Latest news with #ASEANTaxonomyforSustainableFinance
The Sun
29-05-2025
- Business
- The Sun
ASEAN green initiatives can generate additional US$300 billion by 2030
KUALA LUMPUR: ASEAN could generate an additional US$300 billion annually in green revenues and unlock up to US$1.5 trillion in new value by 2030 with advancing green investments and cross-border collaboration in regional power grids, carbon markets, and clean energy incentives (US$1=RM4.23). Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Aziz said Malaysia's green investment strategy has delivered close to 1,000 approved projects in 2024, channelling RM20.8 billion into the economy and creating thousands of future-ready jobs. 'We are pushing for key frameworks and regulatory provisions to put our green ambition into action. 'These include the ASEAN Taxonomy for Sustainable Finance, Sustainable Investment Guidelines, and the Greening Value Chain Playbook,' he said in his keynote address at the ASEAN Business Forum 2025 here today. His speech was delivered by Malaysian Investment Development Authority (MIDA) chief executive officer Sikh Shamsul Ibrahim Sikh Abdul Majid. Tengku Zafrul said there is also the ASEAN strategy for carbon neutrality, with initiatives such as harmonising carbon markets and measurement standards; advancing carbon capture, utilisation, and storage (CCS/CCUS) technologies; and creating a just transition framework for workers and communities. He said this facilitates the corporate sector's pivot toward sustainable, climate-friendly growth. 'Perhaps, the most transformative is the ASEAN power grid (APG). With 18 cross-border power projects in the pipeline and over 60 renewable energy sites identified, the APG stands as a flagship for ASEAN's sustainable energy transition,' he said. Quoting studies, he said the APG could add up to US$3 trillion in gross domestic product (GDP) value by 2050 and create 1.45 million jobs regionally. The APG's success would rely on strategic funding from banks like the Asian Development Bank (ADB) and the World Bank, ensuring ASEAN centrality and regional autonomy. Aside from that, Tengku Zafrul said the ASEAN Digital Economy Framework Agreement (DEFA), now in advanced negotiations, aims to double ASEAN's digital economy to US$2 trillion by 2030, connecting ecommerce, financial technology (fintech), digital finance, and artificial intelligence (AI)-enabled solutions across borders. In 2024, he noted that ASEAN's digital sector saw profits triple to US$11 billion and attracted over US$30 billion in new data centre investments. 'This surge is being fuelled by our youthful population, rapid urbanisation, and robust public-private partnerships. 'For example, unlocking the potential of our 334 million women, roughly half of ASEAN's population, could add up to US$2.3 trillion to regional GDP,' he added.
The Sun
29-05-2025
- Business
- The Sun
ASEAN green initiatives can generate additional US$300b by 2030
KUALA LUMPUR: ASEAN could generate an additional US$300 billion annually in green revenues and unlock up to US$1.5 trillion in new value by 2030 with advancing green investments and cross-border collaboration in regional power grids, carbon markets, and clean energy incentives (US$1=RM4.23). Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Aziz said Malaysia's green investment strategy has delivered close to 1,000 approved projects in 2024, channelling RM20.8 billion into the economy and creating thousands of future-ready jobs. 'We are pushing for key frameworks and regulatory provisions to put our green ambition into action. 'These include the ASEAN Taxonomy for Sustainable Finance, Sustainable Investment Guidelines, and the Greening Value Chain Playbook,' he said in his keynote address at the ASEAN Business Forum 2025 here today. His speech was delivered by Malaysian Investment Development Authority (MIDA) chief executive officer Sikh Shamsul Ibrahim Sikh Abdul Majid. Tengku Zafrul said there is also the ASEAN strategy for carbon neutrality, with initiatives such as harmonising carbon markets and measurement standards; advancing carbon capture, utilisation, and storage (CCS/CCUS) technologies; and creating a just transition framework for workers and communities. He said this facilitates the corporate sector's pivot toward sustainable, climate-friendly growth. 'Perhaps, the most transformative is the ASEAN power grid (APG). With 18 cross-border power projects in the pipeline and over 60 renewable energy sites identified, the APG stands as a flagship for ASEAN's sustainable energy transition,' he said. Quoting studies, he said the APG could add up to US$3 trillion in gross domestic product (GDP) value by 2050 and create 1.45 million jobs regionally. The APG's success would rely on strategic funding from banks like the Asian Development Bank (ADB) and the World Bank, ensuring ASEAN centrality and regional autonomy. Aside from that, Tengku Zafrul said the ASEAN Digital Economy Framework Agreement (DEFA), now in advanced negotiations, aims to double ASEAN's digital economy to US$2 trillion by 2030, connecting ecommerce, financial technology (fintech), digital finance, and artificial intelligence (AI)-enabled solutions across borders. In 2024, he noted that ASEAN's digital sector saw profits triple to US$11 billion and attracted over US$30 billion in new data centre investments. 'This surge is being fuelled by our youthful population, rapid urbanisation, and robust public-private partnerships. 'For example, unlocking the potential of our 334 million women, roughly half of ASEAN's population, could add up to US$2.3 trillion to regional GDP,' he added.
