对话淡马锡首席可持续发展官：在碳定价失衡与投资期限错配中，如何构建韧性投资组合

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专题：对话ESG全球领导者

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文 | 新浪财经李欣然、高睿哲（实习）

当前，全球可持续投资正面临双重困境，一方面，地缘政治风云变换、能源价格波动加剧、供应链重构压力日增，这些宏观因素不断推高绿色转型的实际成本；另一方面，曾经备受追捧的ESG投资热度在全球部分市场有所回落，一些区域出现“逆流”现象，引发对可持续发展承诺真实性与持续性的质疑。在此背景下，机构投资者如何在追求财务回报与推动气候转型之间找到平衡？如何在监管分化、利益相关者期望多元的全球格局中落地推进可持续发展战略？难减排行业的转型路径又该如何突破？近日，新浪财经对话新加坡知名投资公司淡马锡首席可持续发展官朴炅娥（Kyung-Ah Park），深入探讨气候目标与投资实践的核心张力、高碳排行业的低碳转型路径，以及可持续投资的长期价值逻辑。

淡马锡首席可持续发展官朴炅娥（Kyung-Ah Park）

以下为对话实录：

Q：淡马锡作为一家具有前瞻性的投资者,既是长期价值的管护者,也是一家以可持续发展为宗旨的机构。从您的角度来看,在获得可观的财务回报与推动投资组合真正实现可持续转型之间,最大的挑战是什么?在淡马锡的投资框架内,您如何应对这一挑战?

A: 我们持续面临的挑战在于风险定价失准与投资期限错配。气候变化是我们这个时代最紧迫的挑战,但碳排放所造成的额外成本仍然不足。气候变化是当今时代最为紧迫的挑战，然而碳外部性仍未得到充分定价。此外，在地缘政治和宏观经济逆风——这些因素在财政受限与资金成本上升的背景下，将能源安全与可负担性推至首位——的共同作用下，绿色转型正被延迟，碳减排成本也持续攀升。

淡马锡投资组合堪称实体经济的缩影，涵盖了航空、能源和工业等关键领域的公司,这些领域对经济增长和长期价值创造至关重要。然而，由于这些领域难以实现减排，相关企业也成为我们投资组合碳排放的主要来源。因此,要实现我们的气候目标——到2030年将投资组合的净碳排放量减至2010年排放水平的一半,并到2050年实现净零排放——将极具挑战性且曲折的。

应对气候变化没有单一捷径，而是需要统筹运用所有关键抓手。首先，我们积极与投资组合公司交流，特别是那些高排放行业的企业。这包括通过深度参与来识别、规划并解锁减排路径。同时，我们借助自主研发的“气候转型就绪度评估框架”来系统衡量转型进展。

其次，我们将环境、社会与治理（ESG）评估纳入所有投资决策。这包括开展气候影响分析，全面考量实质性的转型风险与物理气候风险。同时，我们采用每吨65美元的内部碳定价机制，以将碳外部性成本内部化。预计到2030年，该碳价将逐步提升至每吨100美元。

第三，我们正针对碳效率型企业及脱碳解决方案进行投资。这包括扩大可再生能源平台规模，推进长时储能、绿氨等先进技术，并推广能效解决方案、电网优化技术及清洁生产工艺。

例如，在中国，我们投资于推动绿色转型、促进包容性增长的可持续解决方案。这些企业包括提供先进储能系统以实现可再生能源更广泛整合的沃太能源（AlphaESS）；研发氢燃料电池系统助力低碳交通的上海捷氢科技有限公司；以及比亚迪,一家全球领先的电动汽车和清洁能源技术公司。

这些企业的产品与服务均能产生积极的环境和社会效益。这些投资与可持续生活的趋势相契合。截至2025年3月31日，这类投资在投资组合中的净值占比已从2016年的1%增长至11%，对应价值达460亿新元。

Q：我们了解到，淡马锡仍持续投资于对全球发展不可或缺但排放较高的领域（如能源、工业、航空）。除了设定转型预期外，淡马锡正在采用哪些具体的金融工具、合作倡议或主动所有权策略，以最高效地促进形成这些"难以减排"的投资组合企业实现真正的产业转型——尤其是在需要颠覆性创新的领域？

