have unique potential to create change,

我相信，

and I believe that we as individuals

大型機構有獨特的潛力 可以創造改變，

have unique power

我也相信，身為個人的我們

to influence the direction that those institutions take.

也有獨特的力量，

Now, these beliefs did not come naturally to me,

可以影響那些 大型機構的決策方向。

because trusting big institutions,

我過去不太信這套，

not really part of my family legacy.

因為相信大型機構，

My mother escaped North Korea

真的不是我家的家訓。

when she was 10 years old.

我的母親，10歲時從北韓逃出來。

To do so, she had to elude every big institution in her life:

為此，她這一生經常 必須躲避一些大型機構：

repressive governments, occupying armies

專制政府、佔領軍， 甚至邊境巡邏的武裝部隊。

and even armed border patrols.

之後，當她決定移民到美國時，

Later, when she decided she wanted to emigrate to the United States,

她必須對抗一個整體文化，

she had to defy an entire culture

就是「女孩永遠不會是 最好跟最聰明」的文化。

that said the girls would never be the best and brightest.

因為她的名字乍聽 起來像個男孩子的名字，

Only because her name happens to sound like a boy's

她才得以唬弄的方式，通過政府 的移民考試，來到美國。

was she able to finagle her way into the government immigration exam

由於她的勇氣與熱情，

to come to the United States.

我擁有了所有 她未曾有過的機會，

Because of her bravery and passion,

也因此彻底改变了我的 人生。

I've had all the opportunities that she never did,

但我並沒有閃避大型機構，

and that has made my story so different.

反而是奔向它們。

Instead of running away from big institutions,

在我的職業生涯中，

I've actually run toward them.

我有機會在華爾街日報、 白宮工作。

I've had the chance over the course of my career

現在，我在全世界最大的金融機構

to work for The Wall Street Journal,

負責領導永續發展的投資。

the White House

這些機構像是油輪，

and now one of the largest financial institutions in the world,

而在裡面工作，

where I lead sustainable investing.

讓我很感激能領會到它們 所走過的痕跡。

Now, these institutions are like tankers,

我逐漸相信，

and working inside of them,

這個掌管全球資本市場的機構，

I've come to appreciate what large wakes they can leave,

手中握有全球價值290萬億 美元的股票和債券，

and I've become convinced

是能供我們驅遣，為社會帶來積極變化的 強大力量之一，如果我們願意的話。

that the institution of the global capital markets,

現在，我知道你們有些人在想，

the nearly 290 trillion dollars of stocks and bonds in the world,

全球資本市場和 積極的社會變革，

that that may be one of our most powerful forces

好像八竿子打不著關係。

for positive social change at our disposal,

很多人會認為 資本市場就像一片汪洋。

if we ask it to be.

它浩大、無情、冷漠，

Now, I know some of you are thinking,

不會因我們的期許 或渴望而受影響。

global capital markets, positive social change,

所以，我們存款帳戶 或退休帳戶裡面那點小錢能做的，

not usually in the same sentence or even the same paragraph.

頂多就是搭一搭牛市的順風車，

I think many people think of the capital markets

並祈禱自己不要 遇上熊市就好了。

kind of like an ocean.

但可以肯定的是，

It's a vast, impersonal, uncaring force of nature

當然，我們對自己 退休金帳戶的那點小操作，

that is not affected by our wishes or desires.

並引響不了世界的主流，

So the best that our little savings accounts

也改變不了他們投資的 內容、規模及方向。

or retirement accounts can do

但，這是為什麼呢？

is to try to catch some waves in the good cycles

因為實際上，這大海裡的 三分之一資本，

and hope that we don't get inundated in the turbulent ones,

是掌握在像我們這樣 的個體戶手上的，

but certainly our decisions on how to steer our little retirement accounts

而剩餘的大部分， 是由機構掌控，

don't affect the tides,

但他們的力量、 權力和資金

don't change the shape or size or direction of the waves.

也是我們這些會員、參與者、 受益人、股東和公民所付予的。

But why is that?

所以，既然我們是 資本市場的最終擁有者，

Because actually, one third of this ocean of capital

為什麼我們沒有話語權呢？

actually belongs to individuals like us,

為什麼我們不能 引響他們的投資方向呢？

and most of the rest of the capital markets

我先問各位另一個問題：

is controlled by the institutions that get their power and authority

你們最近有沒有人在超級市場或星巴克 買過「公平貿易咖啡」？

and their capital from us,

好的，你們有沒有人去餐廳吃飯， 為了環保，點「永續養殖鱒魚」，

as members, participants, beneficiaries, shareholders or citizens.

