\u00c7SY yat\u0131r\u0131m\u0131 hakk\u0131nda \u00f6nceki Spotlight makalemde<\/a> inceledi\u011fim gibi temel fikir basittir. \u00c7SY yat\u0131r\u0131mc\u0131lar\u0131, sadece finansal getirileri d\u00fc\u015f\u00fcnmek yerine, se\u00e7imlerinin \u00e7evre, toplum ve kurumsal y\u00f6neti\u015fim a\u00e7\u0131lar\u0131ndan etkilerini de g\u00f6z \u00f6n\u00fcnde bulundurur. Bu \u00fc\u00e7 temel alanda, zarar verici sonu\u00e7lara katk\u0131da bulunmaktan ka\u00e7\u0131nmay\u0131 ve nihayetinde iyili\u011fe hizmet eden bir g\u00fc\u00e7 haline gelmeyi ama\u00e7larlar.<\/p>\n Bloomberg Intelligence anketinin elde etti\u011fi veriler di\u011fer benzer ara\u015ft\u0131rmalarla da uyumludur. PwC taraf\u0131ndan 2022 y\u0131l\u0131nda yay\u0131nlanan bir varl\u0131k ve servet y\u00f6netimi (AWM) raporunda[2]<\/a>, \u00c7SY yat\u0131r\u0131mlar\u0131na y\u00f6nelik benzer bir talep art\u0131\u015f\u0131na dikkat \u00e7ekilmi\u015f ve y\u00f6netilen \u00c7SY ile ilgili varl\u0131klar\u0131n k\u00fcresel olarak AWM pazar\u0131n\u0131n genelinden \u00e7ok daha h\u0131zl\u0131 bir \u015fekilde b\u00fcy\u00fcyece\u011fi belirtilmi\u015ftir. 2021 y\u0131l\u0131nda 18,4 trilyon ABD dolar\u0131 olan bu rakam, 2026 y\u0131l\u0131nda 33,9 trilyon ABD dolar\u0131na ula\u015fm\u0131\u015ft\u0131r.<\/p>\n \u00c7SY yat\u0131r\u0131mlar\u0131n\u0131n, k\u00fcresel ekonomide \u00f6nemi artan bir g\u00fc\u00e7 oldu\u011fu a\u00e7\u0131k\u00e7a g\u00f6r\u00fcn\u00fcyor. Peki, uygulamada bu ne anlama geliyor?<\/p>\n Yat\u0131r\u0131mlar\u0131n dar finansal kriterlerin \u00f6tesindeki etkisini g\u00f6z \u00f6n\u00fcnde bulundurmak yeni bir fikir de\u011fildir. \u00c7SY\u2019nin k\u00f6kleri, siyasi protestolar\u0131n ve kampanyalar\u0131n \u00f6ne \u00e7\u0131kt\u0131\u011f\u0131 ve baz\u0131 yat\u0131r\u0131mc\u0131lar\u0131n daha sosyal olarak sorumlu kararlar almaya \u00e7al\u0131\u015ft\u0131\u011f\u0131 1960\u2019lara kadar geri gidiyor. Bunlar aras\u0131nda t\u00fct\u00fcn \u00fcretimi gibi belirli sekt\u00f6rlere yat\u0131r\u0131m yapmaktan ka\u00e7\u0131nan veya G\u00fcney Afrika\u2019daki Apartheid rejimi gibi belirli y\u00f6netimlerle ili\u015fkili olanlar da vard\u0131.<\/p>\n Elbette, yat\u0131r\u0131mlar\u0131n etik veya dini a\u00e7\u0131dan uygun olmas\u0131n\u0131 sa\u011flamaya y\u00f6nelik \u00e7ok daha eski giri\u015fimler de olmu\u015ftur. Modern \u00c7SY ilkeleri ise ilk olarak 21. y\u00fczy\u0131l\u0131n ba\u015flar\u0131nda Birle\u015fmi\u015f Milletler\u2019in (BM) deste\u011fiyle resmiyet kazanmaya ba\u015flam\u0131\u015ft\u0131r. BM K\u00fcresel \u0130lkeler S\u00f6zle\u015fmesi\u2019nin 2005 tarihli bir raporunda, giderek karma\u015f\u0131kla\u015fan ve birbirine ba\u011flanan bir d\u00fcnyada, \u201cdaha iyi hesap verebilirlik ve kurumsal y\u00f6neti\u015fim i\u00e7in artan kamu beklentileriyle birlikte, ortaya \u00e7\u0131kan \u00e7evresel ve sosyal e\u011filimlerle ilgili riskleri ve f\u0131rsatlar\u0131 aktif bir \u015fekilde y\u00f6netme\u201d konusunda yeni zorluklar\u0131n ortaya \u00e7\u0131kt\u0131\u011f\u0131 ileri s\u00fcr\u00fclm\u00fc\u015ft\u00fcr.[3]<\/a><\/p>\n Dokuz \u00fclkeden 18 finans kurulu\u015funa dan\u0131\u015f\u0131larak haz\u0131rlanan belgede, bu konular\u0131n hem \u015firketler hem de yat\u0131r\u0131m portf\u00f6yleri i\u00e7in \u00f6nemi vurgulanm\u0131\u015f ve finans sekt\u00f6r\u00fcn\u00fcn \u00c7SY ilkelerini daha iyi entegre etmesi i\u00e7in tavsiyelerde bulunulmu\u015ftur. Bunlar aras\u0131nda yat\u0131r\u0131mc\u0131lara \u201c\u00e7evresel, sosyal ve y\u00f6neti\u015fim boyutlar\u0131n\u0131 i\u00e7eren ara\u015ft\u0131rmalar\u0131 a\u00e7\u0131k\u00e7a talep etmeleri ve \u00f6d\u00fcllendirmeleri\u201d ve iyi y\u00f6netilen \u015firketleri \u00f6d\u00fcllendirmeleri \u00e7a\u011fr\u0131s\u0131 da yer al\u0131yordu.