TED@State Street Boston
Chris McKnett: The investment logic for sustainability
Kris Meknet (Chris McKnett): Logika ulaganja za održivost
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Prilično je jasno da je održivost jedan od najbitnijih svetskih ciljeva - ali koje grupe zaista mogu da u velikim koracima pokrenu ekološki napredak? Kris Meknet objašnjava da su to veliki insititucionalni investitori. On pokazuje kako jaki finansijski podaci nisu dovoljni i otkriva zašto investitori moraju da pogledaju i na ekološke, društvene i strukture vođenja kompanija.
Chris McKnett - Sustainable investment champion
Chris McKnett helps institutional investors put money toward sustainable and socially-forward assets. Full bio
Chris McKnett helps institutional investors put money toward sustainable and socially-forward assets. Full bio
Double-click the English transcript below to play the video.
00:12
The world is changing
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Svet se menja
00:14
in some really profound ways,
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na veoma značajan način,
00:16
and I worry that investors
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i brine me što investitori
00:18
aren't paying enough attention
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ne obraćaju dovoljno pažnje
00:20
to some of the biggest drivers of change,
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na neke od najvećih pokretača promena,
00:22
especially when it comes to sustainability.
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pogotovo na polju održivosti.
00:26
And by sustainability, I mean the really juicy things,
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Pod tim mislim na stvarno sočne stvari
00:29
like environmental and social issues
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kao društvena i ekološka pitanja
00:31
and corporate governance.
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i upravljanje korporacijama.
00:34
I think it's reckless to ignore these things,
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Mislim da je nemarno ignorisati te stvari
00:36
because doing so can jeopardize
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jer to može da ugrozi
00:37
future long-term returns.
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buduće dugoročne zarade.
00:40
And here's something that may surprise you:
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Ovo će vas možda iznenaditi:
00:42
the balance of power to really influence sustainability
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ravnoteža moći koja utiče na održivost
00:47
rests with institutional investors,
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zavisi od institucionalnih investitora,
00:49
the large investors like pension funds,
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velikih investitora,
kao što su penzioni fondovi,
kao što su penzioni fondovi,
00:52
foundations and endowments.
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fondacije i zadužbine.
00:55
I believe that sustainable investing
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Verujem da je održivo investiranje
00:57
is less complicated than you think,
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jednostavnije nego što mislite,
00:59
better-performing than you believe,
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efikasnije nego što verujete,
01:01
and more important than we can imagine.
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i važnije nego što možemo zamisliti.
01:04
Let me remind you what we already know.
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Da vas podsetim šta već znamo.
01:07
We have a population that's both growing and aging;
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Imamo populaciju
koja se umnožava i stari;
koja se umnožava i stari;
01:11
we have seven billion souls today
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imamo sedam milijardi duša danas
01:13
heading to 10 billion
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koja raste na 10 milijardi
01:14
at the end of the century;
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pri kraju veka;
01:16
we consume natural resources
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trošimo prirodne resurse
01:18
faster than they can be replenished;
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brže nego što se mogu obnoviti;
01:21
and the emissions that are mainly responsible
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i emisije koje su pretežno odgovorne
01:24
for climate change just keep increasing.
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za klimatske promene
nastavljaju s rastom.
nastavljaju s rastom.
01:28
Now clearly, these are
environmental and social issues,
environmental and social issues,
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Ovo su, očito,
društvena i ekološka pitanja,
društvena i ekološka pitanja,
01:33
but that's not all.
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ali to nije sve.
01:35
They're economic issues,
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To su i ekonomska pitanja,
01:37
and that makes them relevant
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i to ih čini relevantnim
01:38
to risk and return.
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za rizik i povrat novca.
01:42
And they are really complex
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To su kompleksna pitanja
01:44
and they can seem really far off,
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koja izgledaju zaista različita,
01:45
that the temptation may be to do this:
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pa iskušenje može biti da se uradi ovo:
01:49
bury our heads in the sand and not think about it.
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zakopamo glave u pesak
i ne mislimo na to.
i ne mislimo na to.
01:52
Resist this, if you can. Don't do this at home.
