{"id":1701,"date":"2026-05-15T15:43:34","date_gmt":"2026-05-15T15:43:34","guid":{"rendered":"https:\/\/business.cornell.edu\/centers\/?page_id=1701"},"modified":"2026-06-26T01:46:45","modified_gmt":"2026-06-26T01:46:45","slug":"desg","status":"publish","type":"page","link":"https:\/\/business.cornell.edu\/centers\/ccem\/research\/emerging-markets-report\/desg\/","title":{"rendered":"EMI D-ESG Framework"},"content":{"rendered":"<!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\">\n<html><head><\/head><body><div class=\"intro-text global-spacing--3x dotted-line-start\">\n  <div class=\"acf-innerblocks-container\">\n<p>Developed by Cornell&rsquo;s Emerging Markets Institute at the Cornell SC Johnson College of Business, the EMI D-ESG Country Ranking Framework is an innovative system designed to evaluate emerging economies by integrating Economic Growth with Environmental, Social and Governance (ESG) factors.<\/p>\n\n<\/div>\n<\/div>\n\n<h2 class=\"wp-block-heading\">Key objectives<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Establishing a comprehensive rating system for emerging economies based on economic growth and ESG variables.<\/li>\n\n\n\n<li>Measuring a country&rsquo;s progress while benchmarking it against its peer group.<\/li>\n\n\n\n<li>Creating a user-friendly and transparent framework.<\/li>\n<\/ul>\n\n\n\n<p>This framework represents an evolution of the widely recognized ESG model by incorporating an additional crucial dimension&mdash;&ldquo;D.&rdquo; The Emerging Markets Economic Growth and ESG (EMI D-ESG) Framework aims to help emerging markets achieve sustainable development by balancing economic growth with ESG principles.<\/p>\n\n\n<section class=\"section-heading--wrap accordion--wrap span--red background--white bg--clear\">\n    <div class=\"section-heading__title\">\n    <h2>Published papers<\/h2>\n  <\/div>\n\n  \n  <div class=\"section-heading__content\">\n    <div class=\"grid-container\">\n      <div class=\"accordion__set\">\n                          <details class=\"expandable\" open>\n  <summary class=\"expandable__button\">\n    <span class=\"expandable__button-text\">\n    In search of an ESG framework for emerging markets. What about social challenges? The case of Nigeria, India and Indonesia\n    <\/span>\n  <\/summary>\n  <div class=\"expandable__content\">\n                  \n<p>Building on the discussion in &lsquo;In Search of an ESG Framework for Emerging Markets,&rsquo; this paper delves into the unique social challenges faced by Emerging Market Economies. It emphasizes the importance of considering social development when evaluating and comparing the performance of these economies, highlighting key initiatives in India, Indonesia, and Nigeria.<\/p>\n<p><a href=\"https:\/\/dx.doi.org\/10.2139\/ssrn.5011035\" target=\"_blank\" rel=\"noopener\" class=\"external external\">Access the article<\/a><\/p>\n\n\n              <\/div>\n<\/details>\n                  <details class=\"expandable\">\n  <summary class=\"expandable__button\">\n    <span class=\"expandable__button-text\">\n    In search of an ESG framework for emerging markets. What about growth?\n    <\/span>\n  <\/summary>\n  <div class=\"expandable__content\">\n                  \n<p>As the climate crisis and societal issues like inequality intensify, questions are being raised about the need to focus more on environmental and social concerns as opposed to a single-minded obsession with growth. However, this perspective is hard to accept for many emerging markets where growth matters. But neglecting the environmental and societal concerns is not an option either. There is indeed a need to find an alternative metrics for measuring progress in the Emerging Countries.<\/p>\n<p>The answer of Cornell&rsquo;s Emerging Markets Institute at the Cornell SC Johnson College of Business is to add a &ldquo;D&rdquo; to the very important Environmental, Social and Governance (ESG) acronym. For the past two years, EMI team has been dedicated to developing a unique framework known as the Emerging Markets Economic Growth and ESG (EMI D-ESG) Framework which aims to measure sustainable development in emerging markets by providing guidelines on balancing Economic Growth and ESG (Environmental, Social, and Governance) factors.This working paper discusses the EMI D-ESG Framework explaining the approach and how it is designed for the Emerging Markets.