一带一路倡议与联合国2030议程之间有着紧密的联系，二者都倡导开放包容的互利合作，承认和尊重各国的发展处于不同阶段以及社会经济和生态条件的多样性，重视均衡发展，有意建立有效的伙伴关系
文I 文霭洁 联合国开发计划署国别主任 翻译I 王晓波
2017年12月5日，世界互联网大会在中国成功举行。这次会议引发了人们对数字经济以及它在可预见的未来对社会经济发展所产生的革命性影响的重大关注。会议讨论过程中的一个关键词就是“连接”，它意味着，各部门、各学科和各国人民将更加紧密地联系在一起，共同制定世界发展议程。
私营企业在促进这些关键变革的同时，也在提供具有创新理念的发展解决方案方面发挥着日益重要的作用。在以可持续发展为目标的时代（SDGs），私营企业能够形成有效的合作伙伴关系，共同定义和引航可持续发展空间，因此它是不可或缺的利益相关者。而人人都能共享长期社会经济及环境发展带来的收益是可持续发展的一大特点。
这对私营企业来说至少有两层含义首先，他们可以为可持续发展目标提供资金援助，这方面全球每年的投资需求高达50000亿至70000亿美元。其中仅发展中国家的年需求就达到33000亿至45000亿美元，它们主要用于基础设施建设、粮食安全、减缓和适应气候变化以及医疗和教育。第二，私营企业在境外经营时，能够对当地的营商环境产生积极影响，从而实现可持续投资。根据负责任投资原则（PRI），要做到这一点，在投资以及进行财务分析和做出决策的过程中，需要对环境、社会和治理结构（ESG）有非常充分的了解。
现在将对环境、社会和治理结构的了解整合进核心商业模式已经越来越流行。比如，共有约1700家企业签署了负责任投资原则，他们来自50多个国家，市值高达620000亿美元。该原则已决定采取一系列可行性行动方案，强调可持续发展的理念，并使其成为公司价值观、政策、行动计划和建立合作伙伴关系时的主流意识。
这一原则也在中国得到了积极响应，越来越多的跨部门多元利益主体都表示愿意接纳和采取可持续性发展战略，商业也不例外。私营企业一直在通过诸如生态文明建设和绿色金融发展等倡议在当地实现可持续发展目标——提升环境的可持续性就是一个实例。另一方面，在一带一路倡议下，越来越多的中国企业正在走出去。而一带一路倡议的目的也是通过贸易、投资、金融、基础设施、政策和文化等各方面的互联互通，推动区域内的包容性增长。
但是随着越来越多的中国企业走向世界，他们能为促进可持续发展做些什么呢？在他们将投资向环境、社会和治理结构转轨时是否会遇到一些挑战？为了加速可持续投资，怎样有效地应对这些挑战呢？
一带一路倡议与可持续发展目标的联系
一带一路倡议：是可持续投资的一个新机会吗？
一带一路倡议与2030议程之间有着紧密的联系（见下表1）。从广义上讲，它们二者都倡导开放包容的互利合作，即承认和尊重各国的发展处于不同阶段以及社会经济和生态条件的多样性，这也意味着它们都重视均衡发展，决意不丢弃任何一个地区和任何一个人。而且双方都有意建立有效的伙伴关系，以助推发展目标的实现，因为多方协商在促进跨部门、跨学科有效合作方面发挥着极其关键的作用。
而且，中国企业在一带一路沿线地区对基础设施和可再生能源的投资、产业合作、技术转让和创造就业都使他们成为了实施2030议程的重要力量。在此过程中，他们与那些一带一路沿线重点关注的区域加强了实体、金融和经济的连接。对可持续发展目标的投资对营商也是有益的。研究证明，到2030年，它能在重点行业创造120000亿美元的产值，为3.8亿人口提供就业机会。
环境、社会和治理结构正在迅速从边缘化成为主流这一事实在一定程度上源自它们被感知到的价值。这几个要素所蕴含的风险（来自政治、监管和声誉层面）和机遇也需要纳入财务分析，从而对长远的投资决策进行风险知情和风险调整。现在掌握的证据也倾向于可持续的做法，因为它们能够增加财务效益。
中国的对外直接投资（ODI）：它是可持续的吗？
根据国家统计局的数据，在过去十年中，中国的对外直接投资和外商直接投资（FDI）都呈现出上升的趋势。2014年，中国成为了“净资本输出国”，因为它的对外直接投资首次超出了外商直接投资34亿美元。2015年，中国对外直接投资的年增长率是18.3%，达到了2011年以来的峰值（见下表2）。同年，中国的对外直接投资总额是1456.7亿美元，占全球总量的近10%（见下表3）。中国首次超过日本，成为继美国之后世界第二大投资国。
2013年至2015年期间，中国在一带一路沿线地区的对外直接投资从130亿美元增加到190亿美元。它的年增长率达到了38.6%。不过即便如此，它也只占了中国对外直接投资总额的很少一部分。研究显示，那些正式加入一带一路倡议的国家在中国的海外投资配置中尚未占据重大比例，显然未来仍有继续增长的空间。