<\/p>\n O zamandan bu yana, \u00c7SY yat\u0131r\u0131m\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde b\u00fcy\u00fcd\u00fc ve \u015fimdi genel pazar\u0131n \u00f6nemli bir b\u00f6l\u00fcm\u00fcn\u00fc olu\u015fturuyor. Global Sustainable Investment Alliance taraf\u0131ndan haz\u0131rlanan bir raporda, 2022 y\u0131l\u0131nda \u00c7SY ilkeleriyle uyumlu varl\u0131klara global olarak 30,3 trilyon ABD dolar\u0131 yat\u0131r\u0131m yap\u0131ld\u0131\u011f\u0131 tespit edilmi\u015ftir. Avrupa, Kanada, Avustralya, Yeni Zelanda ve Japonya\u2019da toplam de\u011feri 21,9 milyar ABD dolar\u0131na ula\u015fan s\u00fcrd\u00fcr\u00fclebilir yat\u0131r\u0131m varl\u0131klar\u0131, toplam y\u00f6netilen varl\u0131klar\u0131n %38\u2019ini temsil ediyordu[4]<\/a>.<\/p>\n Bu yat\u0131r\u0131m trendleri, bir b\u00fct\u00fcn olarak kurumsal d\u00fcnyada \u00c7SY ilkelerinin daha fazla dikkate al\u0131nmas\u0131n\u0131 desteklemektedir. McKinsey\u2019in 2022 y\u0131l\u0131nda yapt\u0131\u011f\u0131 bir de\u011ferlendirme[5]<\/a>, farkl\u0131 sekt\u00f6r ve co\u011frafyalardan \u00e7e\u015fitli boyutlardaki \u015firketlerin \u00c7SY\u2019yi iyile\u015ftirmeye y\u00f6nelik daha fazla kaynak tahsis etti\u011fini do\u011frulad\u0131. Standard & Poor\u2019s 500 Endeksi\u2019ndeki \u015firketlerin %90\u2019\u0131ndan fazlas\u0131 art\u0131k \u00c7SY raporlar\u0131n\u0131 bir \u015fekilde yay\u0131nl\u0131yor ve bunlar\u0131n yakla\u015f\u0131k %70\u2019i Russell 1000 Endeksi\u2019nde yer al\u0131yor. Raporun yay\u0131nlanmas\u0131ndan bu yana ge\u00e7en s\u00fcre i\u00e7inde bu rakamlar\u0131n daha da y\u00fckselmi\u015f olmas\u0131 muhtemeldir.<\/p>\n \u00c7SY uygulamalar\u0131n\u0131n her bir boyutuna ayr\u0131 ayr\u0131 bakan McKinsey, \u00e7evre unsuruna iklim de\u011fi\u015fikli\u011fi, hava kirlili\u011fi ve at\u0131k y\u00f6netiminin dahil olabilece\u011fini s\u00f6yl\u00fcyor. Sosyal boyutu ise i\u015f uygulamalar\u0131 veya i\u015f sa\u011fl\u0131\u011f\u0131 ve g\u00fcvenli\u011fi gibi fakt\u00f6rleri ele alabilir. Y\u00f6neti\u015fim ba\u015fl\u0131\u011f\u0131 ise i\u015f eti\u011fi ve tedarik zinciri y\u00f6netimi gibi konular\u0131n yan\u0131 s\u0131ra kurumsal karar alma yap\u0131lar\u0131n\u0131 da i\u00e7erebilir.<\/p>\n Peki, \u00c7SY\u2019ye daha fazla odaklanman\u0131n alt\u0131nda yatan neden nedir? 2015 Paris Anla\u015fmas\u0131\u2019n\u0131n etkisini ve k\u00fcresel \u0131s\u0131nmay\u0131 sanayi \u00f6ncesi seviyeler olan 2 o<\/sup>C dahilinde, tercihen 1,5 o<\/sup>C ile s\u0131n\u0131rland\u0131rma hedefini i\u015faret eden JP Morgan Asset Management, devlet politikas\u0131n\u0131 \u00f6nemli bir itici g\u00fc\u00e7 olarak vurgulamaktad\u0131r[6]<\/a>. Bu do\u011frultuda, 70\u2019ten fazla \u00fclke emisyonlar\u0131 azaltmak i\u00e7in iddial\u0131 hedefler belirlemi\u015ftir. Bu hedeflere ula\u015fmak i\u00e7in yeni finansman giri\u015fimleri, y\u00f6netmelikler ve vergiler gibi \u00e7ok say\u0131da politika \u00f6nlemi al\u0131nmas\u0131 gerekecektir. H\u00fck\u00fcmetler zorunlu \u00c7SY raporlama gerekliliklerini giderek daha fazla uyguluyor ve kurumsal stratejiler h\u0131zla geli\u015fen politika ba\u011flam\u0131na yan\u0131t veriyor.