Despite obstacles, private financial institutions in emerging markets and developing economies (EMDEs) have begun green and sustainable lending. A survey of private financial firms in Emerging Markets and Developing Economies found that parent companies of local subsidiaries, foreign investors, other financial industry sectors (like re-insurers), and DFIs drive initiatives, not new regulations, which are still developing in most EMDEs. Uneven rules and standards make EMDE operations varied. Enterprises' concern of losing market share to conventionally financed competitors hinders green and sustainable fundraising. The “first mover disadvantage” slows financial adoption. Data and capacity restrictions complicate sustainable finance taxonomies and disclosures. Many EMDEs have green or sustainable taxonomies, but they lack granularity, breadth, data, and expertise. Surveyors watched. Financial institutions have broad freedom to identify and communicate climate risks and exposures. Disclosure gaps perpetuate “greenwashing” and unfair competitiveness.