2023 ESG and Sustainable Finance Outlook | Amer/EMEA Edition
Challenging macroeconomic backdrop exacerbates near-term ESG risks
Listen in on this panel discussion where Moody’s experts discusses key ESG trends to watch in 2023 and their credit implications, as well as critical factors that will shape global sustainable debt markets.
Topics Include:
- How will growing focus on the implementation of decarbonization plans amid higher execution risks for green investments impact corporate credit?
- Which sectors will be most affected by ongoing cost of living concerns?
- What will be the key drivers of sustainable bond volumes against the backdrop of a challenging macro environment?
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SpeakersRahul Ghosh Managing Director, Global Sustainable Finance & Emerging Markets Moody’s Ratings
Adriana Cruz Felix Senior Vice President - Sustainable Finance, Head of Assessments, EMEA Moody’s Ratings
Rebecca Karnovitz Vice President - Senior Credit Officer, Sustainable Finance Moody’s Ratings
Matt Kuchtyak Senior Vice President, Sustainable Finance Assessments Moody's Ratings
Brendan Sheehan VP-Sr Credit Officer
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Rahul Ghosh is Managing Director and Global Head of Sustainable Finance & Emerging Markets at Moody's Ratings. In this role, Rahul is responsible for Moody's Ratings' strategy to systematically integrate material sustainability and climate considerations into credit ratings. He also leads analytical teams that produce assessments on the credentials of sustainable debt (Second Party Opinions) and the strength of companies' carbon transition plans (Net Zero Assessments), as well as the credit rating agency’s thought leadership and market engagement on global emerging market credit.
Rahul regularly takes part in high-profile industry working groups, market briefings, external conferences and media engagements. He represents Moody's as a member of the Taskforce on Nature-related Financial Disclosures and the Transition Finance Council. He also represents Moody's on the Principles for Responsible Investment's advisory committee on credit ratings and the International Capital Market Association's Green and Social Bond Principles advisory council. He has presented on the impact of climate change on global credit markets at the 2025 and 2021 United Nations Climate Change Conferences in Belém (COP30) and Glasgow (COP26), and on sustainable finance trends at the International Finance Corporation's Global Debt Mobilization Conference.
Before his current position, Rahul previously worked in Moody's Credit Strategy & Research team where he was responsible for regional credit oversight and though leadership. Prior to joining Moody's in 2013, Rahul was the Head of Asia at BMI Research (Fitch Solutions) in Singapore, leading a team of macroeconomists and industry specialists in analysing sovereign risk, sector performance and capital markets.
Rahul is the executive sponsor of Moody's UK Multicultural Business Resource Group. He holds a master's degree in economics from the University of Edinburgh and a Certificate in ESG Investing from the CFA Society of the UK.
Adriana Cruz Felix, Senior Vice President of Sustainable Finance. Adriana heads Moody’s Ratings sustainable finance analytical team for the EMEA region. This team is responsible for producing second-party opinions and net-zero assessments.
For more than a decade, Adriana has been engaged in the sustainable development sector, dedicating the last seven years to analyzing the potential environmental and social benefits of financial instruments. She is one of the main authors of Moody’s Ratings SPO assessment framework and serves as the Chair of Moody’s Ratings Sustainable Finance Analytical Council. Additionally, she actively participates in ICMA’s sustainable finance working groups and task forces. Her sectors of expertise are energy and transition, green buildings, biodiversity, and social projects.
Rebecca is a Vice President – Senior Credit Officer in Moody’s Sustainable Finance group, where she leads thought leadership on the impact of environmental, social and governance factors on credit and capital markets. In her role, Rebecca is responsible for the coordination and execution of the Sustainable Finance group’s thematic research program and market outreach activities. She also serves as a visible subject matter expert to internal and external stakeholders and supports outreach and engagement with strategic partners.
Prior to joining the ESG team, Rebecca was a member of the Strategy and Research team at MIS, where she led cross-sector research and analytics on the credit implications of key macroeconomic and policy developments in North America. Rebecca first joined Moody’s in 2011 as an associate analyst in the Sovereign Risk Group.
She holds a dual Master’s Degree in International Affairs from Columbia University (SIPA), in New York, and Institut d’Etudes Politiques (Sciences Po), in Paris, as well as a BA in International Relations from the University of Pennsylvania.
Matt Kuchtyakis Senior Vice President –Sustainable Finance for Moody’s Ratings. In this capacity, Matt heads the Sustainable Finance Assessments team in the Americas, leading a team of analysts primarily responsible for the publication of Second Party Opinions (SPOs) –which provide an opinion on the overall sustainability quality of financial instruments or financing frameworks –and Net Zero Assessments (NZAs) –which provide an independent and comparable view on the strength of an entity’s carbon emissions reduction plans compared to a global net zero pathway.
In his role, Matt is also responsible for the origination and publication of thematic research related to the global sustainable finance markets. He also leads outreach and engagement on sustainable finance issues, cultivating relationships with investors, intermediaries, issuers and other market participants. He frequently participates in high-profile outreach including investor briefings, webinars, third-party conferences and media engagements. Matt also represents
Moody’s Ratings on a variety of industry initiatives, such as the International Capital Market Association’s sustainable finance working groups.
Before his current role, Matt was an analyst on the ESG team at Moody’s Ratings, where he advanced the rating agency’s efforts to incorporate ESG considerations systematically and transparently into its credit ratings. He was a key contributor to the development of the cross-sector ESG methodology, launch of the ESG Issuer Profile Scores and Credit Impact Scores and the development of the Carbon Transition Assessments. He was also the lead analyst for the Moody’s Ratings Green Bond Assessments. Previously, Matt was a credit analyst in the US Public Finance Group, where he served as a lead analyst for a diverse portfolio of hospitals, public and private universities and other not-for-profits.
Matt holds a B.A. in Economics and Political Science summa cum laude from Rutgers University-New Brunswick and is a member of Phi Beta Kappa
Brendan leads Moody’s corporate governance analysis efforts globally as part of the ESG team. He plays a leading role in designing and implementing non-credit rating assessments and was responsible for the worldwide release of the Moody’s Governance Assessment Framework in 2019. He heads the company’s governance research efforts and plays an important role in integrating governance and other ESG considerations into credit analysis at both a sector and issuer-specific level. He holds a Bachelor of Economics from the Queensland University of Technology (QUT) and an MBA from Durham University Business School.