The Securities and Exchange Commission has renewed its membership in the ASEAN Taxonomy Board (ATB) which identifies financially sustainable projects in the region.
The ATB is under the auspices of the ASEAN Finance Ministry and the Central Bank Governor’s Meeting, which promotes ASEAN taxonomy for sustainable finance. The ATB is chaired by the Brunei Darussalam Central Bank, with the Monetary Authority of Singapore as vice chair.
ASEAN taxonomy is designned to attract investments and encourage financial flows into sustainable projects and activities in the region.
SEC commissioner Kelvin Lester K. Lee is principal member representing the Philippines at the ATB, with Krizia Pauline Felice S. Ferrer of the SEC Markets and Securities Regulation Department as alternate.
Other board members include representatives from Non-Bank Financial Services Authority of Cambodia, Ministry of Economy and Finance Cambodia, Financial Services Authority of Indonesia, Bank of the Lao PDR, Bank Negara Malaysia, Securities Commission Malaysia, Ministry of Planning and Finance of Myanmar, Bank of Thailand, Office of Insurance Commission of Thailand and State Securities Commission of Vietnam.
The SEC is also an active member of the ATB working group on market facing and resourcing.
The ATB published the first version of the ASEAN taxonomy in November 2021. On 27 March this year the ATB published the ASEAN taxonomy Version 2, which includes guidance on the methodologies used to determine whether or not an activity is green.
ASEAN taxonomy 2.0 acknowledges coal phaseout efforts to attract local and international investments.
In 2018, the SEC adopted the ASEAN Green Bonds Standards providing guidelines in tapping green finance to support sustainable regional growth and meet investor interest for green investments.
