Southeast Asia to establish its own framework for green investments, but natural gas remains a feature

“It will be designed to ensure that ASEAN member states have a framework that suits their economic and social structures that other frameworks will not be able to address,” the bloc’s finance minister and central bank governors (AFMGM) said on 30 March in a joint statement.Efforts to produce guides that will help investors direct their money into environmentally friendly investments come amid mounting pressure to drastically slash carbon emissions to meet the Paris Agreement goals.The Asian Development Bank reckons that Asia will need to invest $26 trillion between 2016 and 2030 (USD$1.7 trillion per year) in infrastructure to maintain its growth momentum, tackle poverty, and respond to climate change with Southeast Asia accounting for 5.7 per cent of investment needs.  If it were a single economy, ASEAN would be the fifth largest in the world.“While the ASEAN taxonomy recognises international aspirations and goals, it will take into consideration the region’s unique needs and as such will be beneficial to all ASEAN member states,” AFMGM said. 

It [ASEAN taxonomy] will be designed to ensure that ASEAN member states have a framework that suits their economic and social structures that other frameworks will not be able to address.
Joint statement from ASEAN Finance Ministers and Central Bank Governors’ meeting, 30 March 2021
Until now, investors have been navigating a medley of green standards but a sustainable finance rulebook may…. Read more: https://tinyurl.com/yhl2z7du
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