ESG-Investingブレーン問題集リアル試験最新問題2025年03月19日には462問題
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質問 # 63
Which of the following is one of the five main drivers of nature change described by the Taskforce on Nature-related Financial Disclosures (TNFD)?
- A. Invasive alien species
- B. Transmission channels
- C. Ecosystem services
正解：A
解説：
The Taskforce on Nature-related Financial Disclosures (TNFD) identifies invasive alien species as one of the five main drivers of nature change. These species can significantly disrupt ecosystems, outcompete native species, and lead to biodiversity loss. Understanding and managing the impact of invasive alien species is crucial for maintaining ecosystem health and resilience.
質問 # 64
An ESG scorecard for sovereign debt issuers has the following information:
Country 1No carbon policy and high corruption risk
Country 2High-level carbon policy and low corruption risk
Country 3Detailed carbon policy and low corruption risk
Based only on this information, the country with the lowest ESG risk is:
- A. Country 3
- B. Country 1.
- C. Country 2
正解：A
解説：
Based on the provided information, Country 3, with a detailed carbon policy and low corruption risk, has the lowest ESG risk. Here's the reasoning:
* Carbon Policy and Corruption Risk:
* A high-level or detailed carbon policy indicates a strong commitment to addressing climate change, which reduces environmental risk.
* Low corruption risk indicates good governance, which further reduces overall ESG risk.
* Therefore, Country 3, which has both a detailed carbon policy and low corruption risk, presents the lowest ESG risk compared to the others.
CFA ESG Investing References:
* The CFA ESG Investing curriculum emphasizes the importance of robust carbon policies and low corruption risks in assessing the ESG profiles of sovereign debt issuers. Strong environmental and governance practices are key indicators of low ESG risk.
質問 # 65
The International Corporate Governance Network's (ICGN) Model Mandate Initiative requests two areas of ESG-specific disclosure. Which of the following is not one of the disclosures?
- A. The manager's assessment of ESG risks that are embedded in the portfolio
- B. A detailed disclosure of stewardship engagement and voting activity
- C. A comprehensive ESG-linked performance attribution analysis
正解：C
解説：
The ICGN Model Mandate Initiative emphasizes the need for a detailed disclosure of stewardship engagement and voting activity, as well as the manager's assessment of ESG risks within the portfolio. However, a comprehensive ESG-linked performance attribution analysis is not specifically required under this initiative.
ESG Reference: Chapter 6, Page 305 - Engagement and Stewardship in the ESG textbook.
質問 # 66
Which of the following ESG investing approaches aims to drive positive change in the way investee companies are governed and managed?
- A. Positive alignment
- B. Active ownership
- C. Impact investing
正解：B
解説：
Active ownership refers to the practice where investors use their rights and positions as shareholders to influence the governance and behavior of companies. This approach aims to drive positive changes in the way investee companies are governed and managed, often focusing on ESG (Environmental, Social, and Governance) factors.
Step-by-Step Explanations:
Definition and Purpose:
Active Ownership: Involves engaging with company management and using voting rights to influence corporate practices. The aim is to improve company performance on ESG factors which can lead to long-term value creation and risk mitigation.
According to the CFA Institute, active ownership is a key strategy for investors to address ESG issues by directly engaging with companies and voting on shareholder resolutions.
Mechanisms of Influence:
Engagement: This involves direct dialogue with company management to address ESG issues, set targets, and track progress.
Proxy Voting: Investors use their voting rights to support or oppose management proposals and shareholder resolutions related to ESG practices.
The MSCI ESG Ratings Methodology also highlights the role of active ownership in managing ESG risks and opportunities, emphasizing that investors can drive improvements through sustained engagement and voting strategies.
Impact on Governance and Management:
Governance Improvements: Active ownership can lead to better governance practices, such as improved board diversity, enhanced transparency, and stronger accountability.
Management Practices: Through active ownership, investors can encourage companies to adopt sustainable business practices, improve labor conditions, and reduce environmental impacts.
Case Studies and Examples:
Several studies and real-world examples illustrate the effectiveness of active ownership. For instance, engagements by large institutional investors like pension funds have led to significant changes in corporate policies and practices related to climate change, human rights, and executive compensation.