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Ako možete, oduprite se ovome.
Ne radite ovo kod kuće.
(Smeh)
(Smeh)
01:55
(Laughter)
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01:57
But it makes me wonder
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To me tera da razmislim
01:58
if the investment rules of today
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da li su današnja pravila ulaganja
02:00
are fit for purpose tomorrow.
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svrsishodna za budućnost.
02:03
We know that investors,
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Znamo da investitori,
02:05
when they look at a company
and decide whether to invest,
and decide whether to invest,
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kada procenjuju potencijalnu investiciju,
02:08
they look at financial data,
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gledaju finansijske podatke,
02:10
metrics like sales growth, cash flow, market share,
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kao rast prodaje,
tok novca, tržišni udeo,
tok novca, tržišni udeo,
02:14
valuation -- you know, the really sexy stuff.
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procene - znate, veoma seksi stvari.
02:19
And these things are fundamental, of course,
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Ove stvari su naravno fundamentalne,
02:22
but they're not enough.
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ali nisu dovoljne.
02:23
Investors should also look at performance metrics
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Ulagači bi trebalo da obrate pažnju
02:26
in what we call ESG:
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i na podatke učinka koje zovemo EDU:
02:28
environment, social and governance.
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Ekološki, Društveni i Upravni.
02:31
Environment includes energy consumption,
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Ekološki uključuje potrošnju energije,
02:35
water availability, waste and pollution,
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dostupnost vode,
otpad i zagađenje,
što efikasniju upotrebu resursa.
02:41
just making efficient uses of resources.
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02:44
Social includes human capital,
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Društveno uključuje ljudski kapital,
02:47
things like employee engagement
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kao što su angažovanje zaposlenih
02:48
and innovation capacity,
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i sposobnost inovacije,
02:51
as well as supply chain management
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kao i upravljanje lancem nabavke
02:54
and labor rights and human rights.
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i radnička i ljudska prava.
02:58
And governance relates to the oversight
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Upravni se vezuje za nadzor kompanija
03:00
of companies by their boards and investors.
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od strane njihovih odbora i ulagača.
03:03
See, I told you this is the really juicy stuff.
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Vidite, rekao sam vam da su ovo
veoma sočne stvari.
03:06
But ESG is the measure of sustainability,
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Ali EDU je mera održivosti.
03:11
and sustainable investing incorporates ESG factors
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A održivo ulaganje uključuje EDU faktore
03:15
with financial factors into the investment process.
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u investicioni proces.
03:19
It means limiting future risk
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To znači limitiranje budućeg rizika
03:21
by minimizing harm to people and planet,
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minimiziranjem štete za ljude i planetu,
03:25
and it means providing capital to users
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i znači pružanje kapitala onima
03:28
who deploy it towards productive
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koji ga primenjuju u produktivnim
03:30
and sustainable outcomes.
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i održivim ishodima.
03:33
So if sustainability matters financially today,
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Ako održivost znači finansijski danas,
03:36
and all signs indicate more tomorrow,
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a svi indikatori kažu još više sutra,
03:39
is the private sector paying attention?
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da li privatni sektor obraća pažnju?
03:42
Well, the really cool thing is that most CEOs are.
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Pa stvarno kul stvar je da
većina generalnih direktora to i radi.
Počeli su da gledaju na održivost
03:48
They started to see sustainability
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03:50
not just as important but crucial to business success.
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ne kao važnu, već kao ključnu
za poslovni uspeh.
03:54
About 80 percent of global CEOs
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Oko 80% svetskih generalnih direktora
03:56
see sustainability as the root to growth in innovation
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vidi održivost
kao osnovu rasta u inovaciji
kao osnovu rasta u inovaciji
04:01
and leading to competitive advantage
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i put ka konkurentnoj prednosti
04:03
in their industries.
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u njihovim industrijama.
04:05
But 93 percent see ESG as the future,
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Ali 93% vidi EDU kao budućnost,
04:08
or as important to the future of their business.
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ili kao važno za budućnost
njihovog posla.
njihovog posla.
04:11
So the views of CEOs are clear.
