛶䛔䜛䚹ฟᡤ 䠖 PRI 䠄2017a䠅

മๆᢞ㈨࡬ࡢ⎔ቃ࣭♫఍࣭࢞ࣂࢼࣥࢫ㸦(6*㸧せ⣲ࡢ⤫ྜ| 31୍㒊䛾ᢞ㈨ᐙ䛻䛸䛳䛶䚸 ESG ᢞ㈨䛿䚸 䠄䜾䝸䞊䞁䝪䞁䝗䜔䛶䛔䜛䚹 ௚䛾ᢞ㈨ᐙ䛿䚸 䛔䛟䛴䛛䛾㈨⏘䜽䝷䝇䛻䛚䛔䛶ࢢ࣮ࣜࣥ࣎ࣥࢻࠊࢯ࣮ࢩࣕࣝ࣎ࣥࢻࠊࢧࢫ
ࢸ࢖ࢼࣈࣝ࣎ࣥࢻࠊࡑࡢ௚ࡢࢸ࣮࣐ᆺ
മๆ

ESG ᣦᩘ䛻㏣㝶䛩䜛䝟䝑䝅䝤㐠⏝䜢⾜䛳䛶䛔䜛䚹 ከ䛟䛾䜰䝔䞊䝬ᆺമๆ䜔䝺䞊䝧䝹䝗 䞉 䝪䞁䝗䛸䛿䚸 ㄪ㐩㈨㔠䛜≉ᐃ䝉䝑䝖䜸䞊䝘䞊䛿䚸 䜰䜽䝔䜱䝤 ESG 㐠⏝఍♫䛾㑅ᐃ䜔䚸 䛔䛾䝔䞊䝬䚸 䝉䜽䝍䞊䚸 䝥䝻䝆䜵䜽䝖䛻඘䛶䜙䜜䜛മๆ䛾䛣䛸䛷䛟䛴䛛㈨⏘䜽䝷䝇䛻䛚䛡䜛䜰䜽䝔䜱䝤 ESG ᡓ␎䛾⮬ᐙ㐠⏝䜢䛒䜛䚹 ESG 䛾ᩥ⬦䛷䛿䚸䛂䜾䝸䞊䞁䝪䞁䝗䛃 䜔 䛂Ẽೃኚືമ䛃⾜䛳䛶䛔䜛䚹 ᭱ᚋ䛻䚸 ඲䛶䛾㈨⏘䜽䝷䝇䜔䝸䝇䜽⟶⌮䛻䜟䛯䛜≉䛻᭷ྡ䛰䛜䚸 ㏆ᖺ䛷䛿䝔䞊䝬ᆺ䛾 䛂䝋䞊䝅䝱䝹䝪䞁䝗䛃䜛᏶඲䛺⤫ྜ䜢⾜䛖 䛂඲㠃໬䛃 䜰䝥䝻䞊䝏䜒䛒䜛 䠄ᅗ 6䠅䚹䜔 䛂SDG 䝪䞁䝗䛃 䜒ᡂ㛗䛧䛶䛔䜛䚹 䝣䜯䞁䝗䝬䝛䝆䝱䞊䜒䚸䛣䛣䛷䛿䚸 മๆ䛻≉᭷䛺ᐇ㊶䛻䛴䛔䛶↔Ⅼ䜢ᙜ䛶䜛䚹䜾䝸䞊䞁䝪䞁䝗䜔䝋䞊䝅䝱䝹䝪䞁䝗䛺䛹䛾മๆ䝣䜯䞁䝗䜢ᥦ౪䛣䛖䛧䛯 ESG ᢞ㈨䛻ᑐ䛩䜛␗䛺䜛䜰䝥䝻䞊䝏䛜䚸 ␗䛺䜛䝍䜲䛧䛶䛔䜛 䠄IFC/Amundi 䝥䝷䝛䝑䝖 䞉 䜶䝬䞊䝆䞁䜾䞉 䜾䝸䞊䞁 䞉䝥䛾䜰䝉䝑䝖䜸䞊䝘䞊䜔ᢞ㈨ᐙ䛻䜘䛳䛶䛹䛾䜘䛖䛻㐺⏝䛥䜜䝽䞁 䠄᪂⯆ᅜᕷሙ䛾䜾䝸䞊䞁䝪䞁䝗䝣䜯䞁䝗䠅䚸 Threadneedle䛶䛔䜛䛾䛛䛿䚸 䛥䜙䛺䜛◊✲䜢⾜䛖౯್䛾䛒䜛ㄽⅬ䛷䛒䜛䚹ⱥᅜ䝋䞊䝅䝱䝹䝪䞁䝗䝣䜯䞁䝗䚸 AIM/Lombard Odier 䜾䝻䞊䝞ྠᵝ䛻䚸 ␗䛺䜛䜰䝥䝻䞊䝏䜔䝒䞊䝹䛾ᡂຌ஦౛䛻䛴䛔䛶䜒䚸䝹Ẽೃኚືമ䝣䜯䞁䝗䛺䛹䠅䚹䛣䛾ሗ࿌᭩䛷䛿᥀䜚ୗ䛢䜛䛣䛸䛿䛷䛝䛺䛛䛳䛯䛜䚸 䛥䜙䛻◊䝺䞊䝧䝹䝗䞉䝪䞁䝗䛾ᕷሙ䛿㔜せᛶ䛜㧗䜎䜚䚸 മๆ䝫䞊䝖䝣䜷✲䜢㐍䜑䛶䛔䛟䛻್䛩䜛ㄽⅬ䛷䛒䜛䚹䝸䜸䛻 ESG 䜢⤫ྜ䛩䜛ዎᶵ䛸䛧䛶ㄆ▱䛥䜜䛶䛔䜛䛜䚸 ᕷሙ

SRI 䝣䜯䞁䝗➼䛾䜘䛖䛺䠅 ESG ၟရ䛻ᑐ䛩䜛ᢞ㈨䛻㝈ᐃ䛥䜜つᶍ䛿䜎䛰ᑠ䛥䛟䚸 ୡ⏺䛾മๆᕷሙ䛾 0.1䠂ᮍ‶䛻␃䜎䛳䛶䛔䜛䚹

ᅗ6㸸ESG⤫ྜࡢỈ‽

䝺䞊䝧䝹䝗
䝪䞁䝗

ESG
䛂䝟䝑䝅䝤䛃
䠄ᣦᩘ䛻䜘䜛䜒䛾䠅

ESG
䛂䜰䜽䝔䜱䝤䛃

ESG
䛂඲㠃໬䛃

䠄ᑓ㛛ⓗ䛺
㐠⏝఍♫䜈䛾
䝬䞁䝕䞊䝖䠅

䠄඲䛶䛾㈨⏘䛻䜟䛯䜛⮬ᐙ㐠⏝䛷䛾⤫ྜ䠅ฟᡤ 䠖 ⴭ⪅32 | 5. മๆᢞ㈨ᐙࡣ࡝ࡢࡼ࠺࡟ESGࢆᐇ㊶ࡋ࡚࠸ࡿࡢ࠿㸽ࢢ࣮ࣜࣥ࣎ࣥࢻ

㖭᯶ 18 ㏻㈌䛷 102 ൨⡿䝗䝹䜢Ⓨ⾜䛧䛶䛔䜛䚹 䛧䛛䛧䚸 䛣䛖䜾䝸䞊䞁䝪䞁䝗䛿䚸 ⎔ቃ䜔Ẽೃ䛾ᣢ⥆ྍ⬟ᛶ䜢┠ⓗ䛸䛩䜛䛧䛯㏆ᖺ䛾ᡂ㛗䛻䜒㛵䜟䜙䛪䚸 䜾䝸䞊䞁䝪䞁䝗䛿䚸 90 ඙⡿≉ᐃ䛾䝥䝻䝆䜵䜽䝖䜔άື䜢ᨭ᥼䛩䜛䛯䜑䛾㈨㔠ㄪ㐩䜢⾜䛖䝗䝹つᶍ䛾ୡ⏺䛾മๆᕷሙ䛻䛚䛔䛶䚸 0.5䠂䛸䜟䛪䛛䛺๭മๆ䛸ᐃ⩏䛥䜜䛶䛔䜛䚹 Ḣᕞᢞ㈨㖟⾜ 䠄EIB䠅 䜔ୡ⏺㖟⾜ྜ䜢༨䜑䜛䛻䛩䛞䛺䛔䚹䛺䛹䛾ᅜ㝿ᶵ㛵䛜䜾䝸䞊䞁䝪䞁䝗ᕷሙ䛷䛾Ⓨ⾜䜢ඛᑟ䛧䚸䜾䝸䞊䞁䝪䞁䝗䛾ᐃ⩏䜔䚸 ಙ㢗ᛶ䜔ྲྀᘬ䛾ಁ㐍䛻ྥ䛡䛯ᇶᆅ᪉⮬἞య䚸 ᅜ䚸 ௻ᴗ䛾䜾䝸䞊䞁䝪䞁䝗䛜䛭䜜䛻⥆䛝䚸 䝝‽䛾タᐃ䛻䛴䛔䛶䛿䚸 䛔䜎䛷䜒㆟ㄽ䛥䜜䛶䛔䜛 䠄Ehlera and䜲䜲䞊䝹䝗 䞉 䜾䝸䞊䞁䝪䞁䝗䜒Ⓨ⾜䛥䜜ጞ䜑䛶䛔䜛䚹Parker 2017䠅䚹 ᗈ䛟฼⏝䛥䜜䛶䛔䜛䛾䛿䚸 ⮬୺ⓗ䛺 䛂䜾䝸䞊䜾䝸䞊䞁䝪䞁䝗䛻䛿 4 ✀㢮䛒䜛䚹 ㏻ᖖ䛾䝸䝁䞊䝇ᆺമๆ䚸 䝜䞁䝪䞁䝗ཎ๎ 䠄GBP䠅䛃 䠄ICMA 2017a䠅 䛷䛒䜛 29䚹 Ẽೃኚື䞁䝸䝁䞊䝇ᆺമๆ䚸 䜾䝸䞊䞁䝥䝻䝆䜵䜽䝖䝪䞁䝗䚸 䜾䝸䞊䞁ドമᇶ‽ 䞉 ㄆド䝇䜻䞊䝮䛿䚸 Ẽೃኚືമ䜔䜾䝸䞊䞁䝪䞁䝗䛜ๆ໬മๆ 䠄䜹䝞䞊䝗 䞉 䝪䞁䝗䚸 ABS䚸 MBS 䛺䛹䠅 䛷䛒䜛䚹ᑐ㇟䛸䛩䜛㈨⏘䜔䝥䝻䝆䜵䜽䝖䛻ᑐ䛧䛶䚸䛭䜜䛮䜜䛾䝉䜽䝍䞊ㄪ㐩㈨㔠䛿䚸 㢼ຊⓎ㟁䛺䛹䛾෌⏕ྍ⬟䜶䝛䝹䜼䞊䛾䝥䝻䛻≉᭷䛾㐺᱁ᇶ‽䜢ᥦ౪䛧䛶䛔䜛 䠄CBI 2016䠅䚹 䜾䝸䞊䞁䝪䝆䜵䜽䝖䜔䚸 ⎔ቃ㓄៖ᆺ䛾බඹ஺㏻ᶵ㛵䛻඘䛶䜙䜜䜛䛾䛜䞁䝗䛾ホ౯䛿䚸 Sustainalytics䚸 VigeoEiris䚸 Oekom Research䚸୍⯡ⓗ䛷䛒䜛䚹

Moody's䚸 Cicero䚸 Trucost 䠄⌧ᅾ䛿 S&P Dow Jones 䛾୍㒊䠅䛺䛹䛾௻ᴗ䛜⾜䛳䛶䛔䜛䚹䝺䞊䝧䝹䝗 䞉 䜾䝸䞊䞁䝪䞁䝗ᕷሙ䛜Ⓨᒎ䛧䛯䛾䛿᭱㏆䛷䛒䜛䠄ᅗ 7䠅䚹 2017 ᖺ䛰䛡䛷 1,600 ൨䝗䝹௨ୖ䚸 2007 ᖺ䛛䜙䜾䝸䞊䞁䝪䞁䝗ᕷሙ䛾ேẼ䜔㛵ᚰ䛜㧗䜎䜛䛻䛴䜜䛶Ⓨ⾜య

2016 ᖺ䛾⣼✚䛷䛿 2,000 ൨䝗䝹௨ୖ䛾䜾䝸䞊䞁䝪䞁䝗䛜Ⓨ䛿䚸 䜾䝸䞊䞁䜎䛯䛿䝋䞊䝅䝱䝹䛺ᢞ㈨䛸䛥䜜䜛䜒䛾䛾ቃ⏺䜢⾜䛥䜜䛶䛔䜛 䠄ୡ⏺㖟⾜ㄪ䜉䠅䚹 䛥䜙䛻䚸 䝺䞊䝧䝹௜䛥䜜䛶ᗈ䛢䛶䛝䛯䚹 䛂䜾䝸䞊䞁䛃 䝥䝻䝆䜵䜽䝖䛷䛿䛒䜛䛜䚸 䛭䜜䛜ᖜ䛔䛺䛔Ẽೃ㛵㐃മๆ䛾ṧ㧗䛿䚸 7,000 ൨䝗䝹䛻ୖ䛳䛶ᗈ䛔ᢞ㈨άື䜢⾜䛖௻ᴗ䛾୍㒊䛻䛩䛞䛺䛔ሙྜ䚸 䛿䛯䛧䛔䜛 28䚹 ୡ⏺㖟⾜ 䠄ᅜ㝿᚟⯆㛤Ⓨ㖟⾜䠅 䛰䛡䛷䜒䚸 138

䛶䛭䜜䛜㐺᱁䛷䛒䜛䛾䛛䛻䛴䛔䛶䜒䚸 ㆟ㄽ䛜⥆䛔䛶䛔䜛䚹

ᅗ7㸸࣮ࣞ࣋ࣝࢻ࣭ࢢ࣮ࣜࣥ࣎ࣥࢻᕷሙࡢつᶍ㸦Ⓨ⾜యࢱ࢖ࣉู㸧ᖺ㛫䜾䝸䞊䝪䞁䝗Ⓨ⾜㢠䠄Ⓨ⾜య䝍䜲䝥ู䠅
180
160
10൨⡿䝗䝹┦ᙜ

140

䜶䝛䝹䜼䞊䠋බ┈௻ᴗ

120䛭䛾௚௻ᴗ䠋㖟⾜

100
80ᨻᗓᶵ㛵䠋ᕞ䠋ᆅ᪉⮬἞య䠋䛭䛾௚ᨻᗓ

60
40

ᅜ㝿㛤Ⓨ㔠⼥ᶵ㛵䠄MDB䠅

20
02007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017ฟᡤ 䠖 䝤䝹䞊䝮䝞䞊䜾䚸 ୡ⏺㖟⾜ 䠄2017 ᖺ 12 ᭶᫬Ⅼ䠅

മๆᢞ㈨࡬ࡢ⎔ቃ࣭♫఍࣭࢞ࣂࢼࣥࢫ㸦(6*㸧せ⣲ࡢ⤫ྜ| 33ᅗ8㸸࣮ࣞ࣋ࣝࢻ࣭ࢢ࣮ࣜࣥ࣎ࣥࢻᕷሙࡢつᶍ㸦ᅜ࣭ᆅᇦู㸧2017ᖺ䛾䜾䝸䞊䞁䝪䞁䝗Ⓨ⾜㢠䠄Ⓨ⾜య䛾ᡤᒓᅜู䠅
35

10൨⡿䝗䝹┦ᙜ

30
25
20
15
10
5
0
୰ᅜ

䝣䝷䞁䝇

䝃䝤

䜸䝷䞁䝎

䝯䜻䝅䝁

䜰䝯䝸䜹ྜ⾗ᅜ

䝗䜲䝒

䝇䜲䝇

䝇䝨䜲䞁

䛭䛾௚

䝃䝝䝷䜰䝣䝸䜹ฟᡤ 䠖 䝤䝹䞊䝮䝞䞊䜾䚸 ୡ⏺㖟⾜ 䠄2017 ᖺ 12 ᭶᫬Ⅼ䠅௻ᴗෆ㒊䛻䛚䛡䜛ኚ໬䛾䝫䝆䝔䜱䝤䛺඙ೃ䛷䛒䜛䛸䛔䛖ぢ䛯 䠄CBI 䠋 IFC2017䠅䚹 䛔䛟䛴䛛䛾ᣦᶆ䛷䛿ᕪ␗䛜᳨ฟ䛥䜜᪉䛜䛒䜛୍᪉䚸 䛂䜾䝸䞊䞁䜴䜷䝑䝅䞁䜾䛃 䠄እぢ䛿⎔ቃ䛻㓄៖䛯䛜 䠄౛䛘䜀䚸 ୍㒊䛾䜾䝸䞊䞁䝪䞁䝗䛿䚸 䝞䝙䝷♫മ䛸ẚ䛧䛶䛔䜛䜘䛖䛻ぢ䛘䜛䛜䚸 ᐇែ䛿␗䛺䜛䜒䛾䠅 䛜ᕷሙ඲య䛾䜉䛶䚸 ᙜึ䛾㟂せㄪᰝ᫬䜘䜚䜒౯᱁䛜ୖ᪼䠅䚸 ୍⯡ⓗ䛻୧ಙ㢗ᛶ䜢ᦆ䛺䛖ྍ⬟ᛶ䛜䛒䜛䛸䛾ᠱᛕ䜒䛒䜛䚹 Ⓨ⾜᫬䛾➨⪅䛾౯᱁௜䛡䛿㠀ᖖ䛻㢮ఝ䛧䛶䛔䛯䚹୕⪅ពぢ䜔䚸 ᕷሙ㛵ಀ⪅䛜ཝ᱁䛺ጼໃ䜢♧䛩䛣䛸䛜䚸 ௒ᚋ䜎䛩䜎䛩ᚲせ䛸䛥䜜䛶䛔䜛䚹 ᢞ㈨ᐙ䛿䜾䝸䞊䞁䝪䞁䝗䜢㛗ᮇ㛫ಖ᭷䛩䜛䛯䜑䚸㛗ᮇ䛻䜟䛯䜚㈝⏝䜢䛛䛡䛶 䛂䜾䝸䞊䞁䛥䛃䜢ド᫂䛩䜛䛣䛸䛻䛿␲ၥ䜒䛒䜛䚹䜾䝸䞊䞁䝪䞁䝗䛾Ⓨ⾜䛿䚸 ᵝ䚻䛺ᅜ䛻ᗈ䛜䛳䛶䛔䜛 䠄ᅗ 8䠅䚹䜾䝸䞊䞁䝪䞁䝗䛾౯᱁௜䛡䛻䛴䛔䛶䜒䚸 ㆟ㄽ䛜⾜䜟䜜䛶䛔䜛䚹 䜾䝸䞊䞁䝪䞁䝗䛿䚸 ྠ୍௻ᴗ䛜Ⓨ⾜䛧䛯୍⯡ⓗ䛺മๆ䛸ྠ䛨౯᱁䛸䛺䛳䛶䛔䜛䛾䛛䚸 䛒䜛䛔䛿ྠ䛨౯᱁䛷䛒䜛䜉䛝䛛䚸 䛥䜙䛻 䛂䜾䝸䞊䝙䜰䝮䛃 䠄䜾䝸䞊䞁䝪䞁䝗䛜୍⯡ⓗ䛺മๆ䛸ẚ䜉䛶㧗౯᱁䠋ప㔠฼䛸䛺䜛䛣䛸䠅 䛿Ꮡᅾ䛩䜛䛾䛛䛜ㄽ
Ⅼ䛸䛺䛳䛶䛔䜛䚹 䜾䝸䞊䞁䝪䞁䝗䛿䚸 ྠ୍䛾Ⓨ⾜య䛻䜘䜛ྠ⌧ẁ㝵䛷䛿䚸 䜾䝸䞊䞁䝪䞁䝗䛾䝟䝣䜷䞊䝬䞁䝇䛜䚸 䛭䛾௚䛾മๆ䛸ẚ䜉䛶␗䛺䜛䜎䛯䛿ඃ䜜䛶䛔䜛䛣䛸䜢♧䛩Ỵᐃⓗ䛺ドᣐ䛿䛺䛔䚹 䛣䛾Ⅼ䛻䛚䛔䛶☜ᐃⓗ䛺❧ሙ䜢䛸䜛䛻䛿䚸䜾䝸䞊䞁䝪䞁䝗ᕷሙ䛜ᮍᡂ⇍䛷ᑠつᶍ䛷䛒䜛 䠄ὶ㏻ᕷሙ䛾ྲྀᘬ䛿኱ኚᑡ䛺䛔䠅 䛣䛸䛜䛭䛾ཎᅉ䛷䛒䜛䚹 䛧䛛䛧䚸 Ⓨ⾜య䛜䜾䝸䞊䞁䝪䞁䝗䜢⤌ᡂ䛧䚸 ‶ᮇ䜎䛷䝰䝙䝍䝸䞁䜾䛧䛶ᐃᮇⓗ䛻ሗ࿌䛩䜛䛯䜑䛾䝁䝇䝖䜢⪃䛘䜜䜀䚸 䛂䜾䝸䞊䝙䜰䝮䛃 䛾ᴫᛕ䛿䛒䜚䛘䛺䛔䜒䛾䛷䛿䛺䛔䚹 ୍᪉䛷䚸 ᢞ㈨ᐙ䜒䚸 ⥅⥆ⓗ䛺䝰䝙䝍䝸䞁䜾䛾䝁䝇䝖䜔ὶືᛶ䛾ప䛥䛻┤㠃䛧䛶䛔䜛䚹ࢯ࣮ࢩࣕࣝ࣎ࣥࢻ

᱁䛾മๆ䛸 䛂䝟䝸䝟䝇䛃 䠄ྠ୍䛾ᘚ῭㡰఩䠅 䛷䚸 ୍⯡ⓗ䛻䛂䝋䞊䝅䝱䝹䝪䞁䝗䛃 䛸䛥䜜䜛മๆ䛿䚸 䜾䝸䞊䞁䝪䞁䝗䛾ᴫᛕಙ⏝ୖ䛾⿵᏶䜒䛺䛔䚹 Ẽೃമๆ䜲䝙䝅䜰䝔䜱䝤䛸ᅜ㝿㔠⼥䛸ఝ䛯䝔䞊䝬ᆺമๆ䛷䛒䜚䚸 䛭䛾ㄪ㐩㈨㔠䛿᪂つ䜎䛯䛿᪤බ♫ 䠄IFC䠅 䛿䚸 RaboBank䚸 Pax䚸 Obvion 䛾༠ຊ䛾䜒䛸䚸Ꮡ䛾♫఍ⓗ䝥䝻䝆䜵䜽䝖䛾ᨭ᥼䛻౑䜟䜜䜛 䠄ICMA 2017b䚸

2016 ᖺ 1 ᭶䛛䜙 2017 ᖺ 3 ᭶䛾ᮇ㛫䛻Ⓨ⾜䛥䜜䛯䜾䝸䞊䞁

IFC2017䠅䚹 䛭䛾㐺᱁ᇶ‽䛿䚸 㔠⼥㠃䛸♫఍㠃䛾୧᪉䛻㛵䝪䞁䝗䛻䛴䛔䛶ヲ⣽䛺ศᯒ䜢⾜䛔䚸 䛂䝞䝙䝷䛃 䠄୍⯡ⓗ䛺䠅㐃䛧䛶䛔䜛䚹 ♫఍ⓗ䝔䞊䝬ᆺമๆ䛿䚸 බႠఫᏯ䚸 ᩍ⫱᪋䝪䞁䝗䛸䜾䝸䞊䞁䝪䞁䝗䜢ẚ㍑䛧䚸 ౯᱁ືྥ䛾ᕪ␗䜢᳨ド䛧タ䚸 ་⒪䚸 䛭䛾௚䛾䝥䝻䝆䜵䜽䝖䜈䛾⼥㈨䛻౑䜟䜜䚸 䛭䜜

34 | 5. മๆᢞ㈨ᐙࡣ࡝ࡢࡼ࠺࡟ESGࢆᐇ㊶ࡋ࡚࠸ࡿࡢ࠿㸽䜙䛿බⓗ㒊㛛䛾ሙྜ䜒䛒䜜䜀䚸 ᐁẸ䛜㐃ᦠ䛩䜛ሙྜ䜒䛒ㄪ㐩㈨㔠䛜䛹䛾䜘䛖䛻ᣢ⥆ⓗ䛺㛤Ⓨ䝥䝻䝆䜵䜽䝖䜔䝥䝻䜾䝷䜛䚹 䜎䛯 ICMA 䛿䚸䝋䞊䝅䝱䝹䝪䞁䝗ཎ๎䛸䝃䝇䝔䜲䝘䝡䝸䝔䜱䝮䛻฼⏝䛥䜜䛯䛾䛛ㄝ᫂䛩䜛䛯䜑䚸 ලయⓗ䛺 䛂㈨㔠౑㏵䛃䝪䞁䝗䜺䜲䝗䝷䜲䞁䜢⟇ᐃ䛧䛶䛔䜛䚹 䛯䛰䛧䚸 ᕷሙ䛿䜎䛰ึ䛾ᩥゝ䛜グ㍕䛥䜜䛶䛔䜛䚹ᮇẁ㝵䛻䛒䜛䚹