A: 作为股东，淡马锡不指导投资组合公司的日常商业决策和运营。我们主要通过与管理层及董事会保持密切沟通，传达长期发展预期，鼓励其采纳能够提升长期价值的政策与实践，包括对业务至关重要的ESG相关领域。

具体而言，我们通过“淡马锡投资组合可持续发展委员会”及“可持续发展领袖网络”等多元化交流平台，促进企业间的经验共享与协同合作。对于具备显著转型潜力的企业，我们还会开展定制化的一对一深度对话，以推动更具战略性和针对性的行动。

此外，淡马锡积极携手生态圈伙伴，共同推动系统变革与气候技术突破。例如，我们曾支持可持续航空燃料（SAF）试验——鉴于液态燃料替代方案仍十分有限，该技术对航空业脱碳至关重要。我们还参与了由世界经济论坛和GenZero联合发起的“绿色燃料前进计划”倡议。该倡议通过聚合需求、培育市场来加速可持续航空燃料的普及应用。GenZero是淡马锡旗下专注于通过技术及自然解决方案加速脱碳、并推动高诚信度碳市场发展的投资平台。

我们还在各投资阶段建立战略合作伙伴关系，以加速规模化扩张、汇聚志同道合的资金并整合协同能力。例如，我们通过与突破能源风险投资公司（BEV）的合作，共同支持气候与能源创新领域的早期投资——重点扶持那些具备全球规模化潜力，并能在成本与性能方面形成竞争优势的技术。截至目前，BEV已投资120余家企业，其中与淡马锡共同投资达10项，包括清洁钢铁生产企业Electra，以及致力于减少亚洲水稻种植中甲烷排放的科技农业平台Rize。

在推动碳市场与创新融资机制方面，淡马锡同样积极布局。值得关注的是，旗下GenZero于今年5月与腾讯签署谅解备忘录，共同推动气候资金投向生态修复领域，支持脱碳技术发展，并提升中国碳市场的诚信度。

我们与汇丰银行合资成立的Pentagreen Capital，则专注于加速亚洲地区具备潜力的可持续基础设施项目的规模化发展。该机构作为“绿色投资伙伴关系”（GIP）的基金管理人——此项混合金融计划隶属于新加坡“亚洲转型融资伙伴关系”（FAST-P）框架，旨在动员公共部门、私营资本与慈善资金，共同推动东南亚及南亚地区的可持续基础设施投资。目前该基金已完成首次募资，筹集承诺资本5.1亿美元，将全面投入具有显著气候效益的基础设施项目。

Q: 当前全球可持续发展格局正因地缘政治、监管体系差异及多元主张博弈而日益割裂。作为一家总部位于新加坡的全球性投资机构首席可持续发展官，您认为这种割裂态势对推行统一的淡马锡全球可持续发展战略带来了哪些挑战？在应对不同市场的实际运营与投资需求时，您如何平衡全球愿景与本土实践之间的关系？

A: 鉴于淡马锡业务遍布全球，投资范围涵盖发展中经济体和多元产业，我们面临的核心挑战之一在于：如何将企业的可持续发展目标，与在不同经济环境、ESG成熟度、监管明确度及利益相关方期望下的实际运营需求相协调。

因此，我们既不采用“一刀切”的可持续策略，也不固守静态方案，而是充分考量各地区的经济差异。我们着重分析对企业、行业及市场具有实质性的要素，专注于那些与企业长期韧性和可持续价值创造相辅相成的成果。这要求我们在远大抱负与务实行动之间取得平衡，敏锐洞察并应对监管差异、多元化的利益相关方期望以及不断演变的发展需求。

在复杂多变的大环境中，我们必须将战略锚定于机构使命，并确保其与可持续发展目标保持一致。通过建立共享框架、标准化工具及开展投资团队能力建设，我们持续推动这一理念的落地。