Malaysian Reserve
29-05-2025
- Business
- Malaysian Reserve
Tengku Zafrul: ASEAN green initiatives can generate additional US$300b by 2030
KUALA LUMPUR — ASEAN could generate an additional US$300 billion annually in green revenues and unlock up to US$1.5 trillion in new value by 2030 with advancing green investments and cross-border collaboration in regional power grids, carbon markets, and clean energy incentives (US$1=RM4.23). Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Aziz (picture) said Malaysia's green investment strategy has delivered close to 1,000 approved projects in 2024, channelling RM20.8 billion into the economy and creating thousands of future-ready jobs. 'We are pushing for key frameworks and regulatory provisions to put our green ambition into action. 'These include the ASEAN Taxonomy for Sustainable Finance, Sustainable Investment Guidelines, and the Greening Value Chain Playbook,' he said in his keynote address at the ASEAN Business Forum 2025 here today. His speech was delivered by Malaysian Investment Development Authority (MIDA) chief executive officer Sikh Shamsul Ibrahim Sikh Abdul Majid. Tengku Zafrul said there is also the ASEAN strategy for carbon neutrality, with initiatives such as harmonising carbon markets and measurement standards; advancing carbon capture, utilisation, and storage (CCS/CCUS) technologies; and creating a just transition framework for workers and communities. He said this facilitates the corporate sector's pivot toward sustainable, climate-friendly growth. 'Perhaps, the most transformative is the ASEAN power grid (APG). With 18 cross-border power projects in the pipeline and over 60 renewable energy sites identified, the APG stands as a flagship for ASEAN's sustainable energy transition,' he said. Quoting studies, he said the APG could add up to US$3 trillion in gross domestic product (GDP) value by 2050 and create 1.45 million jobs regionally. The APG's success would rely on strategic funding from banks like the Asian Development Bank (ADB) and the World Bank, ensuring ASEAN centrality and regional autonomy. Aside from that, Tengku Zafrul said the ASEAN Digital Economy Framework Agreement (DEFA), now in advanced negotiations, aims to double ASEAN's digital economy to US$2 trillion by 2030, connecting ecommerce, financial technology (fintech), digital finance, and artificial intelligence (AI)-enabled solutions across borders. In 2024, he noted that ASEAN's digital sector saw profits triple to US$11 billion and attracted over US$30 billion in new data centre investments. 'This surge is being fuelled by our youthful population, rapid urbanisation, and robust public-private partnerships. 'For example, unlocking the potential of our 334 million women, roughly half of ASEAN's population, could add up to US$2.3 trillion to regional GDP,' he added. — BERNAMA
The Sun
09-05-2025
- Business
- The Sun
Malaysia pushes for collective ASEAN effort on green energy financing
JAKARTA: Malaysia has called on ASEAN member states to take bold, collective action to close the financing gap in the region's clean energy transition, emphasising the need for trillions of dollars to avoid jeopardising climate and development goals. Speaking at a regional energy forum here on Friday, Malaysia's Permanent Representative to ASEAN, Datin Sarah Al Bakri Devadason, stressed the urgency of moving away from fossil fuels while ensuring environmental and social inclusivity. 'Access to clean, affordable, and reliable energy is not merely about powering homes or industries. It is about protecting the environment and the rights of future generations,' she said. Citing the ASEAN Centre for Energy (ACE), she said regional energy demand could rise by over 60 per cent by 2040, and warned that relying on conventional sources risks derailing climate goals. According to Sarah, ASEAN has committed to increasing the share of renewable energy to 23 per cent of total primary energy supply by 2025. However, a study by the International Renewable Energy Agency (IRENA) estimated that ASEAN will need around US$29.4 trillion by 2050 to fully transition to renewables and most of which remains unfunded, she noted. She also highlighted the ASEAN Taxonomy for Sustainable Finance (ATSF), updated in March 2024, as a key tool for attracting sustainable investment. The taxonomy is the first in the world to classify energy transition funding through both green and amber categories. Sarah reaffirmed Malaysia's commitment, as ASEAN Chair, to advance cross-sector collaboration and innovative financing to drive inclusive and sustainable energy transformation. 