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Presented by CFA Institute and Fitch Ratings

Webinar Presentation: ESG Integration in Sovereign Bonds

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As appetite for ESG investments has grown, so has the question of if and how ESG factors may affect the analysis of sovereign debt issues. Risks from climate change, including the associated policy responses, have been under particular focus. For example, countries that are major fossil fuel exporters are most exposed to climate change transition risk, giving rise to stranded assets and significant uncertainties, with knock-on implications for debt servicing and repayment capabilities.

In this webinar, we explore the following:

  • Rationale for integrating ESG and climate risk factors into sovereign credit analysis, and how they influence credit worthiness
  • How ESG and climate risks factors can be assessed for sovereigns, and which factors are most material?
  • Similarities and differences between ESG analysis for a sovereign versus corporate issuer
  • How does sovereign engagement differ from other asset classes like equities and corporates? How can some misconceptions overcome?


  • Carmen Nuzzo, Head of Fixed Income, PRI
  • Claudia Gollmeier, CFA, Senior Investment Officer, Managing Director, Colchester Global Investors
  • Ed Parker, Head of EMEA Sovereigns, Fitch Ratings


  • Mary Leung, CFA, Head, Advocacy, Asia Pacific, CFA Institute

Watch the Webinar

Duration: 1 hr 18 min.

Recorded: 25 May 2021.

Webinar Series: ESG in Credit:


Carmen Nuzzo
Carmen Nuzzo

Carmen Nuzzo is the Head of Fixed Income at the Principles for Responsible Investment (PRI). Carmen is responsible for the sovereign, sub-sovereign, securitized and private debt workstreams, as well as for the ESG in Credit Risk and Ratings Initiative. She works with institutional investors, credit rating agencies, issuers, ESG information providers and other stakeholders to develop a better understanding of the ESG factors that can impact credit risk and bond pricing. Prior to joining the PRI in 2017, Carmen was an Executive Director at Morgan Stanley focusing on sustainable economics research. She started her career in 1993 as a macroeconomist at Salomon Brothers, subsequently working for Citigroup.

Claudia Gollmeier
Claudia Gollmeier CFA, CIPM

Claudia Gollmeier, CFA, CIPM, Managing Director (Singapore) and Senior Investment Officer at Colchester Global Investors. As a Senior Investment Officer, Claudia manages global and emerging bond portfolios. She also conducts ongoing economic and ESG research. Before joining Colchester, Claudia held positions at UBS Reality investors and was a portfolio manager at Western Asset Management.
Claudia also chairs the PRI Sovereign Debt Advisory Committee, having previously been a PRI Fixed Income Advisory Committee member and chaired the PRI Sovereign Working Group. She is a member of the CFA UK ESG Working Group, which developed the first professional ESG qualification. In addition, Claudia sits on the CFA Institute ESG Verification Subcommittee.

Ed Parker
Ed Parker

Ed Parker is a managing director who heads the Europe, Middle East and Africa team in the Sovereign Group at Fitch Ratings, based in London. He also leads on Environmental, Social and Governance issues for sovereigns at Fitch.
Prior to 2011, Ed headed the Emerging Europe sovereign team at Fitch. He has been the lead analyst on many countries including the US, France, Russia, Turkey, South Africa, Poland and Ukraine.
Ed joined Fitch in 2000 from the UK Treasury, where he worked for nine years on a wide range of UK and international economic policy issues. For several years, he was the Treasury’s economic adviser on Russia and other CIS countries. Earlier posts included analysis and forecasting of the UK’s balance of payments and inflation, and advising on interest rates.
Edward has bachelor and master of science degrees in economics from the University of Southampton, UK.

Mary Leung
Mary Leung CFA

Mary is the Head, Advocacy, Asia Pacific at CFA Institute. She leads the team that is responsible for building market integrity in APAC by developing and advocating capital markets policy positions that raises investor protection and fosters sustainable industry growth. She also oversees the promotion and development of Asia-Pacific Research Exchange (ARX), a research hub through which we engage with societies, members, governments, regulators, academia and other industry stakeholders 6o advance the wider CFA Institute mission.

Mary has over 20 years of experience in the global financial industry, having worked in corporate finance, wealth management advisory, and fund management. She joined Coutts & Co, where she was director of Business Development and Management for North Asia. Prior to that she was executive director at UBS AG, where she led the Corporate Advisory Group in Hong Kong. With experience in both the buy- and sell-sides, Mary has a strong understanding of the drivers and dynamics of different investor groups, including institutional investors, corporates, family offices, asset owners, and high-net-worth individuals.

Mary graduated from Peterhouse, Cambridge with a degree in Engineering. She is a CFA charterholder and speaks English, Putonghua, and Cantonese.