The present invention relates to a process for hydrogenating ethylenically unsaturated double bonds in polymers P by reacting an aqueous dispersion of at least one polymer P with hydrogen in the presence of at least one hydrogenation catalyst comprising at least one transition metal selected from rhodium and/or ruthenium and at least one nonionic phosphorus compound capable of forming a coordinative compound with the transition metal, which comprises incorporating the hydrogenation catalyst into the aqueous dispersion of the polymer P without adding a solvent. The present invention also relates to the aqueous dispersions of the hydrogenated polymers P obtainable by this process and to coating compositions comprising such dispersions.
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