Equally, the rather static approach to ESG ratings from agencies has perpetuated this perception even further, as they don't distinguish between the "snapshot" level of ESG risk and the materiality of the current direction of travel among emerging market issuers. Over the last few years we have seen the level of commitment to ESG development strengthen meaningfully across issuers and investors within emerging market. While there is still work to do, we believe strongly that emerging markets will play a key role in the evolution of the global ESG landscape. This should create a multitude of opportunities to build momentum behind the process and also invest in the resulting positive stories. This article was written for Expert Investor by Anthony Kettle, senior portfolio manager at BlueBay Asset Management.