ࢯ࣮ࢩ࣭ࣕࣝ࢖ࣥࣃࢡࢺ࣭࣎ࣥࢻ

ୡ⏺㖟⾜䛸 IFC 䛿䚸 ᘬ䛝⥆䛝㏻ᖖ䛾മๆⓎ⾜䛻ຍ䛘䚸 䝺䞊䝧䝹䝗 䞉 䝪䞁䝗䜔䝔䞊䝬ᆺമๆ䛾୺せ䛺Ⓨ⾜య䛸䛺䛳䛶䛔䜛䚹 ౛䛘䜀 2017 ᖺ䛻ୡ⏺㖟⾜䛿䚸 BNP Paribas 䛸༠ാ䛧䛶䛣䛾䜋䛛䛾㔠⼥㠃䛷䛾Ⓨᒎ䛾୍౛䛸䛧䛶䝋䞊䝅䝱䝹 䞉 䜲䞁䝟ึ䛾 SDGs ᰴ౯㐃ືമ䜢Ⓨ⾜䛧䛯 30䚹 HSBC 䜒 SDGs 䛻⤖䜽䝖䞉䝪䞁䝗 䠄SIB䠅 䛜䛒䜚䚸 䜲䜼䝸䝇䚸 䜰䝯䝸䜹䚸 䜸䝷䞁䝎䚸 ᪥ᮏ䚸䜃䛴䛡䛯മๆ䜢Ⓨ⾜䛧䛶䛔䜛 31䚹 2018 ᖺ䛻䛿ୡ⏺㖟⾜䜾䛭䛾௚䛾ᅜ䛷Ⓨ⾜䛥䜜䛶䛔䜛 䠄OECD2015䠅䚹 SIB 䛿䚸 ୍⯡䝹䞊䝥䛿䚸 ዪᛶ䛾䜶䞁䝟䝽䞊䝯䞁䝖䛻ᑐ䛩䜛ព㆑䜢ႏ㉳䛩ⓗ䛺ព࿡䛷䛾മๆ䛷䛿䛺䛟䚸 Ỵ䜑䜙䜜䛯཰┈⋡䜢䜒䛯䜙䛩䜛䛯䜑䚸 䝃䝇䝔䜲䝘䝤䝹䝪䞁䝗䜢Ⓨ⾜䛧䛯䚹 ኱⅏ᐖ䝸䝇䜽മ䜒䚸䜒䛾䛷䛿䛺䛔䚹 SIB 䛿䚸 䛂ᡂຌሗ㓘ᆺ䛃 䛾ၟရ䛷䛒䜛䚹 ౛ᣢ⥆ྍ⬟䛺ᢞ㈨ၟရ䛸䛧䛶⪃䛘䜙䜜䛶䛔䜛 32䚹 ୡ⏺㖟⾜䛿䚸䛘䜀䚸 ≉ู┠ⓗ఍♫䛸ᨻᗓ䛜ዎ⣙䜢⤖䜃䚸 ฟᡤ⪅෌≢⋡ឤᰁ⑕ᣑ኱䛻ᑐ䛩䜛 䛂䝟䞁䝕䝭䝑䜽⥭ᛴ䝣䜯䝅䝸䝔䜱䛃 䛺䛹䛾పୗ䛺䛹䚸 ♫఍ⓗᡂᯝ䛾ᨵၿ 䠄⤖ᯝⓗ䛻බඹ㒊㛛䛾⠇䛾㠉᪂ⓗ䛺㔠⼥ၟရ䛾Ⓨ⾜䛸䛸䜒䛻䚸 ேⓗ㈨ᮏᢞ㈨䜔䝴

⣙䠅 䛾䛯䜑䛻ᨭฟ䛩䜛䛣䛸䜢⣙᮰䛩䜛䚹䝙䝞䞊䝃䝹䝦䝹䝇䜿䜰䜢ᨭ᥼䛩䜛ၟရ䛾➨୍ே⪅䛸䛺䛳䛶ከ䛟䛾㈈ᅋ䚸 ឿၿᅋయ䚸 ᖺ㔠ᇶ㔠䛜䚸 䝧䞁䝏䝱䞊䜻䝱䝢䝍䛔䜛䚹䝹䜔䛭䛾௚䛾ᢞ㈨ᐙ䛸䛸䜒䛻䚸 SIB 䛻㛵ᚰ䜢♧䛧䛶䛔䜛䚹ୡ⏺㖟⾜䛸 IFC 䛿䚸 䜾䝸䞊䞁䝪䞁䝗ཎ๎䛾䛥䜙䛺䜛ᨵၿ䛻㈉⌧ᅾ䚸 19 䞄ᅜ䛷⣙ 100 䛾 SIB 䛜Ⓨ⾜䛥䜜䚸 3 ൨䝫䞁䝗䜢⊩䛧䚸 䝋䞊䝅䝱䝹䝪䞁䝗䜔䝃䝇䝔䜲䝘䝤䝹䝪䞁䝗䛻䛴䛔䛶䚸㉸䛘䜛㈨㔠䛜䚸 㞴Ẹ䛾㞠⏝ᨭ᥼䚸 㧗㱋⪅䛾Ꮩ❧䚸 䝩䞊䝮

SDGs 䛸䛾㛵㐃䜒ྵ䜑䛯䜺䜲䝎䞁䝇䜢సᡂ䛧䛶䛔䜛䚹䝺䝇䛾ⱝ⪅䜈䛾ఫᒃᨭ᥼䜔ᩍ⫱䚸 ⢾ᒀ⑓䛾㜵Ṇ䛺䛹䛾」
㞧䛺♫఍ⓗㄢ㢟䛻ᑐฎ䛩䜛䛯䜑䛻౑䜟䜜䛶䛔䜛䚹 SIB 䛾₯ᅾⓗ䛺♫఍ⓗព⩏䛿኱䛝䛔䛜䚸 ྲྀᘬ䝁䝇䝖䛜㧗䛟䚸 ồ䜑䜛ືᶵ䛸䛖䜎䛟ㄪ࿴䛧䛯௙⤌䜏䜢᥈䛧ฟ䛩䛾䛜㞴䛧䛔䛣䛸䛛䜙䚸 SIB Ⓨ⾜䛜ᛴ㏿䛻ቑຍ䛩䜛ྍ⬟ᛶ䛿ᑠ䛥䛔䚹ࢧࢫࢸ࢖ࢼࣈࣝ࣎ࣥࢻࠊSDGമๆ

ࣃࢵࢩࣈᢞ㈨മๆ䝟䝑䝅䝤䝣䜯䞁䝗䛿䚸 ᶵ㛵ᢞ㈨ᐙ䛾䝫䞊䝖䝣䜷䝸䜸䛻䛚䛔䛶㔜せᛶ䜢㧗䜑䛶䛔䜛䚹 ESG 䛿䚸 つ⠊䛻ᇶ䛵䛟㝖እ䜔䚸
ESG 䜢୧❧䛩䜛ඃⰋ௻ᴗ䛾䜰䜽䝔䜱䝤䛺㑅ᢥ䛺䛹䚸 䜰䜽䝔䜱䝤㐠⏝䛸㛗䜙䛟㛵㐃䛧䛶䛝䛯䚹 䛯䛰䛧䚸 ᭱㏆䛷䛿䝟䝑䝅䝤㐠⏝䛻䛚䛡䜛 ESG 䛾⪃៖䛻ᑐ䛩䜛ὀ┠䛜㧗䜎䛳䛶䛔䜛䚹䝃䝇䝔䜲䝘䝤䝹䝪䞁䝗䛸䛿䚸 䜾䝸䞊䞁䚸 䝋䞊䝅䝱䝹䚸 ⎔ቃ䚸㛤Ⓨ䜲䞁䝟䜽䝖䚸 䝬䜲䜽䝻䝣䜯䜲䝘䞁䝇മๆ䞉䝻䞊䞁䚸 䝏䝱䝸䝔䜱኱ᡭ䛾䝟䝑䝅䝤㐠⏝఍♫ 䠄Vanguard䚸 BlackRock䚸മๆ䚸 䛭䛾௚䛾മๆ䜢ྵ䜐䜒䛾䛷䛒䜛 䠄European Impact

StateStreet 䛺䛹䠅 䛻ᑐ䛧䚸 ≉䛻ᰴ୺⥲఍䛷䛾㆟Ỵᶒ⾜౑Investing 2016䠅䚹 ౛䛘䜀䚸 ୡ⏺㖟⾜䛷䛿䚸 ⼥㈨䛩䜛඲䛶䛾䜔ᢞ㈨ඛ௻ᴗ䜈䛾䜶䞁䝀䞊䝆䝯䞁䝖䛺䛹䚸 䝇䝏䝳䝽䞊䝗䝅䝑䝥䝻䝆䜵䜽䝖䛜≉ᐃ䛾♫఍ⓗ 䞉 ⎔ቃⓗ䜲䞁䝟䜽䝖䜢㐩ᡂ䛩䜛䝥䛻ྥ䛡䛯ດຊ䜢ᙉ໬䛩䜛䜘䛖ᅽຊ䛜ᙉ䜎䛳䛶䛔䜛 33䚹 䝟䝑䜘䛖䛻ィ⏬䛥䜜䛶䛚䜚䚸 䛭䜜䜙䜢ᐃ⩏䛩䜛ᣦᶆ䜔ಶู䛾⤖䝅䝤㐠⏝䜢⾜䛖䜰䝉䝑䝖䜸䞊䝘䞊䛿䚸 ESG 䝸䝇䜽䜢⟶⌮䛩䜛ᯝ䛻䛴䛔䛶䛿䚸 ୡ⏺㖟⾜䛾䜴䜵䝤䝃䜲䝖ୖ䛷බ㛤䛥䜜䚸 ᖺ䛯䜑䚸 䜸䞊䝘䞊䛸䛧䛶䛾䜰䜽䝔䜱䝤䛺άື䜔䜶䞁䝀䞊䝆䝯䞁䝖䛻 2 ᅇ᭦᪂䛥䜜䛶䛔䜛䚹 ୡ㖟മ䜢㏻䛨䛶⼥㈨䛩䜛඲䛶䛾䝥䜢⾜䛖䛣䛸䛜䛷䛝䜛䚹 䛯䛰䛧䚸 」ᩘ䛾㐠⏝఍♫䛜䚸 ྠ୍䛾䝻䝆䜵䜽䝖䛿䚸 ᴟᗘ䛾㈋ᅔ䜢᧞⁛䛧䚸 ⦾ᰤ䛾ඹ᭷䜢ಁ㐍䛩䜰䝉䝑䝖䜸䞊䝘䞊䛾௦䜟䜚䛻䜸䞊䝘䞊䛸䛧䛶䛾䜰䜽䝔䜱䝤䛺ά䜛⤌⧊䛾┠ⓗ䛸ྜ⮴䛧䛶䛔䛺䛡䜜䜀䛺䜙䛪䚸 SDGs 䛻䛚䛡䜛ື䜢⾜䛖㝿䚸 䛭䜜䛮䜜䛾❧ሙ䛜┦཯䛧䛺䛔䜘䛖䛺᪉㔪䜔䝅䝥䝻䝆䜵䜽䝖䛾┠ᶆ䛸䜒ᙜ↛ㄪ࿴䛧䛶䛔䜛䚹 2018 ᖺ௨㝆䚸 ୡ䝇䝔䝮䛜ᚲせ䛸䛺䜛䚹⏺㖟⾜ 䠄ᅜ㝿᚟⯆㛤Ⓨ㖟⾜䠅 Ⓨ⾜䛾඲മๆ䛻䛚䛔䛶䚸

മๆᢞ㈨࡬ࡢ⎔ቃ࣭♫఍࣭࢞ࣂࢼࣥࢫ㸦(6*㸧せ⣲ࡢ⤫ྜ| 35䝟䝑䝅䝤മๆ䝣䜯䞁䝗䛻䛚䛡䜛 ESG 䜢ᢞ㈨ᐙ䛜᳨ウ 䞉 ά⏝䛩䜛౛䛿䚸 ẚ㍑ⓗᑡ䛺䛔䚹 മๆᣦᩘ䛿䚸 ≉ᐃ㖭᯶䜢㝖እ䛧䛯ᣦᩘ䛻䜘䜛䝇䜽䝸䞊䝙䞁䜾䜔䚸 ESG 䜢ຍ࿡䛧䛯䝟䝑䝅䝤䞉䝫䞊䝖䝣䜷䝸䜸䛺䛹䚸 ప䝁䝇䝖䛾 ESG ᡓ␎䛾Ⓨᒎ䜢ຓ䛡䜛䛣䛸䛜䛷䛝䜛䚹 ᢞ㈨ᐙ䛿䚸 ESG 䛾せ⣲䜔᪉ἲ䛻䛴䛔䛶␗䛺䜛⪃䛘䜢ᣢ䛳䛶䛔䜛䛜䚸 ⌧ᅾ䚸 䛣䛾ศ㔝䛻䛚䛡䜛㑅ᢥ⫥䛜ᑡ䛺䛔䛸䛔䛖ไ⣙䛻┤㠃䛧䛶䛔䜛䚹
ୖሙᢞ㈨ಙク 䠄ETF䠅 䛿䚸 ㏻ᖖ䚸 ୍⯡ⓗ䛺ᣦᩘ䛻ᇶ䛵䛔䛶タᐃ䛥䜜䛶䛔䜛䚹 ESG 䛾ศ㔝䛻䛚䛔䛶䚸 ETF 䠄䛚䜘䜃ᢞ㈨ಙク䠅 䛜ά⏝䛥䜜䜛౛䜒ቑ䛘䛶䛔䜛䚹 MSCI 䠄2018䠅 䛻䜘
䜜䜀䚸 2017 ᖺᮎ᫬Ⅼ䛷ᑡ䛺䛟䛸䜒 12 䛾 䛂⮬♫䝺䞊䝧䝹䝗䛃
ESG മๆ ETF 䛜Ꮡᅾ䛧䛶䛔䜛䚹࢔ࢡࢸ࢕ࣈᢞ㈨㏆ᖺ䚸 㐠⏝ᴗ⏺䛷䛿䚸 䛒䜙䜖䜛✀㢮䛾 ESG 䝣䜯䞁䝗䛜⏕䜎䜜䛶䛔䜛䚹 മๆ䛻䛚䛔䛶䜒䚸 䜰䜽䝔䜱䝤䝣䜯䞁䝗䛾ၟရ䛜ቑ䛘䛶䛔䜛 䠄Pimco 䛾 ESG 䜾䝻䞊䝞䝹മๆ䝣䜯䞁䝗䚸 Blue Bay䜎䛯䛿 M&G 䛾 ESG 䜾䝻䞊䝞䝹䝝䜲䜲䞊䝹䝗䝣䜯䞁䝗䛺䛹䠅䚹AIM 䠄Affirmative Investment Management䠅 䜔 Trillium 䛺䛹
ESG 䛻≉໬䛧䛯㐠⏝఍♫䜒ቑ䛘䛶䛔䜛䚹䜰䜽䝔䜱䝤䝬䝛䝆䝱䞊䛿䚸 䛭䜜䛮䜜䛾 ESG 䜰䝥䝻䞊䝏䜢ᐇ⌧䛩䜛䛯䜑䚸 ᵝ䚻䛺䝒䞊䝹䜢ά⏝䛧䛶䛚䜚䚸 䛭䜜䜙䛿඲䛶ఱ䜙䛛䛾ᙧ䛾 ESG 䝇䝁䜰䜢䜒䛸䛻䛧䛶䛔䜛 䠄䛣䜜䜎䛷䛾❶䜢ཧ↷䠅䚹 䜰䝉䝑䝖䜸䞊䝘䞊䛿䚸 䛣䜜䜙䛾ၟရ䜢 䛂᪤〇ရ䛃 䛸䛧䛶㉎ධ䛩䜛䛣䛸䜒䛷䛝䜛䛜䚸 ከ䛟䛿䚸 䜰䜽䝔䜱䝤㐠⏝⪅䛻ᑐ䛧䛶⊂⮬䛾 ESG ᢞ㈨䝬䞁䝕䞊䝖䜢ᐃ䜑䛶䛔䜛䚹 䛣䜜䜙䛿䚸 ≉ᣦᩘࡢ࢝ࢫࢱ࣒໬㸭ࠕࢫ࣐࣮ࢺ࣭࣮࣋ࢱࠖ

ᐃ㖭᯶䛾㝖እ䛛䜙䝧䝇䝖 䞉 䜲䞁 䞉 䜽䝷䝇䜎䛷䚸 ESG ᢞ㈨䛾

ᣦᩘ䛿䚸 ᢞ㈨ᐙ䛾≉ᐃ䛾せᮃ䜔㑅ዲ䜢䜘䜚䜘䛟཯ᫎ䛩䜛䛯඲䛶䛾䜰䝥䝻䞊䝏䛻ᗈ䛢䜛䛣䛸䛜䛷䛝䜛䚹 PRI 䠄2013䠅 䛿䚸䜑䚸䜹䝇䝍䝬䜲䝈䛥䜜䜛䛣䛸䛜ከ䛔䚹 ᢞ㈨ᐙ䛿䚸ෆ㒊䛾 䛂䝟䝑䛹䛾䜘䛖䛻䝬䞁䝕䞊䝖䜢ᥦ♧䛧䚸 እ㒊䛾㐠⏝఍♫䜢㑅ᐃ䛩䝅䝤䛸 ESG 䛾䜸䞊䝞䞊䝺䜲䛃 䛾᪉ἲ䛻䜘䜚䚸 ఏ⤫ⓗ䛺ᣦᩘ䜉䛝䛛䛻䛴䛔䛶䚸 ᣦ㔪䛾ᴫせ䜢♧䛧䛶䛔䜛䚹䛛䜙㞳䜜䛯௦᭰ⓗ䛺㐠⏝䜢⾜䛖䛣䛸䜒䛷䛝䜛䚹 ESG 䛾ศ㔝䛻䛚䛔䛶䚸 ᣦᩘ䛜䜘䜚䜹䝇䝍䝬䜲䝈䛥䜜䜛䛣䛸䛻ᑐ䛧䛶䜎䛪ᾋ䛛䜆␲ၥ䛿䚸 㐠⏝఍♫䛾ᡓ␎䜔䝟䝣䜷䞊䝬䞁䝇䜢ẚ㍑䛩
䜛䛣䛸䛜䛷䛝䛺䛟䛺䜛䛣䛸䛷䛒䜛䚹 䛭䜜䛸䛸䜒䛻䚸 ᡭᩘᩱ䜒ቑຍ䛩䜛䛣䛸䛸䛺䜛䚹

ESGࡢࠕ඲㠃໬ࠖ䜰䝉䝑䝖䜸䞊䝘䞊䚸 ≉䛻つᶍ䛾኱䛝䛺䜒䛾䛿䚸 ᣢ⥆ྍ⬟ᛶ䛻㛵䛩䜛䜘䜚ໟᣓⓗ䛺ᡓ␎䜢᥇⏝䛧䛶䛔䜛䚹 䛭䛾ពᅗ䛿䚸඲䛶䛾ᢞ㈨䝥䝻䝉䝇䛸඲䛶䛾㈨⏘䜽䝷䝇䛻䛚䛡䜛 ESG 䛾᏶䛂䝇䝬䞊䝖 䞉 䝧䞊䝍䛃 䜒䛧䛟䛿 䛂䜸䝹䝍䝘䝔䜱䝤䞉 䝧䞊䝍䛃 ᢞ඲䛺⤫ྜ䛷䛒䜛䚹 ␗䛺䜛ᢞ㈨ᐙ䛜䚸 䛭䜜䛮䜜䛾⤌⧊䛷␗㈨䛿䚸 䝟䝑䝅䝤㐠⏝䛾୍䛴䛾ὴ⏕ᙧ䛷䛒䜚䚸 ᕷሙ᫬౯⥲䛺䜛 ESG ⤫ྜᡭἲ䜢᥇⏝䛧䛶䛔䜛䚹㢠䛾ຍ㔜ᖹᆒ䛷䛿䛺䛟䚸 ௚䛾䝸䝇䜽䝣䜯䜽䝍䞊䚸 ᭱ᑠศᩓ䚸➼䜴䜵䜲䝖䛺䛹䛾ᣦᩘ䛜౑䜟䜜䜛䚹 ESG 䝇䝬䞊䝖 䞉 䝧䞊䝍䛾ၟရ䛿䚸 ᰴᘧ䛷䛿䛔䛟䛴䛛䛒䜛䛜䚸 മๆ䛻䛚䛔䛶䛿 䠄⌧ᅾ䛾䛸䛣䜝䠅 䛺䛔䚹⤌⧊ⓗ䛺どⅬ䛷䛿䚸 ESG 䛿ᩘே䛾 䛂ᑓ㛛ᐙ䛃 䛜⾜䛖௙஦䛷䛒䜛䚹 䛧䛛䛧䚸 ୍㒊䛾ᢞ㈨ᐙ䛿䚸 ⤌⧊඲య䜢 ESG 䛻ྥ䛡䛶ື䛛䛧䛶䛔䜛䚹 䛂᏶඲䛺䛃 ESG 䜰䝥䝻䞊䝏䛻䛿䚸 ྲྀ⥾ᙺ఍䜢䛿䛨䜑䜺䝞䝘䞁䝇䛾඲䛶䛾䝺䝧䝹䛷䚸 ᫂☜䛺ᡓ␎䛜ᚲせ䛸䛺䜛䛜䚸 ᪤䛻ከ䛟䛾䜰䝥䝻䞊䝏䛜⏕䜎䜜䛶䛔䜛䚹• ESG ᑓ㛛ᐙ䛾⊂❧䝏䞊䝮• ESG ᑓ㛛▱㆑䜢䜰䝘䝸䝇䝖䚸 䝫䞊䝖䝣䜷䝸䜸䚸 䝸䝇䜽⟶⌮䝏䞊䝮䛻⤫ྜ• ESG ሗ࿌᭩䛾సᡂ䜢䝬䞊䜿䝔䜱䞁䜾䠋 PR 䠋䝭䝗䝹䜎䛯䛿䝞䝑䜽䜸䝣䜱䝇䛻㝈ᐃ

36 | 5. മๆᢞ㈨ᐙࡣ࡝ࡢࡼ࠺࡟ESGࢆᐇ㊶ࡋ࡚࠸ࡿࡢ࠿㸽ᅗ9㸸PGGM࡟࠾ࡅࡿESG࢔ࣉ࣮ࣟࢳ㈐௵ᢞ㈨䛻䛚䛡䜛PGGM䛾᪋⟇ᮃ䜎䛺䛔䜒䛾

ᨵၿ䜢ᮃ䜐䜒䛾

┤᥋ⓗ䛺㝖እ
䞉㠀ே㐨ⓗරჾ
䞉↮ⲡ

ESG䛾⤫ྜ䚸䜰䜽䝔䜱䝤䜸䞊䝘䞊䝅䝑䝥䚸㔠⼥䝃䞊䝡䝇ᥦ౪ᴗ⪅䛸䛾༠ຊ䜢㏻䛨䚸

䜶䞁䝀䞊䝆䝯䞁䝖䜢⤒䛶㝖እ䞉ேᶒ䛸♫఍⎔ቃ䞉⎔ቃ䞉䝁䞊䝫䝺䞊䝖䜺䝞䝘䞁䝇᪋⟇
䞉ESG䛾⤫ྜ䠄ESGᣦᩘ䜢ྵ䜐䠅䞉䜶䞁䝀䞊䝆䝯䞁䝖䞉㆟Ỵᶒ⾜౑䞉ἲⓗᥐ⨨௻ᴗ䛸ᕷሙ䜢䜘䜚ᣢ⥆ྍ⬟䛺䜒䛾䛸䛩䜛Asiaಁ㐍䜢ᮃ䜐䜒䛾
௨ୗ䛾ศ㔝䛷♫఍ⓗ䛺౽┈䜢๰ฟ䞉Ẽೃ䛸⎔ቃ
䞉Ỉ
䞉೺ᗣ
䞉㣗ᩱ
᪋⟇
䞉ゎỴ⟇䜈䛾ᢞ㈨᪋⟇䞉㝖እฟᡤ 䠖 PGGM 䠄2017䠅ಖ㝤఍♫䜢౛䛻䛸䜛䛸䚸 Swiss Re 䛿᭱㏆䚸 ᢞ㈨ᑐ㇟䛾ᐃ⩏䚸ὀ 䠖 ཰┈㢠䛻ᑐ䛩䜛 ᐊຠᯝ䜺䝇᤼ฟ㔞䠅 䜢䜒䛸䛻ྛᴗ㐠⏝ᡂ⦼䛾ィ 䚸 䝫䞊䝖䝣䜷䝸䜸䛾䝰䝙䝍䝸䞁䜾䜢┠ⓗ䛻䚸✀ෆ䛷௻ᴗ䜢㡰఩௜䛡䛧䚸 Ⅳ⣲ᙉᗘ䛾㧗䛔ᴗ✀䛾୰䛷㈨⏘䜽䝷䝇䜢㉺䛘䛯 ESG 䛾䝣䝺䞊䝮䝽䞊䜽䜢ᐇ㊶䛧䚸 ᰴᘧ䜒≉䛻Ⅳ⣲ᙉᗘ䛾㧗䛔௻ᴗ䜢㝖እ䠅䚹 PGGM 䛿䚸 ྠ䛨䜰䛸മๆ䛾୧᪉䛻䛴䛔䛶 ESG 䛾䝧䞁䝏䝬䞊䜽䛻ኚ᭦䛧䛯䝥䝻䞊䝏䜢മๆ䜔䝥䝷䜲䝧䞊䝖㈨⏘䛻䜒㐺⏝䛧䜘䛖䛸⪃䛘䛶

