Schroders 推氣候調適投資框架，102 類活動仍須區分韌性價值與可投資現金流

Schroders 發布與美國加州公務員退休基金 CalPERS 合作發展的氣候調適投資框架，列出 102 類具有調適功能的經濟活動。框架的核心不是把所有韌性支出直接標記為投資標的，而是先判斷活動是否降低實體氣候風險，再檢驗需求、收入、競爭位置、政策依賴與商業模式耐久性。

Schroders has released a climate-adaptation investment framework developed with the California Public Employees' Retirement System, mapping 102 economic activities with adaptation functions. The framework does not automatically turn every resilience activity into an investment. It first considers whether an activity reduces physical climate risk and then tests demand, revenue, competitive position, policy dependence and business-model durability.

氣候金融長期較重視減緩與減碳，調適資金則分散在水務、防洪、農業、建築、醫療、資料服務、保險與基礎設施。Reuters 的投資評論指出，調適已從公共政策議題轉為企業營運與投資組合風險；Eco-Business 對新加坡金融管理局的報導則強調，市場仍需要共同語言、可比較指標、風險分擔與可融資專案管線。Schroders 與 CalPERS 的框架嘗試把廣泛活動轉成可供投資研究使用的分類與評估流程。

Climate finance has historically concentrated on mitigation, while adaptation spending is dispersed across water, flood protection, agriculture, buildings, health, data, insurance and infrastructure. Reuters has described adaptation as an operating and portfolio issue rather than only a public-policy concern. Eco-Business reporting on the Monetary Authority of Singapore highlighted the need for a common language, comparable metrics, risk sharing and bankable project pipelines. Schroders and CalPERS seek to translate a broad activity universe into an investment-research process.

具有調適效益不等於具備可投資性。防洪工程可能降低城市損失，卻缺乏可回收現金流；氣候資料服務可能快速成長，卻受模型誤差、客戶集中或責任邊界影響。若資產管理人只看活動名稱，沒有核對受保護資產、災害基準、收入來源、契約期限、維運責任與績效驗證，容易把公共效益、企業風險控制與金融報酬混在一起。

Adaptation value does not equal investability. Flood protection can reduce city losses yet lack a recoverable cash flow. Climate-data services can grow quickly while carrying model error, customer concentration or liability risk. If an asset manager screens only by activity name without checking protected assets, hazard baselines, revenue sources, contract tenor, maintenance duties and performance verification, public benefit, corporate risk control and financial return can be conflated.

投資研究應先建立活動到風險的對照，說明該產品或服務處理哪一種危害、暴露與脆弱度，再評估客戶願付價格、合約型收入、資本支出、政策補助與競爭替代。基礎設施投資還要保存資產位置、設計標準、災害基準、許可、施工驗收、維運紀錄和服務水準。股票與債券研究則應把調適收入占比、研發支出、訂單、保險或違約變化連到可追溯的公司資料，避免把願景當成已實現韌性。

Research should first map an activity to the hazard, exposure and vulnerability it addresses, then test customer willingness to pay, contracted revenue, capital intensity, policy support and substitutes. Infrastructure underwriting should retain location, design standard, hazard baseline, permit, construction acceptance, maintenance and service-level records. Equity and credit work should link adaptation revenue, research spending, orders, insurance and default changes to traceable company data rather than treating a strategic ambition as realised resilience.

三筆固定來源互相補足。ESG Today 提供框架發布、102 類活動與 CalPERS 合作的事件事實；Reuters 說明調適投資為何成為企業與投資組合的重要議題，以及前瞻風險與供應鏈曝險的必要性；Eco-Business 記錄亞洲監理與金融市場正在建立調適及韌性的投資語言。這些證據支持市場正在形成方法，不代表 102 類活動中的每一家公司或資產都已通過商業、氣候或影響盡職調查。

Three fixed-scope sources provide complementary evidence. ESG Today reports the launch, the 102 activities and the CalPERS collaboration. Reuters explains why adaptation has become material to companies and portfolios and why forward-looking and supply-chain exposure matters. Eco-Business records an Asian regulatory and financial effort to create an adaptation and resilience investment language. Together they support method formation, but do not show that every company or asset in the 102 activities has passed commercial, climate or impact due diligence.

