JOINT PRESS RELEASE
ASEAN TAXONOMY BOARD RELEASES ASEAN TAXONOMY FOR SUSTAINABLE FINANCE - VERSION 3
FOR TRANSPORTATION AND CONSTRUCTION SECTORS
27 March 2024. The ASEAN Taxonomy Board (ATB) today released Version 3 of the ASEAN Taxonomy for Sustainable
Finance (ASEAN Taxonomy), a significant milestone in the development of its overarching taxonomy to
advance sustainable finance practices across the region. The ASEAN Taxonomy adopts a multi-tiered
framework which allows assessment of sustainable activities through either the principles-based
Foundation Framework, or the Plus Standard with a more detailed methodology using application of
technical screening criteria (TSC).
Having published TSC for Electricity, Gas, Steam and Air Conditioning Supply (Energy) sector in ASEAN
Taxonomy Version 2, the ASEAN Taxonomy Version 3 introduces TSC for two more focus sectors,
namely Transportation & Storage and Construction & Real Estate. The new focus sectors cover
activities including construction and renovation of buildings, demolition and site preparation, and
acquisition and ownership of buildings, as well as urban and freight transport, and infrastructure for
land, water, and air transport, among others.
The Green tiers for these new focus sectors have been aligned, where appropriate with relevant
sectoral guidelines and regulations (e.g. International Maritime Organisation (IMO) 2023 GHG
Emissions strategy, International Green building certifications), to ensure that the ASEAN Taxonomy
remains credible, interoperable, and inclusive while reducing regulatory fragmentation. The Green tier
of the ASEAN Taxonomy continues to make reference to widely used international taxonomies such as
the EU Taxonomy and where relevant, will be tailored according to ASEAN’s unique circumstances. The
Amber tiers serve as a transition category, providing a useful stepping stone for companies to learn
and make adjustments to their activities in pursuit of the Green tier.
In addition to the new TSC, the ASEAN Taxonomy Version 3 also includes refinements to the Annexes
that provide more clarity to the user. The changes include:
Annex 2: Additional clarification and worked examples for the Life Cycle Assessment (LCA)
checklist.
Annex 3: Additional clarification and worked examples for the Climate Risk and Vulnerability
Assessment (CRVA) checklist.
Annex 5: Updated national social regulations for Indonesia, Malaysia and the Philippines.
Annex 6: Updated national environmental regulations for Indonesia and Malaysia.
Commenting on the release of the ASEAN Taxonomy Version 3, Mdm. Noorrafidah Sulaiman, Chair of
the ATB, emphasized the significance of this achievement: “The release of Version 3 marks a significant
step forward in our collective efforts to accelerate sustainable development and responsible investment
practices in the ASEAN region. The issuance of the TSC for Transportation & Storage and Construction & Real Estate underscores our unwavering commitment to fostering sustainability. We look forward to
engaging with stakeholders to ensure the rigour and practicality of the Taxonomy.”
The ATB hopes that this latest version will provide greater clarity for users of the ASEAN Taxonomy.
Further, consistent with ASEAN’s aspirations to facilitate a just and orderly transition, the ASEAN
Taxonomy will continue to be reviewed and updated in line with evolving technological, scientific, and
economic developments. Following this release, the ATB will conduct targeted consultations with key
stakeholders and users of the ASEAN Taxonomy. This approach ensures the ASEAN Taxonomy remains
robust, relevant, and responsive to the evolving needs of the ASEAN community. TSC for the remaining
focus and enabling sectors covered under the Plus Standard will be released next year.
The ASEAN Taxonomy Version 3 is now available for download on the following websites:
CHAIR
ASEAN Taxonomy Board
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For media queries, please contact:
Mr. Khairul Ridzwan
ASEAN Taxonomy Board
(Working Group on Market Facing and Resourcing)
Email: aseantaxo@sfinstitute.asia