䠄Swiss Re 2017䠅䚹 ᖺ㔠ᇶ㔠䛻䛚䛡䜛ໟᣓⓗ䛺䠄䛛䛴␗䛺䜛䠅䛔䜛䛜䚸 ୍㈏ᛶ䛾䛒䜛䝕䞊䝍䜢ぢ䛴䛡䜛䛣䛸䛿䚸 䜎䛰ㄢ㢟

ESG ᡓ␎䛾౛䛿䚸 PGGM 䛸 EAPF 䛻ぢ䜙䜜䜛䚹䛸䛺䛳䛶䛔䜛䚹
• 䝫䝆䝔䜱䝤䞉 䜲䞁䝟䜽䝖ᢞ㈨䜢 4 ಸቑ 䠖 Ẽೃ䚸 Ỉ䚸 㣗ရ䛾

PGGMᏳ඲ᛶ䚸 ೺ᗣ䛾 4 䛴䛾ᢞ㈨䝔䞊䝬䜢┠ⓗ䛸䛧䛯⊂❧䛾䛣䛾䜘䛖䛺ᐇ㊶䛾䝣䝺䞊䝮䝽䞊䜽䛾౛䛸䛧䛶䛿䚸 䜸䝷䞁䝎᭱኱䝫䞊䝖䝣䜷䝸䜸䛻䛴䛔䛶䚸 2020 ᖺ䜎䛷䛻 200 ൨䝴䞊䝻䛾ᢞ䛾ᖺ㔠ᇶ㔠䛾ጤク䜢ཷ䛡䛶㈨⏘㐠⏝䜢⾜䛖 PGGM 䛻䜘䜛㈨䜢⾜䛖䛣䛸䜢┠ᶆ䛸䛧䛶䛔䜛䚹 䜾䝸䞊䞁䝪䞁䝗䛻ຍ䛘䚸 ┤3 ᮏᰕ䛾䜰䝥䝻䞊䝏䛜䛒䜛 䠄ᅗ 9䠅䚹 䛣䛾䝣䝺䞊䝮䝽䞊䜽䛷䛿䚸᥋ 䠄䝥䝷䜲䝧䞊䝖䠅 ᢞ㈨䜒䚸 䛣䛾䝫䞊䝖䝣䜷䝸䜸䛻ྵ䜎䜜䜛䚹

6 䛴䛾ᡭẁ 䠄㝖እ䚸 ESG 䛾⤫ྜ䚸 䜶䞁䝀䞊䝆䝯䞁䝖䚸 ㆟Ỵᶒ⾜౑䚸 ἲⓗᥐ⨨䚸 䜾䝸䞊䞁䝪䞁䝗䛾⤌䜏ධ䜜䠅 䜢౑䛳䛶䛔䜛䚹

• ᢞ㈨䝥䝻䝉䝇඲య䜈 ESG 䜢䛥䜙䛻⤫ྜ 䠖 䝕䝳䞊䝕䜱䝸䝆䜵䞁䝇䚸 㑅ᐃ䚸 䝇䜽䝸䞊䝙䞁䜾䜢㏻䛨䛶䚸 䠄⊂❧䛾 SRI 䝏䞊䝮䛰䛡䛷䛺䛟䠅 ඲䛶䛾㐠⏝ᢸᙜ⪅䛜䝒䞊䝹䜢ά⏝䛩䜛䚹ୖሙ㈨⏘䛻䛚䛔䛶䛿䚸 䝟䝑䝅䝤㐠⏝䛸䝫䝆䝔䜱䝤䞉䝇䜽䝸䞊PGGM 䛿䚸 䝛䜺䝔䜱䝤䞉䝇䜽䝸䞊䝙䞁䜾᪉㔪䛛䜙ጞ䜑䚸 ↮ⲡ䝙䞁䜾䛾䜰䝥䝻䞊䝏䜢ే⏝䛩䜛 䠄Sustainalytics 䜔 MSCI 䛾䜔䛔䛟䛴䛛Ṋჾ㛵㐃䛾ᢞ㈨䜢඲䛶䛾䝫䞊䝖䝣䜷䝸䜸䛛䜙㝖እ䝕䞊䝍䜢౑䛳䛯ᣦᩘ䛻ᑐ䛧䛶䚸 ESG 䛻䛚䛡䜛䝧䝇䝖䞉䜲䞁䞉䛧䛯䚹 ຍ䛘䛶䚸 2020 ᖺ䛻ྥ䛡䛯ᡓ␎᪉㔪䛻䛿䚸 3 䛴䛾ᣢ䜽䝷䝇䛾㖭᯶䜢䜸䞊䝞䞊䜴䜵䜲䝖䠅䚹 䝥䝷䜲䝧䞊䝖㈨⏘䛻䛴⥆ྍ⬟ᛶ┠ᶆ䛜┒䜚㎸䜎䜜䛶䛔䜛䚹䛔䛶䛿䚸 䛥䜙䛻䜰䜽䝔䜱䝤䛺䜰䝥䝻䞊䝏䜢⾜䛖 䠄䝕䝳䞊䝕䝸• 䜹䞊䝪䞁 䞉 䝣䝑䝖䝥䝸䞁䝖䜢༙ῶ 䠖 ୖሙᰴᘧ䛛䜙ጞ䜑䚸 ᴫ䛽䝟䝑䝅䝤䛻㐠⏝ 䠄Trucost 䛾䝕䞊䝍䛻䜘䜚Ⅳ⣲ᙉᗘ 䠄ヂ䠘⥲ྜⓗ㐺ṇᛶ䠚䛻㛵䛩䜛㉁ၥ䛿䚸 䝥䝷䜲䝧䞊䝖䜶䜽䜲䝔䜱 䠄PE䠅 䛾䝆䜵䝛䝷䝹䝟䞊䝖䝘䞊 䠄GP䠅 䛾䝥䝻䝉䝇䛻䛚

മๆᢞ㈨࡬ࡢ⎔ቃ࣭♫఍࣭࢞ࣂࢼࣥࢫ㸦(6*㸧せ⣲ࡢ⤫ྜ| 37

䛡䜛 ESG 䛾⤫ྜ䚸 ୙ື⏘┤᥋ᢞ㈨䛻䛚䛡䜛ಟ⧋䜔䜶䝛䛾ㄢ㢟䜢ᡓ␎䝺䝧䝹䛷⪃䛘䜛䛣䛸䛿㔜せ䛷䛒䜛䝹䜼䞊ຠ⋡ᛶ䛾ᨵၿ䜢ホ౯䛩䜛䛯䜑䛻౑䜟䜜䜛䠅䚹 ESG

䠄EAPF2017a䠅䚹䛾ᅜู䝷䞁䜻䞁䜾䛿䚸 ᪂⯆ᅜᅜമ䛻౑䜟䜜䛶䛔䜛䚹 䜶䞁䝀䞊䝆䝯䞁䝖䛿䚸 മๆ䛻䛚䛔䛶䜒䝒䞊䝹䛸䛧䛶౑䜟䜜ጞ䜑䛶䛔䜛䚹䛣䜜䛿䚸 ≉䛻䚸 䜶䞁䝀䞊䝆䝯䞁䝖䚸 ㆟Ỵᶒ⾜౑䚸 ⎔ቃ㠃䛷䛾䝣䝑䝖䝥䝸䞁䝖䚸ᐊຠᯝ䜺䝇๐ῶ䛾┠ᶆ䛸᪉ἲ䛻ຍ䛘䚸䜾䝸䞊䞁䚸 䝋䞊䝅䝱䝹䚸 䛭䛾௚䛾䝃䝇䝔䜲䝘䝤䝹ᢞ㈨䛺䛹䛾

⎔ቃᗇᖺ㔠ᇶ㔠㸦EAPF㸧ศ㔝䜢ྵ䜐䚹 ≉䛻മๆ䛻䛴䛔䛶䛿䚸 EAPF 䛿 2012 ᖺ䛻♫䜲䜼䝸䝇䛾ᖺ㔠ᇶ㔠䛾 EAPF 䛿䚸 ᢞ㈨䛸ᇶ㔠䛾ᡓ␎䜢㏻䛨

മ䝫䞊䝖䝣䜷䝸䜸䜢ᑐ㇟䛻䜹䞊䝪䞁 䞉 䝣䝑䝖䝥䝸䞁䝖䜢ᑟධ䛧䚸䛶䚸 ESG ㄢ㢟䛾⟶⌮䜢⤫ྜ䛧䜘䛖䛸䛧䛶䛔䜛䚹 䛣䜜䛿䚸 ㈨䛭䛾ᚋ䚸 䜾䝸䞊䞁䝪䞁䝗䜔䚸 䠄Ẽೃ䝸䝇䜽䛸䝁䞊䝫䝺䞊䝖䜺䝞䝘⏘㓄ศ䚸 䝬䞁䝕䞊䝖䛾タィ䚸 䝸䝇䜽⟶⌮䚸 㐠⏝⪅䛾௵࿨䛸䞁䝇䛻≉䛻↔Ⅼ䜢ᙜ䛶䛯䠅 䛂㉎ධ䞉 ⥔ᣢ䛃 䝬䞁䝕䞊䝖䛻ྲྀ䜚䝰䝙䝍䝸䞁䜾䚸 ඹྠ䜶䞁䝀䞊䝆䝯䞁䝖䚸 ሗ࿌䜢ྵ䜐䚹 䛣䜜䜙⤌䜣䛷䛔䜛 䠄EAPF2017b䠅䚹

Box 4㸸EAPFࡢࢧࢫࢸ࢖ࢼࣈࣝᢞ㈨࡜ ᐊຠᯝ࢞ࢫ๐ῶ┠ᶆࢯ࣮ࢩࣕࣝᢞ㈨ࠊࢧࢫࢸ࢖ࢼࣈࣝᢞ㈨䝋䞊䝅䝱䝹ᢞ㈨䛿䚸 ᖜᗈ䛔ᢞ㈨ᶵ఍䜢ྵ䜐䜒䛾䛸ᐃ⩏䛩䜛䛣䛸䛜䛷䛝䜛䚹 EAPF 䛿䚸 䝋䞊䝅䝱䝹ᢞ㈨䜢䚸 ♫఍ⓗ䛺ㄢ㢟䜢ゎỴ䛧䛴䛴௚䛻ຎ䜙䛺䛔㈈ົⓗ䛺཰┈䜒⏕䜏ฟ䛩ᢞ㈨䛸ᐃ⩏䛧䛶䛔䜛䚹 ♫఍ⓗ䛺ㄢ㢟䛻䛿䚸 ୍⯡ⓗ䛻♫఍䚸 ⎔ቃ䚸䜺䝞䝘䞁䝇䛻ศ㢮䛥䜜䜛඲䛶䛾ㄢ㢟䛜ྵ䜎䜜䛶䛔䜛䚹䝃䝇䝔䜲䝘䝤䝹ᢞ㈨䛾ᖜᗈ䛔ᐃ⩏䛿䚸 ௨ୗ䛾䜒䛾䜢ྵ䜐䚹• 䝋䞊䝅䝱䝹ᢞ㈨䛷䚸 ཰┈䛾኱㒊ศ 䠄20䠂㉸䠅 䛜䜶䝛䝹䜼䞊ຠ⋡໬䚸 ௦᭰ⓗ䜶䝛䝹䜼䞊䚸 Ỉ 䞉 ᗫᲠ≀ฎ⌮䚸 බඹ
஺㏻ᶵ㛵䛻䜘䜛䜒䛾• పⅣ⣲䜎䛯䛿☜ᅛ䛸䛧䛯ᣢ⥆ྍ⬟ᛶᇶ‽䛻ᇶ䛵䛟୙ື⏘䚸 䜲䞁䝣䝷䚸 ㎰ᆅ䚸 ᳃ᯘᢞ㈨• ᢞ㈨౯್䜢㧗䜑䜛㠉᪂ⓗ䛺⎔ቃ䚸 ♫఍䚸 䜺䝞䝘䞁䝇័⾜䜢᭷䛩䜛௻ᴗ 䠄ከ䛟䛿䛭䛾ᰴᘧ䜔മๆ䠅
EAPF 䛿䚸 ඲䛶䛾㈨⏘䜽䝷䝇䛻䜟䛯䜚䚸 ᇶ㔠䛾 25䠂㉸䜢䛣䛖䛧䛯ᢞ㈨ᶵ఍䛻ᢞ㈨䛩䜛┠ᶆ䜢ᥖ䛢䛶䛔䜛䚹ᐊຠᯝ࢞ࢫ๐ῶ┠ᶆ䛂ᡃ䚻䛾᪉㔪䛷䛿䚸 2020 ᖺ䛻ྥ䛡䛶ᢞ㈨䚸 ⬺Ⅳ⣲໬䚸 䜶䞁䝀䞊䝆䝯䞁䝖䜢⾜䛖 3 䛴䛾┠ᶆ䜢ᥖ䛢䛶䛚䜚䚸 3 䛴඲䛶䛻䛚䛔䛶Ⰻ䛔ᐇ⦼䜢ᣲ䛢䛶䛔䜛䚹䛃 䠄EAPF 2017a䠅

Ẽೃ┠ᶆ

ᐇ⦼

ᇶ㔠ࡢ15㸣ࢆࠊపⅣ⣲໬ࠊ࢚ࢿࣝࢠ࣮ຠ⋡໬ࠊࡑࡢ௚Ẽೃኚື
ࢆ㍍ῶࡍࡿᶵ఍࡟ᢞ㈨ࠋ

ᇶ㔠ࡢ10㸣ࢆᢞ㈨ࡋࠊ⌧ᅾࡢࢥ࣑ࢵࢺ࣓ࣥ
ࢺ࡟ࡼࡾ12.5㸣ࡲ࡛ቑຍࠋ

ᰴᘧ࣏࣮ࢺࣇ࢛ࣜ࢜ࡢ⬺Ⅳ⣲໬ࢆ㐍ࡵࠊ2015ᖺ3᭶ᮎ᫬Ⅼࡢ࣋ࣥࢳ࣐࣮ࢡ࡟࠾ࡅࡿ࢚ࢡࢫ࣏࣮ࢪ࣮ࣕ࡜ẚ㍑ࡋࠊ2020ᖺࡲ࡛࡟ࠕᑗ᮶ࡢ᤼ฟ㔞ࠖ࡟ᑐࡍࡿ࢚ࢡࢫ࣏࣮ࢪ࣮ࣕࢆࠊ▼Ⅳ࡛90㸣ࠊ▼Ἔ࡜ኳ↛࢞ࢫ࡛50㸣๐ῶࠋ⌧ᅾࡢ࢚ࢡࢫ࣏࣮ࢪ࣮ࣕࡣ࣮࣋ࢫࣛ࢖ࣥ࡟
ᑐࡋ࡚ࠊ▼Ⅳ࡛65㸣ࠊ▼Ἔ࡜ኳ↛࢞ࢫ࡛
79㸣࡜ప࠸Ỉ‽ࠋ࢔ࢭࢵࢺ࣮࢜ࢼ࣮ࠊ㐠⏝఍♫ࠊ௻ᴗࠊᏛ఍ࠊᨻ⟇❧᱌⪅ࠊ㐠⏝ᴗ⏺ࡢࡑࡢ௚࡜✚ᴟⓗ࡟༠ാࡋࠊపⅣ⣲⤒῭࡬ࡢ෇⁥࡞⛣⾜࡟ྥࡅࡓⓎᒎࢆᨭ᥼ࠋ

༠ാ࡟↔Ⅼࢆᙜ࡚ࠊ࠶ࡽࡺࡿᴗ⏺ࢆ㏻ࡌ࡚
࢔ࢡࢸ࢕ࣈ࡞࢚ࣥࢤ࣮ࢪ࣓ࣥࢺࢆᐇ᪋ࠋヲ⣽ࡣ࢙࢘ࣈࢧ࢖ࢺࢆཧ↷ࡢࡇ࡜ࠋ38 | 5. മๆᢞ㈨ᐙࡣ࡝ࡢࡼ࠺࡟ESGࢆᐇ㊶ࡋ࡚࠸ࡿࡢ࠿㸽6. ୺࡞ࢺࣞࣥࢻ࡜ㄢ㢟᭱᪂ືྥമๆᢞ㈨䛻䛚䛡䜛 ESG 䛾୺䛺₻ὶ䛿䚸 ௨ୗ䛾䜘䛖䛻䜎䛸䜑䜙䜜䜛䚹• മๆ䛾 ESG ᢞ㈨䛻䛿䚸 䠄ヂὀ 䠖 ᰴᘧ䛸ẚ䜉䛶䠅䚸 ≉䛻ᅜ

ESG ᢞ㈨䝒䞊䝹䛾㛤Ⓨ䛿䚸മⓎ⾜⪅䛾㔜せᛶ䜔䝎䜴䞁䝃䜲䝗䝸䝇䜽䜈䛾╔┠䛺䛹䚸 ከႠ฼஦ᴗ⪅䜔㐠⏝఍♫ෆ㒊䛾୧᪉䛟䛾᰿ᮏⓗ䛺㐪䛔䛜䛒䜛䚹䛷䜘䜚㐍䜣䛷䛔䜛䚹• 䛣䛣ᩘᖺ䚸 മๆ䛻㛵㐃䛩䜛 ESG ㄢ㢟䛻䛴䛔䛶䛿䚸 Ꮫ⾡• ᅜമศ㔝䛷䛾ྲྀ䜚⤌䜏䛿䚸 ♫മᕷሙ䛻ᑐ䛧䛶㐜䜜䛶䛔◊✲䛸ᐇົ◊✲䛜㐍䜣䛷䛚䜚䚸 ௒ᚋ䜒⥆䛟䛸䜏䜙䜜䜛䚹 ඲䜛䚹 䝥䝷䜲䝧䞊䝖 䞉 䝕䝑䝖䚸 䜹䝞䞊䝗 䞉 䝪䞁䝗䚸 ㈨⏘ᢸಖド⯡ⓗ䛻䚸 മๆ䛻䛚䛡䜛 ESG 䛻䛴䛔䛶䛿䚸 ㈈ົⓗ䛺ᡂᯝๆ䛺䛹䛭䛾௚䛾മๆ䛻䛴䛔䛶䛿䚸 䜋䛸䜣䛹ྲྀ䜚⤌䜎䜜䛶䛻㛵䛩䜛◊✲䛿䜎䛰᪥䛜ὸ䛟䚸 㠀㈈ົⓗ䛺ᡂᯝ䛻䛴䛔䛶䛔䛺䛔䚹䛿⥴䛻䛴䛔䛯䜀䛛䜚䛷䛒䜛䚹• മๆ䛻䛚䛡䜛 ESG 䛾ᐇ᪋ᡓ␎䛿䚸 㠀ᖖ䛻ᵝ䚻䛷䛒䜛䚹• ESG せ⣲䛜㔜せ䛺ಙ⏝䝸䝇䜽䛾୍㒊䛷䛒䜚䚸 ESG せ⣲䜢ᐇ᪋ᡓ␎䛿䚸 䝔䞊䝬ᆺᢞ㈨ 䠄୺䛻䜾䝸䞊䞁䝪䞁䝗䠅䚸 䝟䝑

ᢞ㈨䝥䝻䝉䝇䛻⤫ྜ䛩䜛䛣䛸䛿཰┈䛾ẋᦆ䜢ព࿡䛧䛺䛔䝅䝤 ESG ᢞ㈨䚸 䜰䜽䝔䜱䝤 ESG 䝬䞁䝕䞊䝖䚸 䜲䞁䝝䜴䝇䛸䛔䛖䛣䛸䛿䚸 ௒䜔ᗈ䛟ㄆ㆑䛥䜜䛶䛔䜛䚹ᡓ␎䛛䜙䚸 മๆ䝫䞊䝖䝣䜷䝸䜸䜈䛾᏶඲䛺⤫ྜ䛻䜟䛯䜚䚸• 䜘䜚ከ䛟䛾ᢞ㈨ᐙ䛜䚸 ESG ㄢ㢟䛸䚸 ୍⯡ⓗ䛺ಙ⏝᱁௜䜔䛣䜜䜙䜢ే⏝䛩䜛ᢞ㈨ᐙ䜒䛔䜛䚹ಙ⏝䝇䝥䝺䝑䝗䛸䛾㛵㐃ᛶ䛻䛴䛔䛶⌮ゎ䛧䜘䛖䛸䛧䛶䛔䜛䚹• ESG ᣦᩘ䛿䚸 䝟䝑䝅䝤ᡓ␎䛸䜰䜽䝔䜱䝤ᡓ␎䛾୧᪉䛻౑

• 2015 ᖺ௨㝆䛾᪂䛯䛺 䛂䝰䝏䝧䞊䝅䝵䞁せᅉ䛃 䛿䚸 Ẽೃ⏝䛥䜜䛶䛚䜚䚸 ୺䛻㝖እ䝇䜽䝸䞊䝙䞁䜾䜎䛯䛿 ESG 䜢ຍ࿡ኚື䚸 ᅜ㐃䛾ᣢ⥆ྍ⬟䛺㛤Ⓨ┠ᶆ 䠄SDGs䠅䚸 䛂ᣢ⥆ྍ䛧䛯䜴䜵䜲䝖௜䛡䛜⏝䛔䜙䜜䛶䛔䜛䚹 䛧䛛䛧䚸 ᢞ㈨ᐙ䛿㑅⬟ᛶ䛃 䛻ྥ䛡䛯つไᙜᒁ䛾ែᗘ䛾ኚ໬䛺䛹䛷䛒䜛䚹ᢥ⫥䛾ஈ䛧䛥䛸䛔䛖ไ⣙䛻┤㠃䛧䛶䛚䜚䚸 ከ䛟䛾ᣦᩘ䛜㛤• ESG ᢞ㈨䛿ᛴ㏿䛻Ⓨᒎ䛧䛶䛚䜚䚸 ከ䛟䛾ᖺ㔠ᇶ㔠䚸 ಖ㝤఍♫䚸 ᨻᗓ⣔䝣䜯䞁䝗䚸 䛭䛾௚䛾䜰䝉䝑䝖䜸䞊䝘䞊䛾ᢞ㈨䛻䛚䛔䛶୍⯡ⓗ䛺䝥䝻䝉䝇䛾୍㒊䛸䛺䜚䛴䛴䛒䜛䚹• മๆ䛻䛚䛡䜛 ESG 䛿ᰴᘧ䛻㏣䛔䛴䛝䛴䛴䛒䜚䚸 䛭䛾௚䛾㈨⏘䠋䜸䝹䝍䝘䝔䜱䝤㈨⏘䜒㏣㝶䛧䛶䛔䜛䚹• ௻ᴗ䜔ᅜ䛾 ESG 䝇䝁䜰䠋䝷䞁䜻䞁䜾䛺䛹䚸 മๆ䛻≉᭷䛾Ⓨ䛥䜜䛶䛔䜛䛸䛣䜝䛷䛒䜛䚹• ୍㒊䛾ඛ㐍ⓗ䛺ᢞ㈨ᐙ䛿䚸 ඲䛶䛾㈨⏘䜽䝷䝇䚸 ඲䛶䛾ᢞ㈨䠋䝸䝇䜽⟶⌮䝥䝻䝉䝇䚸 ㈨⏘㐠⏝⤌⧊඲య䛻䜟䛯䜛䛂඲㠃ⓗ䛺䛃 ESG 䜰䝥䝻䞊䝏䜢᏶ᡂ䜎䛯䛿Ⓨᒎ䛥䛫䛶䛔䜛䚹• 䠄 ᐊຠᯝ䜺䝇᤼ฟ㔞䜔䝋䞊䝅䝱䝹 䞉 䜲䞁䝟䜽䝖䛺䛹䠅 ⎔ቃⓗ 䞉 ♫఍ⓗ䛺ᡂᯝ䛻ᑐ䛩䜛ὀ┠䛜㧗䜎䛳䛶䛔䜛䚹 ከ䛟മๆᢞ㈨࡬ࡢ⎔ቃ࣭♫఍࣭࢞ࣂࢼࣥࢫ㸦(6*㸧せ⣲ࡢ⤫ྜ| 39䛾ᢞ㈨ᐙ䛜䚸 മๆၟရ䛻䛚䛔䛶䜒䚸 䛂䜲䞁䝟䜽䝖ᢞ㈨䛃 䜔䛂බⓗ䛺ᇶ‽䛃 䜢タ䛡䜛䛣䛸䛻䛿㛗ᡤ䛸▷ᡤ䛜䛒䜛䚹 䛣䛾ẁ䝃䝇䝔䜲䝘䝤䝹ᢞ㈨ᡓ␎䛻䛚䛡䜛᪂䛯䛺ศ㔝䜢᥈䛧ồ䜑㝵䛷つไᙜᒁ䛜᏶඲䛺 ESG 䛾ᇶ‽䜢タ䛡䜛䛾䛿䚸 䜒䛧ྍ䛶䛔䜛䚹⬟䛷䛒䛳䛯䛸䛧䛶䜒᫬ᮇᑦ᪩䛻䜏䛘䜛䚹 䜘䜚ᮇᚅ䛥䜜䜛䛾䛿䚸• ᢞ㈨ᐙ䚸 ≉䛻䝟䝑䝅䝤ᢞ㈨ᐙ䛿䚸 䠄മๆ䛻䛚䛔䛶䜒䠅ᐊຠᯝ䜺䝇᤼ฟ㔞䚸 ⎔ቃ䝣䝑䝖䝥䝸䞁䝖䚸 䜶䝛䝹䜼䞊ຠ

ESG 䛾ດຊ䚸 ≉䛻௻ᴗ䜈䛾䜶䞁䝀䞊䝆䝯䞁䝖 䠄䛾Ḟዴ䠅⋡ᛶ䚸 䜺䝞䝘䞁䝇䛾ᐇ㊶䚸 ⫋ሙ䛷䛾ᇶ‽䛺䛹䚸 ௻ᴗ䠋ᴗ䜔⎔ቃⓗ 䞉 ♫఍ⓗ䜲䞁䝟䜽䝖䛻㛵䛧䛶䚸 䜘䜚ཝ䛧䛔┠䛻䛥⏺䠋䝥䝻䝆䜵䜽䝖䛾䝺䝧䝹䛻䛚䛡䜛≉ᐃ䛾つไ䛷䛒䜛䚹 䛥䜙䜙䛥䜜䛶䛔䜛䚹䛻䚸 ᝟ሗ㛤♧䛾せồ䛿䚸 ᢞ㈨ඛ௻ᴗ䛸ᢞ㈨ᐙ䛾୧᪉䛻ᑐ• ᢞ㈨ᐙ䛿䚸 SDGs 䛻ἢ䛳䛯┠ⓗ䛾ᢞ㈨䛻ὀຊ䛩䜛䛯䜑䚸
SDGs 䛾䝣䝺䞊䝮䝽䞊䜽䜢฼⏝䛧䛶䛔䜛䚹䛧䛶ཝ䛧䛟䛺䜛䛰䜝䛖䚹 ♫఍ⓗ䛺ㄢ㢟䛿䚸 ᮏ㉁ⓗ䛻ྜព䜢ᚓ䜛䛾䛜㞴䛧䛟䚸 䛭䜜䜢ᢞ㈨䝥䝻䝉䝇䛻䜘䜚⤌䜏㎸䜐㝿䛻䛿䚸 䜹䝇䝍䝮໬䛾䝣䝺䞊䝮䝽䞊䜽䛻䛴䛔䛶ྜព䜢ᚓ䜛䛣䛸䛜䚸࢝ࢫࢱ࣒໬࡜ᶆ‽໬