ESG Frameworks and Standards:
The CFA Institute's ESG Investing guide provides detailed frameworks for integrating active ownership into investment strategies. These include guidelines on effective engagement, proxy voting policies, and case studies demonstrating the impact of active ownership on company performance.
Reference:
CFA Institute, "Environmental, Social, and Governance Issues in Investing: A Guide for Investment Professionals." MSCI ESG Ratings Methodology documents, which describe the role of active ownership in addressing ESG risks and opportunities.
質問 # 67
A small company based in Sweden operates in an industry that has good sustainability ratings. The company has a low ESG rating that an analyst believes to be biased. The bias would most likely result from the company's:
- A. industry.
- B. geographical base of operations.
- C. company size.
正解：C
解説：
Smaller companies often receive lower ESG ratings due to their limited resources for ESG reporting and engagement, even if their actual practices are sustainable. (ESGTextBook[PallasCatFin], Chapter 7, Page 364)
質問 # 68
EU regulators manage the independence of audits for public companies by:
- A. preventing audit partners from joining audit and risk committees as non-executive directors.
- B. setting a monetary limit on advisory services provided to companies.
- C. requiring companies to rotate auditors after a maximum of ten years.
正解：C
解説：
EU Regulation on Audit Independence:
EU regulators have implemented measures to ensure the independence of audits for public companies. One of the key measures is the mandatory rotation of auditors.
1. Auditor Rotation: EU regulations require that audit firms rotate their auditors after a maximum of ten years. This is intended to prevent long-term relationships between auditors and clients that could compromise the independence and objectivity of the audit process.
2. Other Measures:
* Monetary Limit on Advisory Services (Option B): While limiting the extent of advisory services provided by audit firms can help maintain independence, the primary regulatory focus in the EU has been on auditor rotation.
* Preventing Audit Partners from Joining Audit Committees (Option C): This measure could also contribute to audit independence, but it is not the primary mechanism used by EU regulators.
References from CFA ESG Investing:
* Audit Independence Regulations: The CFA Institute details the importance of auditor independence in maintaining the integrity of financial reporting. The EU's requirement for auditor rotation is highlighted as a significant regulatory measure to enhance audit quality and independence.
質問 # 69
As a result of an aging population, which of the following sectors is most likely to experience slower growth?
- A. Consumer goods
- B. Healthcare
- C. Wealth management
正解：A
解説：
An aging population affects various sectors differently. The sector most likely to experience slower growth as a result of an aging population is consumer goods.
Healthcare (A): This sector is likely to experience growth due to increased demand for healthcare services, products, and related support as the population ages.
Consumer goods (B): Consumer goods, particularly those targeted at younger demographics or non-essential items, may see slower growth. An aging population typically spends less on consumer goods and more on healthcare and services tailored to their needs.
Wealth management (C): This sector might experience growth as older populations often require wealth management services to handle retirement funds, estate planning, and other financial services.
Reference:
CFA ESG Investing Principles
Demographic studies on aging populations and economic impact
質問 # 70
Which of the following statements about social trends is most accurate?
- A. Social trends have a similar impact across sectors in developed countries
- B. Companies within a sector are equally exposed to social trends
- C. The importance of a social trend depends on a country's regulatory framework
正解：C
解説：
* Regulatory Framework Influence:
* Different countries have varying levels of regulation and enforcement related to social issues such as labor rights, health and safety, and social equity.
* According to the CFA Institute, the regulatory environment in a country can significantly impact how social trends affect companies operating within that jurisdiction. For example, stringent labor laws in one country may lead to higher compliance costs for companies, while more lenient regulations in another country might result in fewer social obligations for businesses.
* Examples of Regulatory Impact:
* Labor Laws:Countries with strong labor protections (e.g., Europe) often require companies to provide better working conditions, which can influence company policies and operational costs.
* Health and Safety Regulations:Stringent health and safety standards in countries like the US can lead to higher compliance costs but also improve employee well-being and productivity, impacting overall company performance.
* Sector-Specific Impacts:
* Social trends do not impact all sectors equally even within the same country. For instance, manufacturing sectors might be more affected by labor laws compared to the tech sector.
* The CFA Institute notes that investors must consider sector-specific risks and opportunities when analyzing social trends and their potential impacts on different industries.
* Global vs. Local Trends:
* While some social trends like gender equality or human rights are global, their implementation and importance can vary based on local regulatory frameworks.