<\/p>\n JP Morgan\u2019\u0131n analizine g\u00f6re, de\u011fi\u015fen kamu tutumlar\u0131 da kurumsal eylemleri etkilemektedir. \u201cFinansal \u00e7\u0131karlar\u0131n\u0131 dikkate alarak oy veren\u201d t\u00fcketici trendi, g\u00f6rmek istedikleri de\u011ferlerle uyumlu olarak \u015firketlerin harekete ge\u00e7meleri i\u00e7in bir te\u015fvik olu\u015fturuyor. Ayn\u0131 zamanda \u00c7SY ile ilgili olarak h\u00fck\u00fcmetler \u00fczerinde artan kamu denetimi, h\u00fck\u00fcmetler \u00fczerinde yukar\u0131dan a\u015fa\u011f\u0131ya tedbirler uygulamalar\u0131 y\u00f6n\u00fcnde bask\u0131 olu\u015fturmaktad\u0131r. Analiz uzmanlar\u0131 bu durumun, yat\u0131r\u0131mc\u0131lar\u0131n \u00c7SY endi\u015felerine yan\u0131t veren \u015firketleri desteklemeleri i\u00e7in cazip f\u0131rsatlar yaratt\u0131\u011f\u0131n\u0131 s\u00f6yl\u00fcyor.<\/p>\n Buna \u00e7evresel s\u00fcrd\u00fcr\u00fclebilirli\u011fin yan\u0131 s\u0131ra sosyal ve y\u00f6neti\u015fimle ilgili hususlar da dahildir. Bu t\u00fcr sosyal hareketler, devam eden baz\u0131 k\u00fcresel ekonomik trendlerin yan\u0131nda sosyal adalet endi\u015felerinin \u00f6n plana \u00e7\u0131kmas\u0131n\u0131 sa\u011flam\u0131\u015ft\u0131r. JP Morgan, uzun y\u0131llar s\u00fcren d\u00fc\u015f\u00fck \u00fccret art\u0131\u015f\u0131n\u0131n ve COVID-19 pandemisinin dikkatleri i\u015f g\u00fcc\u00fc sorunlar\u0131na \u00e7ekti\u011fini \u00f6ne s\u00fcr\u00fcyor. Uzman \u00c7SY yat\u0131r\u0131m firmas\u0131 ADEC Innovations\u2019\u0131n da belirtti\u011fi gibi, tedarik zincirleri daha karma\u015f\u0131k hale geldik\u00e7e bunlar\u0131n i\u015f i\u00e7in olu\u015fturdu\u011fu sosyal, i\u015f g\u00fcc\u00fc ve insan haklar\u0131 riskleri konusunda daha fazla fark\u0131ndal\u0131k olu\u015facakt\u0131r[7]<\/a>. Bu yeni ortam\u0131n bir \u00f6zelli\u011fi de b\u00fcy\u00fck \u015firketler, yat\u0131r\u0131mc\u0131lar ve analiz uzmanlar\u0131 aras\u0131ndaki \u00fc\u00e7 ayl\u0131k kazan\u00e7 duyurular\u0131nda bu terimlerin \u00f6nemli oranda daha fazla kullan\u0131lmas\u0131n\u0131n da kan\u0131tland\u0131\u011f\u0131 gibi kurumsal ortamda \u00e7e\u015fitlilik ve kapsay\u0131c\u0131l\u0131\u011fa art\u0131k daha fazla odaklan\u0131lmas\u0131d\u0131r.<\/p>\n \u00c7SY sorunlar\u0131 g\u00fcn ge\u00e7tik\u00e7e daha fazla yasama ve d\u00fczenleme konusu haline gelmektedir. \u00d6rne\u011fin Birle\u015fik Krall\u0131k, ABD, Kanada ve Avustralya\u2019daki modern k\u00f6lelik ile ilgili yasalar, belirli bir boyutun \u00fczerindeki i\u015fletmelerin, \u00c7SY\u2019de sosyal anlam\u0131na gelen \u201cS\u201d kapsam\u0131ndaki modern k\u00f6lelik ve insan ka\u00e7ak\u00e7\u0131l\u0131\u011f\u0131n\u0131n kendi i\u015fletmelerinde veya en \u00f6nemlisi tedarik zincirlerinde ger\u00e7ekle\u015fmemesini sa\u011flamak i\u00e7in ne yapt\u0131klar\u0131n\u0131 bildirmelerini gerektirir.<\/p>\n \u00c7SY faaliyetlerinin arkas\u0131nda yaln\u0131zca \u201ciyisini yapma arzusu<\/em>\u201d yatmamaktad\u0131r. Ayr\u0131ca g\u00fc\u00e7l\u00fc finansal nedenleri de vard\u0131r. \u00c7SY yat\u0131r\u0131mlar\u0131n\u0131n, en az\u0131ndan di\u011ferleri kadar iyi performans g\u00f6sterdi\u011fine dair \u00e7ok say\u0131da kan\u0131t vard\u0131r. 2023 y\u0131l\u0131nda Kroll[8]<\/a> taraf\u0131ndan yap\u0131lan ve 13.000\u2019den fazla \u015firketin verilerini analiz eden bir \u00e7al\u0131\u015fmada, daha g\u00fc\u00e7l\u00fc \u00c7SY verilerine sahip olan \u015firketlerin daha iyi finansal getiriler sa\u011flad\u0131\u011f\u0131 bulunmu\u015ftur. Y\u0131ll\u0131k geri d\u00f6n\u00fc\u015fleri %12,9 olan \u201clider\u201d \u00c7SY firmalar, bu oran\u0131n %8,6 oldu\u011fu \u201cyava\u015f\u201d firmalar ile k\u0131yasland\u0131\u011f\u0131nda yakla\u015f\u0131k %50\u2019lik bir performans primini ortaya koyuyorlar. Bu \u00e7al\u0131\u015fma, 2021 y\u0131l\u0131nda yap\u0131lan ve \u00f6nceki be\u015f y\u0131l i\u00e7inde yay\u0131nlanan 1.000\u2019den fazla ara\u015ft\u0131rma makalesinin incelendi\u011fi bir ara\u015ft\u0131rmay\u0131 takip etmektedir. Ara\u015ft\u0131rmac\u0131lar, ilgili \u00e7al\u0131\u015fmalar\u0131n %59\u2019unun standart yakla\u015f\u0131mlara k\u0131yasla \u00c7SY yat\u0131r\u0131mlar\u0131n\u0131n benzer veya daha iyi performans g\u00f6sterdi\u011fini ve yaln\u0131zca %14\u2019\u00fcn\u00fcn olumsuz sonu\u00e7lar ortaya koydu\u011funu tespit etmi\u015ftir.