The ASEAN Taxonomy Board (ATB), representing ASEAN finance sectoral bodies, announced the completion of targeted stakeholder consultation for Version 2 of the ASEAN Taxonomy for Sustainable Finance (ASEAN Taxonomy). This represents a milestone in validating the region’s journey towards sustainability and climate resilience and demonstrates the ATB’s commitment to providing crucial guidance to support environmentally responsible economic activities.
The ATB released Version 2 of the ASEAN Taxonomy earlier this year, which featured the completed Foundation Framework, offering detailed methodologies for assessing various economic activities. It also provided Technical Screening Criteria (TSC) for the first focus sector, including the electricity, gas, steam, and air conditioning supply sector under the Plus Standard, as well as the Carbon Capture, Utilization, and Storage (CCUS) enabling sector.
Following this release, the ATB embarked on a targeted consultation with key stakeholders within the ASEAN region and beyond, engaging more than 1,300 stakeholders and 250 organizations through written feedback, roundtable sessions, and interviews. The consultation was instrumental in affirming and refining the ASEAN Taxonomy’s approach.
A key tenet of the ASEAN Taxonomy is to facilitate a just transition, which will continue to drive the development of the next phases of the Taxonomy. In this regard, stakeholders affirmed the Taxonomy’s use of a traffic light-based system as a helpful tool in supporting companies in their transition finance journey.
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