2022年经济学人 可疑的绿色基金在美国十分猖獗（2）

American fund managers might argue, in their defence, that they are trying to help dirty companies get greener rather than simply dumping their shares as European funds might do, and are being penalised for this.

美国基金管理公司可能会辩称，他们不像欧洲基金可能做的那样简单地抛售股票，而是在试图帮助污染严重的公司变得更环保，并因此受到惩罚。

But the researchers find little evidence of that.

但研究人员几乎没有发现这方面的证据。

Instead they report that American PRI signatories were less likely to engage, as shareholders¹, with the companies they owned than their European counterparts.

相反，他们报告称，与欧洲同行相比，PRI美国签署方作为股东与他们拥有的公司接触的可能性较小。

Three years after the initial investment, ESG scores at those investee² firms were found to be no better.

在接到初始投资的三年后，这些被投资公司的ESG得分也好不到哪里去。

Higher grades may not be the answer anyway.

无论如何，更高的分数可能并不是答案。

ESG ratings are themselves often flaky and may be a poor proxy³ for emissions⁴.

ESG评分本身往往不可靠，可能无法很好地反映排放。

The transatlantic divide, the paper suggests, may stem from a divergence⁵ in regulation.

这篇论文认为，大西洋两岸的分歧可能源于监管方面的分歧。

Europe’s rules are tedious and sometimes misguided.

欧洲的规则单调乏味，有时还会让人误入歧途。

But at least they provide detailed⁶ guidance on what counts as sustainable and how green mandates⁷ should fit with fund managers’ fiduciary⁸ duties.

但至少，它们提供了详细的指导，说明了什么是可持续的，以及绿色授权应该如何与基金管理公司的受托责任相适应。

By contrast American firms seem to be defining their own rules; some simply sign up to the PRI in the sole hope of attracting green-conscious investors⁹, with little to show for their claims.

相比之下，美国公司似乎正在定义自己的规则；一些公司只是简单地签署了PRI，不过是希望吸引有环保意识的投资者，而他们的主张几乎没有什么成果。

Sometimes greenery is even used to keep assets under management growing even as managers post sub-par returns.

有时，绿色环保甚至被用来保持管理下的资产不断增长，即使管理公司的回报低于平均水平。

The authors find that poorly performing American funds are more likely to join the PRI than higher-flying peers.

研究作者发现，表现不佳的美国基金比表现出色的同行更有可能签署PRI。

1 shareholders   

n.股东( shareholder的名词复数 )

参考例句：

• The meeting was attended by 90% of shareholders. 90%的股东出席了会议。
• the company's fiduciary duty to its shareholders 公司对股东负有的受托责任

2 investee   

n.接受投资者

参考例句：

• Our investee banks are now well against the challenges ahead.受资助银行如今可以很好地防范未来的挑战。
• Besides selecting technological ventures for investment,the venture capital firms provide management advice to the investee companies.除甄选适宜投资的科技开发项目外，创业资金公司也为获得投资的公司提供管理意

3 proxy   

n.代理权，代表权；（对代理人的）委托书；代理人

参考例句：

• You may appoint a proxy to vote for you.你可以委托他人代你投票。
• We enclose a form of proxy for use at the Annual General Meeting.我们附上委任年度大会代表的表格。

4 emissions   

排放物( emission的名词复数 )； 散发物（尤指气体）

参考例句：

• Most scientists accept that climate change is linked to carbon emissions. 大多数科学家都相信气候变化与排放的含碳气体有关。
• Dangerous emissions radiate from plutonium. 危险的辐射物从钚放散出来。

5 divergence   

n.分歧，岔开

参考例句：

• There is no sure cure for this transatlantic divergence.没有什么灵丹妙药可以消除大西洋两岸的分歧。
• In short,it was an age full of conflicts and divergence of values.总之，这一时期是矛盾与价值观分歧的时期。

6 detailed   

adj.详细的，详尽的，极注意细节的，完全的

参考例句：

• He had made a detailed study of the terrain.他对地形作了缜密的研究。
• A detailed list of our publications is available on request.我们的出版物有一份详细的目录备索。

7 mandates   

托管（mandate的第三人称单数形式）

参考例句：

• Individual mandates would require all people to purchase health insurance. 个人托管要求所有人都要购买健康保险。
• While I agree with those benefits, I'm not a supporter of mandates. 我同意上述好处，我不是授权软件的支持者。

8 fiduciary   

adj.受托的，信托的

参考例句：

• A company director owes a fiduciary duty to the company.公司董事应对公司负责受托人责任。
• He was acting in a fiduciary capacity.他以受托人身份行为。

9 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会