Motivations d'un investisseur ESG

Pour répondre aux exigences de son marché, l’investisseur doit intégrer les atouts de son environnement et assurer la compatibilité de son image et de sa communication telles qu’elles sont perçues par ses clients, ses employés, ses partenaires et la société en général.

 

La gestion de leur image est devenue un enjeu stratégique pour les entreprises internationales exposées aux médias (souvent liée à la gestion de la marque).

 

Aujourd’hui, le véhicule de cet investissement est essentiellement constitué d’obligations vertes ou d’actions vertes ou de partenariats/subventions.

 

Pour l’investisseur, il s’agit d’un actif financier combinant la valeur de la dette ou de l’actif et un “label vert” intangible, sans valeur autre que l’usage qui en sera fait dans une communication.

 

Il “verdit” son bilan et comptabilise cet actif, mais cela apporte-t-il suffisamment de confiance pour permettre l’émergence d’un marché dynamique ?

 

L’encours des obligations vertes a été multiplié par 10 en moins de 10 ans et dépasse aujourd’hui les 400 milliards de dollars. La France est le troisième émetteur mondial d’obligations vertes. Par rapport à une obligation classique, il y a peu de différences réelles dans les conditions juridiques, si ce n’est les conditions financières des émissions (pricing) et les engagements pris par l’émetteur quant à l’utilisation des fonds. Le marché des actifs responsables existe incontestablement, mais il est loin de répondre aux besoins générés par la poursuite des ODD.

#ESG #Tracking #Impact #Finance

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