投資者信心下降：ESG熱度減退，市場質疑其長期回報能力

ESG投資的熱度已經連續三年下降，根據投資公司協會（AIC）的最新報告，僅有48%的投資者在決策時考慮ESG，比2021年的66%大幅下降。這一趨勢的轉變主要源於對投資表現的擔憂，只有17%的投資者認為ESG能提高投資回報，這比去年的22%有所減少。

The popularity of ESG investing has declined for three consecutive years. According to the latest report from the Association of Investment Companies (AIC), only 48% of investors consider ESG when making decisions, a

這一結果顯示，儘管投資者希望支持具有環境可持續性和社會責任的企業，但當與實際投資回報相衝突時，他們往往會選擇後者。尤其是，ESG基金最近的淨流出情況表明，市場對ESG的信心正在減弱。

significant decrease from 66% in 2021. This shift in trend is mainly due to concerns about investment performance, with only 17% of investors believing that ESG can improve investment returns, which is down from 22% last year.

投資者對ESG的不同因素的關注也在發生變化。

This result shows that although investors want to support environmentally sustainable and socially responsible companies, when this conflicts with actual investment returns, they tend to choose the latter. In particular, the recent net outflows from ESG funds indicate that market confidence in ESG is weakening.

公司治理的關注度超越了環境問題，反映出投資者對管理層透明度和責任感的更大需求。

Investors' focus on different factors of ESG is also changing. Corporate governance concerns extend beyond environmental issues and reflect greater investor demand for management

這一轉變表明，投資者越來越認識到公司治理是推動長期環境和社會變革的基礎。

transparency and accountability. This shift reflects a growing recognition among investors that corporate governance is fundamental to driving long-term environmental and social change.

然而，值得注意的是，年輕投資者對ESG的興趣下降較少，53%的45歲以下投資者仍然在投資時考慮ESG，相比之下，65歲以上的投資者中只有43%這麼做。此外，約31%的年長投資者將ESG與「覺醒」（woke）聯繫在一起，反映出不同年齡層對ESG的觀點差異。

However, it is worth noting that interest in ESG has declined less among younger investors, with 53% of investors under 45 still considering ESG when investing, compared to 43% of investors over 65. In addition, about 31% of older investors associate ESG with "woke," reflecting the differences in views on ESG among different age groups.

投資者對於公司「漂綠」（greenwashing）的擔憂依然存在，67%的投資者表示擔心公司可能進行漂綠行為，儘管記錄到的漂綠案例有所減少。這種懷疑心態進一步削弱了投資者對ESG的信任，導致他們對這種投資策略持保留態度。

Investor concerns about corporate greenwashing remain, with 67% expressing concern that companies may engage in greenwashing, although fewer cases of greenwashing have been recorded. This skepticism further erodes investors’ trust in ESG, leading them to have reservations about this investment strategy.

總的來說，ESG的理念並未完全失去支持，但投資者對其現實價值和可持續性提出了更多質疑。在資金流動和市場波動的壓力下，投資者正在重新考量他們的優先事項。

Overall, the concept of ESG has not completely lost support, but investors are raising more questions about its realistic value and sustainability. Amid pressure from capital flows and market volatility, investors are rethinking their priorities.