A veces, establecer metas es la parte fácil. Lo complicado es implementarlas. En los últimos dos años, hemos estado examinando cómo integrar los Objetivos de Desarrollo Sostenible (ODS) en nuestro proceso de toma de decisiones de inversión para los mercados cotizados. Esta labor se ha realizado en el marco de esfuerzos más amplios para establecer aspiraciones y objetivos de desarrollo económico, inclusión social y sostenibilidad ambiental en todo el mundo.
Basándose en los anteriores Objetivos de Desarrollo del Milenio (ODM), las Naciones Unidas han establecido 17 ODS, incluyendo energía asequible y limpia (7), acción climática (13) y salud y bienestar (3), las áreas donde se concentran típicamente las mayores oportunidades de inversión en ODS. Lograrlos requiere que gobiernos, empresas, inversores y sociedad civil se unan para tomar medidas.
A diferencia del marco predecesor, el programa actual de los ODS pide explícitamente al sector privado que aporte soluciones. Muchas empresas de todo el mundo ya han comenzado a incorporar la sostenibilidad en sus actividades comerciales. Los ODS llevan este compromiso más allá, pidiendo a las empresas que los incorporen a sus modelos de negocio, innovaciones e inversiones.
En su informe “Better Business, Better World” de 2017, los 35 directores ejecutivos y miembros de la sociedad civil de la Comisión de Comercio y Desarrollo Sostenible identificaron 60 grandes oportunidades de mercado en los sectores de la alimentación y la agricultura, el desarrollo urbano, la energía y los materiales, y la salud y el bienestar1. Algunas son la reducción de los residuos de alimentos, las nuevas tecnologías agrícolas, la vivienda asequible, los edificios de bajo consumo energético y el transporte público.
Lo cual está muy bien, pero ¿cómo se puede integrar ese pensamiento en un enfoque coherente de inversión? Después de haberlo hecho durante bastante tiempo, podemos decir que no es en absoluto sencillo. Nuestro trabajo incluyó una investigación publicada en 2018 que esboza nuestra metodología patentada sobre la mejor manera de invertir con una mirada ODS2. Durante este año, la hemos mejorado con el fin de evaluar no solo las contribuciones positivas de los emisores, sino también las negativas. Con ello, creemos que ahora podemos ofrecer un cuadro más completo de la contribución neta global de un emisor individual a los ODS.
Nuestro universo de inversión para este análisis es el MSCI AC World Index. Dentro de este índice, evaluamos dónde los productos y servicios de las empresas están contribuyendo más a los ODS específicos. Encontramos que sus actividades se agrupan típicamente alrededor de cinco: acción por el clima (13), educación de calidad (4), buena salud y bienestar (3), así como producción y consumo responsable (12).
Comenzamos con la identificación de las empresas con ingresos vinculados positivamente a los ODS, que se enfrentan a un escrutinio adicional a través de una capa de control de riesgos diseñada para identificar a los verdaderos líderes. Nuestra investigación muestra que la mayoría de las industrias centran sus esfuerzos en contribuir al ODS 13 (acción climática), aunque existen variaciones significativas dentro y entre sectores.
Al examinar los resultados de nuestro análisis en profundidad, vemos que los subsectores que registran la mayor contribución a los ODS están dentro de la salud, la tecnología y el real estate. Por el contrario, los sectores con la menor contribución son la energía y los servicios de comunicación.
A pesar de las violaciones de las normas de seguridad de los productos, que penalizan la calificación ODS en todo el sector de la salud, los subsectores de productos farmacéuticos, biotecnología y ciencias de la vida, y equipos y servicios de atención sanitaria tienen una alta proporción de «verdaderos líderes ODS» y «líderes ODS» (81% y 82% del límite del mercado en sus subsectores, respectivamente).
En el sector de la tecnología de la información, los tres sub-sectores tienen una alta proporción de líderes ODS. Encontramos que estos productos se despliegan típicamente con fines de eficiencia energética y están asociados con el ODS de acción climática. Lo mismo se aplica también a ciertos dispositivos en el subsector de los semiconductores.
En el subsector de alimentos y bebidas, a menudo observamos una menor exposición a los ODS de lo que cabría esperar. Estas empresas están contribuyendo, pero tienen calificaciones decepcionantes debido a su contribución negativa neta, en particular, al ODS 2 (hambre cero-nutrición). Entre ellas se encuentran las compañías que producen refrescos, dulces, postres, productos a base de carnes rojas y alimentos altamente procesados.
Por último, la mayoría de las empresas del sector de servicios de comunicaciones tienen pocos o ningún ingreso positivo de los ODS. Como resultado, y aunque muchas pueden obtener una puntuación alta en términos de calidad ESG, serán rebajadas en base a los ODS, logrando una calificación «D» en el mejor de los casos. Por el contrario, los líderes son calificados como «A» o «B».
Entonces, ¿qué significa todo esto? Nuestro análisis ilustra la utilidad de contar con un marco formal para evaluar a los emisores a través de criterios consistentes en nuestros procesos de asignación de sectores y selección de valores. Mediante la inclusión de información sobre los ESG en general y sobre los ODS en particular, pretendemos reducir los riesgos, captar las oportunidades y facilitar los esfuerzos para mejorar los retos medioambientales y sociales a los que se enfrenta la sociedad.
Tribuna de Petra Pflaum, co-directora de renta variable para EMEA y CIO de inversión responsable de DWS
1. Business and sustainable Development Commission (January 2017). Better Business, Better World
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