The global pandemic, Russia war in Ukraine, and monetary tightening in response to inflation were a three-pronged blow to emerging markets. The World Economic Forum coined a new term, polycrisis, to describe the series of interrelated risks, also compounded by the rising dollar and food insecurity. The multilateral development institutions moved quickly and collaborated to provide assistance as basic commodities scarcity spiked in an all-hands emergency. This period heightened interest in ESG and sustainable investment as it exposed poverty and income equality. While investment growth slowed in 2022 and 2023 on geopolitical tensions, slowing economic growth and higher global borrowing costs underlying momentum is intact. Initially climate “green” bonds were the key focus. The United Nations adopted 17 Sustainable Development Goals in 2015, a decade after the term ESG was coined to pose “a shared blueprint for peace and prosperity for people and the planet, now and into the future.” ESG/sustainable investing is “thematic” as a fund product sub-type. Hundreds of emerging market stock and bond funds exist as ETFs and standard launches under this description and continue to grow assets under management. Index provider MSCI offers a suite of “forward looking,” vehicles representing companies in the frontline of long-term structural trends including demographic changes, technological disruptions, and changing consumer behavior as the next wave of business champions.