而不是點你超級想吃的 「味增釉面智利鱈魚」？

So if we are the ultimate owners of the capital markets,

你們有沒有人開油電混合車 或甚至是電動車？

why aren't we able to make our voices heard?

所以，我們究竟為什麼 要做這些事情？對吧？

Why can't we make some waves?

一部電動車的市場根本無法與 擁有120億個內燃機引擎的傳統汽車市場相比，

So let me ask you a different question:

一條魚對於整個 海洋也算不了什麼。

did any of you buy fair trade coffee

而一杯咖啡

the last time you were at a supermarket or at Starbucks?

對於堆積成山的咖啡豆而言， 也同樣微不足道。

OK. Do any of you go to the restaurant

但我們做這些事情， 是因為我們相信它有意義，

and order the sustainably farmed trout

我們的行為積少成多， 會影響到其他周圍的人，

instead of the miso-glazed Chilean sea bass

最終會讓我們 匯聚成巨大的力量。

that you really wish you could have?

我包包裡有一個咖啡杯， 好幾年前買的。

Do any of you drive hybrid cars or even electric cars?

它可以重複使用， 杯身上印有文字和花紋，

So why do we do these things?

杯身上寫著，

Right? One electric car doesn't amount to much in a fleet of 1.2 billion

「這個杯子能反複使用。」

combustion engine vehicles.

「這個杯子可以鼓勵 其他人也買一個來用」

One fish is just one fish in the sea.

「這個杯子可以拯救我們的地球。」

And one cup of coffee

我真搞不懂，這塑膠杯 為什麼這麼紅。（笑聲）

doesn't amount to a hill of beans in this crazy world.

所以，為什麼我們認為

But we do these things because we believe they matter,

選擇一個四塊錢、可重複使用、

that our actions add up,

手工製作、公平貿易、 遮蔭種植的咖啡杯就有意義，

that our choices might influence others

但善用我們的退休金投資賬戶裡 的4000美金，就沒意義呢？

and collectively, what an impact we can have.

為什麼我們不告訴 超級市場和資本市場，

So, in my bag I have a coffee mug that I bought a couple of years ago.

我們真的在乎，

It's a reusable mug. It has all these things printed on it.

我們在乎公平的勞工規範，

Look at some of the things that are on it, that it says.

我們關心永續的生產方法 及健康的社會。

"This one cup can be used again and again."

為何我們不靠投資 來表明我們的立場，

"This one cup may inspire others to use one too."

而是要靠拿鐵呢？

"This one cup helps save the planet."

我覺得這跟我們的 錯誤觀念有關，

I had no idea this plastic cup was so powerful.

跟我們的集體意識有關。

(Laughter)

大家還記得《格林童話》 中那個神奇的粥鍋嗎？

So why do we think that our choice

如果你對鍋子說， 「煮吧，小鍋子，煮吧」，

of a four dollar shade-grown fair trade artisanal cup of coffee

它就會煮出一鍋香甜的粥。

in a reusable mug matters,

而如果你說， 「停，小鍋子，停」

but what we do with 4,000 dollars in our investment account

它就會停下來。

for our IRA doesn't?

但如果你說錯咒語， 它不會聽你的，

Why can't we tell the supermarket and the capital markets

而且事情會變得很糟糕。

that we care,

所以當談到市場，

that we care about fair labor standards,

我認為我們的腦袋裡也有一個 類似的小鍋子童話。

that we care about sustainable production methods

我們相信市場就是這個 只聽懂一條指令的魔法鍋，

and about healthy communities?

就是：賺更多的錢。

Why aren't we voting with our investment dollars,

只有準確地說出這幾個字，

but we would vote with our lattes?

才會讓鍋子裝滿黃金。

So I think it has something to do with the myths,

但如果說一些其他字眼， 像是「保護環境」，

the fables that we all carry around in our collective consciousness.

咒語就可能無效了；

Do you remember the Grimm's fairy tale about the magic porridge pot?

加上幾個錯誤的詞， 比如像是「提倡社會正義」，

If you said to the pot, "Boil, little pot, boil,"

那你可能會看到， 你的錢在變少，

it would fill up with sweet porridge.

甚至可能全部消失。

And if you said, "Stop, little pot, stop,"

所以我想問， 你們真正的想法是甚麼？

it would stop.

我們針對一千名個體投資者 進行了問卷調查，

But if you got the words wrong, it wouldn't listen,

我們發現了一些 有趣的現象，

and things could go terribly awry.

絕大部分的人，希望在 咒語中加入更多的詞。

So I think when it comes to markets,

71%的人說，「沒錯， 我們對永續發展投資有興趣。」

we have a little bit of a similar fable in our heads.