<\/p>\n Bu nedenle \u00c7SY\u2019nin dikkate al\u0131nmas\u0131, gezegen ve toplum i\u00e7in faydal\u0131 olman\u0131n yan\u0131 s\u0131ra \u015firketlerin k\u00e2rlar\u0131, itibar\u0131 ve dayan\u0131kl\u0131l\u0131\u011f\u0131 \u00fczerinde de olumlu bir etki yaratabilir.<\/p>\n Bu bak\u0131\u015f a\u00e7\u0131s\u0131na g\u00f6re genel anlay\u0131\u015f, \u00c7SY\u2019yi i\u015flerin iyi gitmesinin \u00f6n\u00fcndeki dikkat da\u011f\u0131t\u0131c\u0131 bir unsur olarak g\u00f6rmek yerine, onu ana ak\u0131m d\u00fc\u015f\u00fcnce ve uygulamalara entegre etmek olmu\u015ftur ve b\u00f6yle olmaya devam etmelidir. Bu yakla\u015f\u0131m, ABD yat\u0131r\u0131m \u015firketi Blackrock\u2019\u0131n ba\u015fkan\u0131 Larry Fink\u2019in icra kurulu ba\u015fkanlar\u0131na Ocak 2020\u2019de g\u00f6nderdi\u011fi bir mektupta desteklenmi\u015ftir. Fink, \u00f6zellikle \u00e7evresel s\u00fcrd\u00fcr\u00fclebilirli\u011fe odaklanarak iklim de\u011fi\u015fikli\u011fi risklerinin artan \u00f6neminin \u201cfinansman\u0131n temelden ba\u015flayarak yeniden \u015fekillendi\u011fi bir d\u00f6nemin s\u0131n\u0131r\u0131nda oldu\u011fumuz\u201d[9]<\/a> anlam\u0131na geldi\u011fini \u00f6ne s\u00fcrd\u00fc.<\/p>\n \u201c\u0130klim riski yat\u0131r\u0131m riskidir\u201d iddias\u0131yla Fink, \u00c7SY endi\u015felerini en iyi i\u015f uygulamalar\u0131yla a\u00e7\u0131k\u00e7a uyumlu hale getirdi. \u201cAma\u00e7, uzun vadeli k\u00e2rl\u0131l\u0131kt\u0131r\u201d g\u00f6r\u00fc\u015f\u00fcn\u00fc tekrarlad\u0131 ve Blackrock\u2019\u0131n s\u00fcrd\u00fcr\u00fclebilirlik konusunda yeterli ilerleme g\u00f6stermeyen \u015firketlerin y\u00f6netimini desteklemekten giderek daha fazla vazge\u00e7ece\u011fi konusunda uyar\u0131da bulundu.<\/p>\n \u00c7SY ana ak\u0131ma girdik\u00e7e daha fazla incelemeyle kar\u015f\u0131 kar\u015f\u0131ya kal\u0131yor. Baz\u0131 uzmanlar kavram\u0131n arkas\u0131ndaki ivmenin yava\u015flam\u0131\u015f olabilece\u011fini ve \u015f\u00fcphecili\u011fin artt\u0131\u011f\u0131n\u0131 \u00f6ne s\u00fcr\u00fcyor. \u00d6rne\u011fin, Birle\u015fik Krall\u0131k merkezli Yat\u0131r\u0131m \u015eirketleri Birli\u011fi\u2019nin (AIC) CEO\u2019su Richard Stone, kurulu\u015fun ara\u015ft\u0131rmas\u0131n\u0131n \u201c\u00c7SY yat\u0131r\u0131mlar\u0131na y\u00f6nelik heyecan\u0131n 2021\u2019de zirve yapm\u0131\u015f olabilece\u011fini\u201d s\u00f6yledi ve \u00c7SY fakt\u00f6rlerini g\u00f6z \u00f6n\u00fcnde bulunduran \u00f6zel yat\u0131r\u0131mc\u0131lar\u0131n oran\u0131n\u0131n son iki y\u0131lda d\u00fc\u015ft\u00fc\u011f\u00fcn\u00fc \u00f6ne s\u00fcrd\u00fc[10]<\/a>.<\/p>\n 2021 y\u0131l\u0131nda, ankete kat\u0131lanlar\u0131n neredeyse \u00fc\u00e7te ikisi (%65), yat\u0131r\u0131m yaparken \u00c7SY fakt\u00f6rlerini dikkate ald\u0131\u011f\u0131n\u0131 s\u00f6yledi. Ertesi y\u0131l, bu oran %60\u2019e ve 2023\u2019te ise %53\u2019e d\u00fc\u015fm\u00fc\u015ft\u00fc.<\/p>\n \u00c7SY fakt\u00f6rlerini dikkate almayan bu %47\u2019lik grubun belirtti\u011fi en \u00f6nemli nedenler aras\u0131nda \u00c7SY sorunlar\u0131ndan ziyade performansa \u00f6ncelik vermek ve hemen ard\u0131ndan \u201cvarl\u0131k y\u00f6neticilerinin \u00c7SY iddialar\u0131 ile ikna olmamak\u201d vard\u0131.