Another Way of Looking at a Country’s Carbon Footprint: A Tale of Switzerland and South Africa

Sovereign Debt
Climate Finance
Emso Asset Management
How should sovereign debt investors think about ‘Paris Alignment’? Shikeb Farooqui, Joe Leadbetter, and I dig into the details and show that some of the leading proposals lead to perverse consequences that are not aligned with the goals set out in the Paris Agreement. We suggest a sensible alternative.

Joe Leadbetter

Emso Asset Management

Shikeb Farooqui

Emso Asset Management

Teal Emery

Teal Insights


May 27, 2022

Image of report cover

Image Credit: Emso Asset Management

Download the report here.

About The Report

In the wake of the COP26 Conference, climate pledges are at the forefront of investors’ minds, and while enthusiasm for the initiative is high, we think that this enthusiasm for climate pledges merits caution and careful analysis. In the white paper, Emso’s Joe Leadbetter and Shikeb Farooqui, along with Teal Emery, analyze how investors have historically approached sovereign carbon footprint evaluations, how emerging markets have fared compared to their developed market counterparts, and finally, how investors might challenge the historical process for assessing sovereign carbon footprints.

Citation Information


BibTeX citation:
  author = {Leadbetter, Joe and Farooqui, Shikeb and Emery, Teal},
  publisher = {Emso Asset Management},
  title = {Another {Way} of {Looking} at a {Country’s} {Carbon}
    {Footprint:} {A} {Tale} of {Switzerland} and {South} {Africa}},
  date = {2022-05-27},
  url = {},
  langid = {en}
For attribution, please cite this work as:
Leadbetter, Joe, Shikeb Farooqui, and Teal Emery. 2022. “Another Way of Looking at a Country’s Carbon Footprint: A Tale of Switzerland and South Africa.” Emso Asset Management.