（阿浦研究院｜人大金融交易協會）
導言：
投資者和監管機構對ESG數據需求的不斷增加，許多公司積極投身到企業的ESG評級市場之中，評級機構面臨巨大壓力。
經濟詞彙：
Fund-基金
non-financial indicators-非財務指標
知識補充：
基金——廣義是指為了某種目的而設立的具有一定數量的資金。主要包括信託投資基金、公積金、保險基金、退休基金，各種基金會的基金。我們這裡提到的資金主要是證券投資資金；
財務指標——財務指標是指企業總結和評價財務狀況和經營成果的相對指標，中國《企業財務通則》中為企業規定的三種財務指標為：償債能力指標，包括資產負債率、流動比率、速動比率；營運能力指標，包括應收賬款週轉率、存貨週轉率；盈利能力指標，包括資本金利潤率、銷售利潤率(營業收入利稅率)、成本費用利潤率等。
重點句型：
1.The most obvious sign is that, , ESG scores are poorly correlated with each other.
句型解釋：本句的主語是“The most obvious sign ”, “ESG scores are poorly correlated with each other.”是本句的表語從句，“unlike credit ratings”為插入語。
2.But as Ms Peirce’s criticisms suggest, the ratings are not yet ready for the weight they are being asked to bear.
句型解釋：本句為as引導的非限制性定語從句，從句“ratings are not yet ready for the weight they are being asked to bear.”置於句尾，其中在從句中，“they are being asked to bear”為定語從句，修飾“weight”.
翻譯文段：
1.All this is fuelling demand for ESG ratings, which create a single score from disparate non-financial indicators, such as a firm’s carbon emissions or the share of its board members who are female. Using teams of analysts, whizzy software and data from companies, ratings firms collect ESG information and convert it into a single score. Some customers of ESG ratings are seeking to gain an investment edge; others want their money to benefit society as well as themselves. But as Ms Peirce’s criticisms suggest, the ratings are not yet ready for the weight they are being asked to bear.
2.The most obvious sign of this is that, unlike credit ratings, ESG scores are poorly correlated with each other. ESG-rating firms disagree about which companies are good or bad.
3.Moreover, ratings are often based on business models rather than businesses themselves. It does not matter what firms are selling, as long as it is done sustainably. Tobacco and alcohol companies feature near the top of many ESG rankings. And many funds marketed on their green credentials invest in Big Oil.
1.所有這些都刺激了對環境、社會和公司治理（ESG）評級的需求，環境、社會和公司治理（ESG）根據不同的非財務指標(如公司的碳排放量或董事會女性成員所佔比例)得出一個單一的分數。評級公司利用分析師團隊、先進的軟件和來自公司的數據，收集環境、社會和公司治理（ESG）信息，並將其轉換成單個分數。一些環境、社會和公司治理（ESG）評級的客戶正在尋求獲得投資優勢;其他人想要他們的錢來造福社會和他們自己。但正如皮爾斯（Peirce）的批評所表明的那樣，評級機構還沒有準備好承受要求它們承受的壓力。
2.最明顯的跡象是，與信用評級不同，環境、社會和公司治理（ESG）評分之間的相關性很差。環境、社會和公司治理（ESG）評級公司對哪些公司是好是壞意見不一。
3.此外，評級通常基於商業模式，而不是企業本身。公司賣什麼並不重要，只要是可持續的。菸草和酒精公司在許多環境、社會和公司治理（ESG）排名中名列前茅，以及許多以綠色環保為賣點的基金投資於大型石油公司。
擴展閱讀：
ESG pushes enterprises to pursue social value maximization instead of only pursuing their own interests. Data show that good corporate ESG performance, operating and financial performance as well, such enterprises can expect, and the management of the current and future economic, environmental, and social opportunities and risks, focus on innovation, productivity, quality, attach importance to environmental protection, energy conservation and emissions reduction, lower operating costs, creating competitive advantage and long-term value.
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