Adapting ESG-linked issuance for emerging market sovereigns’ Net Zero ambitions

  • An IMF report casts doubt on the prospects of significant ‘scale-up’ of debt-for-climate swaps compared to other forms of climate investments
  • Other forms of climate investment, such as ESG- and other sustainability-linked bonds, hold promise, particularly for climate investment in medium- and high-income emerging markets where KPIs can more easily be standardized
  • The same mechanisms used in the corporate sector may not work as well for sovereign ESG-linked instruments, but alternative structures may be feasible and could be used to support climate investments in lower-income, climate-vulnerable developing countries

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Blake Goud

Blake Goud

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Promoting adoption of responsible finance in Islamic markets & Islamic finance. CEO @RFIFoundation.