大量的资本输出使中国与世界有了更深、更广的连接。以非洲为例，现在在非洲运营的中国企业已经有10000多家，他们中90%属于私营企业，超过30%的企业从事制造业。这对非洲的社会经济发展做出了积极的贡献：中国企业所雇用的员工中，89%是非洲人，他们中管理人员占到了44%；64%的中国企业为非洲人提供了培训的机会；一半的中国企业将新产品或服务引入了当地市场；三分之一的企业则引入了新技术。在一些情况下，后者通过技术改造或规模效益帮助非洲国家将现存产品或服务的价格降低了40%。
其它证据也与上述数据相吻合，都表明中国的跨国企业在可持续投资方面不断取得进展。2017年中国海外企业可持续发展报告通过问卷调查和案例分析的方式了解了国有企业和私营企业的状况并提供了相关的信息。报告显示，在被调查的企业中，超过一半的企业在其海外项目实施前进行了社会影响评估（SIA），近67%的企业进行了环境影响评估（EIA）。在治理结构方面，93%的被调查企业充分调研了投资国的发展战略；77%的企业将投资国的国家发展规划与自己企业的战略和经营决策综合在一起考虑。
不过，中国企业还有不少可以进一步改进之处。更多的原材料可以从当地解决；企业在经营过程中还要更加关注可能对环境造成的影响，因为中国企业破坏环境的事件还时有发生。此外，还应与当地民众有更多的沟通，尽可能地融入他们的生活，化解因文化差异引发的分歧，并且更认真地理解和执行当地的用人制度。
2007－2015年，中国的对外直接投资和外商直接投资的发展趋势
世界十大对外直接投资国
联合国开发计划署能够给予哪些帮助？
开发计划署北京办事机构一直在努力促进中国的海外可持续经营。如前所述，其中一个重点领域就是记录中国企业在海外投资时对环境、社会和治理结构的考查，并为他们提供有助于促进南南合作的最佳做法。而且，开发计划署还努力帮助对可持续发展有利的行业解决资金问题。比如，开发计划署已经设计了一个框架，帮助政策决策者们在对发展中国家的可再生能源进行投资时可以选择适用的公共工具。
除此以外，开发计划署还制定了一套社会和环境标准（SES），为社会和环境的可持续性奠定了基础。这样在利益相关者充分有效参与的情况下，通过风险管控能够确保投资项目取得积极成果，而且不仅包括事前风险防范，也包括事后应对不利影响。社会环境标准的一个重要内容就是对项目进行筛选和分类的社会与环境筛选程序（SESP）。社会与环境筛选程序的主要目标是风险识别和评估，以及确定处理潜在风险和影响所需的管理。作为一种评估工具，它旨在项目的早期阶段就进行干预，有助于迭代地评估项目的概念、设计和制定，从而确保其从一开始就将社会和环境因素结合起来考虑。
通过对一带一路沿线国家的优先考虑和现实条件的了解，开发计划署可以帮助缩小供需差距，找到最需要投资的领域，并且确保其商业行为和发展影响都是最可持续和最负责任的。开发计划署有着广泛的全球影响力和对各种类型的利益相关者所拥有的召集和平衡能力，因此完全可以做到这一切。由于开发计划署可以监控跟踪企业所产生的影响，因此它能够帮助私营企业了解到自己为环境、社会和治理结构做出的贡献——它的跟踪指标会将企业的经营状况与社会影响直接挂钩。此外，开发计划署还可以通过提供投资国的宏观经济和行业前景分析、政策和监管框架，包括利益相关方的尽职调查等，帮助评估投资的可行性。这项评估还包括对投资国的风险识别，从而使企业可以降低社会经济和环境风险，确保投资的可持续性。
现在全球都承诺要关注环境、社会和治理结构，因此提倡可持续投资的时机已经成熟了。由于经济增长日益接近“自然边界”，标志着作为生产要素的社会和环境资源无休止和“免费”使用的时代已经结束，因此可持续投资这一理念得到了广泛的认可和接纳。在这一议题的讨论过程中，中国的私营企业必须得到充分重视。事实上，他们正在推动新一轮的技术革新，改变着数以百万计的中国人的生活。而且，随着越来越多的中国企业正在走出国门，把他们的知识、技术、产品和服务带到世界各地，因此他们的影响力也超越了国界。
看到中国在投资时对环境、社会和治理结构的日益重视非常令人鼓舞，但是要在追求经济利益的同时，注重维护人的尊严和保护好环境，需要做的工作还很多，这不仅指中国，也针对其他国家，包括那些一带一路沿线的国家。开发计划署已经为此做好准备，愿意将我们在可持续投资方面的见解和专业知识向中国及其他国家推广和普及。（编辑：杨海霞）
What can China contribute to the world?