若調適分類進入資產管理與退休基金流程，企業將被要求同時說明外部韌性效益與自身收入品質。銀行、保險與長期資產所有人也會更重視資產位置、設計標準、服務中斷、客戶合約與實體風險情境。亞洲市場的關鍵不只是複製一份活動清單，而是把分類連到地方災害資料、專案權利、採購規格和融資條件。

If adaptation classifications enter asset-management and pension-fund processes, companies will need to evidence both resilience benefit and revenue quality. Banks, insurers and long-term owners will pay closer attention to asset location, design standard, service interruption, customer contracts and physical-risk scenarios. Asian markets should not merely copy an activity list; the classification must connect to local hazard data, project rights, procurement specifications and financing terms.

SNN editorial analysis：外部變化是全球資產管理與退休基金市場開始用 102 類活動的框架辨識氣候調適投資，制度要求會透過投資授權、基金篩選、銀行融資與保險定價傳導到台灣資產管理人、基礎設施開發商及製造業供應鏈，使台灣市場必須證明韌性功能與收入現金流是兩套可連結但不可混同的判斷。第一，台灣投信與壽險研究主管應在每次新投資及季度覆核時，保存活動分類版本、危害與暴露基準、收入來源、客戶合約、董事會決議與估值假設，若框架或情境改版就重做投資備忘錄。第二，台灣水務、建築、港口與電網專案負責人應在投標及每一里程碑驗收前，核對資產座標、設計標準、許可文件、災害基準、施工紀錄、韌性測試與付款觸發，未通過測試不得把預估避免損失列為已實現績效。第三，台灣銀行授信與保險風險團隊應在撥款、承保或續保前，比對現金流模型、承購或服務契約、維運預算、保單條款、事件損失資料與第三方驗證報告，並在重大災害後重新校準。這是揭露前證據基礎設施的編輯分析，不代表框架列出的 102 類活動都可投資，也不構成對個別台灣資產的投資建議。

SNN editorial analysis: The external change is a global asset-management and pension-fund framework that maps 102 activities for climate-adaptation investment research. This institutional requirement can flow through investment mandates, fund screening, bank finance and insurance pricing to Taiwan asset managers, infrastructure developers and manufacturing supply chains, requiring the Taiwan market to prove resilience function and revenue cash flow as connected but separate judgments. First, at each new investment and quarterly review, Taiwan fund and life-insurance research leaders should retain the activity-taxonomy version, hazard and exposure baseline, revenue source, customer contract, board decision and valuation assumptions, and must rebuild the investment memorandum when the framework or scenario changes. Second, before a tender and each milestone acceptance, Taiwan water, building, port and grid project managers should reconcile asset coordinates, design standard, permit, hazard baseline, construction record, resilience test and payment trigger, and must not report avoided loss as achieved performance before the test passes. Third, before disbursement, underwriting or renewal, Taiwan bank credit and insurance risk teams should compare the cash-flow model, offtake or service contract, maintenance budget, policy terms, event-loss data and third-party verification report, and should recalibrate after a material disaster. This Pre-Disclosure Evidence Infrastructure interpretation does not mean all 102 activities are investable, and it is not investment advice for an individual Taiwan asset.

後續需觀察 Schroders 如何把框架放入實際研究、產品與持股互動，CalPERS 是否採用共同績效指標，以及亞洲監理與金融機構能否形成可比較的調適分類。市場也需揭露哪些活動依賴公共補助、哪些能產生可持續現金流，並追蹤災害發生後的實際服務表現。

Next reviews should track how Schroders applies the framework in research, products and stewardship, whether CalPERS adopts shared performance indicators, and whether Asian regulators and institutions develop comparable adaptation taxonomies. Markets also need to distinguish activities dependent on public support from those with durable cash flows and test service performance after actual hazards.