大家對「永續發展投資」的定義是， 以傳統的投資標準來看，

We believe that the markets is this magic pot

這項投資要是最好最賺錢的，

that obeys only one command:

除此之外，還要兼顧環保、 社會責任和良好的管理。

make more money.

71% 的投資人都認同。

Only those words said exactly that way

72% 的投資人說，他們相信

will make the pot fill up with gold.

這樣做的公司會有 較佳的財務表現。

Add in some extra words like "protect the environment,"

人們的確相信，如果你做好的事， 就會有好的投報。

the spell might not work.

奇怪的是：

Put in the wrong words like "promote social justice,"

54% 的人說，

and you might see your gold coins shrink

如果他們把錢 放在這類股票上面，

or even vanish entirely, according to this fable.

他們認為他們會賺得比較少。

So we asked people, what do you really think?

真的是這樣嗎？

And we actually went out and polled a thousand individual investors,

如果你不喝樹蔭咖啡， 而是投資它，

and we found something fascinating.

你的收益就會減少嗎？

Overwhelmingly,

像Burt's Bees或Ben & Jerry's 這種投資公司，

people wanted to add those extra words into the formula.

他們可不會這麼認為。

71 percent of people said yes,

這兩家公司都發展自 很小的社會關懷公司，

they were interested in sustainable investing,

最後因深受顧客的喜愛，

which we define as taking the best in class investment process

最後被聯合利華和 高樂氏這樣的大公司

that you already have traditionally

分别以數億美元的價格所收購。

and adding in the extra information you get

但這裡有件重要的事，

when you think about the environment and society and good governance.

這些企業了解，

71 percent wanted that.

如果他們想保護 自己的投資價值，

72 percent said that they believe that companies who did that

他們就必須持續保留 這種社會責任。

would actually do better financially.

如果這些品牌不在 生財咒語裡加點詞，

So people really do believe that you can do well by doing good.

例如「友善環境」、 「社會責任」之類，

But here was the weird thing:

它们就沒法賺更多的錢。

54 percent of the people

但，這也許只是例外。

still said if they put their money in those kinds of stocks,

那些專注於賺錢的公司

they thought that they would make less money.

推動了我們的經濟， 支付了我們的退休金，

So is it true?

少了他們這世界還真沒辦法運轉，

Do you get less sweet porridge if you invest in shade-grown coffee

哈佛大學商學院做了這項研究，

instead of drinking it?

他們發現了一些有趣的現象。

Well, you know, the investors in companies like Burt's Bees

如果你在20年前投資一塊錢

or Ben & Jerry's wouldn't say so.

到只關心單一季度盈餘 的投資組合公司，

Right? Both of those started out as small, socially conscious companies

那一塊錢20年後會成長到14.46元。

that ended up becoming so popular with consumers

這算不錯了。

that the giants Unilever and Clorox bought them

但是，如果你把同樣的 一塊錢轉而投資到

for hundreds of millions of dollars

專注關心社會環境議題 的投資組合公司，

each.

你就會知道，後者是更好的選擇，

But here's the important thing.

因為那一塊錢

Those corporations realized

20年後會成長到28.36元，

that if they wanted to protect the value of their investments,

相當於兩倍的收益。

they had to preserve that socially conscious mission.

當然，我們要明白一點，

If they didn't keep adding in those extra words

他們並不是靠四處撒錢 來換取好的名聲。

of environmentally friendly and socially conscious,

他們是靠專注於 影響業務的重要事情，

those brands wouldn't make more money.

比如在製造過程中， 減少浪費的能源及水資源；

But maybe this is just the exception the proves the rule, right?

或是確認公司的聘僱合約中，

The serious companies that fund our economy

可以激勵CEO專注於 公司及社區的長期發展，

and that fund our retirements and that really make the world go round,

而不是只看短期的季度表現；

they need to stick to making more money.

或是建立一流的公司文化，

So, Harvard Business School actually researched this,

使員工有更高的忠誠度、

and they found something fascinating.

更高的留職率及生產力。

If you had invested a dollar 20 years ago

不只哈佛，牛津大學 也做了類似研究，

in a portfolio of companies

对120項不同研究的結果進行分析。

that focused narrowly on making more money

他們致力於研究永續發展 對公司收益的影響，

quarter by quarter,

他們一次次地發現，

that one dollar

那些重視永續發展的公司

would have grown to 14 dollars and 46 cents.

往往具有較佳的經營效率、

That's not bad until you consider

較低的資本成本，

that if instead you'd invested that same dollar

及較高的股價表現。

in a portfolio of companies

接下來我們聊聊艾爾．高爾。 （柯林頓任內的副總統）

that focused on growing their business

20年前我在白宮 為艾爾．高爾工作，

and on the most important environmental and social issues,

他是最早呼籲企業和政府

that one dollar would have grown

要重視氣候變化 問題的先鋒之一。

to 28 dollars and 36 cents.