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Znači, stav generalnih direktora
je jasan.
je jasan.
04:14
There's tremendous opportunity in sustainability.
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Postoji ogromna šansa u održivosti.
04:17
So how are companies actually leveraging ESG
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Kako kompanije usklađuju EDU
04:21
to drive hard business results?
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za postizanje poslovnih rezultata?
04:24
One example is near and dear to our hearts.
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Jedan primer nam je posebno drag.
04:26
In 2012, State Street migrated 54 applications
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2012, "Stejt Strit" je preneo
54 aplikacije
54 aplikacije
04:30
to the cloud environment,
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na klaud okruženje,
04:31
and we retired another 85.
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i "penzionisali" smo još 85.
04:34
We virtualized our operating system environments,
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Virtualizovali smo operativne sisteme,
04:36
and we completed numerous automation projects.
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i završili mnoge projekte automatizacije.
04:40
Now these initiatives create
a more mobile workplace,
a more mobile workplace,
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Ove inicijative stvaraju
mobilnije radno okruženje,
mobilnije radno okruženje,
04:42
and they reduce our real estate footprint,
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i umanjuju otisak naših nekretnina,
04:45
and they yield savings of 23 million dollars
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i donose uštedu od 23 miliona dolara
04:48
in operating costs annually,
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u operativnim troškovima godišnje,
04:51
and avoid the emissions
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i izbegavaju emisiju
04:53
of a 100,000 metric tons of carbon.
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od 100.000 metričkih tona CO2.
04:57
That's the equivalent of taking 21,000 cars
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To je isto kao uklanjanje 21.000 kola
05:00
off the road.
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sa puta.
05:02
So awesome, right?
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Strava, zar ne?
05:05
Another example is Pentair.
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Još jedan primer je Pentair.
05:07
Pentair is a U.S. industrial conglomerate,
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Pentair is industrijski konglomerat
u SAD,
u SAD,
05:10
and about a decade ago,
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i pre deset godina,
05:11
they sold their core power tools business
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prodali su osnovni posao
električnih alata
električnih alata
05:14
and reinvested those proceeds in a water business.
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i uložili novac u posao sa vodom.
05:18
That's a really big bet. Why did they do that?
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To je ogromna kocka.
Zašto su to uradili?
Zašto su to uradili?
05:22
Well, with apologies to the Home Improvement fans,
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Pa, uz izvinjenje fanovima
filozofije "Uradi Sam",
filozofije "Uradi Sam",
05:25
there's more growth in water than in power tools,
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rast posla sa vodom je veći
od električnih alata,
od električnih alata,
05:28
and this company has their sights set
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a ova kompanija se namerila
05:30
on what they call "the new New World."
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na ono što zovu "novi Novi Svet".
05:32
That's four billion middle class people
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To je 4 milijarde ljudi srednje klase
05:34
demanding food, energy and water.
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koji traže hranu, energiju i vodu.
05:40
Now, you may be asking yourself,
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Sada se možete upitati,
05:43
are these just isolated cases?
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da li su ovo samo izolovani slučajevi?
05:44
I mean, come on, really?
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Mislim, stvarno?
05:46
Do companies that take sustainability into account
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Da li kompanije koje održivost
shvataju ozbiljno
shvataju ozbiljno
05:48
really do well financially?
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stvarno dobro prolaze finansijski?
05:51
The answer that may surprise you is yes.
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Iznenađujući odgovor je: da.
05:53
The data shows that stocks
with better ESG performance
with better ESG performance
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Podaci kažu da akcije sa boljim EDU-om
05:57
perform just as well as others.
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donose jednako dobro kao i ostale.
06:00
In blue, we see the MSCI World.
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Plavo pokazuje MSCI World.
06:02
It's an index of large companies
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To je indeks velikih kompanija
06:04
from developed markets across the world.
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sa razvijenih tržišta širom sveta.
06:06
And in gold, we see a subset of companies
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Zlatno pokazuje podskup kompanija
06:09
rated as having the best ESG performance.
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rangiranih kao najbolje sa EDU učinkom.
06:12
Over three plus years, no performance tradeoff.