* For example, gender diversity initiatives may be more advanced in countries with progressive gender policies, influencing company practices and investor perceptions in those regions.
* Research and Methodology:
* The CFA Institute provides methodologies for assessing the impact of social trends on investments, emphasizing the need to understand local regulatory environments and their implications for ESG factors.
* Studies show that companies in highly regulated environments tend to have more robust social practices, which can influence their attractiveness to ESG-focused investors.
References:
* CFA Institute, "Environmental, Social, and Governance Issues in Investing: A Guide for Investment Professionals."
* MSCI ESG Research, which includes analyses of how regulatory frameworks affect social issues and company performance.
質問 # 71
Excluding investment in companies with a history of labor infractions is best categorized as a(n):
- A. conduct-related exclusion
- B. idiosyncratic exclusion.
- C. universal exclusion.
正解：A
解説：
Excluding investment in companies with a history of labor infractions is best categorized as a conduct-related exclusion. This type of exclusion focuses on the behavior and practices of companies, particularly in relation to their treatment of employees and adherence to labor standards.
Behavioral Criteria: Conduct-related exclusions target specific behaviors or practices that are deemed unacceptable, such as labor infractions, human rights violations, or environmental harm.
Ethical Considerations: These exclusions are based on ethical and social considerations, aiming to avoid investing in companies that do not meet certain standards of conduct.
Impact on Valuation: By excluding companies with poor labor practices, investors aim to reduce exposure to risks associated with legal liabilities, reputational damage, and operational disruptions.
Reference:
MSCI ESG Ratings Methodology (2022) - Explains different types of exclusion criteria, including conduct-related exclusions, and their rationale.
ESG-Ratings-Methodology-Exec-Summary (2022) - Discusses the importance of considering company behavior in ESG investment strategies.
質問 # 72
Which of the following best describes a mature ESG regulatory framework? A government putting forward:
- A. A "comply or explain" ESG regulation
- B. ESG implementation and reporting guidelines
- C. Voluntary ESG corporate disclosures
正解：A
解説：
A mature ESG regulatory framework is one where companies are required to either comply with ESG standards or provide explanations for why they have not done so, known as "comply or explain." This approach encourages transparency and accountability while allowing some flexibility for companies based on their specific circumstances.
ESG Reference: Chapter 9, Page 499 - Investment Mandates, Portfolio Analytics & Client Reporting in the ESG textbook.
質問 # 73
Over the past several years, the proportion of sustainable investing relative to total managed assets has fallen in:
- A. Europe
- B. Canada
- C. the United States
正解：A
解説：
Over the past several years, the proportion of sustainable investing relative to total managed assets has fallen in the United States.
1. Sustainable Investing Trends: While sustainable investing has generally been growing globally, there have been regional variations in its adoption and growth rates. In the United States, there has been a noted decline in the proportion of assets managed under sustainable investing criteria relative to total managed assets.
2. Factors Contributing to the Decline: The decline in the US can be attributed to several factors, including regulatory uncertainties, shifts in investor preferences, and varying definitions and standards for sustainable investments.
3. Comparative Trends in Europe and Canada:
Europe (Option A): Europe has seen continued growth in sustainable investing, driven by strong regulatory support and investor demand for ESG-aligned investments.
Canada (Option B): Canada has also experienced growth in sustainable investing, although at a different pace compared to Europe.
Reference from CFA ESG Investing:
Regional Trends: The CFA Institute provides insights into the regional differences in sustainable investing trends, highlighting the decline in the proportion of sustainable investing in the United States relative to total managed assets.
Market Dynamics: Understanding the market dynamics and regulatory environment is crucial for interpreting the trends in sustainable investing across different regions.
In conclusion, over the past several years, the proportion of sustainable investing relative to total managed assets has fallen in the United States, making option C the verified answer.
質問 # 74
The signatories of the Kyoto Protocol are committed to:
- A. limit and reduce their greenhouse gas (GHG) emissions in accordance with agreed individual targets
- B. strengthen the response to the threat of climate change by keeping a global temperature rise well below 2°C (3.6°F) above pre-industrial levels
- C. transition their investment portfolios to net-zero greenhouse gas (GHG) emissions by 2050
正解：A
解説：
Step 1: Understanding the Kyoto Protocol
The Kyoto Protocol is an international treaty that extends the 1992 United Nations Framework Convention on Climate Change (UNFCCC) and commits its parties to reduce greenhouse gas (GHG) emissions, based on the premise that global warming exists and human-made CO2 emissions have caused it.