ESG 䛾⤫ྜ䛻ྥ䛡䛯ᙉ䛔᰿ᣐ䜢ᥦ౪䛩䜛 䠄䛭䛧䛶ᡭ㡭䛺䝁

ESG 䜈䛾⤫ྜ䛜ጞ䜎䜚䚸 䜘䜚୍⯡ⓗ䛺䜒䛾䛸䛺䜛䛻䛴䜜᫂䜙䝇䝖䛸䛩䜛䠅 䛯䜑䛻ᚲせ䛸䛺䜛䚹 㛗ᮇⓗ䛻䚸 䜘䜚ሀᐇ䛺᪉ἲ䛛䛻䛺䛳䛶䛔䜛䛾䛿䚸 䛂ᶆ‽໬䛸䜹䝇䝍䝮໬䛃 䛾㛫䛷ᶵ㛵ᢞ㈨ᐙ䛜䛸䜙䛺䛡䜜䜀䛺䜙䛺䛔䝞䝷䞁䝇䛷䛒䜛䚹 ከ䛟䛾ᢞ㈨ᐙ

䜢䛸䜛䛣䛸䛿䚸 ESG ᝟ሗ䛾䜘䜚Ⰻ䛔ᇶ┙䛸䛺䜚䚸 㐠⏝ᴗ⏺䛷౑䜟䜜䜛䝰䝕䝹䛻䜘䜚Ⰻ䛔䜲䞁䝥䝑䝖䜢䜒䛯䜙䛩䚹䛜䚸 ⮬䜙䛾ဴᏛ䛸ᢞ㈨┠ᶆ䜢཯ᫎ䛥䛫䜛䛯䜑䚸 ⊂⮬䛾ᡓ␎
䜢Ⓨᒎ䛥䛫䜘䛖䛸䛧䛶䛔䜛䚹 ከ䛟䛾␗䛺䜛⪃䛘᪉䛜䛒䜚䚸 ESG

ESGᢞ㈨࡟࠾ࡅࡿㄢ㢟䛾ᢞ㈨ᡓ␎䚸 ᣦᩘ䚸 䝫䞊䝖䝣䜷䝸䜸䛾䜹䝇䝍䝮໬䜢ྍ⬟䛻䛥

ESG 䛻㛵䛩䜛◊✲䛸㔠⼥ၟရ䛜ቑຍ䛧䚸 ඛ㐍ⓗ䛺ᢞ㈨ᐙ

䛫䛶䛔䜛䚹 䛧䛛䛧䚸 䜹䝇䝍䝮໬䛻䛿䚸 䝟䝣䜷䞊䝬䞁䝇䛾ẚ㍑

䛜᪂䛯䛺᪉ἲ䜢⪃᱌䛧䛶䛔䜛䛜䚸 ᴗ⏺䜔Ꮫ⏺䛷䛿 ESG 䛻䛜ᅔ㞴䛻䛺䜛䛸䛔䛖௦ൾ䛜క䛖䚹㛵䛩䜛ከ䛟䛾ၥ㢟䛻䛴䛔䛶㆟ㄽ䛜⥆䛡䜙䜜䛶䛚䜚䚸 㐠⏝఍୍᪉䛷䚸ྜព䛥䜜䛯 ESG 䛾 䛂ᶆ‽䛃 䛜䛺䛔䛸䛔䛖୙‶䜒ከ䛔䚹♫䛸䜰䝉䝑䝖䜸䞊䝘䞊䛻䛸䛳䛶ㄢ㢟䛸䛺䛳䛶䛔䜛䚹ከ䛟䛾ᢞ㈨ᐙ䛿䚸 䛂୍䛛䜙స䜚┤䛩䛃 ᚲせ䛜䛺䛟䚸 䜹䝇䝍䝮ከ䛟䛾ᢞ㈨ᐙ䛿䚸 ESG 䛻㛵㐃䛧䛯ᢞ㈨䛻䛴䛔䛶䚸 ᵝ䚻䛺໬䛾䝁䝇䝖䜢⠇⣙䛩䜛䛯䜑䚸 ᶆ‽໬䛥䜜䛯 ESG 䛾ᐃ⩏䚸 ᰴ⌮⏤䛛䜙ᠱᛕ䜢ᣢ䛳䛶䛔䜛 䠄Mooji 2017䠅䚹 ESG ᝟ሗ䜢฼⏝ᘧ䛾୍ぴ䚸 ᣦᩘ䛺䛹䜢ཧ↷䛧䛯䛔䛸⪃䛘䛶䛔䜛䚹 䛤㒔ྜ୺䛩䜛㝿䛾኱䛝䛺㞀ᐖ䛿䚸 ሗ࿌ᇶ‽䛜␗䛺䜚䚸 䛭䛾䛯䜑┦஫⩏ⓗ䛺 䛂ᶆ‽䛾䛴䜎䜏㣗䛔䛃 䜢༴᝹䛩䜛ホㄽᐙ䜒䛔䜛䚹䛻ẚ㍑䛩䜛䛾䛜ᅔ㞴䛷䛒䜛䛣䛸䛷䛒䜛 䠄Amel-Zadeh andඛ䛻㏙䜉䛯䜘䛖䛻䚸 ESG ㄢ㢟䛾Ỵᐃⓗ䛺䝸䝇䝖䛸䛔䛖䜒䛾䛿Ꮡᅾ䛫䛪䚸 ྜព䜢ᙧᡂ䛩䜛䛣䛸䜒୙ྍ⬟䛻ᛮ䜟䜜䜛䚹 ẚ
㍑ⓗ㐍䜣䛷䛔䜛 䛂䜾䝸䞊䞁䛃 䛻㛵䛩䜛㆟ㄽ䛻䛚䛔䛶䛥䛘䚸
ཎᏊຊⓎ㟁䜔䝞䜲䜸⇞ᩱ䛺䛹䛿ㄽத䛾୺䛺ᑐ㇟䛸䛺䛳䛶䛔䜛䚹 ᑓ㛛ᐙ䛾㛫䛷䜒䚸 〇㐀㐣⛬䛸〇ရ䚸౪⤥䛸ᗫᲠ䛾ὶ䜜䚸䝣䝑䝖䝥䝸䞁䝖䛸≀⌮ⓗ䛺䝸䝇䜽䚸 ⏕≀ከᵝᛶ䛸⮬↛㈨ᮏ䛺䛹䛻䛴䛔䛶䚸 㔜ど䛩䜛Ⅼ䛿ᵝ䚻䛷䛒䜛䚹 䛣䛖䛧䛯ㄢ㢟䛿䚸 ♫఍䜔ேᶒ䛾ศ㔝䛷䛿䛥䜙䛻㞴䛧䛟䛺䜛䚹 ᕷሙ䛻䛚䛔䛶┦཯䛩䜛⪃䛘᪉䛜䛒䜛䛯䜑䚸 ᛴ㏿䛻⛣䜚ኚ䜟䜛ୡ⏺䛷䝎䜲䝘䝭䝑䜽䛺ㄪ⠇䜔ရ㉁㠃䛷䛾➇த䛜㉳䛣䜛䚹 䛣䛾䜘䛖䛺䝎䜲䝘䝭䝑䜽䛺䝥䝻䝉䝇䛾୰䛷䛿䚸 ㏱᫂ᛶ䛸㧗䛔䜺䝞䝘䞁䝇䛜୙ྍḞ䛸䛺䜛䚹

40 | 6. ୺࡞ࢺࣞࣥࢻ࡜ㄢ㢟

Serafeim 2017䠅䚹 ୡ⏺䛾 500 䛾ᢞ㈨ᐙ䛻ᑐ䛧䛶⾜䛳䛯ㄪᰝ䛻䜘䜛䛸䚸 䝟䝣䜷䞊䝬䞁䝇䛸᝟ሗ䛾㏱᫂ᛶ䛜᭱኱䛾ㄢ㢟䛸䛺䛳䛶䛔䜛 䠄Schroders 2017b䠅䚹 䝸䝇䜽䛾ィ 䠋⟶⌮䛜ᅔ㞴䛷䛒䜛䛣䛸䚸 䝁䝇䝖䚸 䛂䝃䝇䝔䜲䝘䝤䝹ᢞ㈨䛃 䛻ᑐ䛩䜛ಙᛕ䛾Ḟዴ䛻䛴䛔䛶䜒ᣦ᦬䛥䜜䛶䛔䜛 䠄ᅗ 10䠅䚹ᅗ10㸸ࢧࢫࢸ࢖ࢼࣈࣝᢞ㈨࡟࠾ࡅࡿㄢ㢟
඲య

໭⡿

Ḣᕞ

୰༡⡿

䜰䝆䜰

Performance
concerns
䝟䝣䜷䞊䝬䞁䝇䛾ᠱᛕ

44%

42%

47%

37%

45%

㏱᫂ᛶ䛸බ⾲䝕䞊䝍䛾Ḟዴ

Lack of transparency
and reported data

41%

33%

44%

34%

45%

Difficulty measuring䛸⟶⌮䛜ᅔ㞴
and managing
risk

28%

29%

26%

26%

31%

Cost
䝁䝇䝖

23%

28%

22%

26%

21%

ᢞ㈨ጤဨ఍䛜
䝃䝇䝔䜲䝘䝤䝹ᢞ㈨䛻ྰᐃⓗ

14%

6%

14%

23%

18%

Other
䛭䛾௚

11%

12%

9%

6%

13%

ᢞ㈨ᐙ⮬㌟䛜
I do notbelieve in䝃䝇䝔䜲䝘䝤䝹ᢞ㈨䛻ྰᐃⓗsustainable investments

20%

22%

15%

29%

23%

䝸䝇䜽䛾ィ

ฟᡤ 䠖 Schroders 䠄2017b䠅

ESG࡟ᑐࡍࡿᢈุ
ESG 䛻ᑐ䛩䜛௨ୗ䛾ཎ⌮ⓗ䛺␲ᛕ䛸ᢈุ䛿䚸 䛒䜙䛯䜑䛶ᣦ᦬䛩䜛౯್䛜䛒䜛䛰䜝䛖䚹• Ẽೃኚື䠋 ESG ၟရ䜈䛾ᙉ䛔㟂せ䛛䜙䚸䛂䜾䝸䞊䞁䜒䛹䛝䛃䜔 䛂ESG 䜒䛹䛝䛃 䛜ᶓ⾜䚹• 䛂䝃䝇䝔䜲䝘䝤䝹䛃 ᢞ㈨䛿䚸 ᚲせ䛺Ẽೃኚືᢞ㈨䜢ಁ㐍䜎䛯䛿ᚋ㏥䛥䛫䜛䛾䛛䠛 䠄୍㒊䛾ᨻᗓ䛿䚸 䛂䜾䝸䞊䞁䝣䜯䜲• ESG 䛻䛚䛡䜛ᑓ㛛⏝ㄒ䛜୙᫂☜䛷䚸 䛂ᣢ⥆ྍ⬟ᛶ䛃 䛾ព࿡䛜᭕᫕䚹• 䠄ᢞ㈨ᐙ䚸 ⤒῭Ꮫ⪅䚸 ⎔ቃၥ㢟άືᐙ䛺䛹䠅 ␗䛺䛳䛯ศ㔝䛾䝇䝔䞊䜽䝩䝹䝎䞊䛜␗䛺䜛ᑓ㛛⏝ㄒ䜢౑⏝䛧䛶䛚䜚䚸ᶓ᩿ⓗ䛺䝁䝭䝳䝙䜿䞊䝅䝵䞁䛜䛖䜎䛟䛷䛝䛶䛔䛺䛔䚹• ESG せ⣲䛾㑅ዲ䛸ᢞ㈨཰┈䛜୧❧䛧䛺䛔ྍ⬟ᛶ䚹• ᢞ㈨ᑐ㇟䛜⊃䜎䜚䚸 ศᩓᢞ㈨䛜䛷䛝䛺䛟䛺䜛ྍ⬟ᛶ䚹䝘䞁䝇䛃 䜘䜚䜒 䛂䝃䝇䝔䜲䝘䝤䝹䝣䜯䜲䝘䞁䝇䛃 䜢㑅ዲ䠅䚹• ㈝⏝䛾ㄢ㢟 䠄ESG ᝟ሗᥦ౪఍♫䜈䛾౑⏝ᩱ䚸 ㄆド䚸⮬ᐙ㐠⏝䛾䝜䜴䝝䜴䛺䛹䚹 㧗䛔⟶⌮㈝⏝䠛䠅䚹• 䜺䝞䝘䞁䝇䞉䝁䞊䝗䠋 ESG ᪉㔪䛾᭷ຠᛶ䛻ᑐ䛩䜛␲ၥ 䠄㔠⼥༴ᶵ䚸 ᙺဨ䛾ሗ㓘䚸 ୙㐺ษ䛺௻ᴗ䛾┘ど䚸 ⏕ែᏛⓗ䛺⅏ᐖ䠅• ᪤Ꮡ䛾つไ䜔ཷク⪅㈐௵䜢᫂☜䛻䛩䜛ᚲせᛶ䚹

ESGࡢᐇ㊶඲⯡• ㄡ䛜䛹䛾䜘䛖䛻 䛂౯್䛃 䜢Ỵᐃ䛩䜛䛾䛛䠛እ㒊ᶵ㛵䜔䝃䞊

ESG 䛻䛴䛔䛶䛾᪉ྥᛶ䛜Ỵ䜎䛳䛯ᚋ䜒䚸 ᐇ㊶㠃䛷ᖜᗈ䛔䝡䝇ᥦ౪ᴗ⪅䛾 䛂ᐻ༨ⓗ䛺ᙺ๭䛃 䛜㧗䜎䜛䛣䛸䜈䛾ᠱᛕ䚹• ㄡ䛜䛹䛾䜘䛖䛻 䛂ᣢ⥆ྍ⬟ᛶ䛃 䜢つไ䛩䜛䛾䛛䠛 ESG ≉᭷䛾つไ䛸䚸 ESG ᢞ㈨䛻ᙳ㡪䛩䜛ᢞ㈨ᐙ䜈䛾つไ 䠄ཷク⪅㈐௵➼䠅 䛻ᑐ䛩䜛␲ၥ䚹• ௻ᴗ䜔㐠⏝఍♫䛻䛚䛔䛶䚸 ESG 䛾 䛂⏬୍ⓗ 䞉 ⾲㠃ⓗ䛺☜ㄆ䛃 䛜ᶓ⾜ 34䚹␲ၥ䛜䛒䜛 䠄Hawley 2017 䛺䛹䜢ཧ↷䠅䚹• ESG せ⣲䛾ṇ☜䛺ᐃ⩏䚹 ኚ໬䛜↓䛥䛩䛞䜛䛛䠛᫬௦䛻ᛂ䛨䛶ಟṇ䛜ᚲせ䛛䠛• ᯞศ䛛䜜䛩䜛ศᯒ䜰䝥䝻䞊䝏䚹 ヲ⣽䛺᪉ἲㄽ 䠄E䚸 S䚸 G
䛾䜴䜵䜲䝖䜔ᵓᡂせ⣲䠅 35䚹

മๆᢞ㈨࡬ࡢ⎔ቃ࣭♫఍࣭࢞ࣂࢼࣥࢫ㸦(6*㸧せ⣲ࡢ⤫ྜ| 41

• ಶู䛾௻ᴗ䠋ᅜ䛻䛴䛔䛶䚸 E䚸 S䚸 G 䛾䝅䜾䝘䝹䛜┦཯䚹• ESG 䝇䝁䜰䠋᪉ἲㄽ䛾㏱᫂ᛶ䛜㝈ᐃⓗ 䠄䛂䝤䝷䝑䜽䝪䝑䜽䝇䛃䠅䚹• ᝟ሗ䛾䝍䜲䝮䝷䜾 䠄䛂ᚋᡭ䛻䜎䜟䜛䛃䠅䚹• ௻ᴗ䜔≉䛻ᅜ䛻䛴䛔䛶䚸 ESG 䛾Ỉ‽䛷䛿䛺䛟䚸 ኚ໬䜢䛹䛾䜘䛖䛻ᢕᥱ䛩䜉䛝䛛䚹• 䝝䜲䜲䞊䝹䝗മๆ䚸 ᪂⯆ᅜമๆ䚸 䝥䝷䜲䝧䞊䝖 䞉 䝕䝑䝖䛻㛵䛩䜛 ESG ㄪᰝ䛾୙㊊䚹

• ᢞ㈨ඛ䛾௻ᴗ䠋ᅜ䛾᝟ሗ㛤♧䜔ሗ࿌䛾ၥ㢟䚹• ESG മๆᣦᩘ䛻䛚䛡䜛➇த䛾୙㊊䚹• ᖜᗈ䛔䝃䝥䝷䜲䝏䜵䞊䞁䜢⪃៖䛩䜛ᚲせ䛜䛒䜛䛛䠛• ESG ᢞ㈨䛻䛚䛡䜛 䠄ᬯ㯲䜎䛯䛿᫂ⓑ䛺䠅 䝞䜲䜰䝇䛾ㄆ㆑䚹• ESG ᡂᯝ䛾㐍ᒎ䛸㐺ษ䛺ホ౯᪉ἲ䛿ఱ䛛䠛• 㛗ᮇᡓ␎䛸㈨⏘㈇മ⟶⌮ 䠄ALM䠅 䛻୚䛘䜛 ESG 䛾ᙳ㡪䚹• ≉䛻᪂⯆ᅜ䛾ᑠつᶍ䛺ᶵ㛵ᢞ㈨ᐙ䛻䛚䛡䜛つᶍ䜔䝸䝋䞊• Ⓨ⾜య䛷 ESG 䜢ホ౯䛩䜛䛛䚸 㖭᯶䛷 ESG 䜢ホ౯䛩䜛䝇䛾ၥ㢟䚹• SDGs 䜢┠ᶆ䛸䛧䛯ᢞ㈨䛾 䠄㠀䠅 ⌧ᐇᛶ䚹
• ESG せ⣲䛜㢧ᅾ໬䛩䜛㛗ᮇ䛾᫬㛫㍈䛸䚸 ▷ᮇⓗ䛺㐠⏝఍♫䛾䝟䝣䜷䞊䝬䞁䝇ホ౯䚹䛾䛛䠛• ⤌⧊ⓗ䛺ㄢ㢟 䠄മๆ䛻䛚䛡䜛 ESG 䛾ᑓ㛛ᛶ䛾ᵓ⠏䚸ᰴᘧ䛸മๆ䛷␗䛺䜛 ESG ᑓ㛛ᐙ䜢⨨䛟䜉䛝䛛䠛䠅䚹ࢹ࣮ࢱ㠃࡛ࡢ㐍ᒎ

ESG ᢞ㈨䛜ᗈ䛟ᬑཬ䛩䜛୰䚸 䜋䛸䜣䛹㐠⏝఍♫䛿䛣䛾ศ㔝

ᢞ㈨ᐙ䛾୺䛺ᠱᛕ䛾୍䛴䛿 ESG 䛾䝕䞊䝍䛻䛴䛔䛶䛷䛒䜚䚸䛷䛥䜙䛻✚ᴟⓗ䛻䛺䜛ᚲせ䜢ឤ䛨䛶䛔䜛䚹 䛧䛛䛧⌧ᐇ䛿䚸୺䛻௨ୗ䛾 2 Ⅼ䛷䛒䜛 36䚹≉䛻ᰴᘧ௨እ䛷䛿䚸 ồ䜑䜛䜲䝯䞊䝆䛛䜙஋㞳䛩䜛䛣䛸䛜ከ䛔䚹 മๆ䛻䛴䛔䛶䚸 Russell 䛾ㄪᰝ 䠄2017䠅 䛜᫂䜙䛛䛻䛧䛯䛸䛚䜚䚸 䛂ㄪᰝᅇ⟅⪅䛜 ESG ⤫ྜ䛻䛴䛔䛶ᐇ᪋䛧䛶䛔䜛䛸• ฼⏝ྍ⬟䛺䝕䞊䝍䛾୙㊊䚸 ༶᫬ᛶ䚸 ᆅᇦ䠋ᕷሙ༊ศ䠋
ᢞ㈨ၟရ䛾ᑐ㇟⠊ᅖ 37䚹୺ᙇ䛩䜛ෆᐜ䛸䚸 ᐇ㝿䛻㉳䛣䛳䛶䛔䜛஦䛸䛾㛫䛻䛿䚸 䛧䜀• ධຊ䝕䞊䝍䛾㉁ 䠄୙୍⮴䚸 ୙᏶඲䚸 ⮬ᕫሗ࿌䝕䞊䝍䜈䛧䜀኱䛝䛺䜼䝱䝑䝥䛜䛒䜛䚹䛃 䠄p.4䠅䚹 䛂⥲䛨䛶 ESG せ⣲䛾⪃䛾౫Ꮡ䚸 ୺ほⓗ䛷ᮍ┘ᰝ䛾᝟ሗ䚸 ᫂䜙䛛䛺㛫㐪䛔䠅䚹៖䛿䚸 ᢞ㈨䛾ពᛮỴᐃ䛻䛚䛡䜛୺䛺ཎືຊ䛷䛿䛺䛟䚸 䛫䛔䛬䛔ಙ⏝ຊศᯒ䛾୍㒊䛸䛧䛶䛾⿵㊊᝟ሗ䛻䛩䛞䛺䛔䜘䛖䛻䜏䛘䜛䛃 䠄p.1䠅䚹㔞ⓗ䛺㠃䛷䛿䚸 ሗ࿌䛻㛵䛩䜛䜲䝙䝅䜰䝔䜱䝤䛻䜘䜚䚸 ௻ᴗ䛜䜘䜚῝䛟䚸 ᗈ䛟䚸 ୍㈏ᛶ䛾䛒䜛 ESG せ⣲䜢ሗ࿌䛩䜛䜘䛖䛻䛺䛳䛶䛔䜛䚹 Ẽೃ㛵㐃㈈ົ᝟ሗ㛤♧䝍䝇䜽䝣䜷䞊䝇 䠄TCFD䠅䛾㛤ጞ䛿䚸 䜘䜚ከ䛟䚸 䜘䜚Ⰻ䛔᝟ሗ䜢ồ䜑䜛ኌ䛻ᑐ䛩䜛⟅䛘മๆ࡟࠾ࡅࡿESG䛷䛒䜛䚹 2018 ᖺ 3 ᭶᫬Ⅼ䛷䚸 250 䜢㉸䛘䜛⤌⧊䛜 TCFD 䛻മๆ䛻䛚䛡䜛 ESG ᢞ㈨䛿䚸 䛥䜙䛺䜛ㄢ㢟䜢䜒䛯䜙䛧䛶䛔䜛䚹㈶ྠ䛧䚸 TCFD 䛾᥎ዡ䛻ἢ䛳䛯ሗ࿌䜢⾜䛖䛯䜑䛾ඛ㠴䜢䛴• ESG䚸 ಙ⏝᱁௜䚸 ಙ⏝䝇䝥䝺䝑䝗䛾㛫䛾㛵ಀ䚹• മๆᢞ㈨䛾᫬㛫㍈䛸 ESG せ⣲䛜㢧ᅾ໬䛩䜛ᮇ㛫䛾䝭䝇䝬䝑䝏 䠄▷ᮇⓗ䛻䜒䛺䜚ᚓ䜛䛜䚸 㛗ᮇⓗ䛺䝖䝺䞁䝗䜢⾲䛩䛣䛸䛜ከ䛔䠅䚹
• ESG 䛸䛭䛾௚䛾䝸䝇䜽䠋ᶵ఍ 䠄ᕷሙ䚸ὶືᛶ䛺䛹䠅 䛾㛵ಀ䚹• മๆಖ᭷⪅䛾䛯䜑䛾 䛂䜶䞁䝀䞊䝆䝯䞁䝖䛃 䜢䛹䛾䜘䛖䛻⤌⧊໬䛩䜉䛝䛛䚹 ≉䛻䚸 ᑠつᶍ䛺ᢞ㈨ᐙ䛜ᅜമ䛾Ⓨ⾜య䛻ᑐ䛧䛶䜶䞁䝀䞊䝆䝯䞁䝖䜢⾜䛖ሙྜ䚹• ᅜമ 䠄䛚䜘䜃ᆅ᪉മ䠅 䛻㛵䛩䜛ᨻ἞ⓗ䛻䝕䝸䜿䞊䝖䛺ၥ㢟 䠄≉ᐃ䛾ᅜ䛾㝖እ䛺䛹䠅䚹• ᅜ䛻䛴䛔䛶฼⏝䛷䛝䜛䝕䞊䝍䛿㝈ᐃⓗ 䠄㐺ྜᛶ䚸 ẚ㍑
ྍ⬟ᛶ䚸 ༶᫬ᛶ䛿䛒䜛䛛䠛䠅䚹42 | 6. ୺࡞ࢺࣞࣥࢻ࡜ㄢ㢟䛡䛶䛔䜛⤌⧊䛾౛䜒䛩䛷䛻ぢ䜙䜜䜛 䠄Unilever䚸 HSBC䚸
SwissRe 䛺䛹䠅䚹 IFC 䛿䚸 ᪂⯆ᅜᕷሙ䛾௻ᴗ䛻ᑐ䛧䛶 ESG
ሗ࿌䛾ᨵၿ䜢ᨭ᥼䛩䜛䛯䜑䚸 ᝟ሗ㛤♧䛸㏱᫂ᛶ䛾䛯䜑䛾䝒䞊䝹䜢㛤Ⓨ䛧䛯䚹 䜎䛯䚸 IFC 䛾䝟䝣䜷䞊䝬䞁䝇ᇶ‽䛸䝁䞊䝫䝺䞊䝖䜺䝞䝘䞁䝇᪉㔪䜢䚸 ㈨ᮏᕷሙ䛾ᢞ㈨ᐙ䛜฼⏝ྍ⬟䛺䝣䝺䞊䝮䝽䞊䜽䛻㐺ྜ䛥䛫䜛 IFC 䛾䝥䝻䝆䜵䜽䝖䜒㐍⾜୰䛷䛒䜛䚹 ୡ⏺㖟⾜䜒䚸 䝥䝻䝆䜵䜽䝖䛾ᡂᯝ䜔䜲䞁䝟䜽䝖䜢 SDGs
䛸㛵㐃௜䛡䜛ሗ࿌䛾䝣䝺䞊䝮䝽䞊䜽䛻䛴䛔䛶ྲྀ䜚⤌䜣䛷䛔䜛䚹㔜せ䛺䛾䛿䚸 ㄢ㢟䛿᝟ሗ䛾㔞䛰䛡䛷䛿䛺䛔䛣䛸䛷䛒䜛䚹䝕䞊䝍䛾㉁䛸䚸 ᢞ㈨ពᛮỴᐃ䜈䛾䜲䞁䝥䝑䝖䛸䛧䛶䛾㛵㐃ᛶ䛾㠃䛷䜒䚸 䛥䜙䛺䜛ᨵၿ䛜ᚲせ䛷䛒䜛䚹 つไᙜᒁ䜔ドๆྲྀᘬᡤ䛜䚸 ௻ᴗ䛾᝟ሗ㛤♧䛻䛚䛡䜛せồỈ‽䜢ᘬ䛝ୖ䛢䛶䛔䜛䚹 䜘䜚ከ䛟䛾ᢞ㈨ᐙ䛾 ESG ᝟ሗ㛤♧䜒䚸 ᵝ䚻䛺ሙᡤ䛷≢⨥䚸 䝕䞊䝍ᡤ᭷ᶒ䚸 䝕䞊䝍䛾┐㞴䚸 ᝏ⏝䛺䛹䛾ၥ㢟䛿䚸ጞ䜑䜙䜜䛶䛔䜛䚹 䛣䛖䛧䛯᝟ሗ䜢➇தᕷሙ䛻䛚䛔䛶᭱኱㝈䛩䛷䛻㔠⼥䛻䛚䛔䛶ᐦ᥋䛻㛵㐃䛩䜛䜒䛾䛸䛺䛳䛶䛔䜛䚹฼⏝䛩䜛䛯䜑䛾ᑓ㛛ⓗ䛺䝃䞊䝡䝇䜒ᡂ㛗䛧䛶䛔䜛䚹 ESG 䜔
SDGs 䛾ホ౯᪉ἲ䛾ᐃ⩏䚸 ≉䛻䝫䞊䝖䝣䜷䝸䜸䛾䜲䞁䝟䜽䝖䜢䛹䛾䜘䛖䛻ᐃ⩏ 䞉 ホ౯䛩䜉䛝䛛䛻䛴䛔䛶䚸 䜘䜚ᴫᛕⓗ䛺ྲྀ䜚⤌䜏䛜ᚲせ䛸䛥䜜䛶䛔䜛䚹ᅜമ䛾ศᯒ䛻䛚䛡䜛䜘䜚㉁䛾㧗䛔 ESG ⤫ྜ䜢ᨭ᥼䛩䜛䛯䜑䚸 䝕䞊䝍䛾᭷⏝ᛶ䛸㉁䜢ᨵၿ䛩䜛ᚲせ䛜䛒䜛䚹 ᅜ䝺䝧䝹䛾䝕䞊䝍䛿㝈䜙䜜䚸 䛥䜙䛻බ⾲䜎䛷኱䛝䛺䝍䜲䝮䝷䜾䛜䛒䜛䚹ᅜ䛾ᵝ䚻䛺㈨ᮏ䛻㛵䛩䜛఍ィ䜢ᨵၿ䛩䜛ྲྀ䜚⤌䜏䛜 䠄㈈᪂䛧䛔ᢏ⾡䛿䚸 ESG 䛾᝟ሗ※䛻῝䛥䛸ᗈ䛜䜚䜢୚䛘䜛䛣䛸ົ఍ィ䜢ᨭ䛘䜛䛯䜑䠅 㐍䜑䜙䜜䛶䛔䜛䛜䚸 䜎䛰ᬑཬ䛧䛶䛔䛻䜘䜚䚸 䝕䞊䝍䛻㛵䛩䜛ㄢ㢟䜈䛾ྲྀ䜚⤌䜏䜢ຓ䛡䛶䛔䜛䚹䛺䛔䚹 䛂ேⓗ㈨ᮏ䛃 䜔䛭䛾௚䛾ᣦᶆ䛻ᑐ䛩䜛ྲྀ䜚⤌䜏䛿䚸䛣䜜䛿䚸 ᶆ‽ⓗ䛺⮬ᕫሗ࿌䛾௻ᴗ᝟ሗ䛻␃䜎䜙䛪䚸 䛂䝡䝑䜾ᅜ䜔♫఍䛾ศᯒ䛻䛚䛡䜛ໟᣓⓗ䛺䝣䝺䞊䝮䝽䞊䜽䜢ᥦ౪䛩䝕䞊䝍䛃 䜔⾨ᫍ䛺䛹䛾᪂䛧䛔᝟ሗ཰㞟※䜢ྲྀ䜚㎸䜐䛸䛣䜝䜛ྍ⬟ᛶ䛜䛒䜛 䠄Lange et al. 2018䠅䚹 ᨻᗓ䛜䚸 䜘䜚㉁䛾㧗䛔