By Agi Veres, Country Director, The United Nations Development Programme
On 5th December 2017, the 4th World Internet Conference hosted by China was successfully completed. The Conference brought great attention to digital economy and its revolutionary impact on social-economic development in the foreseeable future. One keyword at the center of discussion is ‘connectivity’. This means, sectors, disciplines and people will become more closely integrated in shaping the world’s development agenda.
The private sector, while catalyzing these crucial changes, has also been playing an increasingly significant role in providing innovative development solutions. In the era led by the Sustainable Development Goals (SDGs), the private sector is an indispensable stakeholder when forming effective partnerships to define and navigate the sustainability space; one characterized by long-term social-economic and environmental gains that are shared by everyone.
There are at least two implications for the private sector. First, they could help finance the SDGs which require an annual investment of $5-$7 trillion per year globally. Developing countries alone require $3.3-$4.5 trillion annually, mainly for basic infrastructure, food security, climate change mitigation and adaptation, as well as health and education. Second, the private sector could shift to sustainable investment that helps generate positive impacts on the local context where it operates. One way to realize this – according to the Principles for Responsible Investment (PRI) – is to be aware of the environmental, social and governance (ESG) factors when investing and incorporate these issues into financial performance analyses and decision-making processes.
The integration of ESG into core business models has recently been on the rise. The PRI, for instance, has nearly 1,700 signatories, from over 50 countries, representing $62 trillion and has agreed to a number of possible actions to strengthen and mainstream sustainability into corporate value, policies, actions and partnerships.
The movement has been witnessed in China too, where sustainability is increasingly embraced and adopted by multiple stakeholders across sectors. Business is no exception. The private sector has been localizing the SDGs through initiatives such as ecological civilization construction and green finance development – an example to advance environmental sustainability. Moreover, Chinese enterprises are increasingly going global, particularly through the Belt and Road Initiative (BRI) that attempts to boost inclusive regional growth through interconnectivity in trade, investment, finance, infrastructure, policies and culture.
But as more and more Chinese enterprises go abroad, what can they do to promote sustainable development? Are there any challenges they face when transitioning to ESG investment? And how can these be addressed effectively to accelerate sustainable investment?
Figure 1 Linkages between the BRI and the SDGs
The Belt and Road Initiative: An emerging opportunity for sustainable investment?
Close linkages have been found between the BRI and the 2030 Agenda (Figure 1). Broadly, both advocate mutually beneficial collaboration that is open and inclusive. Meaning, both recognize and respect the different stages of development in each country and thus the diversity in social-economic and ecological conditions.
This also implies that balanced development is emphasized, with no region or no one left behind. Furthermore, both intend to form effective partnerships to realize development objectives. Multi-stakeholder consultation plays a pivotal role to facilitate effective inter-sectorial and inter-disciplinary coordination.
Moreover, Chinese enterprises act as a key force for implementing the 2030 Agenda in the Belt and Road region through investment in infrastructure and renewable energy, industrial cooperation, technology transfer and job creation. In doing so, they can help strengthen physical, financial and economic ties along the Belt and Road, all of which are core areas for intervention highlighted by the BRI. Investing in the SDGs makes sense for business too. Studies have shown that this can open up $12 trillion in market opportunities in key sectors creating 380 million new jobs by 2030.
The fact that ESG is quickly moving from the margins to the mainstream is partly grounded in the perceived value of ESG. ESG factors represent risks (e.g., political, regulatory, reputational) and opportunities yet to be internalized in financial performance. Hence, ESG considerations could enable risk-informed and risk-adjusted investment decisions in the long run. Evidence also tends to tilt in favor of sustainable practices as they appear to enhance financial performance.
China’s outbound direct investment (ODI): Is it sustainable?
According to National Bureau of Statistics, China’s ODI and foreign direct investment (FDI) exhibited an increasing trend in the last decade. In 2014, China became a “net capital exporter”, as for the first time China’s ODI exceeded FDI by $3.4 billion. In 2015, the growth rate of China’s ODI was 18.3% year-to-year, reaching the peak since 2011 (Figure 2). In the same year, China’s ODI flows reached $145.67 billion, accounting for nearly 10% of the global aggregate (Figure 3). China surpassed Japan for the first time and became the world’s second largest investor after the United States.