<\/p>\n Ankette ayr\u0131ca s\u00fcrd\u00fcr\u00fclebilir uygulamalar hakk\u0131nda abart\u0131l\u0131 veya yan\u0131lt\u0131c\u0131 iddialar anlam\u0131na gelen \u201cye\u015fil aklama\u201d ile ilgili endi\u015feler de bulundu. AIC anketinde, kat\u0131l\u0131mc\u0131lar\u0131n %63\u2019\u00fc ye\u015fil y\u0131kama konusunda endi\u015feli olduklar\u0131n\u0131 s\u00f6yledi. \u201cFonlardan gelen \u00c7SY iddialar\u0131 beni ikna etmedi\u201d ifadesine kat\u0131lan yat\u0131r\u0131mc\u0131lar\u0131n oran\u0131, 2021\u2019de yar\u0131dan azken (%48) 2023\u2019te neredeyse \u00fc\u00e7te ikiye (%63) y\u00fckseldi.<\/p>\n Son zamanlarda y\u00fcksek profilli kurumsal ye\u015fil y\u0131kama su\u00e7lamalar\u0131, bu sorunun yat\u0131r\u0131mc\u0131lar\u0131n zihinlerinde \u00f6n plana \u00e7\u0131kmas\u0131na katk\u0131da bulunmu\u015f olabilir. \u00d6rne\u011fin 2023 y\u0131l\u0131nda, kampanya grubu Global Witness, petrol devi Shell\u2019e kar\u015f\u0131 ABD\u2019deki Menkul K\u0131ymetler ve Borsalar Komisyonu\u2019na \u015fikayette bulunarak \u015firketin yat\u0131r\u0131mc\u0131lar\u0131 yanl\u0131\u015f y\u00f6nlendirdi\u011fini iddia etti. Global Witness, Shell\u2019in y\u0131ll\u0131k harcamalar\u0131n\u0131n %12\u2019sini yenilenebilir enerji ve enerji \u00e7\u00f6z\u00fcmlerine harcamay\u0131 iddia etmesine ra\u011fmen analizinde \u015firketin toplam harcamalar\u0131n\u0131n yaln\u0131zca %1,5\u2019ini g\u00fcne\u015f ve r\u00fczgar enerjisi \u00fcretimine ay\u0131rd\u0131\u011f\u0131n\u0131 ortaya koydu.<\/p>\n Birle\u015fik Krall\u0131k\u2019ta d\u00fczenleyici kurumlar, \u00e7ok say\u0131da enerji \u015firketinin ye\u015fil y\u0131kamadan su\u00e7lu oldu\u011funu tespit etti. Shell, \u00fcr\u00fcnlerinin \u00e7evresel faydalar\u0131 hakk\u0131nda kamuoyunu yan\u0131ltt\u0131\u011f\u0131 i\u00e7in Haziran 2023\u2019te Reklam Standartlar\u0131 Kurumu taraf\u0131ndan kampanyalar\u0131 yasaklanan \u00fc\u00e7 fosil yak\u0131t i\u015fletmesinden biriydi[11]<\/a>. Ele\u015ftiri oklar\u0131na hedef olan sadece petrol ve gaz \u015firketleri de\u011fil. Aral\u0131k 2023\u2019te Birle\u015fik Krall\u0131k Rekabet ve Piyasalar Kurulu (CMA), \u00e7e\u015fitli t\u00fcketim mallar\u0131 \u00fcreten Unilever\u2019in ye\u015fil y\u0131kama konusunda yan\u0131lt\u0131c\u0131 s\u00fcrd\u00fcr\u00fclebilirlik iddialar\u0131nda bulundu\u011funa dair endi\u015feler nedeniyle daha geni\u015f kapsaml\u0131 bir soru\u015fturman\u0131n kapsam\u0131nda inceleyece\u011fini duyurdu. CMA\u2019n\u0131n CEO\u2019su Sarah Cardell, \u015firketin faaliyetlerini inceleyen ki\u015finin \u201cbir\u00e7o\u011fu g\u00f6r\u00fcnd\u00fc\u011f\u00fc gibi olmayan \u2018ye\u015fil\u2019 \u00fcr\u00fcnler taraf\u0131ndan pek insan\u0131n yanl\u0131\u015f y\u00f6nlendirildi\u011finden endi\u015fe duydu\u011funu\u201d s\u00f6yledi.<\/p>\n Baz\u0131 yat\u0131r\u0131m fonlar\u0131n\u0131n ye\u015fil aklama tarz\u0131 uygulamalara giri\u015fmi\u015f olabilece\u011fine dair endi\u015feler de mevcuttur. Ekonomik Politika Ara\u015ft\u0131rmalar\u0131 Merkezi\u2019nin (CEPR) yak\u0131n tarihli bir blogunda[12]<\/a>, Fransa\u2019n\u0131n EDEHC i\u015fletme okulundan akademisyenler, \u201cfon y\u00f6neticilerinin, kendilerini s\u00fcrd\u00fcr\u00fclebilir olarak g\u00f6stermek i\u00e7in portf\u00f6ylerine daha y\u00fcksek performansl\u0131 ancak tart\u0131\u015fmal\u0131 varl\u0131klar dahil ederek d\u00fczenleyici beyanlar\u0131nda yan\u0131lt\u0131c\u0131 olabileceklerine\u201d dair kan\u0131tlar\u0131n oldu\u011funu ileri s\u00fcrd\u00fc.