<p>外汇市场曾主要受利率和 GDP 数据驱动，如今已达到一个转折点，越来越多地受到可持续性因素的影响。目前，全球估计有 30 万亿美元的资产与 ESG 标准相一致，这标志着资本配置方式的结构性转变。</p>
<p>因此，展现出强大环境政策和透明治理的国家，正变得对长期外国投资者更具吸引力，尤其是可持续性指标在塑造主权风险认知和资本信心方面的作用日益增强。</p>
<p>例如，欧洲中央银行（ECB）已经将气候因素纳入其货币政策，帮助欧元在关注 ESG 的机构投资者中获得了显著的青睐。此外，挪威等国家扩大了其可再生能源能力，包括在海上风电项目上投资 450 亿克朗，使其本国货币成为持续 ESG 资本流入的受益者。</p>
<h3>探索可持续交易基础设施的演变</h3>
<p>在过去几年中，交易者越来越多地获得了复杂的过滤系统，这些系统将主权 ESG 评分叠加到整体技术和基本分析框架上。</p>
<p>例如，Trade W 为交易者提供了通过一个以移动为主的平台访问 100 种金融工具的机会，旨在为下一代市场参与者服务。该平台在五十个地区拥有超过五百万活跃用户，月交易量接近六百亿美元，其本土架构反映了整个行业向减少金融服务相关碳足迹的广泛运动。</p>
<p>尽管如此，近年来支持 ESG 在外汇中整合的量化证据持续增强，体现在可持续基金的强劲表现上，这些基金在 2025 年上半年（涵盖股票、债券和混合资产）录得中位回报率为 12.5%，而传统基金的回报率为 9.2%。</p>
<p>即使是像绿色债券这样的 ESG 增强工具，也开始占据全球外汇市场越来越大的份额，从而间接使交易者能够在日常时间框架内利用 ESG 主题。同样，ESG 投资预计到 2034 年将达到 167.49 万亿美元（从目前的 35.48 万亿美元），这表明机构向高 ESG 地区的再平衡将继续重塑货币估值，短期至中期内。</p>
<h3>问题依然存在，但没有什么是无法轻松解决的</h3>
<p>尽管有这些发展，ESG 在外汇中的采用仍面临独特挑战，尤其是考虑到许多外汇交易的短期性质与 ESG 因素通常表现出的多年度视野之间的冲突。但现实比这种紧张关系所暗示的要复杂和有趣得多。</p>
<p>以巴西雷亚尔（BRL）为例。在 2024 年至 2025 年间，尽管由于卢拉总统的环境政策生效，森林砍伐同比下降了 11%，达到了自 2014 年以来最低的年度清理率，但货币并没有均匀走强，原因在于外汇市场定价了竞争风险。</p>
<p>然而，与此同时，来自真正高 ESG 地区的货币吸引了溢价流入，瑞士法郎（CHF）在 9 月份对美元达到了 14 年来的最高点，这并不是由于利率（接近零）所驱动，而是由于投资者对 ESG 稳定性的需求。</p>
<p>同样，新西兰元（NZD）作为可再生能源信誉的代理，得到了其成熟的排放交易体系和碳定价机制的支持。</p>
<h3>数据不会说谎</h3>
<p>在基金方面，表现优异的情况不言而喻，Tocqueville Dividende ISR 在 2025 年第一季度的回报率接近 20%，超越了晨星全球 TME 指数和 MSCI ACWI 大盘指数。除了个别基金，专注于可再生能源的可持续基金在市场上占据主导地位（尤其是在 5 月），其中八只基金的平均回报率为 15.8%，而更广泛的可持续基金宇宙的回报率为 4.2%。</p>
<p>不仅如此，实时跟踪这些数据的工具现在也可以使用，遥感卫星提供 1 米分辨率范围的图像，从而使交易者能够实时观察环境政策的执行或逆转。</p>
<p>在实际操作中，这意味着监测世界银行主权 ESG 数据门户的交易者可能在 2025 年第二季度识别出新西兰加强碳政策实施的潜力（跟踪实际排放减少和监管数据），并在随后的机构资本轮换之前建立长期的 NZD 头寸。</p>
<p>最后但并非最不重要的是，对于希望建立真实头寸的交易者来说，基础设施现在已经存在，卢森堡证券交易所的 ESG 债券数据库跟踪超过 20,000 种可持续工具，并持续更新。这些不是理论数据宝库，而是实时更新的，任何愿意使用的交易者都可以访问。</p>
<p>因此，随着这些工具的成熟和变得更加可及，零售交易者拥有了机构参与者长期以来所珍视的能力，即在实时 ESG 变化完全反映到市场之前进行交易。简单来说，障碍不再是数据，而是知道在哪里寻找！</p>

<p>外汇市场正在经历转型，环境、社会和治理（ESG）指标越来越多地影响资本配置。拥有 30 万亿美元 ESG 对齐资产的国家，因其强有力的环境政策而吸引长期外资。欧洲中央银行已将气候因素纳入其货币政策，增强了欧元的吸引力。尽管由于外汇交易的短期性质，ESG 采纳面临挑战，但来自高 ESG 管辖区的货币正在获得关注。实时 ESG 跟踪工具正变得更加可及，使交易者能够有效利用这些变化</p>

<p>The forex market, once driven mainly by interest rates and GDP figures, has reached a turning point as it is now increasingly influenced by sustainability considerations. To this point, an estimated $30 trillion is currently held in assets aligned with ESG criteria globally, signalling a structural shift in how capital is allocated.</p>
<div class="lb-trans"><p>外汇市场曾主要受利率和 GDP 数据驱动，如今已达到一个转折点，越来越多地受到可持续性因素的影响。目前，全球估计有 30 万亿美元的资产与 ESG 标准相一致，这标志着资本配置方式的结构性转变。</p>
</div><p>Therefore, countries demonstrating strong environmental policies and transparent governance are becoming more attractive to long-term foreign investors, especially with sustainability metrics beginning to play a growing role in shaping sovereign risk perception and capital confidence.</p>
<div class="lb-trans"><p>因此，展现出强大环境政策和透明治理的国家，正变得对长期外国投资者更具吸引力，尤其是可持续性指标在塑造主权风险认知和资本信心方面的作用日益增强。</p>
</div><p>The European Central Bank (ECB), for instance, has already integrated climate considerations into its monetary policy, helping the Euro gain serious favor among ESG-focused institutional investors in the process. Moreover, nations like Norway have expanded their renewable energy capacity, including a 45 billion kroner investment in offshore wind projects, positioning its native currency as a beneficiary of the ongoing ESG capital inflows.</p>