China’s ODI in the Belt and Road region grew from $13 billion to $19 billion between 2013-2015. It grew fast at the rate of 38.6% year-on-year. Yet, it only accounted for a relatively small share of China’s overall ODI. Research has shown that being on the official list of the Belt and Road countries does not appear an important factor for Chinese ODI allocation. There is certainly room left for future investment to grow.
The massive outflows of capital have engaged China closely with the rest of the world with depth and breadth. Take Africa for example. There are more than 10,000 Chinese-owned enterprises in operation in Africa– 90% of them are privately owned – with more than 30% in manufacturing. This has made positive contributions to Africa’s social-economic development: 89% of employees hired by Chinese businesses are African with 44% being managers; 64% of Chinese firms have provided training; half of Chinese firms have introduced a new product or service to the local market while one third have introduced a new technology. The latter, in some cases, have reduced prices of existing products or services by 40% through technological advancement or efficiencies of scale.
Other evidence coincides with the finding above, suggesting that Chinese multi-nationals are making progress in sustainable investing. A 2017 Report on the Sustainable Development of Chinese Enterprises Overseas provides information through results of questionnaires and case studies looking at 550 State-Owned Enterprises and private sector companies. As is shown in the report, more than half of the surveyed companies have conducted Social Impact Assessments (SIA) before project implementation, and nearly 67% of them have carried out Environmental Impact Assessments (EIA) for their overseas projects. With regards to corporate governance, 93% of surveyed companies have taken into account development strategies of host countries, and 77% have incorporated host countries’ national plans into their corporate strategy and operational decision-making.
Yet, Chinese firms can do even more. More materials can be sourced locally. More attention can be paid to the environmental impact of business operations as instances of environmental violations by Chinese enterprises are still reported. Moreover, stronger communication and involvement with local people are needed to bridge cultural differences and enhance the understanding and implementation of labor regulations.
Figure 2 China’s ODI and FDI trends between 2007 and 2015.
2015 ODI Top 10 Countries
How can UNDP help?
UNDP China has been working to promote China’s sustainable business abroad. As mentioned above, one focal area is to keep track of China’s ESG investment overseas and document best practices that can enlighten south-south exchange. Moreover, UNDP strives to help cascade financing for sectors that are beneficial for sustainable development. For instance, UNDP has designed a framework to support policymakers in selecting public instruments to enable investments for renewable energy in developing countries.
In addition, UNDP has devised a set of Social and Environmental Standards (SES) to underpin social and environmental sustainability. This undertakes to ensure positive project outcomes through risk management, including not only ex-ante risk prevention, but also ex-post coping of adverse impacts, via full and effective stakeholder engagement. One of the key elements of SES is Social and Environmental Screening Procedure (SESP) that is aimed at project screening and categorization. SESP’s primary objective is risk identification and assessment, as well as determination of management required to tackle potential risks and impacts. The tool is intended for intervention at the early stage of the project cycle. It serves as an appraisal tool to help iteratively evaluate project concepts, design and formulation to enable integration of social and environmental considerations at the very start.
By understanding local priorities and conditions in Belt and Road countries, UNDP can also help close the gap between supply and demand, help channel investments where they are most needed and in a way that are most sustainable and responsible both as a business action and as a development impact. UNDP can achieve so, in particular, through its extensive global presence, as well as strong convening and leverage power across varied types of stakeholders. UNDP can also help with impact monitoring and help private sector understand and appreciate their contribution to the SDGs – tracking indicators that directly link business results to social impact. Moreover, UNDP can help evaluate investment feasibility that looks at macro-economic and sector outlook, policy and regulatory framework, and includes stakeholder due diligence check etc. Entailed in this assessment is country risk identification, which provides insights for opportunities to mitigate social-economic and environmental risks to ensure the sustainability of investment. Looking forward
With the world committed to the SDGs, the time for sustainable investment has arrived. The need to invest sustainably has been widely acknowledged, as economic growth progressively reaches the “natural boundary”, indicating the end of non-stop and “free” provision of social and environmental resources as productive factors. In this discourse of discussion, China’s private sector cannot be emphasized enough. In fact, they are driving a new round of technological innovation that is changing the life of millions of Chinese people. The impact, however, transcends beyond borders, as Chinese enterprises increasingly go global, bringing their knowledge, technology, products and services to the rest of world.
It is encouraging the see the progress of ESG investment in China. Yet, much more can be done to further its progress, not only in China, but in other countries, including those in the Belt and Road regions, to safeguard human dignity and environmental integrity while pursuing economic gains. UNDP stands ready to facilitate this transition, but also to engage deeply by bringing our own insights and expertise to the sustainable investment discussion for China and others.