䜎䛷㐍䜣䛷䛔䜛䚹 䜎䛯䚸 㞟⣙ⓗ䛺ศᯒ䜰䝥䝻䞊䝏䛻ᑐ䛩䜛ᇶ♏ⓗ䛺⎔ቃ 䞉 ♫఍䝕䞊䝍䜢䚸 䜘䜚㎿㏿䛻ᥦ౪䛩䜛ᚲせ䝁䝇䝖䛾๐ῶ䜔䚸䜘䜚䝸䜰䝹䝍䜲䝮䛺䝕䞊䝍䛾ᥦ౪䛻䜒䛴䛺䛜䛳䛜䜎䛰䛒䜛䚹 ୡ⏺㖟⾜䜔䛭䛾௚䛾ᶵ㛵䛿䚸 ⎔ቃ◚ቯ䜔㈋䛶䛚䜚䚸 䛭䜜䛿䚸 ᢞ㈨ᐙ䛜᪉㔪䜔䛭䛾௚䛾ᡭẁ䜢㐺ྜ䛧ᅔ䛺䛹 䛂E䛃 䜔 䛂S䛃 䛾௦᭰ᣦᶆ䜢㏣㊧䛩䜛䛯䜑䛻⾨ᫍ䝕䞊䜘䛖䛸䛩䜛㝿䛻㔜せ䛺䛣䛸䛷䛒䜛䚹 10 ᖺ䛛䜙 20 ᖺ๓䛸ẚ䜉䝍䜢ά⏝䛧䛶䛔䜛䚹䛶䜒䚸 䛿䜛䛛䛻ከ䛟䛾ᇶᮏⓗ䛺⎔ቃ䝕䞊䝍䜔䛭䛾௚䛾䝕䞊䝍䛜฼⏝ྍ⬟䛻䛺䛳䛶䛔䜛䚹 ேᕤ▱⬟ 䠄AI䠅 䛸ᶵᲔᏛ⩦ᢏ⾡䜢⤌䜏ྜ䜟䛫䜛䛣䛸䛻䜘䜚䚸 ᢞ㈨ᐙ䛿䜘䜚䝸䜰䝹䝍䜲䝮䛺ドᣐ䜢ධᡭ䛷䛝䜛䜘䛖䛻䛺䛳䛶䛔䜛䚹
TruValue Labs 䜔 Arabesque38 䛺䛹䛾᪂⯆䛾䝕䞊䝍ᥦ౪఍♫䛿䚸 ௻ᴗ㛤♧䝧䞊䝇䛾 E䚸 S䚸 G ᝟ሗ䜢㉺䛘䛶䚸 䝡䝑䜾䝕䞊䝍䜔ᶵᲔᏛ⩦䜢౑䛔 䛂䝃䝇䝔䜲䝘䝤䝹 䞉 䜽䜸䞁䝒䛃 䛾䝃䞊䝡䝇䜢ᥦ౪䛧䛶䛔䜛䚹 MSCI 䜔䛭䛾௚䛾䝕䞊䝍ᥦ౪ᴗ⪅䛿䚸ቑ䛘䛶䛔䜛㢳ᐈ䛿䜽䜸䞁䝒㐠⏝⪅䛷䛒䜛䛸㏙䜉䛶䛔䜛 39䚹䛩䛷䛻䚸 APG40 䜔 PensionDenmark 䛺䛹䛾ᖺ㔠ᇶ㔠䜢ྵ䜐ከ䛟䛾ᢞ㈨ᐙ䛜䚸 ୍㒊䛾䝥䝻䝉䝇䛷ேᕤ▱⬟䠋䝻䝪䝔䜱䜽䝇䜢ヨ⾜ 䞉 ᐇ㊶䛧䛶䛔䜛䚹 䛧䛛䛧䚸 ᢞ㈨ᐙ䛿䚸 䛂䝡䝑䜾䝕䞊䝍䛃䛜 䛂䝡䝑䜾䝸䝇䜽䛃 䛻䛺䜚ᚓ䜛䛣䛸䜒ㄆ㆑䛧䛶䛔䜛䚹 䝃䜲䝞䞊

മๆᢞ㈨࡬ࡢ⎔ቃ࣭♫఍࣭࢞ࣂࢼࣥࢫ㸦(6*㸧せ⣲ࡢ⤫ྜ

| 43

44 | 6. ୺࡞ࢺࣞࣥࢻ࡜ㄢ㢟7. ⤖ㄽ㸸ࣉࣟࢭࢫ࠿ࡽ
࢖ࣥࣃࢡࢺ࡬

ᢞ㈨ᐙ࡬ࡢ୺࡞ᩍカᢞ㈨ᐙ䛻䛸䛳䛶ᩍカ䛿ከ䛔䚹ಶูࡢྲྀࡾ⤌ࡳ࠿ࡽ⤌⧊ᶓ᩿ⓗ࡞࢔ࣉ࣮ࣟࢳ࡬
ከ䛟䛾ᢞ㈨ᐙ䠉䜰䝉䝑䝖䜸䞊䝘䞊䛸㐠⏝఍♫䛾୧᪉䠉䛿䚸
SRI 䝣䜯䞁䝗䜔䜾䝸䞊䞁䝪䞁䝗䛾㉎ධ䚸 മๆ䛸ᰴᘧಖ᭷䛻㛵䛩䜛 SRI 䜶䞁䝀䞊䝆䝯䞁䝖䝏䞊䝮䚸 ESG 㛵㐃ᅋయ䜈䛾ຍ┕䚸
ESG 䛾䝬䞊䜿䝔䜱䞁䜾䠋䝁䞁䝥䝷䜲䜰䞁䝇ᩥ᭩䛾సᡂ䛺䛹䚸മๆ䝫䞊䝖䝣䜷䝸䜸䛻䛚䛡䜛 ESG ᢞ㈨䛻䛴䛔䛶䛔䛟䛴䛛䛾ྲྀ⥆ྍ⬟ᛶ䛸㈈ົⓗ䛺཰┈䛜㐣኱䛻ὀ┠䛥䜜䜛䛣䛸䛜ከ䛔୍᪉䚸 E䚸 S䚸
G 䛻㛵䛩䜛ᡂᯝ䛻䛴䛔䛶䛿㐣ᑠ䛻䛧䛛⪃៖䛥䜜䛶䛔䛺䛔䚹 䛣䛾䜘䛖䛺⪃៖䛿䚸 䛚䛭䜙䛟ホ౯䛩䜛䛾䛜㞴䛧䛔䛜䚸 ಖ᭷മๆ䛻䛸䛳䛶㔜せ䛺䜒䛾䛷䛒䜛䚹䜚⤌䜏䜢ጞ䜑䛶䛔䜛䚹࢖ࣥࣉࢵࢺ࠿ࡽᡂᯝ࡬㸫ࣉࣟࢭࢫ࠿ࡽ࢖ࣥࣃࢡ
ࢺ࡬䛣䛾䜘䛖䛺ಶู䛾ྲྀ䜚⤌䜏䛿䚸 ᑠつᶍ䛾ᢞ㈨ᐙ䛻䛸䛳䛶䛿䛣䜜䜎䛷䛾 ESG ᢞ㈨䛿䚸 ୺䛻䜲䞁䝥䝑䝖 䠄ESG 䝕䞊䝍䛾Ⓨ୺䛺㑅ᢥ⫥䛸䛺䜛䚹 䛧䛛䛧䚸 ኱つᶍ䛺ᢞ㈨ᐙ䛜䛥䜙䛻๓㐍ぢ䜔ᢞ㈨ၟရ䛺䛹䠅 䜔ෆ㒊䝥䝻䝉䝇 䠄ESG ศᯒ䜔䝁䞁䝥䝷䛩䜛䛻䛿䚸 ୪⾜䛧䛶 䠄⌮஦఍䝺䝧䝹䜢䛿䛨䜑䠅 ⤌⧊ᶓ᩿䜲䜰䞁䝇䛺䛹䠅 䛻㛵䛩䜛䜒䛾䛷䛒䛳䛯䚹 䛣䛾䝥䝻䝉䝇䛜⥆䛟୍ⓗ䛺䜰䝥䝻䞊䝏䜢᥇⏝䛧䚸 ⤌⧊ෆ㒊䛾ศᯒ䝸䝋䞊䝇䜢๭䛝䚸᪉䚸 ௒ᚋ䛿 ESG 䛾௨ୗ䛾䜘䛖䛺䜰䜴䝖䝥䝑䝖䛻ᑐ䛧䛶䜘䜚ከ䛟ಖ᭷മๆ඲య䛻⤫ྜ䛩䜛 ESG ᡓ␎䜢㐺ษ䛻⾜䛖ᚲせ䛜䛾ດຊ䛜⾜䜟䜜䜛䛰䜝䛖䚹䛒䜛䚹• ESG ᡂᯝ䛾ᴫᛕ໬䛾᪉ἲ䛻䛴䛔䛶䚸 䜘䜚᫂☜໬䛩䜛䛣䛸䚹᫂☜࡞┠ᶆ┠ⓗ䜢᫂☜䛻䛩䜛䛣䛸䛿䚸 ᭱䜒㔜せ䛷䛒䜛䚹 ୍㒊䛾ᢞ㈨ᐙ
䠄䛚䜘䜃Ꮫ⪅䠅䛿䚸䠄ᵝ䚻䛺䠅ESG ၟရ䠋ᡓ␎䛾䜰䜴䝖䝟䝣䜷䞊䝮䛻䜘䜛 0.01䠂䝺䝧䝹䛾㐪䛔䜢㏣ཬ䛧䛶䛔䜛䚹 䛭䛖䛷䛿䛺䛟䚸
ESG ᢞ㈨䛾┠ᶆ䜢タᐃ䛩䜛䛣䛸䛻䚸 䜘䜚ከ䛟䛾ດຊ䜢⾜䛖䜉䛝䛷䛒䜛䚹 䜰䝉䝑䝖䜸䞊䝘䞊䛿䚸 䠄ESG 䛷㐩ᡂ䛷䛝䜛䛣䛸䛜䛒䜛䛸䛩䜜䜀䠅 ఱ䜢䛹䛾䜘䛖䛻㐩ᡂ䛧䜘䛖䛸䛧䛶䛔䜛䛾䛛䠛ᣢ• 㐺ษ䛺 ESG 䛾ホ౯᪉ἲ䜢ぢ䛴䛡䜛䛯䜑䚸 䜘䜚ດຊ䜢䛩䜛䛣䛸䚹• മๆ䜢ྵ䜐䝫䞊䝖䝣䜷䝸䜸඲య䛻䛚䛡䜛⎔ቃⓗ 䞉 ♫఍ⓗ䜲䞁䝟䜽䝖䜢ᢕᥱ䛩䜛䛣䛸䚹• 䝺䞊䝧䝹䝗 䞉 䝪䞁䝗䛻㝈䜙䛪䚸 ESG 䛾䜲䞁䝟䜽䝖䜢䛹䛾䜘䛖䛻ホ౯ 䞉 䝁䝭䝳䝙䜿䞊䝅䝵䞁䛩䜉䛝䛛Ỵᐃ䛩䜛䛣䛸䚹• 䝫䞊䝖䝣䜷䝸䜸䛸 SDGs 䛾ᡂᯝ䜢㛵㐃௜䛡䜛䛣䛸䚹

മๆᢞ㈨࡬ࡢ⎔ቃ࣭♫఍࣭࢞ࣂࢼࣥࢫ㸦(6*㸧せ⣲ࡢ⤫ྜ| 45㐍ࡴ࡭ࡁ㐨
ESG ᢞ㈨䛿䚸 ⣧⢋䛺䝥䝻䝉䝇୺ᑟ䛛䜙䚸 䜘䜚⤖ᯝ୺ᑟ䛾άື䜈䛸Ⓨᒎ䛧䛶䛔䜛䚹 䛣䜜䛿䚸 ඲䛶䛾㈨⏘䛻䛴䛔䛶ᙜ䛶䛿䜎䜚䚸 മๆ䜒ྵ䜎䜜䜛䚹 മๆᢞ㈨䜔ᢞ㈨ᐙ䛾䝫䞊䝖䝣䜷䝸┠䛿᪂⯆ᅜᕷሙ䛾Ⓨ⾜య䛻⛣䜚䛴䛴䛒䜛䚹 䜎䛯䚸 ᅜമ䛾
ESG ศᯒ䛻䝸䜰䝹䝍䜲䝮䛾せ⣲䜢ྲྀ䜚ධ䜜䜛䛯䜑䚸 ᪂䛯䛺᝟
ሗ※ 䠄䝡䝑䜾䝕䞊䝍䚸 ேᕤ⾨ᫍ䛺䛹䠅 䛾㡹೺ᛶ䛸㔜せᛶ䜢ㄪ䜉䜛ᚲせ䛜䛒䜛䚹䜸඲య䛻 ESG せ⣲䜢⤫ྜ䛩䜛኱䛝䛺Ṍ䜏䛜ᐇ⌧䛧䛶䛔䜛➨஧䛻䚸 ESG せ⣲䛸㈈ົⓗ䛺䝸䝇䜽 䞉 䝸䝍䞊䞁䛾㛫䛾㛵ಀ䛻୍᪉䛷䚸 䛣䛾䜰䝥䝻䞊䝏䜢┿䛾ព࿡䛷ᢞ㈨ᡭἲ䛾୺ὶ䛸䛧䚸䛴䛔䛶䚸 䜘䜚ཝᐦ䛺ㄪᰝ䜒ồ䜑䜙䜜䛶䛔䜛䚹 䛥䜙䛻䚸 മๆ㔜せ䛺ᙳ㡪䜢୚䛘䛶䛔䛟䛯䜑䛻䛿䚸 䜎䛰ᚲせ䛺䛣䛸䛜䛒䜛䛣䛾඲䛶䛾ഃ㠃䛸 E 䞉 S 䞉 G 䛾せ⣲䛸䛾㛵㐃䛻䛴䛔䛶䚸 ㏱᫂䛸䜢䚸 ๓㏙䛾ᠱᛕ䛿᫂䜙䛛䛻䛧䛶䛔䜛䚹ᛶ䛾㧗䛔᪉ἲㄽ䜢⏝䛔䛶䚸 䜘䜚㛗䛔ᮇ㛫䛻䛴䛔䛶䚸 ᖜᗈ䛔

ᢞ㈨ᐙ⮬㌟䛻ຍ䛘䚸 ከ䛟䛾䝇䝔䞊䜽䝩䝹䝎䞊䛜䚸 മๆᢞ㈨മๆ✀ู䜔ᅜ䜢ᑐ㇟䛸䛧䛯Ꮫ⾡◊✲䛜ᚲせ䛸䛥䜜䛶䛔䜛䚹䛻䛚䛡䜛 ESG 䜢୺ὶ䛻䛩䜛┠ᶆ䜢㐩ᡂ䛩䜛ᙺ๭䜢ᢸ䛳䛶➨୕䛻䚸 ESG 䝕䞊䝍䜢㐺⏝䛩䜛䝣䝺䞊䝮䝽䞊䜽䜢䚸 ᘬ䛝⥆䛔䜛䚹䛝ᨵⰋ䛩䜛ᚲせ䛜䛒䜛䚹ᶆ‽໬䛥䜜䛯ᅜ㝿ⓗ䛺䝣䝺䞊䝮䝽䞊• ᨻᗓ䛿䚸 ᅜമⓎ⾜䛾ศᯒ䛻ᙳ㡪䛩䜛ᅜ䛾㈈ົⓗ䛺఍ィ䛸䛸䜒䛻䚸 ESG 䛸㛤Ⓨㄢ㢟䛻㛵䛩䜛ᅜ䛾䝕䞊䝍䜢䚸 䜘䜚᪩䛟ṇ☜䛻ᥦ౪䛩䜛ᚲせ䛜䛒䜛䚹• ௻ᴗ䛿䚸 ᰴᘧ䛸♫മ䛾Ⓨ⾜䜢䜘䜚㐺ษ䛻ホ౯䛩䜛䛯䜑䚸䜽䛻䜘䜚䚸 ᢞ㈨ᐙ䛿䚸 ESG ศᯒ䛜☜ᅛ䛯䜛ᇶ┙䛾䜒䛸䛷⾜䜟䜜䛶䛔䜛䛸䛔䛖☜ಙ䜢ᣢ䛴䚹 䛣䜜䛻䜘䜚䚸 ᢞ㈨ᐙ䛿඲㈨⏘䜽䝷䝇䛾୺ὶ䛾ᢞ㈨䛷䛣䛾ศᯒ䜢⾜䛔䛴䛴䚸 䛥䜙䛻⮬㌟
䛾ಙᛕ䜔┠ᶆ䜢཯ᫎ䛩䜛䛯䜑䛾䜹䝇䝍䝮໬䜢ຍ䛘䜛䛣䛸䛜ྍ㈈ົⓗ䛺せ⣲䛸䛸䜒䛻䚸 ESG 䛻㛵䛩䜛ሗ࿌䛻䛴䛔䛶ᘬ䛝⬟䛸䛺䜛䚹⥆䛝ᨵၿ䛩䜛ᚲせ䛜䛒䜛䚹᭱ᚋ䛻䚸 䜾䝸䞊䞁䝪䞁䝗䜈䛾㟂せ䛜♧䛩䛸䛚䜚䚸 䜘䜚㠉᪂ⓗ• ᅜ㝿㛤Ⓨ㔠⼥ᶵ㛵䛿䚸 䝺䞊䝧䝹䝗 䞉 䝪䞁䝗䛾Ⓨ⾜䜔䚸 䜘䛺䝃䝇䝔䜲䝘䝤䝹ᢞ㈨ၟရ䛜ᚲせ䛸䛥䜜䛶䛔䜛䚹 䛣䜜䜙䛿䚸䜚ᖜᗈ䛟䜲䞁䝟䜽䝖䛾ホ౯䛻䛴䛔䛶䚸 ඛᑟ䚸 ௰௓䚸 ᩍ⫱㠃

ᢞ㈨ᐙ䛾㈨⏘㓄ศ䛸䝧䞁䝏䝬䞊䜽䛻䛚䛔䛶ព࿡䛾䛒䜛䜒䛾䛷㔜せ䛺ᙺ๭䜢ᢸ䛳䛶䛔䜛䚹䛻䛺䜛䛯䜑䛻䜒䚸 つᶍ䛾ᣑ኱䛜ྍ⬟䛷䜘䜚ከᵝ䛺䜒䛾䛷䛺• ᅜ㝿ᅋయ䛿䚸 ඲䛶䛾㈨⏘䜽䝷䝇䛷 ESG ᢞ㈨䜢୺ὶ䛻䛧䚸䛡䜜䜀䛺䜙䛺䛔䚹 䝃䝇䝔䜲䝘䝤䝹䝪䞁䝗䛾Ⓨ⾜䛜ቑຍ䛧䚸 ๓

