TCW values the opportunity to describe to investors the spectrum of approaches we use to deliver sustainable investment solutions coupled with long-term, risk-adjusted returns to our clients. These approaches range from negatively screened portfolios to those that seek to achieve a measurable positive social or environmental impact. In our view, sustainability factors will increasingly affect investments, financial markets, economic development, and communities around the world. The increasing relevance of sustainability factors to the calculation of investment risks and opportunities is not only consistent with our fiduciary duty, but more specifically, supports the fulfillment of our duty to clients. We believe that there is opportunity to use this outcome-focused SDG framework not only to identify attractive investment opportunities, but also to support the transition of Emerging Markets towards sustained, and sustainable, growth. In addition, we believe this robust scorecard framework can help guide our engagement practices to help sovereigns further align to the SDGs and drive forward positive change. Whereas green, social, and sustainability bonds are “use of proceeds” instruments – that is, funds raised from bond issuances directly support environmental and social projects – sustainability-linked bonds (SLBs) allow proceeds to be used for general purposes while holding issuers accountable to their publicized sustainability strategies.