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Više od 3 godine,
bez kompromisa u učinku.
bez kompromisa u učinku.
06:16
So that's okay, right? We want more. I want more.
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To je dobro, zar ne? Želimo više.
Ja želim više.
Ja želim više.
06:20
In some cases, there may be outperformance
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U nekim slučajevima postoji
06:23
from ESG.
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slabiji učinak EDU-a.
06:25
In blue, we see the performance
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Plavo pokazuje učinak
06:28
of the 500 largest global companies,
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500 najvećih svetskih kompanija,
06:30
and in gold, we see a subset of companies
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zlatno pokazuje podskup kompanija
06:33
with best practice in climate change strategy
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sa najboljim praksama u ekologiji
06:36
and risk management.
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i upravljanju rizicima.
06:38
Now over almost eight years,
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Tokom skoro 8 godina,
06:39
they've outperformed by about two thirds.
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oni imaju bolji učinak
za oko dve trećine.
za oko dve trećine.
06:42
So yes, this is correlation. It's not causation.
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Da, postoji neuzročna povezanost.
06:46
But it does illustrate that environmental leadership
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Ovo pokazuje da je ekološko liderstvo
06:48
is compatible with good returns.
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kompatibilno sa dobrim zaradama.
06:52
So if the returns are the same or better
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Ako su zarade iste ili bolje
06:56
and the planet benefits, wouldn't this be the norm?
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i planeta ima koristi, zar to
ne bi trebalo biti pravilo?
ne bi trebalo biti pravilo?
06:59
Are investors, particularly institutional investors,
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Jesu li investitori,
pogotovo oni institucionalni, angažovani?
07:02
engaged?
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07:04
Well, some are,
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Pa, neki jesu,
07:05
and a few are really at the vanguard.
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a neki su stvarno pioniri.
07:09
Hesta.
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Hesta.
07:10
Hesta is a retirement fund for health
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Hesta je penzioni fond za zdravstvene
07:12
and community services employees in Australia,
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i društvene radnike u Australiji,
07:15
with assets of 22 billion [dollars].
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sa imovinom od 22 milijarde dolara.
07:17
They believe that ESG has the potential
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Oni veruju da EDU ima potencijal
07:19
to impact risks and returns,
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da utiče na rizike i zarade,
07:21
so incorporating it into the investment process
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pa uključivanje EDU-a u proces ulaganja
07:24
is core to their duty
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je osnova njihove obaveze da delaju
07:27
to act in the best interest of fund members,
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u najboljem interesu svojih članova,
07:29
core to their duty.
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osnova njihove obaveze.
07:30
You gotta love the Aussies, right?
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Moraš voleti Australijance, zar ne?
07:34
CalPERS is another example.
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CalPERS je drugi primer.
07:37
CalPERS is the pension fund
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CalPERS je penzioni fond
07:39
for public employees in California,
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za radnike javnih firmi u Kaliforniji,
07:41
and with assets of 244 billion [dollars],
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sa imovinom od 244 milijarde dolara,
07:44
they are the second largest in the U.S.
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drugi najveći u SAD
07:46
and the sixth largest in the world.
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i šesti najveći u svetu.
07:48
Now, they're moving toward 100 percent
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Oni napreduju prema stopostotnom
07:50
sustainable investment
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održivom investiranju
07:52
by systematically integrated ESG
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sistematski integrišući EDU
07:54
across the entire fund.
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kroz ceo fond.
07:56
Why? They believe it's critical
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Zašto? Oni veruju da je to ključno
08:00
to superior long-term returns, full stop.
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za superiorne dugoročne zarade, tačka.
08:04
In their own words, "long-term value creation
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Njihovim rečima:
"stvaranje dugoročne vrednosti
"stvaranje dugoročne vrednosti
08:07
requires the effective management
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traži efikasno upravljanje
08:09
of three forms of capital:
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tri vrste kapitala:
08:11
financial, human, and physical.
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finansijskog, ljudskog, i fizičkog.
08:16
This is why we are concerned with ESG."
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Zato mi brinemo o EDU."