ඹ㏻䛾䝣䝺䞊䝮䝽䞊䜽䛻ྥ䛡䛯ྲྀ䜚⤌䜏䜢ᨭ䛘䜛䛯䜑䚸 ᛮ㏙䛧䛯䝕䞊䝍䛸䝣䝺䞊䝮䝽䞊䜽䛻ᨭ䛘䜙䜜䛶䚸 ᢞ㈨ᐙ䛜㑅ᢥ᝿㠃䛷䛾䝸䞊䝎䞊䝅䝑䝥䛸☜ド䛾ᥦ౪䛻ດຊ䛩䜛ᚲせ䛜䛧䛯┠ᶆ䛻ྥ䛡䛶䝫䞊䝖䝣䜷䝸䜸䜢ື䛛䛧䚸 䜲䞁䝟䜽䝖䜢ホ౯䛒䜛䚹䛩䜛䛣䛸䛜ྍ⬟䛻䛺䛳䛯䚹 ᢞ㈨ᐙ䛾㟂せ䜢‶䛯䛩௙⤌മ• 䝃䞊䝡䝇ᥦ౪ᴗ⪅䛿䚸 ᘬ䛝⥆䛝 ESG 䛾᪉ἲㄽ䛸ศᯒ䜢䜔䛭䛾௚䛾ၟရ䜢㛤Ⓨ䛩䜛䛯䜑䚸䛷䛝䜛䛣䛸䛿䜎䛰䛒䜛䚹 ᅜᨵၿ䛧䚸 䛭䛾䛯䜑䛾䜘䜚᪩䛔䚸 ṇ☜䛷䚸 ᗈ⠊䛺䝕䞊䝍䜢㝿ᶵ㛵മ䛾Ⓨ⾜య䛿䚸 ICMA 䛺䛹䛾䝟䞊䝖䝘䞊䛸䛸䜒䛻䜲䞁㏣ồ䛩䜛ᚲせ䛜䛒䜚䚸 ≉䛻മๆศ㔝䛻䛚䛡䜛㉁䛾ྥୖ䛻䝟䜽䝖ሗ࿌䛾䝰䝕䝹䚸 ㏱᫂ᛶ䛸᝟ሗ㛤♧䛾ᇶ‽䜢ヲ⣽䛻䛴䛔䛶䚸 ᢞ㈨ᐙ䛾せồ䛻ᛂ䛘䜛ᚲせ䛜䛒䜛䚹♧䛧䚸 മๆ䛾Ⓨ⾜䜢㏻䛨䛶䝃䝇䝔䜲䝘䝤䝹䝪䞁䝗ᕷሙ䛾ᡂ䞉 Ꮫ⏺䛿䚸 ᪂䛯䛺䜰䜲䝕䜰䚸 ᪂䛯䛺ホ౯᪉ἲ䚸 ᢈุⓗホ౯䜢ᥦ♧䛩䜛䛣䛸䛜䛷䛝䜛䚹 മๆศᯒ䛻䛚䛡䜛✵ⓑ䛿䚸≉䛻ᇙ䜑䜛ᚲせ䛜䛒䜛䚹䛥䜙䛺䜛ྲྀ䜚⤌䜏䛜䚸 ௨ୗ䛾 4 䛴䛾ศ㔝䛷ᚲせ䛸䛥䜜䛶䛔䜛䚹➨୍䛻䚸 ESG ศᯒ䜔䝒䞊䝹䛾᰿ᣐ䛸䛺䜛䝕䞊䝍䜢ᨵၿ䛩䜛⌧ᅾ䛾䜲䝙䝅䜰䝔䜱䝤䜢䚸 ௒ᚋ䜒ᨭ᥼䛩䜛ᚲせ䛜䛒䜛䚹 ௻ᴗ䛾ሗ࿌䛻㛵䛩䜛䜲䝙䝅䜰䝔䜱䝤䛿⤖ᯝ䜢ฟ䛧䛴䛴䛒䜚䚸 ὀ

46 | 7. ⤖ㄽ㸸ࣉࣟࢭࢫ࠿ࡽ࢖ࣥࣃࢡࢺ࡬

㛗䛻ྥ䛡䛶ᐤ୚䛧䛶䛔䜛䚹ḟࡢࢫࢸࢵࣉ

ၟရୡ⏺㖟⾜䜾䝹䞊䝥䚸 GPIF䚸 䛭䛾䝟䞊䝖䝘䞊䛻ᑐ䛧䛶ᥦ᱌䛩• 䝺䞊䝧䝹䝗 䞉 䝪䞁䝗䛾Ⓨ⾜䜢ຓゝ 䞉 ᨭ᥼䛩䜛䛯䜑䚸 ୰ኸ䜛ḟ䛾䝇䝔䝑䝥䛿䚸 ௨ୗ䛾䛸䛚䜚䛷䛒䜛䚹ᨻᗓ䜔ᆅ᪉⮬἞య䛸༠ാ䚹• 䝺䞊䝧䝹䝗 䞉 䝪䞁䝗䜔䛭䛾௚䛾മๆ䛷㈨㔠ㄪ㐩䛧䛯䝥䝻ᅜࡢሗ࿌• ᅜ䛾ᵝ䚻䛺㈨ᮏ䛻㛵䛩䜛఍ィ䜢᪂⯆ᅜ⤒῭䛺䛹䛷฼⏝䛩䜛䛣䛸䜢᥎ዡ 䞉 ᨭᣢ䚹• 䜰䜽䝉䝇䛜ᐜ᫆䛷ṇ☜䛛䛴䝍䜲䝮䝸䞊䛺 ESG 䝸䝇䜽䛸䜲䞁䝟䜽䝖䛾ᣦᶆ䜢䚸 䝇䝔䞊䜽䝩䝹䝎䞊䛸༠ຊ䛧䛶ᢞ㈨ᐙ䛜ศᯒ䛻ྲྀ䜚ධ䜜䜛䛯䜑䛻䚸 䛹䛾䜘䛖䛻ᥦ౪䛩䜉䛝䛛᳨ウ䚹• ᅜമศᯒ䛻䛚䛡䜛䚸 ESG 䝸䝇䜽䛸䜲䞁䝟䜽䝖せ⣲䛾㔜せᛶ䛸⤫ྜ䛻㛵䛩䜛◊✲䜢ᐇ᪋䚹• ᢞ㈨ᐙ䛜 ESG ㄢ㢟䛻䛴䛔䛶ᅜമⓎ⾜య䛻ാ䛝䛛䛡䜛ᶵ఍䜢ᥦ౪䚹௻ᴗ࡜࢖ࣥࣃࢡࢺሗ࿌• ᶆ‽ⓗ䛺௻ᴗ䛾ሗ࿌䜢ಁ㐍 䞉 Ⓨᒎ䛥䛫䜛䛯䜑䚸 ᅜ㝿ⓗ䛺䜲䝙䝅䜰䝔䜱䝤 䠄GRI 䜔 SASB䠅 䜔ᢞ㈨ᐙ䛸䛾䜶䞁䝀䞊䝆䝯䞁䝖䜢ᣑ኱䚹• 㔠⼥ᶵ㛵䛻䜘䜛Ẽೃ㛵㐃䝅䝘䝸䜸ศᯒ䜔ホ౯䛺䛹䚸 TCFD䛸䛾༠ാ䜢⥅⥆䚹• SDGs 䛻ἢ䛳䛯௻ᴗ䛾ᣢ⥆ྍ⬟ᛶ䝧䞁䝏䝬䞊䜽䜢ಁ㐍䚹• ᣢ⥆ྍ⬟䛺㛤Ⓨ䛻㛵䛩䜛ᢞ㈨ 䠄IFC 䝋䞊䝅䝱䝹䝪䞁䝗䜔ୡ⏺㖟⾜䝃䝇䝔䜲䝘䝤䝹 䞉 䝕䝧䝻䝑䝥䝯䞁䝖 䞉 䝪䞁䝗䛺䛹䠅䝆䜵䜽䝖䛾䜲䞁䝟䜽䝖䜢ィ

䞉 ㏣㊧䛩䜛㝿䛾㏱᫂ᛶ䛾ྥୖ䛻䛴䛔䛶䚸 ᪂⯆ᅜⓎ⾜య䜈ຓゝ䜢ᥦ౪䚹• 䠄Ⓨ⾜య䚸 Ⓨ⾜ᙧែ䚸 ಙ⏝ຊ䛺䛹䛾㠃䛷䠅 ᕷሙ䜢ከᵝ໬䛧䚸 つᶍ䜢ᣑ኱䛥䛫䜛䛯䜑䚸 Ⓨ⾜䛥䜜䛯඲മๆ䛾ㄪ㐩㈨㔠䛾ᣢ⥆ྍ⬟䛺฼⏝䜔䚸 㛵㐃䛩䜛䜲䞁䝟䜽䝖ሗ࿌䛻䛴䛔䛶䚸 ᢞ㈨ᐙ䛸䛾䜶䞁䝀䞊䝆䝯䞁䝖䜢ᙉ໬䚹• ⎔ቃ䚸 䝆䜵䞁䝎䞊䚸 ேⓗ㈨※䚸 䝴䝙䝞䞊䝃䝹䝦䝹䝇䜿䜰䛺䛹䛾ᕪ䛧㏕䛳䛯㛤Ⓨㄢ㢟䜔䚸 ඲ୡ௦䛾ᣢ⥆ⓗ䛺⦾ᰤ䜢ྍ⬟䛻䛩䜛䛭䛾௚䛾䝔䞊䝬䛻䛴䛔䛶䛾ㄆ㆑䜢㧗䜑䜛ᢞ㈨ၟရ䜢ᨭ᥼䚹⤖ᒁ䛾䛸䛣䜝ᢞ㈨䛸䛿䚸 ᶵ఍䜔୙☜ᐇᛶ䜢ྲྀ䜚ᢅ䛖䛣䛸䛷䛒䜚䚸 䛣䜜䛿 ESG ᢞ㈨䛻䛴䛔䛶䜒౛እ䛷䛿䛺䛔䚹 ESG 䛿䚸䜰䝉䝑䝖䜸䞊䝘䞊䜔㐠⏝఍♫䛻䛸䛳䛶୺せ䛺ㄢ㢟䛷䛒䜛䛸ྠ᫬䛻䚸 ᪂䛯䛺㈈ົⓗ 䞉 ♫఍ⓗ䛺ᶵ఍䜒ᥦ౪䛩䜛䚹 ᨻᗓ䛿䚸 䜘䜚Ⰻ䛔䝣䝺䞊䝮䝽䞊䜽䜢タᐃ䛧䚸 䜘䜚Ⰻ䛔䝕䞊䝍䜢㎿㏿䛻ᥦ౪䛩䜛䛣䛸䛷Ⓨᒎ䜢ಁ㐍䛩䜛䛣䛸䛜䛷䛝䜛䚹 䜎䛯䚸 ᅜ㝿ᶵ㛵䜔ᴗ⏺ᅋయ䛿䚸 ᇶᮏⓗ䛛䛴୍⯡ⓗ䛺䜺䜲䝎䞁䝇䛷㈉⊩䛩䜛䛣䛸䛜䛷䛝䜛䚹 ᕷሙ䛷䛾➇த䛿䚸ESG 䝕䞊䝍䚸䝒䞊䝹䚸 ᡓ␎䚸 ၟရ䛾ᥦ౪䜢௒ᚋ䜒ಁ䛧䚸 䛣䜜䛿㛗ᮇⓗ䛻ᢞ㈨䛾㉁䜢㧗䜑䜛䛣䛸䛸䛺䜛䚹䛻䜘䜛䜲䞁䝟䜽䝖䜔䚸SDGs 䛸䛾㛵㐃䛻䛴䛔䛶䛾ሗ࿌䜢Ⓨᒎ䞉ᨵၿ䛧䚸 䛭䛾௚䛾Ⓨ⾜య䛻䜘䜛ሗ࿌䛾䝰䝕䝹䛸䛧䛶฼⏝䛥䜜䜛䜘䛖䚸 ᶵ㛵ᢞ㈨ᐙ䛺䛹䛸༠ാ䚹• ᪂⯆ᅜ௻ᴗ䛻ᑐ䛧䛶䚸 ᝟ሗ㛤♧䛸㏱᫂ᛶ䛻㛵䛩䜛 IFC 䛾䝒䞊䝹䜻䝑䝖䛾฼⏝䜢᥎ዡ䛧䚸 ≉ᐃ䛾ᅜ䜔ᴗ✀䜢ᑐ㇟䛻䚸䜹䝇䝍䝮໬䛧䛯ᩍ⫱άື䜢⪃᱌䚹ࣇ࣮࣒࣮ࣞ࣡ࢡICMA 䛾䜶䜾䝊䜽䝔䜱䝤䞉䝁䝭䝑䝔䜱䞊䜢㏻䛨䛶䚸 䜾䝸䞊䞁䠋䝋䞊䝅䝱䝹䝪䞁䝗ཎ๎䜔䜲䞁䝟䜽䝖ሗ࿌䛾ᨵၿᨭ᥼ 䠄SDGs 䛸䛾㛵㐃䜢ྵ䜐䠅 䜢⥅⥆䚹• മๆ䛾ᶵ㛵ᢞ㈨ᐙ䛸䛸䜒䛻䚸 ᪂⯆ᅜ䛾♫മⓎ⾜య䛻ᑐ䛩䜛 IFC 䛾 ESG 䝣䝺䞊䝮䝽䞊䜽䜢᳨ド䚹

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| 47

48 | 7. ⤖ㄽ㸸ࣉࣟࢭࢫ࠿ࡽ࢖ࣥࣃࢡࢺ࡬⿵㑇⿵㑇1㸸࢖ࣥࢱࣅ࣮ࣗඛ

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CFA㸦2015㸧

SGẼೃኚື䚸Ⅳ⣲᤼ฟ㢳ᐈ‶㊊ྲྀ⥾ᙺ఍䛾ᵓᡂ

኱Ẽởᰁ䚸Ỉ㉁ởᰁ䝕䞊䝍ಖㆤ䚸䝥䝷䜲䝞䝅䞊┘ᰝጤဨ఍䛾ᵓ㐀⏕≀ከᵝᛶ䝆䜵䞁䝎䞊䝎䜲䝞䞊䝅䝔䜱

㈥㈣䚸ở⫋

᳃ᯘఆ᥇

㞠⏝⪅䛾䜶䞁䝀䞊䝆䝯䞁䝖ᙺဨሗ㓘䜶䝛䝹䜼䞊ຠ⋡໬ᆅᇦ♫఍䛸䛾㛵ಀ䝻䝡䞊䜲䞁䜾

ᗫᲠ≀⟶⌮

ேᶒ

ᨻ἞㈉⊩

Ỉ୙㊊

ປാᇶ‽

ෆ㒊࿌Ⓨయไ

PRI㸦2014㸧

Ⅳ⣲ᙉᗘ

ேཱྀືែ

♫఍ไᗘ䛾㡹೺ᛶ㸦ᅜമⓎ⾜య㸧Ỉ䝇䝖䝺䝇ᩍ⫱䚸ேⓗ㈨※ở⫋䜶䝛䝹䜼䞊㈨※䞉⟶⌮೺ᗣ≧ែయไ䛾Ᏻᐃᛶ

⮬↛⅏ᐖᨻ἞䞉ሗ㐨䛾⮬⏤ἲ䛾ᨭ㓄⏕ែ⣔䛾チᐜ㔞䞉㉁

ேᶒ

㈈ົሗ࿌

኱Ẽởᰁ

ປാᇶ‽

つไ䛾ຠ⋡ᛶ

⏕≀ከᵝᛶ

♫఍ⓗ᤼㝖

༠ᐃ䛾㑂Ᏺ

㎰ᴗၥ㢟

཰ධ䛾୙ᖹ➼

ᅜ㝿㛵ಀ

PRI㸦2014㸧

⎔ቃ

ேཱྀືែ

஦ᴗ䛾ရ఩

㸦♫മⓎ⾜య㸧

Ẽೃኚື

ேᶒ

ᰴ୺䛾ᶒ฼

⏕≀ከᵝᛶ

ປ౑㛵ಀ

䜲䞁䝉䞁䝔䜱䝤ᵓ㐀䜶䝛䝹䜼䞊㈨※䞉⟶⌮

೺ᗣ䚸Ᏻ඲

┘ᰝ䛾័⾜

⏕ែ⣔䛾チᐜ㔞䞉㉁ከᵝᛶྲྀ⥾ᙺ఍䛾⊂❧ᛶ䞉▱ぢ

኱Ẽởᰁ

㢳ᐈᑐᛂ

ཷク⪅㈐௵

Ỉ୙㊊䚸Ỉ㉁ởᰁ〇㐀≀㈐௵

㏱᫂ᛶ䠋ㄝ᫂㈐௵

䝸䝇䜽⟶⌮

ປാ

䝁䝭䝑䝖䝯䞁䝖㈨※䛾ຠ⋡ᛶ

බ⾗⾨⏕䞉Ᏻ඲

ྲྀ⥾ᙺ఍䛾ᵓ㐀

බᐖ㜵Ṇ

⛣ఫ

⤫ไ≧ἣ

༴ᶵ‽ഛ䞉ᑐᛂ

ඛఫẸ

㏱᫂ᛶ䞉᝟ሗබ㛤

⏕≀ከᵝᛶ

ᩥ໬㑇⏘

ᑡᩘᰴ୺

IFC㸦2012㸧

ᰴ୺䜶䞁䝀䞊䝆䝯䞁䝖ฟᡤ 䠖 CFA䚸 PRI䚸 IFC

50 | ⿵㑇⿵㑇3㸸മๆࡢ≉ᚩ࡜ESG࡬ࡢ࢖ࣥࣉࣜࢣ࣮ࢩࣙࣥമๆࡢ≉ᚩ㈐௵ᢞ㈨ࡢྲྀ⤌ࡳ₯ᅾⓗ䛺䝎䜴䞁䝃䜲䝗䛜䚸₯ᅾⓗ䛺䜰䝑䝥䝃䜲䝗䜘䜚䜒㔜せ䚹ᡂ㛗ᶵ఍䜘䜚䜒䚸䝸䝇䜽䚸ప䝪䝷䝔䜱䝸䝔䜱䚸㈨⏘䛾ಖ඲䛻╔┠䚹㈈ົⓗ䛺䝎䜴䞁䝃䜲䝗䛻ᑐ䛩䜛ESGせ⣲䛾ᐤ୚䛻╔┠䚹≉䛻Ⓨ⾜య䛾ಙ⏝ຊ䛻ᙳ㡪䛩䜛኱䛝䛺䜲䝧䞁䝖䝸䝇䜽䜔䝅䝇䝔䝭䝑䜽䝸䝇䜽䚹䛣䛾䛖䛱᭱䜒㔜せ䛺䜒䛾䛿䜺䝞䝘䞁䝇䚹㈚ᡭ䛿䚸೉ᡭ䛸ዎ⣙䛾㛵ಀ䛿䛒䜛䛜䚸䜸䞊䝘䞊䛷䛿䛺䛔䚹മๆಖ᭷⪅䛿ᰴ୺⥲఍䛷㆟Ỵᶒ䜢⾜౑䛫䛪䚸⤒Ⴀ㝕䛸䛾᥋ゐᶵ఍䛿ẚ㍑ⓗᑡ䛺䛔䚹• 䝸䝇䜽䜢⟶⌮䛩䜛䛯䜑䚸䛒䜙䜖䜛ᶵ఍䜢฼⏝䛧䛶ᠱᛕ䛩䜛
ESGせ⣲䛻䛴䛔䛶Ⓨ⾜య䛻ാ䛝䛛䛡䜛䠄Ⓨ⾜䜎䛷䛾㛫䠅䚹• 䜘䜚ຠᯝⓗ䛺䜶䞁䝀䞊䝆䝯䞁䝖䜢⾜䛖䛯䜑䚸௚䛾മๆಖ᭷⪅䛸༠ാ䚹• മົ෌⦅᫬䚸䜺䝞䝘䞁䝇䛾ᠱᛕ䛻䛴䛔䛶㆟Ỵ䚹ከẁ㝵䛾ศᯒ䠄䜲䞊䝹䝗䝇䝥䝺䝑䝗䚸䜲䞊䝹䝗䜹䞊䝤ศᯒ䛺䛹䠅㡹೺䛛䛴ྜ⌮ⓗ䛺䝥䝻䝉䝇䜢☜❧䛧䚸䜰䝘䝸䝇䝖䛻䜘䜛ຠ⋡ⓗ䛺ESG䝸䝇䜽䛾Ⓨぢ䞉⟶⌮䜢ᨭ᥼䚹」ᩘ䛾Ⓨ⾜య䝍䜲䝥䠄௻ᴗ䚸 ᨻᗓ䚸 㔠⼥ᶵ㛵䚸ᅜ㝿ᶵ㛵䛺䛹䠅

ESGศᯒ䛿Ⓨ⾜య䛻䜘䜚ᵝ䚻䚹ィ ᪉ἲ䚸ᇶ‽䛾䜴䜵䜲䝖䚸䜶䞁䝀䞊䝆䝯䞁༦䛾䜰䝥䝻䞊䝏䛿ከᵝ䚹඲䛶䛻୍ᚊ䛻ᙜ䛶䛿䜎䜛䜒䛾䛿䛺䛔䚹ከᵝ䛺ၟရ䠄௙⤌മ䚸ABS䛺䛹䠅Ⓨ⾜య䛾ಙ⏝ຊ䚸⿬௜㈨⏘䝥䞊䝹䚸䜸䝸䝆䝛䞊䝍䞊䛻㛵䛩
䜛ESG㛵㐃䝸䝇䜽䛾ศᯒ䚹䞉බເമ䜎䛯䛿⚾ເമ䞉ᢞ㈨㐺᱁മ䜎䛯䛿䝝䜲䜲䞊䝹䝗മ㈐௵ᢞ㈨䛾䜰䝥䝻䞊䝏䛿䚸ESG᝟ሗ䛾᭷⏝ᛶ䚸䜶䞁䝀䞊䝆䝯䞁䝖䛾ᶵ఍䚸ᢞ㈨ᐙ䛾ᙳ㡪ຊ䚸⤒Ⴀ㝕䜈䛾᥋ゐ䛻䜘䜚ᵝ䚻䚹䝥䝷䜲䝧䞊䝖䠋䝝䜲䜲䞊䝹䝗ドๆ䛿䚸䝸䝇䜽䛿㧗䛔䛜䚸䜘䜚ከ䛟䛾䜶䞁䝀䞊䝆䝯䞁䝖䜔䜰䜴䝖䝟䝣䜷䞊䝮䛾ᶵ఍䜢ᥦ౪䚹␗䛺䜛㈨ᮏᵓᡂୖ䛾䝺䝧䝹䚹䝅䝙䜰䚸ຎᚋ䚸䝝䜲䝤䝸䝑䝗മ䛺䛹䚹ຎᚋമಖ᭷⪅䛿䝅䝙䜰മಖ᭷⪅䜘䜚䜒᪩䛟㈈ົⓗ䝎䜴䞁䝃䜲䝗䛻┤㠃䛧䚸ESG䝸䝇䜽䛻䜘䜛䜲䞁䝟䜽䝖䛻䜘䜚ᩄឤ䚹␗䛺䜛മๆ䛜䚸␗䛺䜛ᮇ㛫䛻ཬ䜆ᅛᐃⓗ䛺䝕䝳䝺䞊䝅䝵䞁䜢ᣢ䛴䚹␗䛺䜛䝕䝳䝺䞊䝅䝵䞁䛜䚸ಙ⏝ᗘ䛻䛴䛔䛶䛾ESG䛾㔜せᛶ䛻ᙳ㡪䛩䜛䛾䛛᳨ウ䠄౛䛘䜀䚸 ᐊຠᯝ䜺䝇᤼ฟつไ䛿3ᖺമ䛻䜒10ᖺമ䛻䜒➼䛧䛟ᙳ㡪䛩䜛䛾䛛䠛䠅䚹㠀ୖሙ௻ᴗ䛿ୖሙ䠋බເമๆ䜢Ⓨ⾜ྍ⬟䚹㠀ୖሙ௻ᴗ䛻䛴䛔䛶䛾ESG䝕䞊䝍䛾䜹䝞䝺䝑䝆䛿┦ᑐⓗ䛻ᑡ䛺䛟䚸ሗ࿌䛻㛵䛩䜛つไ䛿⦆䛔䚹⚾ເⓎ⾜䛿䚸Ⓨ⾜せ௳䛜⦆䛟䚸Ⓨ⾜䜎䛷䛾ᮇ㛫䛜㛗䛔䚹⚾ເⓎ⾜䛻䛚䛔䛶䛿䝸䝇䜽䛜䜘䜚㞟୰䛩䜛䛯䜑䚸ESG䝸䝇䜽䛾ヲ⣽䛺᳨ウ䛜ᚲせ䚹Ⓨ⾜䜎䛷䛾ᮇ㛫䛜㛗䛔䛯䜑䚸ヲ⣽䛺᳨ウ䛜ྍ⬟䚹മๆ䛿䚸Ꮚ఍♫䜔≉ู┠ⓗ఍♫䠄SPV䠅䜒Ⓨ⾜ྍ⬟䚹ぶ఍♫䚸Ꮚ఍♫䚸䜸䝸䝆䝛䞊䝍䞊䛻䜘䜛ESG䝸䝇䜽䛾䜶䜽䝇䝫䞊䝆䝱䞊䛸⟶⌮䛻㓄៖䚹༢୍䛾Ⓨ⾜య䛜」ᩘ䛾മົドๆ䜢Ⓨ⾜䚹༢୍䛾Ⓨ⾜య䛾」ᩘ䛾ドๆ䛻䜘䜛ESG䝸䝇䜽䛾㞟୰䛻㓄៖䚹മๆศᯒ䛿ᐃ㔞せ⣲䛻ከ䛟౫Ꮡ䚹᪤Ꮡ䛾ㄪᰝ䝰䝕䝹䛻⡆༢䛻䛂᥋⥆䛃䛷䛝䜛䚸୍㈏䛧ẚ㍑ྍ⬟䛺ESGィ ᪉ἲ䛾ᚲせᛶ䚹ฟᡤ 䠖 PRI 䠄2014䠅

മๆᢞ㈨࡬ࡢ⎔ቃ࣭♫఍࣭࢞ࣂࢼࣥࢫ㸦(6*㸧せ⣲ࡢ⤫ྜ| 51⿵㑇4㸸ᅜࡢᣢ⥆ྍ⬟ᛶ࡟㛵ࡍࡿRobecoSAMࡢࣇ࣮࣒࣮ࣞ࣡ࢡ

䝃䝤ᣦᶆ䝺䝧䝹

ᣦᶆ䝺䝧䝹

せ⣲䝺䝧䝹

ྛᅜ䛻䛴䛔䛶䚸ᣢ⥆ྍ⬟ᛶ䛻㛵䛩䜛250௨ୖ䛾䝃䝤ᣦᶆ䛾䝕䞊䝍⣔ิ䜢཰㞟䚹䝃䝤ᣦᶆ䛿௨ୗ䛾ศ㔝䜢䜹䝞䞊䚹

ྛᣦᶆ䛻䛴䛔䛶䚸1䛛䜙
10䜎䛷䛾┦ᑐ䝇䝁䜰䜢⟬ฟ䚹ྛᣦᶆ䛻䛿䚸஦๓䛻ᐃ䜑䜙䜜䛯䜴䜵䜲䝖䛜ᙜ䛶䜙䜜䜛䚹ྛせ⣲䛾䜴䜵䜲
䝖䛿䚸ᣦᶆ䝺䝧
䝹䛾䜴䜵䜲䝖䛾ྜィ䚹䞉 ᤼ฟ䞉 ⏕≀ከᵝᛶ⎔ቃ≧ែ (10%) *䞉 䜶䝛䝹䜼䞊฼⏝䞉 䜶䝛䝹䜼䞊※䜶䝛䝹䜼䞊(2.5%)

