东南亚如何扩大过渡融资渠道

A copy of this publication is available from:www.theacmf.org.©The ASEAN Capital Markets Forum 2023. All rights reserved. Excerpts may be reproduced ortranslated provided source is stated. 1.Asia in theGlobal Transition to Net Zero, Asian Development Bank, quoting Climate Analytics and New Climate Institute-Climate ActionTracker (accessed 20 February 2023)2.Global Climate Risk Index 2021, Germanwatch, 2021FOREWORDby Chair of the ASEAN Capital Markets ForumThese days we frequently hear that the war against climate change will be won or lost in Asia. Indeed, Asiahas now emerged as the largest source of emissions globally, although it has been less responsible for globalcumulative emissions. At its current level of GHG emissions of 21.7 GtCO2e per year, Asia would by itselfexhaust the global remaining carbon budget consistent with under 1.5°C warming by 20401. Southeast Asiawill be the fourth largest economic bloc globally by 2030 but is also one of the most at-risk regions, withthree of its member states among the ten most vulnerable countries to climate change2. As such, climatechange is a matter of urgency and importance to the Association of Southeast Asian Nations (ASEAN), andASEAN Member States (AMS) have proactively taken measures to address the issue at every level-national,regional and global.Finance is key to winning the climate change war. The ASEAN Capital Markets Forum (ACMF)’sRoadmap forASEAN Sustainable Capital Marketsand the ASEANWorking Committee on Capital Market Development’sReport on Promoting Sustainable Finance in ASEANboth identify several elements that are needed toenhance the sustainable finance ecosystem for better orientation of finance towards the sustainabilityagenda. These elements are an ASEAN Taxonomy, Transition Finance Frameworks and Disclosures whichform the pillars of that ecosystem. The ACMF is a founding member of the ASEAN Taxonomy Board (ATB).The ATB is responsible for the development, maintenance and promotion of theASEAN Taxonomy forSustainable Finance(ASEAN Taxonomy) that will be ‘the overarching guide for all AMS, complementing theirrespective national sustainability initiatives and serving as ASEAN’s common language for sustainablefinance’. TheASEAN Taxonomy Version 2 was issued on 27 March 2023. The ASEAN Taxonomy has beendeveloped to facilitate an orderly, just, and affordable transition needed for the region. Transition is animportant theme for ASEAN, as ASEAN economies, societies and individual AMS capacities do not allow fora rapid shift to green. ASEAN transitions need to be managed to avoid economic and social dislocations.The ASEAN Taxonomy provides the thresholds for different sustainability performance levels for identifiedeconomic activities. This ASEAN Transition Finance Guidance (ATFG) builds on that by creating an approachto assess the forward-looking plans of companies and facilitate investor support for those companies. Indeveloping this ATFG, the ACMF was acutely aware ofthe need for transition finance guidance that iscontextualised for ASEAN, and that would be useful in enabling the capital markets to support transition,including against the backdrop of seventy (70) million Micro, Small and Medium Sized Enterprises in theregion. As there is a wealth of guidances, frameworks and standards on transition finance globally, the ACMFwanted to ensure that the best elements of these approaches, enhanced with the regional contextualisationand latitude for company specificity to advance the ASEAN sustainability agenda, would be incorporated intothe ATFG. In particular, there is a need to provide clear guidance to ASEAN companies as to what would meetthe expectations for a transition, the possible transition pathways and how this is to be communicated, whilegiving providers of capital a framework to make informed financing decisions.Like the ASEAN Taxonomy, this Guidance is a living document and will be enhanced over time to reflectprogress in evolving global climate expectations, global transition approaches, the changing needs of ourregion and the AMS as well as advances in technology. The ACMF is dedicated in its efforts to develop thethree pillars of the sustainable finance ecosystem-Taxonomy, Transition and Disclosures. This Guidance,together with the ASEAN Taxonomy, serve to strengthen two of the three pillars of the ASEAN sustainablefinance ecosystem, as the ACMF continues to drive quality disclosures to ensure that consistent, comparableand credible informationis available for informed decision making.Inarno DjajadiChief Executive of Capital Market, Financial Derivatives, and Carbon Exchange Supervisor, concurrently aMember of the Board of Commissioners of OJKACMF Chair 2023 FOREWORDand MESSAGEbyAsian Development BankSoutheast Asiacanmeet thedaunting challenges of transitioningto low-carbon economies even as theregion continues to build strong, inclusive growth that reduces poverty. However, this complex task requiresurgent action on innovative finan