我们的投资团队对所有新投资项目均开展ESG尽职调查，并依托成熟的ESG管理框架与工具管控实质性风险。同时，通过实施碳预算管理与长期激励机制，确保团队行动与气候目标保持同频共振。

在投后管理阶段，我们持续推动投资组合企业开展气候转型与ESG能力提升。我们根据内部优先级评估体系与企业展开互动——该体系综合考量企业的ESG成熟度、行业ESG关联度以及淡马锡的潜在影响力，以此确定最具成效的介入路径。

我们向投资组合企业明确传达可持续发展预期，重点围绕气候、自然与社会等关键议题，完善公司治理、战略规划、风险管理及信息披露体系。

在这一过程中，我们依托《气候转型就绪度评估框架》等标准化工具，系统评估重点企业在应对气候风险与机遇方面的准备程度。

同时，《ESG价值创造实践指南》为团队识别并挖掘ESG价值机遇提供了方法论支持。关键抓手包括：通过优化企业战略与运营增强气候韧性；提升资源效率以实现降本增效；开拓可持续增长新路径促进营收提升；构建员工认同感以降低流失率并提高生产率。

Q: 尽管可持续投资理念已获普遍认同，但当下出现了针对气候变化减缓行动的“逆流”及“ESG沉默"现象，例如部分企业与金融机构因经济压力等因素，对气候行动的热情正逐渐消退。您如何看待这一现象？您认为这是短期波动，还是折射出更深层次的问题？

A: ESG理念时常被简化为某个评分或评级，或被视作基于特定价值观的投资倾向。

然而，对长期投资者而言，价值创造始终是核心要义。随着ESG关注度的提升，这一本质愈发清晰。无论是投资绿色创新企业还是高碳排传统企业，有效管理气候风险、人才吸引与留存、健康安全、供应链韧性及治理体系等实质性议题，都是精准管控风险、把握机遇的必要前提。

作为长期投资者，我们理解的可持续发展，在于构建具备韧性与前瞻性的投资组合，同时推动现实世界的积极变革——迈向净零排放、自然受益与包容性增长。因此，我们始终坚持将可持续性融入所有业务环节，这直接契合创造长期可持续回报的核心使命。

我们深知同行者众：可持续投资的基本逻辑依然坚实而历久弥新，众多资产所有者、投资机构与领军企业也正坚守在气候与可持续发展的航道上坚定前行。

以下为英文对话实录：

Q: Temasek operates at the intersection of being a forward-looking investor, a steward of long-term value, and an institution with a stated purpose rooted in sustainability. From your vantage point, what is the most persistent and challenging tension between achieving compelling financial returns and driving truly transformative sustainability outcomes across the portfolio? How do you structurally navigate this tension within Temasek's investment framework?

A: The persistent challenge that we see lies in the mispricing of risk and the mismatch in time horizons. Climate change is the most pressing challenge of our time, yet the carbon externality remains insufficiently priced. Moreover, geopolitical and macroeconomic headwinds – which put energy security and affordability to the forefront, in an environment that has fiscal constraints and higher cost of capital – are delaying the transition and driving up the cost of carbon abatement.

Temasek's portfolio is a microcosm of the real economy; it includes companies in key sectors such as aviation, energy and industrials, which are vital to economic growth and long-term value creation. However, as these sectors are hard to abate, these companies are also major contributors to the emissions attributable to our portfolio. As such, achieving our climate targets – to halve the net carbon emissions attributable to our portfolio from 2010 levels by 2030, and to achieve net zero by 2050 – will be very challenging and non-linear.

Despite this, we are staying the course on addressing climate change as sustainability—alongside good governance—remains important for us to ensure we build a resilient and forward-looking portfolio that delivers sustainable returns over the long term.

There is no silver bullet, rather we are harnessing all key levers. First, we actively engage with our portfolio companies, particularly those in heavy-emitting sectors. This includes deep-dive engagements to understand, map, and unlock decarbonisation levers. We also leverage our Climate Transition Readiness framework to evaluate progress.

Second, we integrate environment, social and governance (ESG) assessment across all our investments. This includes climate impact analysis, taking into account material transition and physical climate risks. We also apply an internal carbon price of US$65 per tCO2e to internalise the carbon externalities. We expect this to increase progressively to US$100 per tCO2e by 2030.

