2024年ESG市场回顾与展望：监管新时代，ESG投资再出发

Global Overview - The global ESG regulatory framework is accelerating, with the EU leading while the US faces obstacles due to political opposition[5] - As of Q3 2024, the global ESG fund size is approximately $3.3 trillion, with a net inflow of $13.8 billion in the first three quarters, a year-on-year decrease of 77%[5][31] - The average return of global ESG funds in H1 2024 is 1.7%, outperforming traditional funds by 0.6 percentage points[5][42] Domestic Overview - In 2024, China's ESG disclosure guidelines were officially implemented, with ESG index funds growing rapidly, reaching a scale of 682.9 billion yuan, a 27% increase from 2023[5][47] - Over half of the 110 new ESG concept funds established in 2024 are index funds, indicating a strong trend towards passive investment strategies[5] - The average return of A-share equity funds in 2024 underperformed traditional funds by 6 percentage points, but over the past five years, they outperformed by 2 percentage points[5] Future Outlook - The ESG market in China is expected to become more active, supported by clear policies promoting green finance and ESG product innovation[5] - Potential challenges include stricter global ESG disclosure regulations and the risk of increased costs due to carbon tariffs[5] Risk Factors - Risks include the possibility of domestic and international ESG policies not being implemented as expected and the impact of anti-ESG legislation in certain regions[5]