離開白宮後，

almost twice as much sweet porridge.

他創立了一家名為 《世代》的投資公司，

Now, let's be clear, they didn't make that outperformance

將永續環境發展及其他議題放進

by giving away money to seem like a nice corporate citizen.

公司的核心投資流程裡面。

They did it by focusing on the things that matter to their business,

當年他的觀點可是遭到了不少懷疑。

like wasting less energy and water

10年後，他的投資經歷又再次證明，

in their manufacturing processes;

只要做法正確， 永續投資是大有可為的。

like making sure the CEO contracts had the CEOs incentivized

將永續發展加入咒語，

for the long-term results of the company and the communities they served,

不但不會減少甜粥的數量，

not just quarterly results;

反而使它更加美味。

or building a first class culture

說到永續發展投資，

that would have higher employee loyalty,

它的好處在於並不需要念咒語， 也不需要什麼內幕消息，

retention and productivity.

它不是菁英的特權，

Now, Harvard's not alone.

也不是億萬富翁的私人股權。

Oxford also did a research study where they examined 120 different studies

它不是那些噱頭十足的投資， 比如清潔技術

looking at the effect of sustainability and economic results,

或是新興市場的微型貸款，

and they found time and time and time again

或者布魯克林的手工烘培坊。

that the companies that cared about these kinds of important things

而是股票、債券 與財富500強企業。

actually had better operational efficiency,

這是共同基金，

lower cost of capital

是我們今天能在市場上 所看到的投資產品。

and better performance in their stock price.

這就是為什麼我堅信， 只要我們聯合起來，就有能力

And then there's Al Gore.

可以為永續發展投資 創立一個新的常態典範。

So 20 years ago, when I worked for Al Gore in the White House,

第一，一直以來 都有大量證據顯示，

he was one of the early pioneers pleading with businesses and governments

永續發展投資是做對的事情，

to pay attention to the challenges of climate change.

它保存了投資的優點，

Post-White House, he opened an investment firm called Generation,

也保存了能賺錢的優良傳統。

where he baked environmental sustainability and other things

這是說得通的。

right into the core investment process.

第二，我們面臨的最大障礙，

And at the time there was a good bit of skepticism about his views.

也許只存在於我們的腦袋裡。

Ten years later, his track record is one more proof point

我們要消除這種錯誤觀念，

that sustainable investing done right can be sound investing.

就是一旦在投資決策中 加入了道德價值，

Far from making less sweet porridge

你的收益就會減少的錯誤觀念。

because he added sustainability into the mix,

只要你拋棄這種錯誤觀念，

he actually significantly outperformed the benchmark.

你會開始感激 我們今日談的那些事實。

Now, sustainable investing,

第三，未來已經到來了。

the good news is it doesn't require a magic spell

今日的永續發展投資 是一個20萬億的市場，

and it doesn't require some investment secret,

而它專注的投資產業 是成長最快的類別。

and it's not just for the elite.

它在美國已經大幅成長。

It is not just about private equity for billionaires.

在專業經理人的管理下，

It's not just groovy-sounding investments like clean technology

現在每六塊就有一塊錢 投資於這個產業。

or microfinance in emerging markets

所以，我們還在等甚麼？

or artisanal bakeries in Brooklyn.

對我而言，它代表著 從我母親身上獲得的鼓舞。

It's about stocks and bonds and Fortune 500 companies.

她明白自己一生的追求，

It's about mutual funds.

就是能擁有選擇的自由，

It's about all the things

能發出自己的聲音， 寫出自己的故事。

we already see in the market today.

她為自己的目標激動不已，

So here's why I'm convinced

她也清楚地知道，

that we collectively have the power

她不會讓軍隊、困難、 大型機構擋住她的去路。

to make sustainable investing the new normal.

她成功地來到了美國，

First, the proof points are coming out all the time

她成為了一名老師，

that sustainable investing done right,

一名獲獎的作家，

preserving all the same good principles of investing,

一名母親，

the traditional sphere, can pay.

最後還把女兒們送進哈佛。

It makes sense.

這些年來，你可以這麼說，

Secondly,

她在這個世界上 最強大的機構中也能吃得開。

the biggest obstacle standing in our way

這簡直太不可思議了，

may actually just be in our heads.

因為她的名字在 韓語中的意思就是

We just need to let go of that myth

「充滿激情，目標明確」。

that if you add your values into your investment thinking,

「充滿激情，目標明確」，

that you get less sweet porridge.

這正是我們變革所需要的。

And once you get rid of the fable,

激情說的是， 我們渴望改變世界，

you can actually start appreciating those facts we've been talking about.