Third, we are making targeted investments in carbon-efficient businesses and decarbonisation solutions. These include scaling-up renewable platforms and advancing technologies such as long-duration storage and green ammonia as well as enabling energy-efficient solutions, grid optimisation, and cleaner production processes.

In China, for instance, we invest in sustainable solutions that promote green transitions and support inclusive growth. This includes companies such as AlphaESS, which provides advanced energy storage systems to enable greater integration of renewables; Shanghai Hydrogen Propulsion Technology, which develops hydrogen fuel cell systems to support low-emission mobility; and BYD, a global leader in electric vehicles and clean energy technologies.

These are examples of companies, whose products and services contribute to positive environmental and social outcomes. These investments are aligned to Sustainable Living trends, which is a megatrend that benefits from sustainability tailwinds and transcends markets. The net portfolio value of such investments have grown from 1% in 2016 to 11% or S$46 billion as of 31 March 2025.

Q: While engagement is crucial, Temasek invests in critical but high-emission sectors essential for global development (e.g., energy, industrials, aviation). Beyond setting expectations, what specific financial mechanisms, collaborative initiatives, or active ownership strategies is Temasek employing most effectively to act as a catalyst for genuine industrial transformation within these 'hard-to-abate' portfolio companies, particularly where disruptive innovation is needed?

A: As a shareholder, Temasek does not manage the day-to-day business decisions and operations of our portfolio companies. Instead, we engage the board and management teams to share expectations and encourage them to adopt policies and practices that safeguard and enhance long-term performance, including ESG-related areas critical to their businesses.

We do this through broad-based convenings such as our TPC Sustainability Council and Sustainability Leaders Network to foster mutual learning and collaboration. For those with the highest potential for impact, we also deepen our engagement through tailored one-on-one discussions to support more strategic and targeted action.

In addition, Temasek collaborates with ecosystem partners to help advance systems change and pull forward climate technologies. For example, we supported a sustainable aviation fuel (SAF) trial—a critical solution for decarbonising the aviation sector, where viable alternatives to liquid fuels remain limited. We also joined the Green Fuel Forward initiative, convened by the World Economic Forum and GenZero—a Temasek investment platform focused on accelerating decarbonisation via technology- and nature-based solutions and advancing the development of high-integrity carbon markets. The initiative aims to accelerate the adoption of SAF by aggregating demand and enabling market development.

We also build strategic partnerships across the investment stages to accelerate scale-up, crowd in like-minded capital, and tap into synergistic capabilities. For instance, through our partnership with Breakthrough Energy Ventures (BEV), we support early-stage investments in climate and energy innovation—backing technologies that can scale globally and compete on cost and performance. To date, BEV has invested in over 120 companies and has 10 shared investments with Temasek. These include Electra, a clean iron production company, and Rize, a technology-enabled platform for sustainable rice farming that aims to reduce methane emissions in rice cultivation in Asia.

Temasek is also facilitating climate action through carbon markets and innovative financing mechanisms. Notably, GenZero signed a Memorandum of Understanding (MoU) with Tencent in May this year to catalyse climate finance into ecosystem restoration, support decarbonisation technologies, and enhance carbon market integrity in China.

Finally, Pentagreen Capital, our joint venture with HSBC, focuses on accelerating the scale-up of marginally bankable sustainable infrastructure in Asia. It is the fund manager for the Green Investments Partnership (GIP)—a blended finance initiative under Singapore's Financing Asia's Transition Partnership (FAST-P) to mobilise public, private, and philanthropic capital to catalyse sustainable infrastructure investments across Southeast and South Asia. It recently achieved its first close, with US$510 million of committed capital which will be deployed to support high-impact, climate aligned infrastructure projects.

Q: The global sustainability landscape is increasingly fragmented by geopolitics, differing regulatory regimes, and competing narratives. As CSO of a global investor headquartered in Singapore, what unique leadership challenges does this fragmentation present for driving a cohesive Temasek-wide sustainability strategy? How do you balance the need for global ambition with the practical realities of operating and investing effectively across these divergent contexts?