08:20
Now, I do speak to a lot of investors
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Deo mog posla
08:22
as part of my job,
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je da govorim pred mnogim ulagačima
08:24
and not all of them see it this way.
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i nemaju svi ovakve stavove.
08:26
Often I hear, "We are required to maximize returns,
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Često čujem: "Obavezni smo
da uvećamo zarade,
da uvećamo zarade,
08:30
so we don't do that here,"
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tako da mi to ovde ne radimo",
08:32
or, "We don't want to use the portfolio
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ili "nećemo da koristimo portfelj
08:34
to make policy statements."
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za političke iskaze."
08:37
The one that just really gets under my skin is,
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Ono što me stvarno nervira, je:
08:39
"If you want to do something about that,
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"Ako hoćeš da nešto uradiš
po tom pitanju,
po tom pitanju,
08:42
just make money, give the profits to charities."
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stvori novac i daj ga
u dobrotvorne svrhe."
u dobrotvorne svrhe."
08:45
It's eyes rolling, eyes rolling.
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Sledi prevrtanje očima.
08:49
I mean, let me clarify something right here.
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Mislim, da pojasnim nešto ovde.
08:53
Companies and investors are not
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Kompanije i investitori nisu
08:55
singularly responsible for the fate of the planet.
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jedini odgovorni za sudbinu planete.
08:58
They don't have indefinite social obligations,
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Oni nemaju beskonačne društvene obaveze,
09:01
and prudent investing and finance theory
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i mudro ulaganje i finansijska teorija
09:03
aren't subordinate to sustainability.
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nisu podređene održivosti.
09:05
They're compatible.
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One su kompatibilne.
09:07
So I'm not talking about tradeoffs here.
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Ne pričam o kompromisu ovde.
09:12
But institutional investors
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Institucionalni investitori
09:13
are the x-factor in sustainability.
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su x-faktor održivosti.
09:17
Why do they hold the key?
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Zašto su oni ključni?
09:19
The answer, quite simply, is, they have the money.
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Odgovor je jednostavan, oni imaju novac.
09:22
(Laughter)
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(Smeh)
09:25
A lot of it.
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Mnogo novca.
09:28
I mean, a really lot of it.
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Mislim, stvarno mnogo novca.
09:29
The global stock market is worth 55 trillion dollars.
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Svetsko tržište akcija vredi
55 biliona dolara
55 biliona dolara
09:32
The global bond market, 78 trillion.
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Svetsko tržište obveznica, 78 biliona.
09:35
That's 133 trillion combined.
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Ukupno, 133 biliona.
09:40
That's eight and a half times the GDP of the U.S.
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To je 8,5 puta više od BDP SAD-a.
09:43
That's the world's largest economy.
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To je najveća svetska ekonomija.
09:45
That's some serious freaking firepower.
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To je ozbiljno velika vatrena moć.
09:49
So we can reconsider
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Možemo preispitati
09:51
some of these pressing challenges,
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neke od ovih hitnih izazova,
09:53
like fresh water, clean air,
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kao što su sveža voda, čist vazduh,
09:56
feeding 10 billion mouths,
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hranjenje 10 milijardi usta,
09:58
if institutional investors
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ako institucionalni investitori
09:59
integrated ESG into investment.
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integrišu EDU u investiranje.
10:02
What if they used that firepower
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Šta ako bi oni upotrebili tu vatrenu moć
10:04
to allocate more of their capital
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da dodele više svog kapitala
10:06
to companies working the hardest
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kompanijama koje najviše rade
10:07
at solving these challenges
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na rešavanju tih izazova
10:09
or at least not exacerbating them?
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ili ih makar ne pogoršavaju?
10:12
What if we work and save and invest,
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Šta ako mi radimo i štedimo i ulažemo,
10:17
only to find that the world we retire into
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samo da bi se penzionisali u jedan
10:20
is more stressed and less secure than it is now?
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stresniji i nesigurniji svet
nego što je sad?
nego što je sad?
10:24
What if there isn't enough clean air and fresh water?
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Šta ako ne bude dovoljno
čistog vazduha i vode?