<\/p>\n Ara\u015ft\u0131rmac\u0131lar, sekt\u00f6r analistleri taraf\u0131ndan sa\u011flanan s\u00fcrd\u00fcr\u00fclebilirlik derecelendirmelerindeki \u015feffafl\u0131\u011f\u0131n art\u0131rm\u0131\u015f olmas\u0131na ra\u011fmen y\u0131lda yaln\u0131zca birka\u00e7 kez yap\u0131lmas\u0131 gereken fon a\u00e7\u0131klamalar\u0131na dayal\u0131 olarak hesapland\u0131klar\u0131n\u0131 belirtmektedir. Bu durum, ilkesiz y\u00f6neticilerin, tespitin m\u00fcmk\u00fcn olmad\u0131\u011f\u0131 durumlarda daha y\u00fcksek getirili ancak daha az sorumlu varl\u0131klara geri d\u00f6nmeden \u00f6nce, s\u00fcrd\u00fcr\u00fclebilirlik derecelendirmelerini art\u0131rmak i\u00e7in a\u00e7\u0131klamadan hemen \u00f6nce stratejik olarak \u00c7SY hisseleri sat\u0131n almalar\u0131n\u0131 sa\u011flar.<\/p>\n Ara\u015ft\u0131rmac\u0131lar, \u00c7SY fonlar\u0131n\u0131n performans\u0131n\u0131 b\u00fcy\u00fck \u00c7SY hisse endeksleri ile kar\u015f\u0131la\u015ft\u0131rd\u0131klar\u0131nda, baz\u0131 durumlarda bunun endi\u015fe verici bir \u015fekilde ger\u00e7ekten meydana geldi\u011fini g\u00f6steren kan\u0131tlar buldular. Analizde, zorunlu a\u00e7\u0131klamalardan hemen sonraki bu d\u00fc\u015f\u00fc\u015f ile y\u00fcksek emisyonlu hisselerin performans\u0131ndaki h\u0131zl\u0131 art\u0131\u015f aras\u0131nda anlaml\u0131 bir korelasyon bulunmu\u015ftur. Akademisyenler bu bulgulara dayanarak \u201cbaz\u0131 fonlar\u0131n \u00e7evrecilik \u00fczerinden g\u00f6z boyama yapt\u0131\u011f\u0131\u201d sonucuna var\u0131yor.<\/p>\n Bu bulgular, \u00f6zellikle Avrupa\u2019da \u00f6ne \u00e7\u0131kan bir sorun olan \u00c7SY fonlar\u0131n\u0131n nas\u0131l s\u0131n\u0131fland\u0131r\u0131ld\u0131\u011f\u0131na dair s\u00fcrekli kafa kar\u0131\u015f\u0131kl\u0131\u011f\u0131n\u0131n bulundu\u011fu bir ortamda ortaya \u00e7\u0131k\u0131yor.<\/p>\n Temmuz 2022\u2019de Avrupa Komisyonu (EC), s\u00fcrd\u00fcr\u00fclebilir yat\u0131r\u0131m fonlar\u0131 hakk\u0131nda yeni bir k\u0131lavuz yay\u0131nlad\u0131 ve y\u00fczlerce fonun s\u00fcrd\u00fcr\u00fclebilirlik stat\u00fclerinin (a\u00e7\u0131k bir s\u00fcrd\u00fcr\u00fclebilir yat\u0131r\u0131m hedefinin olmas\u0131 gereken) en y\u00fcksek puanl\u0131 \u201cdokuzuncu madde\u201d kategorisinden daha az zorlay\u0131c\u0131 \u201csekizinci madde\u201d kategorisine d\u00fc\u015fmesini sa\u011flad\u0131. Morningstar\u2019dan al\u0131nan verilere g\u00f6re, 2022\u2019nin d\u00f6rd\u00fcnc\u00fc \u00e7eyre\u011finde toplam 193 milyar ABD dolar\u0131 tutan fonlar, Avrupa Komisyonu\u2019nun m\u00fcdahalesinin ard\u0131ndan dokuzuncu madde s\u0131n\u0131fland\u0131rmas\u0131ndan d\u00fc\u015f\u00fcr\u00fcld\u00fc[13]<\/a>. Nisan 2023\u2019te Avrupa Komisyonu\u2019ndan gelen ek a\u00e7\u0131klamalar \u0131\u015f\u0131\u011f\u0131nda, yakla\u015f\u0131k 35 fon yeniden dokuzuncu maddeye y\u00fckseltilse de say\u0131lar \u00f6nceki seviyenin \u00e7ok alt\u0131nda kalm\u0131\u015ft\u0131r.<\/p>\n Bu kafa kar\u0131\u015f\u0131kl\u0131\u011f\u0131n\u0131n yan\u0131 s\u0131ra \u00c7SY kavram\u0131n\u0131n kendisi de \u00f6zellikle ABD\u2019de siyasi sald\u0131r\u0131ya u\u011fram\u0131\u015ft\u0131r. Florida\u2019da, eyalet ve yerel h\u00fck\u00fcmet taraf\u0131ndan verilen yat\u0131r\u0131m kararlar\u0131ndaki \u00c7SY fakt\u00f6rlerinin g\u00f6z \u00f6n\u00fcnde bulundurulmas\u0131n\u0131 yasaklayan yasalar \u00e7\u0131kar\u0131lm\u0131\u015ft\u0131r ve bunlar\u0131n yaln\u0131zca \u201csomut fakt\u00f6rlere\u201d dayanmas\u0131 gerekti\u011fini belirtilmi\u015ftir[14]<\/a>. K\u00fclt\u00fcrel anla\u015fmazl\u0131klara neden olan bu fikrin ortaya \u00e7\u0131kmas\u0131n\u0131n ard\u0131ndan, di\u011fer baz\u0131 eyaletlerde de \u00c7SY\u2019nin kullan\u0131m\u0131n\u0131 s\u0131n\u0131rlayan yasalar \u00e7\u0131kar\u0131lm\u0131\u015ft\u0131r. Florida valisi Ron DeSantis, \u015firketleri \u201coy sand\u0131\u011f\u0131 yerine ekonomi arac\u0131l\u0131\u011f\u0131yla ideolojik bir g\u00fcndem\u201d yaratmakla su\u00e7lad\u0131 ve eyaletin yeni yasalar\u0131n\u0131n \u201c\u00c7SY de\u011ferlendirmelerini Florida\u2019da daha g\u00fc\u00e7l\u00fc bir \u015fekilde engelleyece\u011fini\u201d s\u00f6yledi. Bunu, \u00c7SY\u2019nin eski ABD ba\u015fkan yard\u0131mc\u0131s\u0131 Mike Pence\u2019in benzer ele\u015ftirisi takip etti ve \u201cbu kavram\u0131n b\u00fcrokratlar, d\u00fczenleyiciler ve aktivist yat\u0131r\u0131mc\u0131lardan olu\u015fan se\u00e7ilmemi\u015f bir komplocu grubu, kendi siyasi de\u011ferlerini dayatmak i\u00e7in g\u00fc\u00e7lendirdi\u011fini\u201d yazd\u0131.