Efforts to decarbonize the global economy are likely to bring greater scrutiny to the cement sector at a time when demand for cement is likely to continue to rise significantly as the world's population grows and continues to industrialize and urbanize.

ESG risks are a key part of Moody's sovereign risk assessments, affecting economic, institutional and fiscal strength and susceptibility to event risks.

An increasing number of sovereigns are turning to green bonds as a means to raise capital for climate mitigation and adaptation activities. We expect this trend to accelerate.

The unregulated utilities sector will face growing pressure from the regulatory and technological changes associated with the shift to a low-carbon grid.