Climate change is widely viewed as a critical business issue, touching nearly every corner of the global economy. Increasingly, investors and companies recognize that steps to reduce carbon emissions could have a material impact on the business outlook. However, issues raised by the carbon transition are diverse, vary significantly among sectors and geographies, and are generally less closely followed in emerging markets. The purpose of the Carbon Transition Initiative is to educate emerging markets investors on the expected ramifications of the carbon transition for investment portfolios and to review best practice among companies for mitigating climate change. 

This initiative surveys a range of topics relevant to carbon transition risks in emerging markets, with a particular focus on sector-specific perspectives. The initiative holds webinars with a range of experts. EMIA also publishes policy briefs summarizing key takeaways, reference material, and advocacy points for investors. 

Please refer to the ‘Events’ page of our website for more information on the work of this Initiative. Please access our Latest Research here.

The Consumer Staples Program is a multi-stakeholder group made up of institutional investors, NGO advocates and corporate partners that support sustainable and transparent best practices in emerging markets. The Program addresses topics including deforestation, animal welfare, and use of pesticides.

Please refer to the ‘Events’ page of our website for more information on the work of this Program.

The Debt and Fiscal Governance (DFG) Program brings together institutional investors, policy experts and government finance officials for the purpose of advancing fiscal transparency and sustainability in emerging markets, including low-income countries. The Program addresses topics including budget transparency, public participation in the budget process, public procurement, beneficial ownership, and transparency of resource revenues.

Please refer to the ‘Events’ page of our website for more information on the work of this Program.

 

The ESG Initiative (ESGI) focuses on identifying best-practices for integrating environmental, social and governance (ESG) factors and advocacy in the
investment process. 

 

Please refer to the ‘Events’ page of our website for more information on the work of this Initiative.

The Extractive Industries Program enables emerging markets investors to be advocates for good environmental, social and governance (ESG) practices in the oil, gas and mining industries. The Program addresses topics including tailings management, community consent, transparency of payments to governments, water risks, and carbon transition.

Please refer to the ‘Events’ page of our website for more information on the work of this Program.

The Financial Institutions Program is a multi-stakeholder group of institutional investors, multilateral development financial institutions, NGOs and corporate partners that support sustainable and transparent best practices in emerging markets. The Program addresses, among others : loans and investments portfolios Scope 1,2 and 3 GHG emissions & net zero targets’ disclosure and auditing, loan & investment portfolios biodiversity policies and practices, vulnerable groups financial inclusion and management & boards’ diversity, equity and inclusion.

Please refer to the ‘Events’ page of our website for more information on the work of this Program.

The Health, Education and Human Rights (HEH) Program brings together institutional investors, policy experts, corporate partners and government officials for the purpose of advancing more effective and sustainable practices in healthcare, education and other human rights related areas in emerging markets. The Program addresses among others, topics related to: strengthening of the health system, access of minorities and vulnerable groups to education, quality of primary and secondary education, and forced labor.

Please refer to the ‘Events’ page of our website for more information on the work of this Program.

The goal of the Emerging Markets Investors Alliance’s (EMIA’s) Innovative Sustainable Finance Campaign (ISFC) is to create a scalable approach for sustainable finance in emerging and developing economies. Given higher risks in these markets, credit enhancements play a pivotal role in crowding in more capital. Initially designed as a climate finance solution, the approach could easily be extended to education, health, and other SDG aims based on the alignment of guarantor, lender and borrower interests. Bonds with guarantees have the potential to transform the way issuers can access capital markets.

By creating and socializing an innovative bond structure among key stakeholders, the ISFC aims to leverage the power of investors to unlock urgently needed capital.

The ISFC aims to broaden the pool of capital that can invest in EMDEs by directly mitigating classic emerging market risks (e.g. credit, exchange rate, and political risks). To accomplish this, the ISFC plans to propose the use of guarantees–likely sovereign guarantees–to crowd-in urgently needed private capital. A standardized bond structure with an embedded guarantee could offer scale and liquidity to rapidly increase lending from new sources. The US sovereign loan guarantee (SLG) program, which has been used in the past, acts as a blueprint and has significant potential, if it would be revived for climate or SDG finance.

Please refer to the ‘Events’ page of our website for more information on the work of this Program.

The Materials Program enables emerging markets investors to be advocates for good environmental, social and governance (ESG) practices in the materials sector (including chemicals, construction, packaging, and paper and forest products industries). The Program addresses topics including hazardous chemicals, community consent, waste management and circular economy, deforestation, water risks, and carbon transition.

Please refer to the ‘Events’ page of our website for more information on the work of this Program.

The Sovereign Decarbonization Program advances investors engagement with emerging market governments to strengthen and achieve their Nationally Determined Commitments (NDCs) under the Paris Accord. The Program focuses on topics including phasing out coal, carbon taxes, and climate finance. The Program also encourages governments in to use best practices when issuing green and other labeled bonds.

Please refer to the ‘Events’ page of our website for more information on the work of this Program.

EMIA’s Sovereign Debt Restructuring Campaign (SDRC) aims to impact real-world governance and sustainability outcomes through sovereign debt restructurings.  To accomplish this, the SDRC works with creditor committees to create a culture among sovereign debt restructuring stakeholders in which good governance and/or sustainability conditionality are the norm. SDRC working group members draft and evaluate sustainable options, features, and structures that creditor committees can use in their discussions with sovereign issuers. In addition, the SDRC has developed a set of model governance and transparency clauses that can be adapted to specific country contexts by creditor committees seeking greater accountability and outcomes in restructurings. The committee’s work has applications beyond the restructuring context, including the markets for labeled debt and newly issued sovereign debt.  

With additional funding, the SDRC hopes to expand its effort to include additional governance and transparency clauses, as well as climate-related clauses and features that could be included in sovereign debt. For information on the SDRC, please contact Abby McKenna (abby.mckenna@emia.org) and Tim DeSieno (tim.desieno@emia.org)

The Technology, Media and Telecommunications (TMT) Program is a multi-stakeholder group of institutional investors, NGOs, and corporate partners that support sustainable and transparent best practices in emerging markets technology, media and telecommunications. The Program addresses among others, topics related to: Meaningful digital inclusion of vulnerable groups, Surveillance and transparency, Cybersecurity & Electronic Waste and Circularity.

Please refer to the ‘Events’ page of our website for more information on the work of this Program.

The Utilities & Infrastructure Program within EMIA is a multi-stakeholder group consisting of investors, NGOs and companies committed to advocating for the best environmental, social and governance practices (ESG) in emerging markets. Under utilities we include electricity, gas and water while Infrastructure includes toll roads, railroads, ports and airports among others. The Program focuses on decarbonization, water risks, social inclusion, community consent and governance.

Please refer to the ‘Events’ page of our website for more information on the work of this Program.