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Current ESG scheme leaves emerging economies' efforts unrewarded

International system favors companies from developed countries

| Europe
A thick layer of foam generated by contamination floats on the Yamuna River, India, on Jan 24: pollution intensity will disqualify industries in developing countries from ESG funding when they are the ones needing it the most.   © Anadolu Agency/Getty Images

Jacques Attali is a writer, the president of Positive Planet and the president of Attali and Associates. He served as a counselor to French President Francois Mitterrand and was the first head of the European Bank for Reconstruction and Development.

The last decade has witnessed an unprecedented boom in sustainable investment worldwide, driven by both corporate and sovereign issuers. On the governments side, the Paris Climate Accord commitment to strengthening global response to climate change by "making financial flows consistent with a pathway toward low greenhouse gas emissions and climate resilient development" (Article 2, paragraph 1.c), has gone a long way toward bringing sustainable finance to the forefront of political leaders' attention.

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