A: Given Temasek's global footprint, which includes developing economies and diverse industry exposure, one of our key challenges is balancing our sustainability goals as a firm with the practical realities of operating in varying economic conditions, ESG maturity, regulatory clarity, and stakeholder expectations.

As such, we do not approach sustainability with a one-size-fits-all mindset or static approach, but rather, with an appreciation of the diverse economic contexts across geographies. We look at what is material for the company, sector, and market, and focus on outcomes that go hand in hand with the long-term resiliency of the company and sustainable value creation. This requires balancing ambition with pragmatism and sensing and navigating regulatory divergence, differing stakeholder expectations, and evolving needs.

Against a complex backdrop and shifting sands, it is important to anchor our strategy with our institutional purpose and ensure alignment with our sustainability goals. We do this through shared frameworks, tools, and capacity building efforts across our investment teams.

Our investment teams conduct ESG due diligence across all new investments, and we have ESG frameworks and tools in place to support them in managing material risks. We also have carbon budgets and long-term incentive alignment with our climate targets.

Post-investment, we engage our portfolio companies on climate transition and ESG uplift. Our engagement with portfolio companies follows an internal prioritisation approach, where we can drive the most impact based on each company's ESG maturity, ESG relevance, and Temasek's potential influence.

We communicate our sustainability expectations with portfolio companies, focusing on improving governance, strategy, risk management measurement and disclosures across key themes such as Climate, Nature and Social.

This is guided by tools including our Climate Transition Readiness Framework, which provides a structured methodology to assess the maturity of our key portfolio companies in addressing climate-related risks and opportunities.

Another tool, our ESG Value Creation Playbook, helps our teams identify and engage on ESG value creation opportunities. Examples of key levers include strengthening a company's strategy and operations to increase climate resilience, improving resource efficiency that drops to the bottom line, pursuing new sustainable growth opportunities that drive the top line, and fostering employee engagement that improves retention and productivity.

Q: While the concept of sustainable investing has gained widespread acceptance, it must be acknowledged that there appears to be a "backlash" against climate change mitigation and ESG hushing, with some companies and financial institutions showing waning enthusiasm for climate action due to economic pressures and other factors. What is your take on this phenomenon? Do you think this trend is a temporary fluctuation or reflects deeper issues?

A: ESG has at times been boiled down to a score or rating or viewed as an investment tilt towards or away from a certain attribute that can be “values” driven. Those values can differ across people and evolve.

However, for any long-term investor, value creation is key, and with greater scrutiny on ESG, the focus has sharpened on this. Managing material issues such as climate risk, attracting and retaining talent, health and safety, supply chain resilience, and governance considerations is a necessity to more effectively manage risks and capture opportunities. This is true whether you're investing in a company is a green innovator or a carbon-intense incumbent.

As a long-term investor, sustainability is about building a resilient future-proof portfolio while catalysing real-world impact—towards net zero, nature positive and inclusive growth. We therefore remain committed to embedding sustainability in everything we do, as it aligns directly with our mandate to deliver sustainable and resilient returns over the long term.

We know we are not alone in this journey. The fundamentals of sustainable investing remain strong and enduring; we see other asset owners, investors, and leading companies also staying the course on climate and sustainability.

新浪财经ESG评级中心简介

新浪财经ESG评级中心是业内首个中文ESG专业资讯和评级聚合平台，致力于宣传和推广可持续发展，责任投资，与ESG（环境、社会和公司治理）价值理念，传播ESG的企业实践行动和榜样力量，推动中国ESG事业的发展，促进中国ESG评估标准的建立和企业评级的提升。

依托ESG评级中心，新浪财经发布多只ESG创新指数，为关注企业ESG表现的投资者提供更多选择。同时，新浪财经成立中国ESG领导者组织论坛，携手中国ESG领导企业和合作伙伴，通过环境、社会和公司治理理念，推动建立适合中国时代特征的ESG评价标准体系，促进中国资产管理行业ESG投资发展。

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