Las fuerzas ASG se están adentrando en los mercados emergentes a través de la red de bancos centrales que comparten las mejores prácticas, las bolsas que imponen requisitos de divulgación, los reguladores y el lanzamiento de nuevos productos de inversión centrados en emergentes. En esta segunda y última parte de su análisis sobre la relación de estos países con los criterios ASG, el director de investigación temática de DWS, Michael Lewis, aborda la perspectiva de los inversores sobre esta materia.

Desde principios de los años 70, se han publicado unos 2.250 estudios académicos sobre la relación entre ASG y el rendimiento financiero de las empresas. El libro blanco¹ publicado por DWS y la Universidad de Hamburgo en 2015 analiza toda esta literatura y revela que, desde una perspectiva regional, el ASG es particularmente efectivo en los mercados emergentes.

La gestora destaca la encuesta realizada por el PRI, que mostró que los inversores minoristas en mercados emergentes parecen estar más comprometidos con los temas ASG que sus contrapartes en el mundo desarrollado. Tras consultar a los titulares de fondos de pensiones en Estados Unidos, el Reino Unido, Francia, Australia, Sudáfrica y Brasil, el estudio reveló que los encuestados en mercados emergentes tenían los niveles más altos de preocupación sobre la quema de combustibles fósiles, el trabajo infantil, la remuneración excesiva de los directores generales y las empresas que utilizan las lagunas fiscales.

El alcance de la inversión responsable también puede deducirse de la cantidad de firmantes del PRI, cuyas obligaciones incluyen el compromiso de incorporar los criterios ASG en el proceso de inversión. Entre los países emergentes, Sudáfrica y Brasil tienen el mayor número de propietarios y gestores de activos firmantes². A juicio de DWS, esto refleja que muy probablemente estos mercados sean de los primeros en adoptar el ASG en términos de códigos de administración y requisitos de divulgación.

Otra forma de evaluar la adopción local de medidas ASG es examinando los Principios para Seguros Sostenibles de la UNEP FI, una iniciativa que sirve como marco global para que la industria de los seguros aborde los riesgos y oportunidades de los ASG. Aunque la mayoría de las 130 organizaciones firmantes están concentradas en Europa, la participación de los emergentes está a la par con la de América del Norte y los países asiáticos de la OCDE.

Según la gestora, el enfoque típico adoptado por las aseguradoras europeas en la aplicación de una estrategia de inversión sostenible consiste en programas de desinversión -sobre todo en combustibles fósiles-, inversiones en energía sostenible e inversiones de impacto.

Asimismo, DWS apunta que, desde una perspectiva corporativa, la iniciativa RE100 reúne a empresas globales que se comprometen a abastecer el 100% de sus necesidades energéticas a través de energías renovables en el menor tiempo posible y, como tarde, en 2050.

Aunque los firmantes alcanzaron los 204 en octubre de 2019, la lista sigue estando dominada por empresas con sede en los mercados desarrollados, y las de emergentes representan solo el 7%³. “Esto es significativamente inferior a la cuota de participación de los emergentes en otras iniciativas de ASG”, aclara la entidad.

“Prestamos mucha atención a la RE100, ya que la investigación realizada por The Climate Group revela que existe una correlación directa entre las empresas firmantes y las que logran un rendimiento financiero superior a la media”. Este rendimiento superior es independiente del sector en el que opera la empresa y, en opinión de DWS, significa que las empresas RE100 son típicamente líderes en sus respectivos sectores.

“Esperamos que la creciente competitividad de las energías renovables en comparación con las materias primas tradicionales para la generación de energía acelere el compromiso del sector empresarial con esta iniciativa”, señala. En términos de inversión en energía limpia, la región Asia-Pacífico ha representado el 50% de las inversiones globales en renovables cada año desde 2013 y China supone en promedio dos tercios de esta inversión. Por ello, considera que, de todas las empresas de emergentes, las asiáticas son las que están mejor situadas para hacer compromisos aún mayores con la RE100.

1. DWS Research Institute white paper (December 2015). ESG and corporate financial performance

2. RI signatory database (October 2019).

3. RE100 database (October 2019)

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