The previous five EMI reports covered the international expansion of the Emerging Market Multinationals (eMNCs). Led by Chinese companies mainly, eMNCs have become global and a force to reckon both in greenfield and M&A overseas investments. The 2021 edition of the Emerging Market Multinationals Reports from the Emerging Markets Institute in Cornell University will mark the start of a second decade for the Institute and a new phase in the global economy. In a post-pandemic world, this new decade may well be “the decade of Emerging Markets” as some experts claim. The 2020s are also likely to be a decade where ESG (Environment, Social and Governance) concerns will be crucial issues for business, including those in emerging economies. With the USA rejoining the Paris agreement, environmental concerns will need to be solved by all stakeholders including firms. Scrutiny of the firms’ governance including ethical behaviour and diversity of boards and top management will become a concern for all. But, most importantly, social issues comprising poverty and inequality will need to be part of a firm’s strategy. Clients, partners, employees and society at large expect firms to be part of the change for good. Hence, in 2021, the main theme of the Report will be ESG in Emerging Markets.