<div class="lb-trans"><p>例如，欧洲中央银行（ECB）已经将气候因素纳入其货币政策，帮助欧元在关注 ESG 的机构投资者中获得了显著的青睐。此外，挪威等国家扩大了其可再生能源能力，包括在海上风电项目上投资 450 亿克朗，使其本国货币成为持续 ESG 资本流入的受益者。</p>
</div><h3>Exploring the evolution of sustainable trading infrastructure</h3>
<div class="lb-trans"><h3>探索可持续交易基础设施的演变</h3>
</div><p>Over the last couple of years traders are increasingly gaining access to sophisticated filtering systems that overlay sovereign ESG scores onto holistic technical and fundamental analysis frameworks.</p>
<div class="lb-trans"><p>在过去几年中，交易者越来越多地获得了复杂的过滤系统，这些系统将主权 ESG 评分叠加到整体技术和基本分析框架上。</p>
</div><p>Trade W, for example, offers traders access to 100 financial instruments through a mobile-first platform designed for the next generation of market participants. With more than five million active users across fifty regions and a monthly trading volume approaching sixty billion dollars, its native architecture reflects the broader industry movement toward reducing the carbon footprint associated with financial services.</p>
<div class="lb-trans"><p>例如，Trade W 为交易者提供了通过一个以移动为主的平台访问 100 种金融工具的机会，旨在为下一代市场参与者服务。该平台在五十个地区拥有超过五百万活跃用户，月交易量接近六百亿美元，其本土架构反映了整个行业向减少金融服务相关碳足迹的广泛运动。</p>
</div><p>That said, the quantitative evidence supporting ESG integration in forex has continued to strengthen in recent years as evidenced by the robust performance of sustainable funds that posted median returns of 12.5% over the first half of 2025 (across equities, bonds, and mixed assets) compared to 9.2% for their traditional counterparts.</p>
<div class="lb-trans"><p>尽管如此，近年来支持 ESG 在外汇中整合的量化证据持续增强，体现在可持续基金的强劲表现上，这些基金在 2025 年上半年（涵盖股票、债券和混合资产）录得中位回报率为 12.5%，而传统基金的回报率为 9.2%。</p>
</div><p>Even ESG-enhanced instruments like green bonds have started representing an increasing portion of the global forex market, thus indirectly enabling traders to capitalize on ESG themes on daily timeframes. Similarly, ESG investing too is projected to reach $167.49 trillion by 2034 (from its current levels of $35.48 trillion), signalling that institutional rebalancing toward high-ESG jurisdictions will continue to reshape currency valuations in the near to mid term.</p>
<div class="lb-trans"><p>即使是像绿色债券这样的 ESG 增强工具，也开始占据全球外汇市场越来越大的份额，从而间接使交易者能够在日常时间框架内利用 ESG 主题。同样，ESG 投资预计到 2034 年将达到 167.49 万亿美元（从目前的 35.48 万亿美元），这表明机构向高 ESG 地区的再平衡将继续重塑货币估值，短期至中期内。</p>
</div><h3>Problems still persist but nothing that can’t be tackled with ease</h3>
<div class="lb-trans"><h3>问题依然存在，但没有什么是无法轻松解决的</h3>
</div><p>Despite these developments, unique challenges remain when it comes to ESG adoption in forex, especially given the short-term nature of many forex trades and how they conflict with the multi-year horizon over which ESG factors typically manifest. But the reality is messier and more interesting than that tension alone suggests.</p>
<div class="lb-trans"><p>尽管有这些发展，ESG 在外汇中的采用仍面临独特挑战，尤其是考虑到许多外汇交易的短期性质与 ESG 因素通常表现出的多年度视野之间的冲突。但现实比这种紧张关系所暗示的要复杂和有趣得多。</p>
</div><p>Take Brazil's real (BRL) for example. Between 2024 and 2025, even though deforestation fell by 11% yoy, hitting the lowest annual clearing rate since 2014 as President Lula's environmental policies took hold. Yet the currency did not uniformly strengthen for the simple reason that forex markets priced in competing risks.</p>
