{"id":275268,"date":"2023-03-19T12:40:35","date_gmt":"2023-03-19T11:40:35","guid":{"rendered":"https:\/\/zakrasnejsivimperk.cz\/?p=275268"},"modified":"2023-03-20T13:44:39","modified_gmt":"2023-03-20T12:44:39","slug":"vladimi-pikora-esg-je-skvela-myslenka-ale-jen-tehdy-pokud-ji-delaji-vsichni-dobrovolne-a-nikoli-tak-ze-nas-do-ni-v-zajmu-celospolecenskeho-blaha-zene-evropska-smernice","status":"publish","type":"post","link":"https:\/\/zakrasnejsivimperk.cz\/?p=275268","title":{"rendered":"VLADIM\u00cd PIKORA: ESG je skv\u011bl\u00e1 my\u0161lenka, ale jen tehdy, pokud ji d\u011blaj\u00ed v\u0161ichni dobrovoln\u011b, a nikoli tak, \u017ee n\u00e1s do n\u00ed v z\u00e1jmu celospole\u010densk\u00e9ho blaha \u017eene evropsk\u00e1 sm\u011brnice"},"content":{"rendered":"
Jak \u0159\u00edk\u00e1 klasik: \u201eO pen\u00edze jde a\u017e v prvn\u00ed \u0159ad\u011b.\u201c To se ov\u0161em za posledn\u00edch dvacet let zm\u011bnilo. Dnes u\u017e o pen\u00edze nejde, ty jsou v\u0161ude, banky jich natiskly mraky, jde o \u017eivotn\u00ed prost\u0159ed\u00ed, spole\u010denskou odpov\u011bdnost a hlavn\u011b \u0159\u00edzen\u00ed spole\u010dnosti. To se v angli\u010dtin\u011b ozna\u010duje zkratkou ESG. S ESG skon\u010dil kapitalismus.<\/h6>\n

\"\"To se projevuje \u00fapln\u011b v\u0161ude. Mn\u011b nejbli\u017e\u0161\u00ed je bankovnictv\u00ed. To se za posledn\u00edch dvacet let \u00fapln\u011b zm\u011bnilo. Najednou nejde o v\u00fdnos a splacen\u00ed \u00fav\u011bru, ale i o \u010dist\u00e9 \u00famysly investic. Banky p\u0159est\u00e1vaj\u00ed d\u011blat to, co v\u017edy. U\u017e nehledaj\u00ed ty nejlep\u0161\u00ed investi\u010dn\u00ed projekty, kter\u00e9 by zafinancovaly, ale hledaj\u00ed projekty, kter\u00e9 budou pro spole\u010dnost nejlep\u0161\u00ed. Stal se z nich vlastn\u011b takov\u00fd soudce, kter\u00fd posoud\u00ed, co je a co nen\u00ed pro spole\u010dnost dobr\u00e9. Trh se vytratil. N\u011bkdy se z n\u011bj stalo dokonce sprost\u00e9 slovo, proto\u017ee trh by mnoh\u00e9 investice \u00fapln\u011b smetl ze stolu.<\/p>\n

Velmi kr\u00e1sn\u011b jsme to vid\u011bli na ned\u00e1vno padl\u00e9 americk\u00e9 bance Silicon Valley Bank. Ta m\u011bla management p\u0159\u00edmo posedl\u00fd diverzitou. ESG m\u011bla v genech. Pl\u00e1novala utratit 5 mld. dolar\u016f v projektu \u201ezdrav\u011bj\u0161\u00ed planety\u201c. Investovala do udr\u017eiteln\u00fdch startup\u016f atd.<\/p>\n

A te\u010f g\u00f3l. Zat\u00edmco se banka v\u011bnovala v\u0161em t\u011bmto \u201ebohulib\u00fdm\u201c \u00fakol\u016fm, nem\u011bla po neuv\u011b\u0159iteln\u00fdch osm m\u011bs\u00edc\u016f \u0159editele \u0159\u00edzen\u00ed rizik. A na co dojela? Na \u0161patn\u00e9 \u0159\u00edzen\u00ed rizik. Polo\u017eil ji o\u010dek\u00e1vateln\u00fd r\u016fst \u00farokov\u00fdch sazeb, kter\u00fd znehodnotil jej\u00ed portfolio. Lid\u00e9 se najednou pochopiteln\u011b ptaj\u00ed, jestli se banka v\u00edc ne\u017e o jejich pen\u00edze nestarala o uv\u011bdom\u011bl\u00e9 politiky. Bohu\u017eel starala.<\/p>\n