<\/p>\n<p><a href=\"https:\/\/dx.doi.org\/10.2139\/ssrn.5010943\" target=\"_blank\" rel=\"noopener\" class=\"external external\">Access the article<\/a><\/p>\n\n\n              <\/div>\n<\/details>\n                  <details class=\"expandable\">\n  <summary class=\"expandable__button\">\n    <span class=\"expandable__button-text\">\n    In search of a D-ESG framework for emerging markets. What about environment?\n    <\/span>\n  <\/summary>\n  <div class=\"expandable__content\">\n                  \n<p>This paper focuses on the importance of an environmental focus for emerging markets, particularly in the context of Latin America. This paper aims to underscore the imperative of environmental factors when assessing and comparing the performance of these economies. It includes an analysis of greenhouse gas emissions, renewable energy adoption, biodiversity protection, and air quality. Additionally, the paper provides valuable insights for investors, policymakers, and other stakeholders interested in the region&rsquo;s sustainable development. It highlights successful initiatives in Brazil, Mexico, Colombia and Chile and the importance of active branding to enhance the region&rsquo;s environmental reputation.<\/p>\n<p><a href=\"https:\/\/ssrn.com\/abstract=4960984\" target=\"_blank\" rel=\"noopener\" class=\"external external\">Access the article<\/a><\/p>\n\n\n              <\/div>\n<\/details>\n                  <details class=\"expandable\">\n  <summary class=\"expandable__button\">\n    <span class=\"expandable__button-text\">\n    Economic growth is the missing piece in the ESG debate\n    <\/span>\n  <\/summary>\n  <div class=\"expandable__content\">\n                  \n<p><a href=\"https:\/\/clsbluesky.law.columbia.edu\/2024\/12\/12\/economic-growth-is-the-missing-piece-in-the-esg-debate\/\" target=\"_blank\" rel=\"noopener\" class=\"external external\">Access the article<\/a><\/p>\n\n\n              <\/div>\n<\/details>\n                  <details class=\"expandable\">\n  <summary class=\"expandable__button\">\n    <span class=\"expandable__button-text\">\n    For emerging markets, ESG will not work without economic growth\n    <\/span>\n  <\/summary>\n  <div class=\"expandable__content\">\n                  \n<p><a href=\"https:\/\/asia.nikkei.com\/Opinion\/For-emerging-markets-ESG-will-not-work-without-economic-growth\" target=\"_blank\" rel=\"noopener\" class=\"external external\">Access the article<\/a><\/p>\n\n\n              <\/div>\n<\/details>\n              <\/div>\n    <\/div>\n  <\/div>\n<\/section>\n<\/body><\/html>\n","protected":false},"excerpt":{"rendered":"<p>Key objectives This framework represents an evolution of the widely recognized ESG model by incorporating an additional crucial dimension\u2014\u201cD.\u201d The Emerging Markets Economic Growth and ESG (EMI D-ESG) Framework aims&hellip;<\/p>\n","protected":false},"author":48,"featured_media":0,"parent":1695,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"leadership":[],"class_list":["post-1701","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>EMI D-ESG Framework - Cornell College of Business<\/title>\n<meta name=\"description\" content=\"Developed by Cornell\u2019s Emerging Markets Institute at the Cornell SC Johnson College of Business, the EMI D-ESG Country Ranking Framework is an innovative\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/business.cornell.edu\/centers\/ccem\/research\/emerging-markets-report\/desg\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EMI D-ESG Framework\" \/>\n<meta property=\"og:description\" content=\"Developed by Cornell\u2019s Emerging Markets Institute at the Cornell SC Johnson College of Business, the EMI D-ESG Country Ranking Framework is an innovative\" \/>\n<meta property=\"og:url\" content=\"https:\/\/business.cornell.edu\/centers\/ccem\/research\/emerging-markets-report\/desg\/\" \/>\n<meta property=\"og:site_name\" content=\"Centers &amp; 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