<div class="lb-trans"><p>以巴西雷亚尔（BRL）为例。在 2024 年至 2025 年间，尽管由于卢拉总统的环境政策生效，森林砍伐同比下降了 11%，达到了自 2014 年以来最低的年度清理率，但货币并没有均匀走强，原因在于外汇市场定价了竞争风险。</p>
</div><p>However, at the same time, currencies from genuinely high-ESG jurisdictions captured premium flows, with the Swiss franc (CHF) hitting a 14-year high against the US dollar in September, driven not by interest rates (which were at near zero) but by investor demand for ESG stability.</p>
<div class="lb-trans"><p>然而，与此同时，来自真正高 ESG 地区的货币吸引了溢价流入，瑞士法郎（CHF）在 9 月份对美元达到了 14 年来的最高点，这并不是由于利率（接近零）所驱动，而是由于投资者对 ESG 稳定性的需求。</p>
</div><p>Similarly, New Zealand's dollar (NZD) has been trading as a proxy for renewable energy credibility, backed by its well established Emissions Trading Scheme and carbon pricing mechanisms.</p>
<div class="lb-trans"><p>同样，新西兰元（NZD）作为可再生能源信誉的代理，得到了其成熟的排放交易体系和碳定价机制的支持。</p>
</div><h3>The data doesn't lie</h3>
<div class="lb-trans"><h3>数据不会说谎</h3>
</div><p>On the fund side of things, the outperformance spoke for itself with Tocqueville Dividende ISR posting returns of nearly 20% through Q1 2025, beating both the Morningstar Global TME Index and the MSCI ACWI Large Cap Index. Beyond individual funds, renewable energy-focused sustainable funds dominated the roost (particularly in May), with eight of these funds averaging 15.8% returns versus 4.2% for the broader sustainable fund universe.</p>
<div class="lb-trans"><p>在基金方面，表现优异的情况不言而喻，Tocqueville Dividende ISR 在 2025 年第一季度的回报率接近 20%，超越了晨星全球 TME 指数和 MSCI ACWI 大盘指数。除了个别基金，专注于可再生能源的可持续基金在市场上占据主导地位（尤其是在 5 月），其中八只基金的平均回报率为 15.8%，而更广泛的可持续基金宇宙的回报率为 4.2%。</p>
</div><p>Not only that, the tools to track this in real time are now accessible with remote sensing satellites providing imagery at a 1-meter resolution range, thus allowing traders to literally watch environmental policy enforcement or reversals as they happen.</p>
<div class="lb-trans"><p>不仅如此，实时跟踪这些数据的工具现在也可以使用，遥感卫星提供 1 米分辨率范围的图像，从而使交易者能够实时观察环境政策的执行或逆转。</p>
</div><p>In practical terms what this means is that a trader monitoring the World Bank's Sovereign ESG Data Portal could have potentially identified New Zealand's strengthening carbon policy implementation in Q2 2025 (tracking actual emissions reductions and regulatory data) and establish a long NZD position ahead of the subsequent institutional capital rotation.</p>
<div class="lb-trans"><p>在实际操作中，这意味着监测世界银行主权 ESG 数据门户的交易者可能在 2025 年第二季度识别出新西兰加强碳政策实施的潜力（跟踪实际排放减少和监管数据），并在随后的机构资本轮换之前建立长期的 NZD 头寸。</p>
</div><p>Last but not least, for traders looking to build real positions, the infrastructure now exists with the Luxembourg Stock Exchange's ESG bond database tracking over 20,000 sustainable instruments, updated continuously. These aren't theoretical data troves. They're live, updated daily, available to any trader willing to use.</p>
<div class="lb-trans"><p>最后但并非最不重要的是，对于希望建立真实头寸的交易者来说，基础设施现在已经存在，卢森堡证券交易所的 ESG 债券数据库跟踪超过 20,000 种可持续工具，并持续更新。这些不是理论数据宝库，而是实时更新的，任何愿意使用的交易者都可以访问。</p>
</div><p>Therefore, as these tools mature and become more accessible, retail traders have something institutional players have long protected jealously, i.e. the ability to trade on real-time ESG shifts before they fully price into markets. In simple terms, the barrier isn't data anymore. It's knowing where to look!</p>
<div class="lb-trans"><p>因此，随着这些工具的成熟和变得更加可及，零售交易者拥有了机构参与者长期以来所珍视的能力，即在实时 ESG 变化完全反映到市场之前进行交易。简单来说，障碍不再是数据，而是知道在哪里寻找！</p>
</div>

外汇市场的绿色革命：ESG 指标如何重塑外汇市场