Takto by se banky chovat nem\u011bly. Nejsou maj\u00e1ky mor\u00e1lky. Nejsou soudcem, co je a co nen\u00ed pro spole\u010dnost dobr\u00e9. Bohu\u017eel, byly do toho dotla\u010deny.<\/p>\n

V\u0161e za\u010dalo v roce 2006 na p\u016fd\u011b OSN. Tady vznikly principy udr\u017eiteln\u00e9ho investov\u00e1n\u00ed. Tady se za\u010dalo razit to, \u017ee s ESG bude investice m\u00e9n\u011b rizikov\u00e1. P\u0159edpokl\u00e1d\u00e1m, \u017ee nech\u00e1pete, jak m\u016f\u017ee investice, kter\u00e1 vych\u00e1z\u00ed od z\u00e1kladu mizern\u011b, ale je zelen\u00e1, v\u00e9st k ni\u017e\u0161\u00edm rizik\u016fm. Maj\u00ed to vymy\u0161len\u00e9 tak, \u017ee budete m\u00edt m\u00e9n\u011b rizik s regulac\u00ed.<\/p>\n

Zelen\u00fdm se poda\u0159ilo ovl\u00e1dnout regul\u00e1tory trhu<\/strong><\/h6>\n

Centr\u00e1ln\u00ed banky pak za\u010daly po komer\u010dn\u00edch bank\u00e1ch vy\u017eadovat, aby byly zelen\u00e9 a podporovaly zelen\u00e9 investice. Stejn\u011b jako Silicon Valley Bank i centr\u00e1ln\u00ed banky toti\u017e p\u0159estaly d\u011blat to, co p\u016fvodn\u011b m\u011bly. P\u0159estaly hl\u00eddat inflaci. Ve chv\u00edli, kdy inflace v\u0161ude ve sv\u011bt\u011b vysko\u010dila na rekordy, za\u010dali se vlivn\u00ed lid\u00e9 pt\u00e1t, jestli by pro centr\u00e1ln\u00ed banky nebylo lep\u0161\u00ed sp\u00ed\u0161 ne\u017e s glob\u00e1ln\u00edm oteplov\u00e1n\u00edm bojovat s inflac\u00ed. To je kr\u00e1sn\u011b vid\u011bt na britsk\u00e9 centr\u00e1ln\u00ed bance Bank of England. Jakmile opustil banku b\u00fdval\u00fd guvern\u00e9r Mark Carney, oto\u010dila banka kurz. Tento t\u00fdden ozn\u00e1mila, \u017ee do boje s klimatem bude l\u00edt m\u00e9n\u011b pen\u011bz a vr\u00e1t\u00ed se ke sv\u00fdm j\u00e1drov\u00fdm \u010dinnostem.<\/p>\n

B\u00fdval\u00fd guvern\u00e9r byl toti\u017e posedl\u00fd zm\u011bnou klimatu. Byl to on, kdo nutil banky ke tzv. stress test\u016fm m\u011b\u0159\u00edc\u00edm, jak banky zvl\u00e1dnou rostouc\u00ed teplotu planety. A kam mysl\u00edte, \u017ee ode\u0161el, kdy\u017e mu skon\u010dilo anga\u017em\u00e1 v centr\u00e1ln\u00ed bance? Stal se z n\u011bj zvl\u00e1\u0161tn\u00ed velvyslanec OSN pro klima. To je \u0161olich! Ani jste netu\u0161ili, \u017ee existuje, a je\u0161t\u011b lep\u0161\u00ed je, \u017ee se mu v\u011bnuje bank\u00e9\u0159. To je profese, kterou bych zde v\u016fbec ne\u010dekal. A vzhledem k tomu, \u017ee guvern\u00e9\u0159i jsou v\u017edy dob\u0159e placeni, pochybuji, \u017ee tady OSN na odm\u011bn\u011b \u0161et\u0159\u00ed.<\/p>\n

