從2030年目標到新評估標準：摩根士丹利的淨零承諾新變革

摩根士丹利最近的更新對電力、能源和汽車製造業的現有2030年目標進行了調整，並為航空、化學品和採礦業設定了新的目標。銀行強調，其當前的目標「反映了[銀行]在目前情況下所能達成的最大努力」。

「目前的政府政策、技術採用情況以及消費習慣，尚未與巴黎協定中將全球溫度升幅限制在比工業化前高出1.5°C的雄心達成一致，」報告中強調。

Morgan Stanley's recent update adjusts existing 2030 targets for power, energy and automotive manufacturing, and sets new targets for aerospace, chemicals and mining. The bank stressed that its current targets "reflect the best efforts [the bank] can achieve under the current circumstances".

“Current government policies, technology adoption, and consumer habits are not yet aligned with the Paris Agreement’s ambition to limit global temperature rise to 1.5°C above pre-industrial levels,” the report emphasizes.

摩根士丹利指出，若全球政策、技術採用和消費習慣的變化速度不足，「我們的客戶以及我們的公司可能無法達到與淨零對應的目標」。儘管如此，銀行聲明其在推動淨零承諾方面「堅定不移」，並將繼續與其客戶在其轉型戰略上進行密切合作和對話，以確保持續的推進和有效應對氣候變遷。雖然巴黎協定的理想目標是將全球氣溫上升控制在比工業化前水平高出1.5°C，但協定的「核心目標」則是保持「本世紀全球氣溫升幅遠低於2°C」。這代表了在現實中，將全球溫度的升幅限制在1.5°C的難度極高，尤其是在缺乏快速變革的情況下。

Morgan Stanley pointed out that if global policies, technology adoption and consumption habits change insufficiently, "our clients and our company may not be able to achieve the goals corresponding to net zero." Despite this, the bank stated that it is "unwavering" in its commitment to net zero and will continue to work closely with and dialogue with its clients on their transformation strategies to ensure continued progress and an effective response to climate change. While the aspirational goal of the Paris Agreement is to limit global temperature rise to 1.5°C above pre-industrial levels, the agreement's "core goal" is to keep "global temperature rise this century well below 2°C." This represents the extremely high difficulty of limiting global temperature rise to 1.5°C in reality, especially in the absence of rapid change.

根據聯合國在COP29氣候會議（於阿塞拜疆巴庫舉行）前發布的報告，目前各國的氣候承諾和政策「遠未達到」實現全球氣候目標所需的雄心。全球組織警告說，按照目前的轉型速度，將氣溫上升限制在「1.5°C內」在未來幾年內可能成為一個無法實現的目標。這種悲觀的前景突顯了各國在實現氣候目標上的差距。

According to a United Nations report released ahead of the COP29 climate conference, held in Baku, Azerbaijan, current climate commitments and policies are "far from the ambition" needed to achieve global climate goals. Global organizations have warned that at the current pace of transition, limiting temperature rise to "1.5°C" may become an unattainable target in the next few years. This pessimistic outlook highlights the gaps between countries in meeting their climate goals.

摩根士丹利可持續發展總監Jessica Alsford在接受路透社採訪時表示，通過設定一系列的淨零目標，銀行「承認全球經濟面臨的挑戰，同時仍與巴黎協定保持一致」。這反映出該銀行的承諾，旨在平衡實際情況與氣候行動之間的緊張關係。

摩根士丹利針對2030年的各部門目標涵蓋降低組合的碳排放強度，具體包括：

Jessica Alsford, director of sustainability at Morgan Stanley, told Reuters that by setting a series of net zero targets, the bank "acknowledges the challenges facing the global economy while remaining consistent with the Paris Agreement." This reflects the bank's commitment to balancing the tension between reality and climate action.

Morgan Stanley’s goals for each sector in 2030 include reducing the carbon intensity of the portfolio, including:

除了擴展臨時目標涵蓋的部門範圍並設立上限淨零情景外，該金融機構還對其目標設定方法進行了額外的調整。摩根士丹利的部門目標涵蓋其在企業貸款關係中的曝險，並使用基於部門的排放強度指標來進行測量。該銀行先前是使用融資排放貸款強度指標，但現在將採用實體強度指標。這一改變將使銀行能夠排除包含現金在內的企業規模測量，摩根士丹利表示這樣做是因為該方法具有「波動性」。

In addition to expanding the range of sectors covered by the interim targets and setting a capped net zero scenario, the financial institution has made additional adjustments to its target-setting approach. Morgan Stanley's segment targets cover its exposure to corporate lending relationships and are measured using a segment-based emissions intensity metric. The bank had previously used a loan intensity metric to finance emissions, but will now use a physical intensity metric. The change will allow banks to exclude measures of business size that include cash, which Morgan Stanley said was done because of the "volatility" of the method.

銀行將通過以下方式來衡量實體強度：將銀行對客戶的貸款承諾與其在整個部門中的承諾比例相乘，再將此結果乘以該客戶年排放量與其生產量的比例。摩根士丹利表示，新方法將「更好地將銀行的方法與我們客戶的業務活動以及他們如何衡量減碳進展對齊」。

A bank would measure physical strength by multiplying the bank's lending commitments to a customer as a proportion of its overall sector commitments, and multiplying this by the customer's annual emissions in proportion to its production. Morgan Stanley said the new approach would "better align the bank's approach to our clients' business activities and how they measure progress in reducing carbon emissions".

此外，銀行的2030年目標將以2022年作為基準年，而不是2019年。根據報告中的目標設定方法，這樣做是為了使用「最新且質量最高的數據」，使目標設置更符合當前的情況和挑戰。這些改變和新的方法，旨在讓銀行更靈活應對市場需求和全球氣候行動，並持續監控和調整其可持續發展戰略，以應對不斷變化的氣候和經濟情勢。

Additionally, the bank's 2030 targets will have 2022 as the base year, rather than 2019. According to the goal-setting methodology in the report, this is done to use "the latest and highest quality data" to make goal setting more relevant to current circumstances and challenges. These changes and new approaches are designed to make banks more agile in responding to market demands and global climate action, and to continuously monitor and adjust their sustainability strategies in response to changing climate and economic conditions.

思享永續賴昱瑋會計師認為，摩根士丹利調整對各行業的2030年碳排放目標，主要有兩個原因：一方面是由於全球政策、技術採用和消費習慣的變化速度不足，另一方面是為了配合趕上巴黎協定對於全球溫度升幅控制的核心目標。摩根士丹利的政策可能會促使更多企業加速向低碳化轉型，也能夠加深投資者與各企業對於摩根士丹利在ESG標準方面領頭的金融機構形象。

Scienjoy Sustainability Accountant Lai Yuwei believes that Morgan Stanley adjusted its 2030 carbon emission targets for various industries for two main reasons: on the one hand, due to insufficient changes in global policies, technology adoption, and consumption habits, and on the other hand, to meet the Paris Agreement's core goal of controlling global temperature rise. Morgan Stanley's policies may prompt more companies to accelerate their transition to low-carbon, and can also deepen investors and companies' image of Morgan Stanley as a leading financial institution in ESG standards.