Step 2: Commitments under the Kyoto Protocol
* The Kyoto Protocol was adopted in Kyoto, Japan, in December 1997 and entered into force in February
2005.
* It legally binds developed countries and economies in transition to emission reduction targets. The principle of "common but differentiated responsibilities" recognizes that developed countries are principally responsible for the current high levels of GHG emissions in the atmosphere.
Step 3: Comparing the Options
* Option A: Refers to transitioning investment portfolios to net-zero GHG emissions by 2050, which is not the commitment under the Kyoto Protocol but aligns more with current initiatives like the Paris Agreement.
* Option B: This option aligns with the Kyoto Protocol's commitment to limit and reduce GHG emissions according to individual targets.
* Option C: This option aligns with the Paris Agreement's goal rather than the Kyoto Protocol.
Step 4: Verification with ESG Investing References
The Kyoto Protocol's main aim is to control emissions of the main anthropogenic (human-emitted) greenhouse gases in ways that reflect underlying national differences in greenhouse gas emissions, wealth, and capacity to make the reductions: "The Kyoto Protocol commits its Parties by setting internationally binding emission reduction targets".
Conclusion: Signatories of the Kyoto Protocol are committed to limiting and reducing their greenhouse gas emissions in accordance with agreed individual targets.
answer: B. Limit and reduce their greenhouse gas (GHG) emissions in accordance with agreed individual targets
質問 # 75
When searching for an asset manager with an ESG approach, in the request for proposal (RFP) an institutional asset owner would most appropriately ask:
- A. detailed questions on specific portfolio holdings of the asset manager
- B. if the asset manager aims for positive, measurable ESG outcomes beyond financial returns
- C. which broad market index the asset manager tracks
正解：B
解説：
When searching for an asset manager with an ESG approach, it is essential for an institutional asset owner to understand whether the asset manager's strategy aligns with their sustainability objectives. The most appropriate question to ask in the RFP is whether the asset manager aims for positive,measurable ESG outcomes beyond financial returns. This question assesses the commitment to achieving concrete ESG results, which is a critical factor in evaluating the manager's integration of ESG factors into their investment process.
Detailed questions about portfolio holdings or which broad market index the manager tracks are less relevant to assessing the ESG integration.
質問 # 76
Which of the following emphasizes that short-term investment performance will be of limited significance in evaluating the manager?
- A. Principals for Responsible Investment's (PRI) Practical Guide to ESG Integration for Equity Investing
- B. International Corporate Governance Network (ICGN) Model Mandate
- C. Brunel Asset Management Accord
正解：B
解説：
* ICGN Model Mandate:
* The ICGN Model Mandate is designed to align the interests of asset owners and asset managers with a focus on long-term value creation rather than short-term performance metrics.
* According to the CFA Institute, the ICGN Model Mandate sets out principles and practices that encourage long-term investment strategies and de-emphasize the significance of short-term performance.
* Focus on Long-Term Performance:
* The Model Mandate highlights that evaluating investment managers based on short-term performance can lead to suboptimal investment decisions and may encourage behaviors that are not aligned with the long-term interests of asset owners.
* The CFA Institute notes that the ICGN Model Mandate promotes a longer-term perspective in investment evaluation, which is crucial for sustainable value creation.
* Investment Principles:
* The ICGN Model Mandate includes guidelines for performance assessment, stating that short-term underperformance should not be a primary concern if the investment process and long-term strategy are sound.
* The Brunel Asset Management Accord echoes this sentiment by emphasizing that short-term performance will be of limited significance in evaluating the manager, aligning with the principles set forth by the ICGN.
* Implementation:
* Asset owners are encouraged to adopt the ICGN Model Mandate to ensure that their investment mandates and manager evaluations reflect a commitment to long-term performance and sustainable investing.
* The CFA Institute suggests that integrating these principles into investment mandates helps mitigate the risks associated with short-termism and supports the alignment of investment strategies with long-term goals.
References:
* CFA Institute, "Environmental, Social, and Governance Issues in Investing: A Guide for Investment Professionals."
* ICGN Model Mandate documents, which outline the emphasis on long-term performance over short-term metrics.
