ESG投资作为一种新生事物，经过前几年的快速发展，近两年全球又兴起了“反ESG”的浪潮，意味着市场对ESG投资理念的再探索。其原因有二：一是近两年ESG投资策略表现欠佳，影响了投资者对ESG的投资热情；二是近两年全球经济增速放缓、地缘政治冲突频繁等因素在一定程度上挤占了市场对ESG的关注。本文分析了2023年国际上围绕ESG的争论焦点、国内外的ESG大事件以及中国ESG产品的发展现状，并对未来ESG的新发展方向做了再审视：一是多从提升资源利用效率和风险管控方面考虑环境问题；二是从企业的负外部性角度来考虑企业的社会问题；三是不仅将公司治理锚定在公司内部，还可以将眼光放宽至开放环境下的治理问题。
After the rapid development of ESG investment in the past few years，there has been a wave of “anti-ESG” in the world in the past two years，which means that the market is exploring the concept of ESG investment again. There are two reasons for this：One is that the underperformance of ESG investment strategies in the last two years has doused investors’ enthusiasm for ESG investments；Second，factors such as the slowdown in global economic growth and frequent geopolitical conflicts in the past two years have crowded out the market’s focus on ESG to a certain extent. This paper analyzes the focus of the international debate around ESG in 2023，the major ESG events at home and abroad，and the current status of ESG product development in China，and revisits the new direction of ESG development in the future：One is to consider environmental issues more in terms of improving resource utilization efficiency and risk management；The second is to consider the social problems of enterprises from the perspective of their negative externalities；Third，it is possible to anchor corporate governance not only within the firm，but also to broaden the perspective to governance issues in open environments.
