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Rohit Goel, Deepali Gautam, and Mr. Fabio M Natalucci

differentiation across various dimensions. Section 4 analyzes the green bond markets in EMs as a case study to highlight the pervasive richness and variation in EM ESG markets. Section 5 discusses the differences between the sustainable finance markets in EMs and advanced economies. Section 6 discusses some development areas of EM ESG markets and Section 7 concludes with some policy recommendations. Drivers of Sustainable Finance in EMs? Structural deficit of funding and progress on sustainability The tension between adapting to a carbon-neutral global economy

Rohit Goel, Deepali Gautam, and Mr. Fabio M Natalucci

Dimensions Countries: Rise in aggregate EM green bonds masks high underlying variation Currencies: China has seen a surge in USD denominations while other EMs expand in other currencies (Figures 16 and 17) Sectors: Non-Financial Sectors are Rising in Prominence (Figures 18 and 19) Ownership: Varying levels of government participation (Figures 20 and 21) Embedded risk premia are also reflected in the coupon and tenor profile EM ESG Markets Differ from AE ESG Markets EM ESG ecosystem is more concentrated, but is converging to AEs EM ESG debt has higher

Rohit Goel, Deepali Gautam, and Mr. Fabio M Natalucci
Sustainable finance has become a key focus area for global investors and policy makers. Last year proved to be a breakout year for emerging markets (EMs), with sustainable debt issuance in 2021 surging to almost $200 billion. This working paper, the first comprehensive study in the literature, analyzes the evoluiton of EM sustainable finance markets, including differences with advanced economies. The analysis shows how sustainable finance in EMs is growing fast not just in aggregate but importantly across many dimensions. The paper also identifies key development areas for EMs and policies to strengthen the resilience of sustainable finance markets.