䞉 ⎔ቃ䝸䝇䜽䞉䜶䜽䝇䝫䞊䝆䝱䞊 䞉 䝸䝇䜽ᢚไ⟇⎔ቃ䝸䝇䜽(2.5%)䞉 ⚟♴䞉 ௙஦䛸බᖹᛶ

♫఍ᣦᶆ(10%)

䞉 ᩍ⫱

䞉 ᑑ࿨

ேᮦ㛤Ⓨ (10%)

䞉 ᨻᗓ䜈䛾ಙ㢗䞉 ᆅඖ䛾ປാᕷሙ

♫఍୙Ᏻ (5%)

䞉 ᶒ฼䛸⮬⏤䞉 ୙ᖹ➼⮬⏤䛸୙ᖹ➼ (10%)

䞉 ேⓗ㈨ᮏ䛸䜲䝜䝧䞊䝅䝵䞁䞉 ≀⌮ⓗ㈨ᮏ

➇தຊ (10%)䞉 ෆ㒊䝸䝇䜽䛸㠀ຠ⋡ᛶ䞉 እ㒊ᑐ❧

ᨻ἞䝸䝇䜽 (10%)

䞉䚷බඹ㈈䛾⟶⌮

䞉 ᨻᗓᑐᛂ

ຠ⋡ᛶ (2.5%)

䞉 ᡤ᭷ᶒ䛾ಖㆤ䞉 ྖἲయ⣔

ἲ䛾ᨭ㓄 (2.5%)䞉Ẹ୺ⓗ䛺ཧຍ䞉 ᕷẸ♫఍

ㄝ᫂㈐௵ (2.5%)

䞉 ở⫋䛾䝺䝧䝹

䞉 ㏱᫂ᛶ/ᨻ⟇ở⫋ (2.5%)

䞉 䝔䝻䛸ᨻ἞≢⨥䞉 ᨻᗓ䛾Ᏻᐃᛶ

Ᏻᐃᛶ (2.5%)䞉 ➇த/⮬⏤໬䞉 ஦ᴗつไ

つไ䛾㉁ (2.5%)

䞉 ேཱྀືែ䞉 ᖺ㱋䛻㛵㐃䛩䜛ᨻ⟇ 㧗㱋໬ (10%)

䞉 㔠⼥ᨻ⟇䛾⊂❧ᛶ䞉 䛭䛾௚䛾♫఍ไᗘ*஦๓䛻ᐃ䜑䜙䜜䛯䜴䜵䜲䝖ฟᡤ 䠖 RobecoSAM 䠄2015䠅

52 | ⿵㑇♫఍ไᗘ (5%)

ᅜ䛾
ᣢ⥆ྍ⬟ᛶ
䝇䝁䜰
ᅜ䛾䝇䝁䜰
䛿 䚸 ᶆ‽໬䛧䛯䝇䝁䜰 䛾
ຍ㔜ᖹᆒ䚹

⎔ቃ
(15%)

♫఍
(25%)

ᅜ䛾ᣢ⥆ᛶ
䝇䝁䜰

䜺䝞䝘䞁䝇
(60%)

⿵㑇5㸸Bloomberg Barclays MSCI ESGമๆᣦᩘ䜽䝸䞊䝙䞁䜾䠅䚹 ♫മ䚸 ᅜമ䚸 ᨻᗓ㛵㐃മ䛾Ⓨ⾜య䛻䛴മๆᣦᩘ䛾䜾䝻䞊䝞䝹䝸䞊䝎䞊䛷䛒䜛 Bloomberg 䛸䚸ESG䠄⎔᪝Ⰴᣦᩘ䛻⤌䜏ධ䜜䜙䜜䜛䛻䛿䚸 ESG ᱁௜䛜 BBB ௨ቃ䚸 ♫఍䚸 䜺䝞䝘䞁䝇䠅 ᰴᘧᣦᩘ䜔ㄪᰝ◊✲䛾ୡ⏺᭱኱ୖ䛷䛒䜛ᚲせ䛜䛒䜛䚹䛾䝃䞊䝡䝇ᥦ౪⪅䛷䛒䜛 MSCI 䛿䚸 ESG 䝸䝇䜽䛸䜶䜽䝇䝫䞊䛔䛶 ESG ᱁௜䛜௜䛡䜙䜜䛶䛔䜛䚹 Bloomberg Barclays 䛾• Bloomberg Barclays MSCI ♫఍ⓗ㈐௵ 䠄SRI䠅 ᣦᩘ䛿䚸 ᪤䝆䝱䞊䛾ホ౯䜢ྲྀ䜚ධ䜜䛯䝹䞊䝹䛻ᇶ䛵䛟ྛ✀䝧䞁䝏䝬䞊Ꮡ䛾 Bloomberg Barclays ぶᣦᩘ䛛䜙䚸 ᢞ㈨᪉㔪䚸 ౯್ほ䚸䜽ᣦᩘ䜢ඹྠ㛤Ⓨ䛧䛯䚹♫఍ⓗつ⠊䛸┦཯䛩䜛஦ᴗ䜔άື䛻㛵୚䛧䛶䛔䜛Ⓨ⾜య䜢㝖እ䛧䛶䛔䜛 䠄䝛䜺䝔䜱䝤䞉䝇䜽䝸䞊䝙䞁䜾䠅䚹 䛣䛾ᣦ

Bloomberg Barclays MSCI ESG മๆᣦᩘ䛿䚸 ᵝ䚻䛺ᢞ㈨㐺

ᩘ䛿䚸 MSCI ஦ᴗ㛵୚䝇䜽䝸䞊䝙䞁䜾ㄪᰝ (BISR䠅 䛸 MSCI᱁䛾⥲ྜ 䞉 ♫മᣦᩘ䜢ྵ䜏䚸 ᡓ␎ⓗ㈨⏘㓄ศ䛻 ESG 䜢

ESG 䝁䞁䝖䝻䝞䝅䞊䛻䜘䜚䚸 㝖እ䛩䜛㖭᯶䜈䛾䜶䜽䝇䝫䞊⤫ྜ䛩䜛ᶵ㛵ᢞ㈨ᐙ䛾ኚ໬䛩䜛䝙䞊䝈䛻ᛂ䛘䛶䛔䜛䚹䝆䝱䞊䜢Ỵ䜑䛶䛔䜛䚹ໟᣓⓗᣦᩘ• Bloomberg Barclays MSCI ESG ຍ㔜ᣦᩘ䛿䚸 MSCI ESG᱁௜䛸䛭䛾ኚ໬䛻䜘䜚䚸 ᪤Ꮡ䛾 Bloomberg Barclays ぶᣦᩘ䛾୰䛷Ⓨ⾜య䜢䜸䞊䝞䞊䜴䜵䜲䝖䠋䜰䞁䝎䞊䜴䜵䜲䝖䛩䜛䚹䛣䛾ᣦᩘ䛿䚸 ぶᣦᩘ䛻⤌䜏ධ䜜䜙䜜䜛඲䛶䛾ドๆ䜢ᑐ㇟䛸䛧䚸 ᕷሙ᫬౯⥲㢠䛻ᑐ䛧䛶䚸 㧗᱁௜䠋᱁ୖ䛢Ⓨ⾜య䛿ᘬ䛝ୖ䛢䚸 ప᱁௜䠋᱁ୗ䛢Ⓨ⾜య䛿ᘬ䛝ୗ䛢䜛᪉ἲ䛷ㄪᩚ䛩䜛䚹
• Bloomberg Barclays MSCI ᣢ⥆ྍ⬟ᛶᣦᩘ䛿䚸 ESG ᱁௜ࢸ࣮࣐ᆺᣦᩘ
• Bloomberg Barclays MSCI 䜾䝸䞊䞁䝪䞁䝗ᣦᩘ䛿䚸 ┤᥋⎔ቃⓗ䛺౽┈䜢⏕䜐䝥䝻䝆䜵䜽䝖䛻㈨㔠䜢ᥦ౪䛩䜛䛯䜑䛻Ⓨ⾜䛥䜜䛯മๆ䛻䛴䛔䛶䚸 ᐈほⓗ䛷㡹೺䛺䜾䝻䞊䝞䝹ᕷሙ䛾ホ౯䜢ᢞ㈨ᐙ䛻ᥦ౪䛧䛶䛔䜛䚹 ⊂❧䛧䛯ㄪᰝ୺ᑟ䛾᪉ἲ䛻䜘䜚䚸 ᪤Ꮡ䛾䜾䝸䞊䞁䝪䞁䝗ཎ๎䛻㐺ྜ䛩䜛䜘䛖䚸ᣦᩘ䛻⤌䜏ධ䜜䜛䜾䝸䞊䞁䝪䞁䝗䜢ホ౯䛧䚸 ⎔ቃⓗ䛺㈨㔠౑㏵䛻ᛂ䛨䛶മๆ䜢ศ㢮䛧䛶䛔䜛䚹䜢䜒䛸䛻䚸 ᪤Ꮡ䛾 Bloomberg Barclays ぶᣦᩘ䛛䜙䚸 ྠᴗ௚♫䛸ẚ䜉䛶 ESG 䝸䝇䜽䜢䜘䜚䜘䛟⟶⌮䛧䛶䛔䜛 䛂䝧䝇䝖 䞉 䜲䞁 䞉 䜽䝷䝇䛃 䛾Ⓨ⾜య䜢⤌䜏ධ䜜䛶䛔䜛 䠄䝫䝆䝔䜱䝤䞉䝇ฟᡤ 䠖 MSCI (2017b)

മๆᢞ㈨࡬ࡢ⎔ቃ࣭♫఍࣭࢞ࣂࢼࣥࢫ㸦(6*㸧せ⣲ࡢ⤫ྜ

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5. HOW IS ESG

BEING IMPLEMENTEDཧ⪃ᩥ⊩
BY FIXED INCOME
INVESTORS?
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മๆᢞ㈨࡬ࡢ⎔ቃ࣭♫఍࣭࢞ࣂࢼࣥࢫ㸦(6*㸧せ⣲ࡢ⤫ྜ| 55

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56 | ཧ⪃ᩥ⊩

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GIIN (2017), Evidence on the Financial Performance of Impact

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Finance, Insurance and Private Pensions, No.24.
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Criteria to Investment Portfolios.
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markets. Pimco Report for Investment Magazine, August 2017.
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Sustainability: First Evidence on Materiality. Harvard Business
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Quarter 2015.
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Hsu, F. and Chen, Y. (2015) Is a firm䇻s financial risk associatedRelationships between Environmental and Social Risk Factors

with corporate social responsibility? Management Decision, Vol.

and Financial Performance of Global Infrastructure Projects.

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iBusiness, 9, pp.80-100.

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EM Sovereign Debt.

Social Sustainability.
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Asset Owners.

European Socially Responsible Fixed-Income Funds. Working
Paper, Polytechnic Institute of Cavado.
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മๆᢞ㈨࡬ࡢ⎔ቃ࣭♫఍࣭࢞ࣂࢼࣥࢫ㸦(6*㸧せ⣲ࡢ⤫ྜ| 57

Moody䇻s (2017), Moody䇻s approach to assess ESG in credit

PRI (2016a), Global Guide to Responsible Investment

analysis.

Regulation.

Mooji, S. (2017), The ESG Rating and Ranking Industry: Vice or

PRI (2017a), Shifting Perceptions: ESG, Credit Risk and Ratings.

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Environmental Investing, Vol. 8(1), pp. 331-367.
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Owners. Swiss Sustainable Finance.
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58 | ཧ⪃ᩥ⊩

Swiss Re (2017), Responsible investments. Shaping the future

Union Investment (2014), Corruption and the risks of losses onof investing.

government bonds.

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Incorporate Environmental, Social, And Governance Risks into
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The Economist (2017), Sustainable investment joins theSpengler, J., Buonocore, J., Cak, A., Tessler, Z., Corsi, F., Green,mainstream: Millennials are coming into money and want toP., Sánchez, R. (2018), Scientifically assess impacts ofinvest it responsibly. 25 November 2017.

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മๆᢞ㈨࡬ࡢ⎔ቃ࣭♫఍࣭࢞ࣂࢼࣥࢫ㸦(6*㸧せ⣲ࡢ⤫ྜ

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⬮ὀ

1.

䛣䜜䜙䛾㈨⏘䛾⣙ 3 䠋 4 䛿ᶵ㛵ᢞ㈨ᐙ䛜ಖ᭷䛧䚸 ⣙1 䠋 4 䛿ಶேᢞ㈨ᐙ䛜ಖ᭷䛧䛶䛔䜛䚹 ᆅᇦู䛻䛿䚸Ḣᕞ䛜 12 ඙䝗䝹䛷᭱䜒ከ䛟䚸 ⥆䛔䛶໭⡿ 䠄9.8 ඙䝗䝹䠅䚸㇦ᕞ䠋䝙䝳䞊䝆䞊䝷䞁䝗 䠄0.5 ඙䝗䝹䠅䚸 䜰䝆䜰 䠄0.5 ඙

Towers Watson 2018䠅䚹䝗䝹䠅 䛸䛺䛳䛶䛔䜛䚹 GSIA 䛿䚸 ୡ⏺ྛᆅᇦ䛾䝃䝇䝔䜲ಖ㝤఍♫䛿䚸 ከ䛟䛾ᆅᇦ䛷䝘䝤䝹ᢞ㈨䜾䝹䞊䝥䛛䜙䝕䞊䝍䜢཰㞟䛧䚸 ㈐௵ᢞ㈨䛥䜙䛻ಖᏲⓗ䛺㈨⏘㓄ศ䛸䛧䛶䛔䜛䛜䚸ᇶ‽䜢฼⏝䛧䛶ᑓ㛛ᐙ䛜㐠⏝䛩䜛䝣䜯䞁䝗䛻䛴䛔䛶ㄪつไ䜢⌮⏤䛸䛧䛶䛔䜛䜟䛡䛷䛿䛺䛔䚹䜉䛶䛔䜛䚹 䛭䛣䛻䛿䚸 䜲䞁䝟䜽䝖ᢞ㈨䜔⎔ቃ䚸 ♫఍䚸䜺䝞䝘䞁䝇䝣䜯䞁䝗䛾䜋䛛䚸 රჾ〇㐀఍♫䜔㉃༤㛵4.

䜲䞁䝍䝡䝳䞊䜢⾜䛳䛯ᶵ㛵ᢞ㈨ᐙ䛻䛴䛔䛶䛿䚸 ⿵㑇 1䜢ཧ↷䛾䛣䛸䚹 䜲䞁䝍䝡䝳䞊䛾┠ⓗ䛿䚸 ᶵ㛵ᢞ㈨ᐙ䛸㐃఍♫䜢༢⣧䛻㝖እ䛧䛶䛔䜛䝫䞊䝖䝣䜷䝸䜸䜒ྵ䜎䜜䜛䚹䛭䛾䝃䞊䝡䝇ᥦ౪఍♫䛻䛴䛔䛶ໟᣓⓗ䛺ㄪᰝ䜢⾜䛖䛣
2.

Ẽೃኚື䛾ᙳ㡪䛿䚸 ከ䛟䛾ᙜ஦⪅ 䠄ᢞ㈨ᐙ䚸 つไᙜ䛸䛷䛿䛺䛟䚸 䛣䛾ศ㔝䛷୺ᑟⓗᆅ఩䛻䛔䜛䛸▱䜙䜜䛶ᒁ䚸 ᨻ⟇❧᱌⪅䠅 䛾୍⯡ⓗ䛺᫬㛫㍈䛷䛿ឤ䛨䜛䛣䛸䛔䜛䝇䝔䞊䜽䝩䝹䝎䞊䛛䜙䛾▱ぢ䜢ᚓ䜛䛣䛸䛷䛒䛳䛯䚹䛜䛷䛝䛪䚸 ᑗ᮶ୡ௦䛜䛭䛾௦ൾ䜢㈇䛔䚸 ⌧ᅾୡ௦䛿䛣䛾ሗ࿌᭩䜢㋃䜎䛘䛶䚸 ᵝ䚻䛺 ESG 䝒䞊䝹䛻ᑐ䛩䜛䛭䛾ၥ㢟䜢ᨵၿ䛩䜛┤᥋䛾䜲䞁䝉䞁䝔䜱䝤䜢ᣢ䛯䛺䛔䚹ᶵ㛵ᢞ㈨ᐙ䛾䜰䝥䝻䞊䝏䜢䜘䜚ໟᣓⓗ䛻㛵㐃௜䛡䜛䛣䛭䛾䛯䜑䚸䜹䞊䝙䞊Ặ䛿䚸Ẽೃኚື䜢 䛂᫬㛫㍈䛾ᝒ๻䛃䛸䜒⯆࿡῝䛔ヨ䜏䛸䛺䜛䛰䜝䛖䚹 ᵝ䚻䛺ᐇົⓗ䛺䜰䝥䛸࿧䜃䚸 㔠⼥䝅䝇䝔䝮䛜పⅣ⣲♫఍䜈䛾⛣⾜䛻ᑐ䛧䝻䞊䝏䛾ᡂຌ౛䛻䛴䛔䛶ศᯒ䛩䜛䛣䛸䜒ᚲせ䛷䛒䜛䚹䛶㡹೺ᛶ䜢ᣢ䛱䚸 ຠ⋡ⓗ䛺⛣⾜䜈䛾㈨㔠౪⤥䜢ྍ⬟䛻䛩䜛䛣䛸䛜䚸 㔠⼥ᨻ⟇❧᱌⪅䛾㛵ᚰ஦䛷䛒䜛䜉䛝䛸୺ᙇ䛧䛶䛔䜛䚹5.

䛂ᣢ⥆ྍ⬟ᛶ䛃 䛾䝁䞁䝉䝥䝖䛿䚸 ⎔ቃ⤒῭Ꮫ䛛䜙᮶䛯䜒䛾䛷䚸 䛂ேⓗ㈨ᮏ䛃 䛜 䛂⮬↛㈨ᮏ䛃 䛻௦䜟䜛䛣䛸䛜䛷䛝䜛䛸䛔䛖⪃䛘᪉ 䠄䛂䝝䞊䝖䜴䜱䝑䜽 䞉 䝹䞊䝹䛃䠅 䛻ᇶ䛵䛔

3.

䜾䝻䞊䝞䝹മๆᕷሙ䛾᫬౯⥲㢠䛿⣙ 90 ඙䝗䝹䛷䛒䜚䚸䛶䛔䜛䚹 䛣䛾⏝ㄒ䛾 䛂ཎ⌮ⓗ䛺䛃 ゎ㔘䛿䚸䛂ேⓗ㈨ᮏ䛃ୖሙᰴᘧᕷሙ䜘䜚኱䛝䛔䚹 മๆ䛿䜎䛯䚸 ᶵ㛵ᢞ㈨ᐙ

䛸 䛂⮬↛㈨ᮏ䛃 䛿⿵᏶ⓗ䛷䛒䜛䛜ධ䜜᭰䛘䜛䛣䛸䛿䛷䛾䝫䞊䝖䝣䜷䝸䜸䛾┦ᙜ๭ྜ䜢༨䜑䜛䚹 2017 ᖺ䚸 ୖ఩䛝䛺䛔䛸௬ᐃ䛩䜛䚹䛣䛾䝁䞁䝉䝥䝖䛿䚸1970 ᖺ௦䛾䝻䝞䞊

7 䛴䛾ᖺ㔠ᇶ㔠䛿䚸 41 ඙䝗䝹䛾⥲㈨⏘䛾䛖䛱䚸 27%䝖 䞉 䝋䝻䞊䛸䝆䝵䞁 䞉 䝝䞊䝖䜴䜱䝑䜽䛾◊✲䛛䜙⏕䜎䜜䛯䚹䛻䛒䛯䜛 11 ඙䝗䝹䜢മๆ䛻㓄ศ䛧䛶䛔䜛䚹 ᪥ᮏ䛷䛿䚸䛣䛾◊✲䛾ᨻ⟇ⓗゎ㔘䛿䚸䝤䝹䞁䝖䝷䞁䝗ሗ࿌᭩ 䠄1987䛭䛾䜋䜌ಸ䛻䛒䛯䜛 56% 䜢മๆ䛻㓄ศ䛧䛶䛔䜛 䠄Willisᖺ䠅 䛻䜘䛳䛶䜒䛯䜙䛥䜜䚸 䛂ᣢ⥆ྍ⬟䛺㛤Ⓨ䛃 䛸䛔䛖⪃䛘᪉䛾ᇶ♏䛸䛺䛳䛯䚹
മๆᢞ㈨࡬ࡢ⎔ቃ࣭♫఍࣭࢞ࣂࢼࣥࢫ㸦(6*㸧せ⣲ࡢ⤫ྜ

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6.

䝴䝙䝞䞊䝃䝹䜸䞊䝘䞊䛾௬ㄝ䛿䚸 ᢞ㈨ඛ௻ᴗ䛾 䠄㈇12. PRI 䛿䚸 മๆᢞ㈨ᐙ䛻䜘䜛 ESG 䜶䞁䝀䞊䝆䝯䞁䝖䛻䛴䛾䠅 እ㒊ᛶ䛿䚸 ⛯㔠䚸 ಖ㝤ᩱ䚸 ཎᮦᩱ౯᱁䛾ୖ᪼䚸䛔䛶䚸 䛔䛟䛴䛛䛾䜿䞊䝇䝇䝍䝕䜱䜢බ⾲䛧䛶䛔䜛䚹⅏ᐖ䛾≀⌮ⓗ㈝⏝䛺䛹䚸 䛔䛪䜜ఱ䜙䛛䛾ᙧ䛷䝫䞊䝖

https://www.unpri.org/about/pri- teams/investment-䝣䜷䝸䜸䛾཰┈⋡䛻ᙳ㡪䜢୚䛘䚸 䛂㏨䜜䜛ሙᡤ䛜䛺䛔䛃

practices#FICS䛸䛔䛖⪃䛘䛻ᇶ䛵䛔䛶䛔䜛䚹 UNEP 䛿䚸 䛂䝴䝙䝞䞊䝃䝹䜸䞊䝘䞊䛸䛿䚸 䜾䝻䞊䝞䝹䛺㈨ᮏᕷሙ䜢௦⾲䛩䜛㧗ᗘ䛻ศᩓ໬䛥䜜䛯㛗ᮇ䝫䞊䝖䝣䜷䝸䜸䜢ᣢ䛴኱つᶍ䛺ᶵ㛵ᢞ㈨ᐙ䛾䛣䛸䛷䛒䜛䛃 䛸ᐃ⩏䛧䛶䛔䜛䚹7.

௻ᴗ䛾♫఍ⓗ㈐௵ 䠄CSR䠅 䛿䚸 ௻ᴗ䛾⤒Ⴀ䜰䝥䝻䞊䝏䛻㛵㐃䛧䚸 ඲䛶䛾䝇䝔䞊䜽䝩䝹䝎䞊䛻ᑐ䛩䜛⤒῭ⓗ䚸♫఍ⓗ䚸 ⎔ቃⓗ䜲䞁䝟䜽䝖䜢⪃៖䛩䜛䜒䛾䛷䛒䜛䚹
CSR 䜒䜎䛯䚸 ከ䛟䛾ᐃ⩏䛸ᐇ౛䛾䛒䜛䝁䞁䝉䝥䝖䛷䛒䜛䚹䝎䝤䝹䠋䝖䝸䝥䝹䞉䝪䝖䝮䝷䜲䞁䜒䚸㈈ົⓗഃ㠃䛻♫఍ⓗ䞉⎔ቃⓗഃ㠃䜢ຍ䛘䛯䜒䛾䛷䛒䜛䚹8.

൤䛺䛟䛥䜜䜛㈨⏘䛾䛣䛸䛷䛒䜛䚹 ≀⌮ⓗ䚸 ⤒῭ⓗ䚸 つไୖ䛾⌮⏤䛛䜙䚸 ▼Ⅳ䜔䛭䛾௚䛾໬▼⇞ᩱ䛜ᗙ♋㈨⏘䛻䛺䜚ᚓ䜛䛸䛩䜛ᑓ㛛ᐙ䜒䛔䜛䚹
14. 䜾䝻䞊䝞䝹䜲䞁䝟䜽䝖ᢞ㈨䝛䝑䝖䝽䞊䜽 䠄GIIN䠅 䛻䜘䜛䛸䚸䜲䞁䝟䜽䝖ᢞ㈨䛾ᐇ㊶䛻䛿 4 䛴䛾୺䛺≉ᚩ䛜䛒䜛䚹 䠄1䠅
ᢞ㈨ᐙ䛿䚸 ♫఍ⓗ䛚䜘䜃䠋䜎䛯䛿⎔ቃⓗ䛺ᙳ㡪䜢୚䛘䜘䛖䛸䛧䛶䛔䜛䚸 䠄2䠅 ᢞ㈨䛻䛚䛔䛶䛿䚸 ᢞୗ㈨ᮏ䛛䜙㈈ົⓗ䛺཰┈䜢⏕䜏ฟ䛩䛣䛸䚸 ᭱ప䛷䜒ᢞୗ㈨ᮏ䜢ᅇ཰䛩䜛䛣䛸䜢ᮇᚅ䚸 䠄3䠅 ᢞ㈨䛜⏕䜏ฟ䛩཰┈䛿䚸 ᕷ䛂䜰䜴䝖䜹䝮䛃 䛸 䛂䜲䞁䝟䜽䝖䛃 䛿䚸 ᩥ⬦ୖ䚸 ྠ⩏ㄒ䛸䛧ሙ௨ୗ䛾Ỉ‽䛛䜙䚸 䝸䝇䜽ㄪᩚᚋ䛾ᕷሙ཰┈⋡䜎䛷䛶౑䜟䜜䜛䛣䛸䛜ከ䛔䚹 䛂䜰䜴䝖䜹䝮䛃 䛿㝈ᐃⓗ䛷▷ᮇᵝ䚻䚸 䠄4䠅 ᢞ㈨ᐙ䛿䚸 ♫఍ⓗ 䞉 ⎔ቃⓗ䜲䞁䝟䜽䝖䜢ホⓗ䛺ኚ໬䚸 䛂䜲䞁䝟䜽䝖䛃 䛿ᐈほⓗ䛺ホ౯䛜㞴䛧䛔ᗈ౯ 䞉 ሗ࿌䛩䜛䛣䛸䜢⣙᮰䚹⠊䛷㛗ᮇⓗ䛺ຠᯝ䛸ศ䛛䜚䜔䛩䛟ᴫᛕ໬䛩䜛䛣䛸䜒䛷䛝䜛 䠄Harding 2018䠅䚹
9.