Cel\u00e9 ESG mi p\u0159ipad\u00e1 pokryteck\u00e9<\/strong><\/h6>\n

Najednou p\u0159ich\u00e1zej\u00ed klienti, kter\u00fdm nejde jen o zhodnocen\u00ed pen\u011bz, ale i o to, aby jejich pen\u00edze pomohly dobr\u00e9 v\u011bci. To je na prvn\u00ed pohled takov\u00e9 kr\u00e1sn\u00e9, \u010dist\u00e9 a odpov\u011bdn\u00e9. Jen\u017ee kdy\u017e to prot\u00e1hnu, tak by vlastn\u011b lid\u00e9 nem\u011bli ani investovat do firem, kter\u00e9 t\u011b\u017e\u00ed z toho, \u017ee ve v\u00fdchodn\u00ed Evrop\u011b jsou ni\u017e\u0161\u00ed mzdy ne\u017e v z\u00e1padn\u00ed. \u201eSpr\u00e1vn\u00e9\u201c by bylo odm\u011b\u0148ovat v\u0161echny stejn\u011b. Tak jako neexistuje rozd\u00edl mezi mu\u017eem a \u017eenou a nen\u00ed rozd\u00edl mezi ukl\u00edze\u010dkou v Rumunsku a N\u011bmecku a m\u011bly by br\u00e1t stejn\u011b. To by bylo f\u00e9r.<\/p>\n

Kdyby ale dost\u00e1vali v\u0161ichni za v\u0161e stejn\u011b, vytrat\u00ed se efektivita. Do Rumunska by samy od sebe investice netekly. Ty tam te\u010dou jen a pouze kv\u016fli n\u00edzk\u00e9 mzd\u011b tamn\u00edch obyvatel. Bez rozd\u00edlu ve mzd\u00e1ch by investice ztratila smysl. Stejn\u00e9 to je s \u010cR. Pro\u010d by sem p\u0159ich\u00e1zely investice? Proto\u017ee tu na rozd\u00edl od N\u011bmecka nem\u00e1me d\u00e1lnice?<\/p>\n

To, \u017ee budeme hodn\u00ed, je hezk\u00e9. Nebudeme ale efektivn\u00ed. Nem\u016f\u017eeme se proto divit, \u017ee jde \u010c\u00edna tak rychle vp\u0159ed. Ta podobn\u00e9 v\u011bci ne\u0159e\u0161\u00ed. D\u00edky ESG budeme m\u00edt sice \u010distou p\u0159\u00edrodu, ale \u010dasem n\u00e1s \u010c\u00edna p\u0159ev\u00e1lcuje. ESG je skv\u011bl\u00e1 my\u0161lenka, ale jen tehdy, pokud ji d\u011blaj\u00ed v\u0161ichni dobrovoln\u011b, a nikoli tak, \u017ee n\u00e1s do n\u00ed v z\u00e1jmu celospole\u010densk\u00e9ho blaha \u017eene evropsk\u00e1 sm\u011brnice.<\/p>\n

 <\/p>\n

FB \u2013\u00a0<\/strong>Vladim\u00edr PIKORA<\/strong><\/a>, hlavn\u00ed ekonom skupiny Comfort Finance Group <\/strong>(ps\u00e1no pro t\u00fdden\u00edk Reflex)<\/em><\/p>\n

\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Jak \u0159\u00edk\u00e1 <\/p>\n","protected":false},"author":2,"featured_media":275294,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[85,107],"tags":[],"jetpack_featured_media_url":"https:\/\/zakrasnejsivimperk.cz\/wp-content\/uploads\/2023\/03\/18\/pikora-190323.jpg","_links":{"self":[{"href":"https:\/\/zakrasnejsivimperk.cz\/index.php?rest_route=\/wp\/v2\/posts\/275268"}],"collection":[{"href":"https:\/\/zakrasnejsivimperk.cz\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/zakrasnejsivimperk.cz\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/zakrasnejsivimperk.cz\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/zakrasnejsivimperk.cz\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=275268"}],"version-history":[{"count":3,"href":"https:\/\/zakrasnejsivimperk.cz\/index.php?rest_route=\/wp\/v2\/posts\/275268\/revisions"}],"predecessor-version":[{"id":275295,"href":"https:\/\/zakrasnejsivimperk.cz\/index.php?rest_route=\/wp\/v2\/posts\/275268\/revisions\/275295"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/zakrasnejsivimperk.cz\/index.php?rest_route=\/wp\/v2\/media\/275294"}],"wp:attachment":[{"href":"https:\/\/zakrasnejsivimperk.cz\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=275268"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/zakrasnejsivimperk.cz\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=275268"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/zakrasnejsivimperk.cz\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=275268"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}