[15]<\/a><\/p>\n \u00c7SY\u2019nin giderek daha politik bir terim haline geldi\u011fi ve kendi g\u00f6r\u00fc\u015fleri ne olursa olsun baz\u0131 yat\u0131r\u0131mc\u0131lar\u0131 bunu kullanma konusunda daha dikkatli hale getirdi\u011fi a\u00e7\u0131kt\u0131r. \u00d6rne\u011fin Blackrock\u2019tan Larry Fink, daha \u00f6nce \u00c7SY yakla\u015f\u0131m\u0131n\u0131 y\u00fcksek sesle destekleyen biri olarak kulland\u0131\u011f\u0131 \u00c7SY\u2019yi \u201csilah olarak kullanma\u201d ifadesini kullanmay\u0131 b\u0131rakt\u0131\u011f\u0131n\u0131 duyurdu. Bununla birlikte, firmas\u0131n\u0131n \u00c7SY konular\u0131ndaki duru\u015funu de\u011fi\u015ftirmedi\u011fini ve yat\u0131r\u0131m yapt\u0131\u011f\u0131 \u015firketlerde karbonsuzla\u015ft\u0131rma gibi hedefleri desteklemeye devam edece\u011fini s\u00f6yledi.<\/p>\n \u00c7SY\u2019nin kar\u015f\u0131 kar\u015f\u0131ya kald\u0131\u011f\u0131 \u00e7e\u015fitli politik ve d\u00fczenleyici kar\u015f\u0131 r\u00fczgarlar g\u00f6z \u00f6n\u00fcne al\u0131nd\u0131\u011f\u0131nda, bu fikir ile ilgili soru i\u015faretlerinin artmas\u0131 hi\u00e7 de \u015fa\u015f\u0131rt\u0131c\u0131 de\u011fil. Ancak bence, \u00c7SY\u2019nin kar\u015f\u0131la\u015ft\u0131\u011f\u0131 giderek artan ele\u015ftiri, olgunlu\u011fa ula\u015fmas\u0131nda kar\u015f\u0131 ka\u00e7\u0131n\u0131lmaz bir tepkidir ve olumlu sonuca ula\u015f\u0131laca\u011f\u0131na dair bir i\u015farettir.<\/p>\n Neticede konsept sa\u011flamsa g\u00fc\u00e7l\u00fc ele\u015ftirilere de dayanabilmelidir. Bu ele\u015ftiriler, ka\u00e7\u0131n\u0131lmaz olarak baz\u0131 daha az ge\u00e7erli \u00c7SY iddialar\u0131n\u0131n ortaya \u00e7\u0131kmas\u0131na neden olacak ve talihsiz ye\u015fil y\u0131kama vakalar\u0131na daha fazla dikkat \u00e7ekecektir. Ancak bunun, artan ilgiyi kar\u015f\u0131layan yat\u0131r\u0131mlara ve giri\u015fimlere daha fazla inanabilece\u011fimiz anlam\u0131na geldi\u011fine de kesinlikle inan\u0131yorum.<\/p>\n \u00c7SY yat\u0131r\u0131mlar\u0131nda ilerleme kaydetmek i\u00e7in daha fazla \u015feffafl\u0131k ve titizlik \u00f6nem kazanacakt\u0131r. Bu nedenle, bu y\u0131l Uluslararas\u0131 Denetim ve Teminat Standartlar\u0131 Kurulu\u2019nun Norve\u00e7\u2019in egemen varl\u0131k fonu da dahil olmak \u00fczere bu fikrin destek\u00e7ileri ile s\u00fcrd\u00fcr\u00fclebilirlik raporlamas\u0131 i\u00e7in yeni k\u00fcresel g\u00fcvence standartlar\u0131 geli\u015ftirme tekliflerini duyurmas\u0131n\u0131[16]<\/a> te\u015fvik edici buluyorum. Bu hareket, \u00c7SY yat\u0131r\u0131m\u0131n\u0131 \u00e7evreleyen d\u00fczenlemeleri s\u0131k\u0131la\u015ft\u0131rmak i\u00e7in d\u00fcnya genelinde devam eden \u00e7abalar\u0131n bir par\u00e7as\u0131n\u0131 olu\u015fturmaktad\u0131r[17]<\/a>. K\u0131sa vadede bu durum baz\u0131 zorluklara neden olsa da nihayetinde daha fazla netlik ve g\u00fcvene yol a\u00e7acakt\u0131r.