2024 in emerging markets was defined by several geopolitical events including a record number of elections. Markets remain volatile, but International Financial Institutions (IFIs) like the World Bank, EU and the UNDP have stepped up to provide support to issuers in emerging countries to help speed up the flow of private ESG-oriented capital into the region. We look at how issuers and investors are evolving as they cope with the world’s challenges. Key Points Both corporate and sovereign EM hard currency bonds have continued to see healthy demand. The EM ESG-labelled bond market continues to grow, especially in hard currency, as issuance of Green and Sustainability bonds continued to rise. 2025 will be important for further advances in the nascent market for EM transition finance.