기후변화 완화를 위한 ESG평가의 실효성에 대한 연구

[Purpose] This study examines the effectiveness of utilizing Environmental, Social, and Governance (ESG) criteria in investment decision－making by institutional investors to mitigate climate change. It explores whether evaluating companies based on ESG factors when making investment decisions contributes to effective climate change mitigation. Additionally, the study investigates efficient strategies for mitigating climate change. [Methodology] This involves reviewing pre－existing climate－related studies, including climate models, temperature measurements before the industrial revolution, and reports from governmental bodies such as the Intergovernmental Panel on Climate Change (IPCC). The goal is to determine whether ESG is an effective approach for mitigating climate change. Additionally, the study explores more effective strategies for reducing carbon dioxide emissions. [Findings] The analysis results suggest that, contrary to the commonly perceived notion, natural conditions may have a greater impact on climate change than carbon dioxide emissions resulting from human economic activities. Additionally, even if climate change has occurred due to an increase in human－ induced carbon dioxide emissions, it appears that the use of ESG evaluations by institutional investors in investment decision－making does not have a significant effect on reducing the amount of carbon dioxide emitted by companies. Nevertheless, the incorporation of ESG evaluations into investment decision－making by institutional investors, with the aim of reducing carbon dioxide emissions, may be driven by political and economic intentions to alleviate resistance from consumers and voters. Despite potential inefficiencies in ESG evaluations, imposing a carbon tax is considered a more effective approach for mitigating climate change, even if there is resistance from consumers or voters. This is because it focuses on reducing carbon emissions and is viewed as a more pragmatic solution. [Implications] The results of this study aim to enab le the efficient allocation of social costs that Korea and the world must bear to mitigate climate change. Ultimately, this could contribute to alleviating climate change on a global scale, thereby aiding in the sustained survival of humanity.