<\/p>\n Son y\u0131llarda \u00c7SY yat\u0131r\u0131m\u0131n\u0131n, ister olumlu ister k\u00f6t\u00fc bir g\u00fc\u00e7 olarak tasvir edilsin, bazen a\u015f\u0131r\u0131 iddial\u0131 taleplere maruz kald\u0131\u011f\u0131n\u0131 g\u00f6rd\u00fck. Ancak benim deneyimime g\u00f6re, ba\u015far\u0131l\u0131 yat\u0131r\u0131mc\u0131lar konu\u015fulanlar\u0131n arkas\u0131ndaki ger\u00e7ekli\u011fi g\u00f6rme yetenekleriyle tan\u0131mlan\u0131rlar. Mevcut durumu samimiyetle inceleyen herkes, k\u00fcresel ekonominin kar\u015f\u0131 kar\u015f\u0131ya oldu\u011fu \u00e7evresel, sosyal ve y\u00f6neti\u015fimle ilgili zorluklar\u0131n ne kadar ger\u00e7ek oldu\u011funu g\u00f6rebilir. Bu nedenle \u00c7SY yat\u0131r\u0131mlar\u0131, finansal gelece\u011fimizin ayr\u0131lmaz bir par\u00e7as\u0131n\u0131 olu\u015fturacak gibi g\u00f6r\u00fcn\u00fcyor. Bunun m\u00fcmk\u00fcn olan en y\u00fcksek ba\u015far\u0131yla ger\u00e7ekle\u015fmesini sa\u011flamak da hepimize d\u00fc\u015f\u00fcyor.<\/p>\n [1]<\/a> https:\/\/www.esginvesting.co.uk\/2023\/11\/bloomberg-survey-shows-rising-esg-interest\/<\/a><\/p>\n [2]<\/a> https:\/\/www.pwc.com\/gx\/en\/news-room\/press-releases\/2022\/awm-revolution-2022-report.html<\/a><\/p>\n [3]<\/a> https:\/\/www.unepfi.org\/fileadmin\/events\/2004\/stocks\/who_cares_wins_global_compact_2004.pdf<\/a><\/p>\n [4]<\/a> https:\/\/www.gsi-alliance.org\/wp-content\/uploads\/2023\/12\/GSIA-Report-2022.pdf<\/a><\/p>\n [5]<\/a> https:\/\/www.mckinsey.com\/capabilities\/sustainability\/our-insights\/does-esg-really-matter-and-why#\/<\/a><\/p>\n [6]<\/a> https:\/\/am.jpmorgan.com\/gb\/en\/asset-management\/institutional\/investment-strategies\/sustainable-investing\/esg-investment-landscape\/<\/a><\/p>\n [7]<\/a> https:\/\/www.adecesg.com\/resources\/faq\/what-is-esg-investing\/<\/a><\/p>\n [8]<\/a> https:\/\/www.kroll.com\/en\/insights\/publications\/cost-of-capital\/esg-global-investor-returns-study<\/a><\/p>\n [9]<\/a> https:\/\/www.blackrock.com\/americas-offshore\/en\/larry-fink-ceo-letter<\/a><\/p>\n [10]<\/a> https:\/\/www.theaic.co.uk\/aic\/news\/press-releases\/esg-investing-declining-in-popularity-as-fears-of-greenwashing-grow<\/a><\/p>\n [11]<\/a> https:\/\/www.ft.com\/content\/fec9e504-7006-495a-964a-ba2ded4df5ad<\/a><\/p>\n [12]<\/a> https:\/\/cepr.org\/voxeu\/columns\/smoke-and-mirrors-look-inside-esg-fund-portfolios<\/a><\/p>\n [13]<\/a> https:\/\/www.reuters.com\/business\/sustainable-business\/more-eu-green-funds-re-badged-amid-regulatory-drive-morningstar-2023-01-26\/<\/a><\/p>\n [14]<\/a> https:\/\/www.hklaw.com\/en\/insights\/publications\/2023\/06\/new-florida-law-prohibits-use-of-esg-factors-in<\/a><\/p>\n [15]<\/a> https:\/\/www.wsj.com\/articles\/only-republicans-can-stop-the-esg-madness-woke-musk-consumer-demand-free-speech-corporate-america-11653574189<\/a><\/p>\n [16]<\/a> https:\/\/www.bloomberg.com\/news\/articles\/2023-08-02\/company-esg-claims-to-soon-face-audits-amid-greenwashing-fears<\/a><\/p>\n [17]<\/a> https:\/\/www.nortonrosefulbright.com\/en\/knowledge\/publications\/8c48a4f6\/financial-services-regulation-and-esg-regulation-around-the-world<\/a><\/p>\n <\/p>\n","protected":false},"featured_media":116737,"template":"","tags":[],"acf":[],"yoast_head":"\n\u00c7SY\u2019nin do\u011fu\u015fu ve geli\u015fimi<\/h2>\n
![\"\"](\"https:\/\/media.alj.com\/app\/uploads\/2024\/05\/Snapshot-of-global-sustainable-investing-assets-2016-2022-USD-billions_v2.jpg\")
<\/p>\nDe\u011fi\u015fikli\u011fin arkas\u0131ndaki nedenler<\/h2>\n
![\"\"](\"https:\/\/media.alj.com\/app\/uploads\/2024\/05\/Corporate-mentions-of-diversity-and-inclusion-in-earnings-calls_V2.jpg\")
<\/p>\nGeri tepme<\/h2>\n
![\"\"](\"https:\/\/media.alj.com\/app\/uploads\/2024\/05\/of-investors-who-find-ESG-factors-important.jpg\")
<\/p>\nYe\u015fil vitrin s\u00fcslemesi<\/h2>\n
![\"\"](\"https:\/\/media.alj.com\/app\/uploads\/2024\/05\/Responsible-stocks_V2.jpg\")
<\/p>\nPolitikle\u015ftirme<\/h2>\n
S\u00f6ylemler ve ger\u00e7ekler<\/h2>\n