The January 2019 collapse of a Brazilian mine tailings dam—which released 11.7 million cubic meters of toxic mud, killed a reported 270 people, and led to a corruption probe—underscores the critical but underappreciated value of environmental, social, and governance (ESG) considerations in emerging markets (EMs). In this paper, we examine the growing materiality of ESG factors to investing in EMs, exploring both risks and opportunities.
