Page 11 - NO.147銀行家雜誌

怎樣的風險，但我們也需要計算金融的波動 客戶越多，規模越大
會如何影響永續投資，進而影響地球氣候。
除此之外，凡是了解總體經濟和綠色 當然，本屆論壇並不侷限於討論總體經

金融如何彼此影響的人，未來這一年必定會 濟。金融服務公司Moven創辦人暨執行長、暢銷
注意到能源通膨帶來的政治問題。到目前為 書《Bank 2.0》、《Bank 3.0》及《Bank 4.0》的作
止最受新聞矚目、對低收入者影響最大的通 者布雷特˙金恩（Brett King）提到，金融科技
膨，都跟能源相關，其主因就是天然氣產業 （FinTech）和「科技金融」（TechFin）新創公
的復甦不如預期。希望人類擺脫化石燃料的 司正在用一個全新的模式來挑戰傳統的銀行。

人，看到這種走勢當然相當開心，但它未來 這種商業模式的成功關鍵，就是招募顧
可能催生出麻煩的問題。如果能源占消費者 客的成本大幅降低。例如總部位於巴西的純
支出的比例越來越高，各國央行會不會更強 網銀Nubank，目前是全拉丁美洲最大的金融
硬地管控其他支出品的物價？或者，各國 科技銀行，它的客戶招募綜合成本（Blended

央行會不會因此推出更大規模的量化寬鬆， Customer Acquisition Cost, BCAC：所有招
用發現金的方式解決民生問題？未來的亞洲 募活動的總支出，除以新增的客戶量；不同
金融論壇很可能都會討論這些問題。 客戶的招募成本不同，有些客戶甚至是免費

through which ambitious climate action can deliver times. Trichet estimates that overall vulnerability
the sustainable future which people around the is even higher now than at the onset of the
world have been demanding, and which future 2008 crisis. Central banks will need to pay close

generations deserve.” attention to stability concerns as they raise rates.
One potential issue for future consideration
Financial vulnerability is how financial crises might interact with
sustainability objectives. In the short term, lower

Despite his hopeful views on productivity growth is associated with lower emissions, as
and growth, Trichet also however mentioned that demonstrated in 2020. Such a result is however
financial markets are exceptionally fragile at the not stable. In order to achieve carbon reduction
moment. According to IMF figures, global debt targets, investments in green infrastructure must
increased by an amount worth 61% of GDP in the continue during these periods in order to prepare

13 years from 2007 to the end of 2020. Equity the economy for its subsequent growth.
valuations now compare to those before the dot- One of the aims of ESG investing is to shift
com bust, and wealth has increased over twenty the risk curve for sustainable projects outwards, so
years from about four times GDP to about six that projects which may not have otherwise received

台灣銀行家2022.3月號 11

1 5% JOEE