質問 # 77
Which of the following investor types most likely has the shortest investment time horizon?
- A. Foundations
- B. General insurers
- C. Defined benefit pension schemes
正解：B
解説：
General insurers typically have the shortest investment time horizon among the three investor types listed. Here's a detailed explanation:
Nature of Liabilities: General insurers deal with short-term liabilities, such as claims arising from accidents, natural disasters, or other events that can happen frequently and require prompt payment. This necessitates a relatively liquid and short-term investment portfolio to ensure that funds are readily available to cover claims.
Investment Strategies: Due to the need to maintain liquidity and manage risk, general insurers often invest in short-duration assets. These might include short-term bonds, money market instruments, and other liquid assets that can be quickly converted to cash.
Comparison with Other Investors:
Foundations: Foundations typically have longer-term investment horizons as they aim to support their missions over an extended period. Their endowment funds are managed to generate returns that can sustain operations and grant-making activities in perpetuity.
Defined Benefit Pension Schemes: These pension schemes also have long-term horizons, as they need to ensure that funds are available to meet the retirement benefits of employees over many years, often several decades.
CFA ESG Investing Reference:
The CFA Institute explains that general insurers have shorter investment horizons due to the nature of their liabilities and the need for liquidity to pay out claims promptly (CFA Institute, 2020).
The institute also notes that the investment strategies of general insurers are designed to align with their short-term liabilities, making their investment horizon shorter compared to foundations and pension schemes.
質問 # 78
When incorporating ESG factors into valuation inputs, which of the following would most likely require the lowest discount rate?
- A. A company that is judged to have a negative environmental impact
- B. A high-growth technology company operating in emerging markets
- C. A company with strong ESG practices
正解：C
解説：
When incorporating ESG factors into valuation inputs, a company with strong ESG practices would most likely require the lowest discount rate. This is because strong ESG practices are associated with lower risks, which can lead to more stable and predictable cash flows.
Lower Risk Premium: Companies with robust ESG practices are often perceived as less risky due to better governance, risk management, and sustainability practices. This lowers the risk premium and, consequently, the discount rate.
Stable Cash Flows: Strong ESG practices contribute to long-term sustainability and can lead to more reliable and stable cash flows. This stability justifies a lower discount rate in valuation models.
Positive Market Perception: Companies with strong ESG credentials may enjoy a better reputation and greater investor confidence, which can reduce the cost of capital and support a lower discount rate.
Reference:
MSCI ESG Ratings Methodology (2022) - Highlights the relationship between strong ESG practices and lower financial risk.
ESG-Ratings-Methodology-Exec-Summary (2022) - Discusses how ESG factors are integrated into valuation models and their impact on discount rates.
質問 # 79
Which of the following transition risks is most likely associated with increased environmental standards?
- A. Technology risks
- B. Policy risks
- C. Legal risks
正解：B
解説：
Policy risks are most likely associated with increased environmental standards. Here's a detailed explanation:
* Definition of Transition Risks: Transition risks refer to the financial risks that result from the transition to a lower-carbon economy. These can arise from policy changes, legal actions, technology developments, and market shifts.
* Policy Risks and Environmental Standards: Policy risks specifically relate to changes in regulations and policies aimed at addressing climate change and environmental issues. Increased environmental standards often involve stricter regulations on emissions, waste management, resource use, and other environmental impacts.
* Impact of Policy Risks: Companies may face increased costs of compliance, the need for new investments to meet regulatory requirements, and potential fines or sanctions for non-compliance. These policy changes can significantly affect business operations and financial performance.
* Comparison with Other Risks:
* Legal Risks: Legal risks involve litigation and legal actions related to environmental damages or failure to comply with environmental laws. While related, they are distinct from policy risks, which are driven by regulatory changes.
* Technology Risks: Technology risks involve the adoption of new technologies and the potential for current technologies to become obsolete. While technology plays a role in meeting increased
* environmental standards, policy risks are more directly linked to regulatory changes.
* CFA ESG Investing References:
* The CFA Institute explains that policy risks are a significant component of transition risks, particularly when governments implement stricter environmental standards to combat climate change (CFA Institute, 2020).
* Increased environmental standards often lead to policy risks as companies must adapt to new regulatory landscapes, making it the most relevant type of transition risk in this context.