13. ᗙ♋㈨⏘䛸䛿䚸 ᝿ᐃእ䛾ൾ༷䜔㈇മ䜈䛾㌿᥮䜢వ

15. ౛䛸䛧䛶䛿䚸 䛂⎔ቃ 䞉 බ⾗⾨⏕䛻㛵䛩䜛䜰䜴䝖䝥䝑䝖䚸 䜰䜴䝖䜹䝮䚸 䜲䞁䝟䜽䝖䜢≧ἣ䛻ᛂ䛨䛶ᢕᥱ䛩䜛䛯䜑䛾ᢞ

Amel-Zadeh and Serafeim 䠄2017䠅 䛻䜘䜛䝥䝻ᢞ㈨ᐙ䛾㈨Ỵᐃ䛾ホ౯᪉ἲ䛃 䜢㛤Ⓨ䛧䛯Ꮫ఍ 䞉 ᴗ⏺䛾ヨ䜏䛜ㄪᰝ䛻䜘䜛䛸䚸 ESG 䝕䞊䝍䜢౑䛖䝰䝏䝧䞊䝅䝵䞁䛸䛧䛶䚸䛒䜛 䠄Vorosmarty et al. 2018䠅䚹

᭱䜒ᣦ᦬䛥䜜䛶䛔䜛䛾䛜ᢞ㈨䝟䝣䜷䞊䝬䞁䝇䜈䛾㛵㐃ᛶ䛷䛒䜚䚸 㢳ᐈ䛾せᮃ䚸 ၟရᡓ␎䚸 ௻ᴗෆ䛾ኚ㠉䚸೔⌮ⓗ⪃៖䛜䛭䜜䛻⥆䛔䛶䛔䜛䚹10. ཷク⪅㈐௵䛸䛿䚸 ௚ே䛾㈨㔠䛾⟶⌮䜢⾜䛖⪅䛜䚸 ⮬ศ䛯䛱䛾฼┈䛷䛿䛺䛟䚸 ᙼ䜙䛾฼┈䛾䛯䜑䛻⾜ື䛩䜛䛣䛸䜢⩏ົ䛵䛡䜛䜒䛾䛷䛒䜛䚹16. ヲ⣽䛻䛴䛔䛶䛿䚸 SASB 䛾せ⣲䜢≉ᐃ䛾 SDGs 䛻⤖䜃௜䛡䛯䚸 Bob Eccles ༤ኈ䛻䜘䜛 2018 ᖺ 3 ᭶ 11 ᪥䛾Forbes グ஦ 䛂ᣢ⥆ྍ⬟䛺㛤Ⓨ┠ᶆ䛻ྥ䛡䛯ᢞ㈨ᐙ䛾㈉⊩䛾ホ౯䛃 䜢ཧ↷䛾䛣䛸䚹
17. Arjales and Bansal 䠄2018䠅 䛿䚸മๆ㐠⏝⪅䛜 ESG 䝕䞊䝍䜢⮬♫䝰䝕䝹䛻䛚䛔䛶ᐃ㔞໬䛧 䛂㈈ົ໬䛃 䛧䜘䛖䛸䛩

11. GSIA 䛾ศ㢮 䠄2017䠅 䛻䜘䜛䛸䚸ESG 䛾⤫ྜ 䠄7.5 ඙䝗䝹䠅䚸䜛䛾䛻ᑐ䛧䚸 ᰴᘧ㐠⏝⪅䛿㈈ົᩘ್䛸 ESG ᝟ሗ䛾㛫䜶䞁䝀䞊䝆䝯䞁䝖䠋ᰴ୺䛸䛧䛶䛾άື 䠄5.9 ඙䝗䝹䠅䚸 つ䛾 䛂๰㐀ⓗ䛺ᦶ᧿䛃 䛻ᐜ᫆䛻ᑐฎ䛩䜛䛣䛸䛜䛷䛝䜛䛣⠊䜢䝧䞊䝇䛸䛧䛯䝇䜽䝸䞊䝙䞁䜾䠄4.4 ඙䝗䝹䠅䚸䝫䝆䝔䜱䝤䞉䛸䜢Ⓨぢ䛧䛶䛔䜛䚹䝇䜽䝸䞊䝙䞁䜾 䠄0.9 ඙䝗䝹䠅 䛜䚸 ඲䛶䛾㈨⏘䜽䝷䝇䛻䛚䛔䛶᭱䜒ᗈ⠊䛻᥇⏝䛥䜜䛶䛔䜛ᡓ␎䛷䛒䜛䚹 䜲䞁䝟䜽䝖䠋䝁䝭䝳䝙䝔䜱ᢞ㈨䜔ᣢ⥆ྍ⬟ᛶ䜢䝔䞊䝬䛸䛧䛯ᢞ㈨䛿⣙ 1,000 ൨䝗䝹䛷䛒䜚䚸 䛭䜜䛮䜜ᣢ⥆ྍ⬟ᛶ䛻㛵䛩䜛ᢞ㈨㈨⏘䛾 0.5% 䛸䛺䛳䛶䛔䜛䚹62 | ⬮ὀ18. ᰴᘧ䛻䛚䛡䜛 ESG 䛻䛴䛔䛶䛾ᢞ㈨ᐙ䛻㛵㐃䛧䛯ᩥ⊩䛾ᴫせ䛸䛧䛶䛿䚸 Dimson et al.(2013) 䛺䛹䜢ཧ↷䛾䛣䛸䚹

19. 䝫䞊䝖䝣䜷䝸䜸◊✲䛾⤖ㄽ䛻䛴䛔䛶䚸 ⴭ⪅䛿䚸 䛂䠄䛣䜜䜎

25. MSCI 䛿䚸 2010 ᖺ䛻 KLDResearch and Analytics䚸 2014䛷䛾⣙ 150 䛾◊✲䛾䠅 ⤖ㄽ䛿䚸 䝫䞊䝖䝣䜷䝸䜸䛻䛚䛡ᖺ䛻 Governance Holdings 䠄GMI Ratings䠅 䜢㈙཰䛧䛯䚹䜛ᕷሙ䝸䝇䜽䜔ಶู䝸䝇䜽䛻ᙳ㡪䛥䜜䛶䛚䜚䚸 ᢞ㈨ಙク䛾ሙྜ䛻䛿ྲྀᘬ䝁䝇䝖䛻䜒ᙳ㡪䛥䜜䛶䛔䜛Ⅼ䛻␃ព䛩䜛䛣䛸䛜㔜せ䛷䛒䜛䚹䛃 䛸䛾ぢゎ䜢♧䛧䛶䛔䜛䚹20. 䛣䜜䜙䛾⤖ᯝ䛿䚸 Khan et al. 䠄2015䠅 䛾◊✲䛸㛵㐃䛧䛶䛚䜚䚸 㔜せ䛺ᣢ⥆ྍ⬟ᛶ䛾ㄢ㢟䛻䛴䛔䛶㧗䛟ホ౯䛥䜜䛶䛔䜛௻ᴗ䛿䚸 ప䛟ホ౯䛥䜜䛶䛔䜛௻ᴗ䜢኱䛝䛟䜰䜴

26. 䛣䛾䜘䛖䛺⤖ᯝ䛿䚸௚䛾⮬♫◊✲䛷䜒⿬௜䛡䜙䜜䛶䛔䜛䚹
27. ᅜ䛾ᣢ⥆ྍ⬟ᛶ䝇䝁䜰䛿䚸 ᖺ㛫䛾ኚ໬䜢⪃៖䛫䛪䚸⌧ᅾ䛾Ỉ‽䜢ᇶ‽䛸䛧䛶䛔䜛䚹 ๓ᅇ䝇䝁䜰䛛䜙䛾ኚ໬䛿䚸 ESG ᅜമᣦᩘ䛷౑䜟䜜䛶䛔䜛ᅜ䛾㝵⣭䛾ィ⟬䛻䛚䛔䛶䛾䜏⪃៖䛥䜜䛶䛔䜛䚹䝖䝟䝣䜷䞊䝮䛧䛶䛔䜛䛣䛸䜢Ⓨぢ䛧䛶䛔䜛䚹 ཯ᑐ䛻䚸 㔜

28. 䝺䞊䝧䝹䝗䞉䜾䝸䞊䞁䝪䞁䝗䛿䚸 Ⓨ⾜య䛻䜘䛳䛶 䛂䜾䝸䞊せ䛷䛿䛺䛔ᣢ⥆ྍ⬟ᛶ䛾ㄢ㢟䛻䛴䛔䛶㧗䛟ホ౯䛥䜜䞁䛃 䛸⛠䛥䜜䚸 ㄪ㐩㈨㔠䛜䜾䝸䞊䞁㈨⏘ 䞉 䝥䝻䝆䜵䜽䝖䛶䛔䜛௻ᴗ䛿䚸 ప䛟ホ౯䛥䜜䛶䛔䜛௻ᴗ䜢኱䛝䛟䜰䜴䝖䛻౑䜟䜜䜛䚹 䜰䞁䝺䞊䝧䝹䝗䛰䛜పⅣ⣲♫఍䜢ྍ⬟䝟䝣䜷䞊䝮䛧䛶䛔䛺䛔䚹 ⴭ⪅䛿䚸 䛣䛾⤖ᯝ䛿䚸 䛂㈨⏘䛻䛩䜛Ⓨ⾜య䛻䜘䛳䛶 䛂Ẽೃኚືᑐᛂ䛃 മๆ䜒Ⓨ⾜䛥㓄ศ䜢Ỵ䜑䜛ୖ䛷䚸 ᣢ⥆ྍ⬟ᛶせ⣲䛾⤫ྜ䜢⣙᮰䛧䜜䛶䛔䜛䛜䚸 䛣䜜䛿 䛂䜾䝸䞊䞁䛃 䛸䛿⛠䛥䜜䛺䛔䚹䛶䛔䜛ᢞ㈨ᐙ䛻䛸䛳䛶ཧ⪃䛸䛺䜛䚹䛃 䛸㏙䜉䛶䛔䜛䚹
29. 䜾䝸䞊䞁䝪䞁䝗ཎ๎ 䠄GBP䠅 䛿䚸 ⮬୺ⓗ䛺䝥䝻䝉䝇䛻
21. Summit 䠄2017䠅䚸 Douglas et al. 䠄2017䠅 䛺䛹䛿䚸 ᰴᘧ䛻㛵䛩䜛䜺䜲䝗䝷䜲䞁䛷䛒䜚䚸 ㏱᫂ᛶ䛸᝟ሗ㛤♧䜢⸀䜑䚸䛴䛔䛶䛾ᴫせ䜢♧䛧䛶䛔䜛䚹 Mooji 䠄2017a䠅 䛿䚸 218

䜾䝸䞊䞁䝪䞁䝗䛾Ⓨ⾜䛻㛵䛩䜛䜰䝥䝻䞊䝏䜢᫂☜໬䛩䛾 ESG 䛻㛵䛩䜛䜲䝙䝅䜰䝔䜱䝤䛾䛖䛱䚸 57 䛜 ESG ᱁௜䚸䜛䛣䛸䛷䚸 䜾䝸䞊䞁䝪䞁䝗ᕷሙ䛾Ⓨᒎ䛻䛚䛡䜛ရ఩䜢ಁ

38 䛜 ESG 䝷䞁䜻䞁䜾䚸 57 䛜 ESG ᣦᩘ䛷䛒䜛䛣䛸䜢ぢ䛧䛶䛔䜛䚹 GBP 䛿୺䛻䚸 1䠊 ㄪ㐩㈨㔠䛾౑㏵䚸 2䠊 䝥䛴䛡䛯䚹 䛭䜜䜙䛾䜋䛸䜣䛹䛜䚸 ᰴᘧ䜢ᑐ㇟䛸䛧䛶䛔䜛䚹䝻䝆䜵䜽䝖䛾ホ౯䛸㑅ᢥ䛻䛚䛡䜛䝥䝻䝉䝇䚸 3䠊 ㄪ㐩㈨22. 䛂ESG ᱁௜䛃 䛸䛔䛖⏝ㄒ䜢౑䛖ᥦ౪఍♫䜒䛔䜛䛜䚸 ᚑ㔠䛾⟶⌮䚸 4䠊 ሗ࿌䛾 4 䛴䛷ᵓᡂ䛥䜜䛶䛔䜛䚹᮶䛾ಙ⏝᱁௜䛸䛾ΰྠ䜢㑊䛡䜛䛯䜑䚸 䛂ESG 䝇䝁䜰䛃 䛸

30. മๆ䛾཰┈䛿䚸Solactive ᣢ⥆ྍ⬟䛺㛤Ⓨ┠ᶆ 䠄SDGs䠅䛔䛖⏝ㄒ䛾᪉䛜ᮃ䜎䛧䛔䚹 ESG 䝷䞁䜻䞁䜾䛿䚸 ᇶᮏⓗୡ⏺ᣦᩘ䛻ྵ䜎䜜䜛௻ᴗ䛾ᰴᘧᕷሙ䛷䛾䝟䝣䜷䞊䝬䛻 ESG 䝇䝁䜰䝸䞁䜾䞉 䝅䝇䝔䝮䜢ᇶ♏䛸䛧䛶䛔䜛䚹䞁䝇䛸┤᥋䝸䞁䜽䛧䛶䛔䜛䚹 ᣦᩘ䛿䚸 ᣢ⥆ྍ⬟ᛶ䛻㛵

23. UN PRI 䛿䚸 䛣䛾ヰ㢟䜢῝䛟ㄪ䜉䜛䝥䝻䝆䜵䜽䝖䛻ྲྀ䜚⤌䜣䛷䛔䜛䚹 䛥䜙䛺䜛ศᯒ䜔䛭䛾⤖ㄽ䛿䚸 2018 ᖺ୰䛻Ⓨ⾲䛥䜜䜛ணᐃ䛷䚸 䛣䛾ศ㔝䛻䛴䛔䛶ヲ⣽䛺᝟ሗ䜢ồ䜑䜛ㄞ⪅䛻䛿ㄞ䜐䛣䛸䜢䛚່䜑䛩䜛䚹
24. ホ౯ 䠄GB1 䡚 GB5䠅 䛿䚸 ㄪ㐩㈨㔠䛾౑㏵䚸 ⥅⥆ⓗ䛺ሗ࿌䚸 ⤌⧊䚸 ㄪ㐩㈨㔠䛾⟶⌮䚸 ㄪ㐩㈨㔠䛾౑㏵䛾㛤♧䛸䛔䛖 5 䛴䛾୺せせ⣲䛸䛭䛾ෆヂ䜢䜎䛸䜑䛯䜒䛾䛩䜛⎔ቃⓗ 䞉 ♫఍ⓗ䛺ㄢ㢟䛻䛴䛔䛶ᴗ⏺䝸䞊䝎䞊䛸䛧䛶ㄆ▱䛥䜜䛶䛔䜛௻ᴗ䜔䚸 ᑡ䛺䛟䛸䜒άື䛾 20% 䜢ᣢ⥆ྍ⬟䛺〇ရ䛻㈝䜔䛧䛶䛔䜛 50 ♫䛷ᵓᡂ䛥䜜䛶䛔䜛䚹
31. HSBC SDGs മๆ䛾ㄪ㐩㈨㔠䛿䚸 㑅ᢥ䛧䛯 7 䛴䛾
SDGs 䛾䛔䛪䜜䛛䜢᥎㐍䛩䜛஦ᴗ䜔䝥䝻䝆䜵䜽䝖䛾඲㒊䜎䛯䛿୍㒊䛾䛯䜑䛻౑䜟䜜䜛䚹
32. 2017 ᖺ௨㝆䚸 ୡ⏺㖟⾜㈈ົᒁ䛿䚸 ኱⅏ᐖ䝸䝇䜽䛻䛴䛷䛒䜛䚹 ㄪ㐩㈨㔠䛿䚸 ίỈ䚸 ᣢ⥆ྍ⬟䛺ᅵᆅ䛾฼⏝䚸䛔䛶 39 ൨䝗䝹䛾ྲྀᘬ䜢⾜䛳䛶䛚䜚䚸 ≉䛻 2017 ᖺ 7 ᭶ᗫᲠ≀䜔Ỉ䛾⟶⌮䚸 ⎔ቃ㓄៖ᆺ䛾㍺㏦䚸 ⏕≀ከᵝ௨㝆䛻 20 ൨䝗䝹㉸䛾ྲྀᘬ䜢⾜䛳䛶䛔䜛䚹 IBRD ኱⅏ᐖᛶ䛾ಖㆤ䚸 ෌⏕ྍ⬟䜶䝛䝹䜼䞊䚸 Ẽೃኚື䜈䛾㐺ᛂ䚸

䠄CAT䠅 䝪䞁䝗䛿䚸 ಖ㝤䝸䞁䜽ドๆ 䠄ILS䠅 ᕷሙ䛾ᢞ㈨ᐙ

䜶䝛䝹䜼䞊ຠ⋡໬䛺䛹䛻඘ᙜ䛥䜜䜛䚹䛻ᑐ䛩䜛ᣢ⥆ྍ⬟䛺ᢞ㈨ၟရ䛸䛧䛶ㄆ㆑䛥䜜䛶䛔䜛䚹

മๆᢞ㈨࡬ࡢ⎔ቃ࣭♫఍࣭࢞ࣂࢼࣥࢫ㸦(6*㸧せ⣲ࡢ⤫ྜ

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33. BlackRock 䛾 CEO 䛾 Larry Fink Ặ䛜䚸 ௚♫䛾 CEO 䛻䜛䛯䜑䛾䝕䞊䝍䛾୰䛻䛿䚸 䝷䞁䝎䝮䛺䜲䝧䞁䝖䜢䜒䛸䛻䛧ᐄ䛶䛯 2017 ᖺ䛾᭩⡆䛾୰䛷䚸 ௻ᴗ䜈䛾䜶䞁䝀䞊䝆䝯䛯௬ᐃ䜢౑䛳䛶䛔䜛䜒䛾䜒䛒䜛䚹 䛣䛖䛧䛯䝕䞊䝍䜢䜒䛸䛻䞁䝖䛻㛵䛩䜛᪂䛯䛺䜰䝥䝻䞊䝏䛻䛴䛔䛶㏙䜉䛶䛚䜚䚸 䛭స䜙䜜䛯䝫䞊䝖䝣䜷䝸䜸䛿䚸 Ẽೃኚື䝸䝇䜽䜈䛾ᙳ㡪䛜

䛾Ⓨゝ䛿㢖⦾䛻ᘬ⏝䛥䜜䛶䛔䜛䚹ᑠ䛥䛟䛿䛺䜙䛺䛔䚹https://www.blackrock.com/corporate/en-no/ investorrelations/larry-fink-ceo-letter
34. The Economist 䠄2017䠅 䛾グ஦䛜᫂䜙䛛䛻䛧䛯䜘䛖䛻䚸䛂㈨㔠㐠⏝⪅䛾䝃䝇䝔䜲䝘䝤䝹ᢞ㈨䛻ᑐ䛩䜛῝䛔ឡ䛿䚸ၿ⾜䛻㛵䛩䜛 䛛䛟䛶᭕᫕䛺ᛮ䛔䛴䛝䛛䜙᮶䜛䜒䛾䛷䛿䛺䛟䚸 ኱య䛻䛚䛔䛶ၟᴗⓗ䛺㑅ᢥ䛻䜘䜛䜒䛾䛷䛒䜛䚹⣧⢋䛺 SRI ಙዊ⪅䛿䚸 SRI 䛾 䛂୺ὶ໬䛃 䛜ᚑ᮶䛾ᢞ㈨䛻೔⌮ⓗ䛺䛖䜟䜉䜢㣭䜛䛣䛸䛻⧅䛜䜛䛣䛸䜢༴᝹䛧䛶䛔䜛䚹䛃
35. Khan 䠄2017䠅 䜢ཧ↷䛾䛣䛸䚹 ୍㈏ᛶ䛻䛴䛔䛶䚸 ESG
ᢞ㈨䛾䜰䝥䝻䞊䝏䜢ㄝ᫂䛩䜛㝿䚸౛䛘䜀 QIC 䠄2017䠅 䛿䚸䛂ᐇ㝿䛻䛿䚸 MSCI 䛸 Sustainalytics 䛾᱁௜䛜୍⮴䛧䛺䛔䛣䛸䛜ከ䛔䚹 䛣䛾 2 ♫䛾 ESG ᱁௜䛾㛵ಀ䜢䜏䜛䛸䚸37. 䛂ㄪᰝ⑂䜜䛃 䛻䛴䛔䛶ゝཬ䛧䛶䛔䜛 BlackRock 䠄2016䠅䜢ཧ↷䛾䛣䛸䚹 Mooji 䠄2018䠅 䛿䚸 㠀⏕⏘ⓗ䛺 ESG ᴗ⏺䛻䛚䛡䜛ᗈ⠊䛺 䛂ሗ࿌⑂䜜䛃䚸 ᝟ሗ䛾㉁䛾ప䛥䚸 ㏱᫂ᛶ䛾Ḟዴ䛻䛴䛔䛶ሗ࿌䛧䛶䛔䜛䚹
38. Arabesque 䛿䚸 ESG 䝕䞊䝍䜢฼⏝䛩䜛 䛂䜽䜸䞁䝒䛃 㐠⏝఍♫䛷䚸 7,000 ♫௨ୖ䛾ୡ⏺䛾኱ᡭୖሙ௻ᴗ䛾ᣢ⥆ྍ⬟ᛶ䜢᳨ド䛧䛶䛔䜛䚹 䛭䛾ᢏ⾡䛿䚸 200 ௨ୖ䛾
ESG ᡭἲ䛸䛭䛾௚䛾᝟ሗ※ 䠄50,000 䛾᝟ሗ※䛛䜙䛾䝙䝳䞊䝇グ஦䛺䛹䠅 䜢⤖䜃䛴䛡䚸 ௻ᴗ䛾㡰఩䜢௜䛡䛶䛔䜛䚹
39. Financial Times ㄅ䛾 2016 ᖺ 1 ᭶䛾グ஦ 䛂䜽䜸䞁䝒䛿᪂䛯䛺೔⌮ᢞ㈨ᐙ䛃 䜢ཧ↷䛾䛣䛸䚹

3 䛴䛾ഃ㠃඲䛶䛸䛭䜜䜙䜢⥲ྜ䛧䛯䜒䛾䛻䛚䛔䛶䚸 ṇ

40. 2018 ᖺ䚸 Deloitte Netherland 䛛䜙 APG 䛻䚸 䝃䝇䝔䜲䝘䛾┦㛵䛿䛒䜛䛜┦㛵䛿ᙅ䛔䛣䛸䛜ศ䛛䛳䛯䚹 ᪉ἲㄽ䝤䝹ᢞ㈨䛾䛯䜑䛾䝕䞊䝍ศᯒ䝏䞊䝮䛜⛣⡠䛧䛯䚹䛾㐪䛔䜢⪃䛘䜜䜀䚸 䛣䜜䛿㦫䛟䛣䛸䛷䛿䛺䛔䚹 䜎䛸䜑䜜䜀䚸 ♫മ᱁௜䛸ྠᵝ䛻䚸 ESG ᱁௜䜒༢⣧䛻౽฼䛺䜒䛾䛷䛿䛺䛔䚹 ␗䛺䜛ᥦ౪ᴗ⪅䛾᱁௜䛿䚸 ␗䛺䜛᝟ሗ䜢ᣢ䛳䛶䛚䜚䚸 ₯ᅾⓗ䛻␗䛺䜛䝫䞊䝖䝣䜷䝸䜸⟶⌮䛾Ỵᐃ䜢♧၀䛩䜛䚹 せ䛩䜛䛻䚸ᢞ㈨ᐙ䛸䜰䝉䝑䝖䜸䞊䝘䞊䛿䚸 ᱁௜ᥦ౪ᴗ⪅䛾ศᯒ䛻཯ᑕⓗ䛻ᚑ䛖䛾䛷䛿䛺䛟䚸⮬㌟䛾⤖ㄽ䛻⮳䜛䛯䜑䛾ດຊ䜢⾜䛖ᚲせ䛜䛒䜛䛃 䠄p.5䠅
䛸㏙䜉䛶䛔䜛䚹
36. ከ䛟䛾䝕䞊䝍䛻㡹೺ᛶ䛸୍㈏ᛶ䛜䛺䛔䛣䛸䛜䚸 䛣䛖䛧䛯ᠱᛕ䛾⫼ᬒ䛻䛒䜛䚹 ౛䛘䜀䚸 Ẽೃኚື䝸䝇䜽䜢ホ౯䛩

64 | ⬮ὀ