Investing according to environmental, social and governance (ESG) criteria is increasingly being embraced by investors in developed markets. Integrating ESG factors in emerging markets (EM) can present more of a challenge. Yet the attraction of innovative, higher-growth markets remains, and EM are showing evidence of positive change on ESG issues. For investors with an objective of positive social and environmental impact, these issues can matter as much as financial return. For most investors a central question is: Do ESG factors add to, detract from, or have no effect on financial returns in EM equities?

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