Chapter 1 of this publication was produced by a team consisting of Ekaterina M. Gratcheva, Bryan Gurhy, Teal Emery, and Dieter Wang under the supervision of Anderson Silva, all from the Finance, Competitiveness, and Innovation (FCI) Global Practice of the World Bank. 

Chapter 2 was first published as a research report, “Hurdles for EM Sovereign ESG Strategies” by the research department of J.P. Morgan on February 25, 2021.  The team of research analysts who authored the report consists of Luis Oganes, Jarrad K. Linzie, Lydia Harvey, Katherine Marney, Jessica Murray, and Rupert Rink.

The authors would like to express appreciation for the comments received during the formal peer review process, including those from Girum Dagnachew Abate (economist, CROCR), Kassia Antoine (economist, CROCR), Michael Brown (economist, CROCR), Marc Schrijver (senior financial sector specialist, EAEF2), Heike Reichelt (head financial officer and head of investor relations and new product development TRECI), Fiona Stewart (lead financial sector specialist, EFNLT, FCI), Aart C. Kraay (deputy chief economist and director of development policy, DECVP), James Cust (economist, AFECE), Raffaello Cervigni (lead environmental economist, SENGL; task team leader for the Global Program on Sustainability), Eric Bouyé (manager, TREPK), Rodrigo Cabral (senior financial officer, EMFMD), James Seward (senior financial officer, TRECI), Nepomuk Dunz (junior professional officer, EFNLT), and Samantha Power (consultant, EFNLT).

External comments and feedback were also received from FTSE Russell/Beyond Ratings, ISS, MSCI, RepRisk, Robeco (formerly RobecoSAM), Sustainalytics, V.E, and from individuals that include Robert Patalano (OECD), Harun Đogo (Morgan Stanley), Jarrad Linzie (J.P. Morgan), Liliana Jerónimo (Central Bank of Portugal), David Lubin (Citibank), Diane Menville (Scope Credit Rating Agency), Rodolphe Bocquet (ex-founder of Beyond Ratings), Jonathan Amacker (Imperial College), and Yvette Babb (William Blair).

A special thank you to Jean Pesme (global director of the Finance, Competitiveness, and Innovation Global Practice of the World Bank).

This publication has been funded by the Global Program on Sustainability. The views expressed herein are solely those of the authors and should not be attributed to the World Bank. The report was edited by Marcy Gessel and Kevin Morrow (Publications Professionals, LLC). Florencia Micheltorena led the creative design and formatting of the publication.