By understanding these risks and their implications, investors can better manage their portfolios in the face of evolving environmental standards and regulatory changes.
質問 # 80
Formal corporate governance codes are most likely to:
- A. be interpreted by proxy advisory firms when corporate compliance is assessed.
- B. call for serious consequences for non-compliant organizations.
- C. be found in all major world markets.
正解：C
解説：
Formal corporate governance codes are now found in all major world markets. These codes establish guidelines and best practices for corporate governance, aiming to enhance transparency, accountability, and overall governance standards within companies. While the specifics can vary by country, the presence of these codes globally reflects a widespread commitment to improving corporate governance.
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質問 # 81
Which of the following is most likely to cast doubt on a director's independence?
- A. Serving as a director for a relatively short period of time
- B. Receipt of director's fees from the company
- C. Holding cross-directorships
正解：C
解説：
Holding cross-directorships can cast doubt on a director's independence because it creates potential conflicts of interest. When a director serves on multiple boards, especially if those companies have business relationships or overlapping interests, it may compromise their ability to act independently and objectively.
This issue is recognized in various corporate governance codes and guidelines, which highlight the importance of directors being free from relationships that could interfere with their judgment.
質問 # 82
Which of the following statements regarding optimization of portfolios for ESG criteria is most accurate?
- A. Optimization is limited to carbon data because of its absolute nature and more standardized reporting metrics
- B. ESG optimization via constraints is similar to exclusionary screening because it also applies a fixed decision on specific securities
- C. ESG integration may enhance the risk and return profile of portfolio optimization
正解：C
解説：
ESG integration may enhance the risk and return profile of portfolio optimization. Here's a detailed explanation:
ESG Integration: ESG integration involves systematically incorporating environmental, social, and governance factors into investment analysis and decision-making processes. This approach aims to identify material ESG risks and opportunities that could affect the financial performance of investments.
Risk and Return Profile: By integrating ESG factors, investors can gain a more comprehensive understanding of potential risks and opportunities. This can lead to better-informed investment decisions, potentially improving the risk-adjusted returns of the portfolio.
Benefits of ESG Integration:
Risk Mitigation: Incorporating ESG factors helps investors identify and mitigate risks that traditional financial analysis might overlook. For example, companies with poor environmental practices may face regulatory fines, legal liabilities, and reputational damage.
Opportunities for Outperformance: Companies that manage ESG factors well are often more innovative, efficient, and better positioned to capitalize on emerging market trends. This can lead to superior financial performance and investment returns.
Enhanced Portfolio Resilience: ESG integration can enhance the overall resilience of a portfolio by reducing exposure to companies with high ESG risks and increasing exposure to those with strong ESG practices.
CFA ESG Investing Reference:
The CFA Institute emphasizes that ESG integration can enhance the risk and return profile of portfolios by providing a more holistic view of investment risks and opportunities (CFA Institute, 2020).
Studies have shown that portfolios incorporating ESG factors can achieve comparable or superior financial performance compared to traditional portfolios, highlighting the potential benefits of ESG integration.
By incorporating ESG factors into portfolio optimization, investors can potentially achieve better risk-adjusted returns and contribute to more sustainable investment outcomes.
質問 # 83
Which of the following is an example of a climate adaptation measure?
- A. Use of more drought-resistant crops
- B. Investment in wind energy
- C. Increased use of public transport
正解：A
解説：
An example of a climate adaptation measure is the use of more drought-resistant crops.
Climate Adaptation: Climate adaptation refers to adjustments in practices, processes, and structures to mitigate potential damage or take advantage of opportunities associated with climate change.
Drought-Resistant Crops: Using more drought-resistant crops is a direct adaptation measure that helps agriculture withstand periods of reduced rainfall, thereby maintaining productivity and food security in the face of changing climate conditions.
Other Examples: While investment in wind energy (A) and increased use of public transport (B) are important climate actions, they are primarily considered climate mitigation measures aimed at reducing greenhouse gas emissions rather than adapting to existing climate impacts.
CFA ESG Investing Reference:
The CFA Institute's materials on climate risk management highlight various adaptation strategies that businesses and investors can adopt to reduce vulnerability to climate change impacts. Using drought-resistant crops is specifically mentioned as a vital adaptation practice in the agricultural sector.
質問 # 84
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