NO.PZ2024021802000082
问题如下：
Which of the following is most accurate? With respect to property investments, investors should:
选项：
A.support research on climate risks.
B.screen investments for an ESG tilt as engagement is not possible.
C.prioritize engagement based on the property developer's credit quality.
解释：
A. Correct because property is also exposed to the physical impacts of climate change, which contributes to stranded asset risk. In addition, the UNEP Finance Initiative and others recommend that real estate investment stakeholders support research on ESG and climate risks.
B. Incorrect because the ESG approach usually applied in the sovereign debt asset class is screening or an ESG tilt in the investment process rather than engagement. Therefore, ESG tilts are preferred for sovereign debt, not for property investments, as engagement is possible in the latter case.
C. Incorrect because in relation to fixed income, PRI’s guide "ESG Engagement for Fixed Income Investors: Managing Risks, Enhancing Returns" recommends that investors prioritize engagement with issuers with lower credit quality (with less balance sheet flexibility to absorb negative ESG impacts). Therefore, this argument applies to fixed-income investments, not for property investments.
如何理解B中提到的not possible