10:29
Now a fair question might be,
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Pošteno bi bilo zapitati se
10:31
what if all this sustainability risk stuff
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šta ako je cela ta priča o održivosti
10:33
is exaggerated, overstated, it's not urgent,
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preterana, prenaglašena, ishitrena,
10:37
something for virtuous consumers
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nešto za moralne potrošače
10:40
or lifestyle choice?
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ili izbor načina života?
10:42
Well, President John F. Kennedy said something
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Pa, Džon F. Kenedi je rekao nešto
10:44
about this that is just spot on:
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tačno o tome:
10:48
"There are risks and costs to a program of action,
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"Postoje rizik i cena programa akcije,
10:52
but they are far less than the long-range risks
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ali su oni mnogo manji nego
10:54
and costs of comfortable inaction."
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dugoročni rizici
i cena ležernog mirovanja."
i cena ležernog mirovanja."
10:59
I can appreciate that there is estimation risk in this,
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Razumem da ovde postoji procena rizika,
Ali pošto je ona bazirana na
11:02
but since this is based on
widespread scientific consensus,
widespread scientific consensus,
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rasprostranjenom naučnom koncenzusu,
11:06
the odds that it's not completely wrong
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šanse da on nije skroz pogrešan
11:09
are better than the odds
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su veće nego one
11:10
that our house will burn down
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da će nam kuća izgoreti
11:12
or we'll get in a car accident.
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ili da ćemo doživeti automobilski udes.
11:14
Well, maybe not if you live in Boston. (Laughter)
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Pa, možda ne ako živite u Bostonu.
(Smeh)
(Smeh)
11:18
But my point is that we buy insurance
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Moja poenta je da kupujemo osiguranje
11:21
to protect ourselves financially
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da sebe zaštitimo finansijski
11:23
in case those things happen, right?
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u tim slučajevima, zar ne?
11:26
So by investing sustainably
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Održivim ulaganjem
11:28
we're doing two things.
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radimo dve stvari.
11:30
We're creating insurance,
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Stvaramo osiguranje, umanjujući rizik
11:32
reducing the risk to our planet and to our economy,
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za našu planetu i našu ekonomiju,
11:36
and at the same time, in the short term,
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a u isto vreme, kratkoročno,
11:38
we're not sacrificing performance.
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ne žrtvujemo učinak.
11:41
[Man in comic: "What if it's a big hoax
and we create a better world for nothing?"]
and we create a better world for nothing?"]
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[Čovek u stripu: "Šta ako je to velika
prevara i stvaramo bolji svet nizašta?"]
prevara i stvaramo bolji svet nizašta?"]
11:46
Good, you like it. I like it too.
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Dobro, sviđa vam se. I meni, takođe.
11:48
(Laughter)
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(Smeh)
11:49
I like it because it pokes fun
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Sviđa mi se jer udara na šalu
11:51
at both sides of the climate change issue.
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sa obe strane ekoloških pitanja.
11:54
I bet you can't guess which side I'm on.
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Sigurno ne znate na kojoj sam ja strani.
11:57
But what I really like about it
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Ovde najviše volim što me podseća
11:59
is that it reminds me of something Mark Twain said,
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na nešto što je Mark Tven jednom rekao,
12:02
which is, "Plan for the future,
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a to je: "Planiraj za budućnost,
12:04
because that's where you're going to spend
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jer to je ono što ćeš trošiti
12:06
the rest of your life."
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do kraja svog života."
12:08
Thank you.
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Hvala vam.
12:10
(Applause)
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(Aplauz)
ABOUT THE SPEAKER
Chris McKnett - Sustainable investment championChris McKnett helps institutional investors put money toward sustainable and socially-forward assets.
Why you should listen
At State Street Global Advisors, Chris McKnett thinks deeply about how large investors, like banks, pension funds and endowments, can put their money in the right places -- not just for better business, but for a better world. In his role as the head of State Street Global Advisors' Environmental, Social and Governance Investing (ESG), McKnett develops sustainable-strategic products and integrates sustainability thinking directly into the investment process.
Chris McKnett | Speaker | TED.com