'Together, we can build an ASEAN that is not only economically resilient, but also environmentally responsible and socially inclusive,' she concluded. The event, co-organised with ACE, was attended by representatives from ASEAN member states, the diplomatic corps, financial institutions, civil society, and industry experts.
Yahoo
19-02-2025
- Business
- Yahoo
DNV appointed by the ASEAN Taxonomy Board as technical advisor to develop latest version of the ASEAN Taxonomy for Sustainable Finance
ASEAN Taxonomy provides a unified classification system for sustainable economic activities within the Association of Southeast Asian Nations BANGKOK, Feb. 19, 2025 /PRNewswire/ -- DNV, the independent assurance and risk management provider, has been engaged by the ASEAN Taxonomy Board (ATB) to support the development of Version 4 of the ASEAN Taxonomy for Sustainable Finance. This collaboration reinforces DNV's longstanding role as a trusted ecosystem partner in advancing sustainable finance practices and fostering regional cohesion in the Association of Southeast Asian Nations (ASEAN). As a key technical advisor, DNV has been working closely with the ATB working groups to enhance the ASEAN Taxonomy's scope. This includes refining classifications for focus sectors such as agriculture, forestry and fishing; manufacturing; and water supply, sewerage, waste management. Additionally, two enabling sectors, information and communication, and professional, scientific, and technical activities, will be incorporated, ensuring a comprehensive framework that addresses both key and enabling industries. The ASEAN Taxonomy provides a unified classification system for economic activities aligned with sustainability goals. Developed under the guidance of ASEAN Finance Ministers and Central Bank Governors, the ASEAN Taxonomy enables an orderly transition to sustainability-focused economies. By standardising definitions and guidelines, the ASEAN Taxonomy creates pathways for sustainable investments, accelerates the adoption of green financing, and drives meaningful progress towards net-zero targets. ASEAN's growing focus on Green, Social, and Sustainability (GSS) financing underscores the urgency of addressing climate change, resource scarcity, and inequality. The ASEAN Taxonomy offers a common language to bridge regional disparities, enabling a cohesive strategy for achieving sustainable economic growth and attracting international investment. The ASEAN Taxonomy also acts as the taxonomy of equivalence for ASEAN Member States' national taxonomies. "The release of the latest version of the ASEAN Taxonomy marks a pivotal moment in ASEAN's journey toward a sustainable future," said Eugene Wong, CEO of Sustainable Finance Institute Asia (SFIA), Host of the ATB. "SFIA is pleased to have worked with DNV to contribute to the ATB's efforts in creating a common language for ASEAN on sustainable finance that will facilitate a just and orderly transition for the region, incorporating credibility with pragmatism." "We are honoured to continue our longstanding relationship with the ATB and contribute with our technical expertise to the ASEAN Taxonomy's latest development, a critical milestone for sustainable finance in the region," added Percy Lakdawalla, Regional Manager Asia Pacific, India and Middle East, Supply Chain & Product Assurance at DNV. "Version 4 of the ASEAN Taxonomy will provide stakeholders across ASEAN with the tools to align their efforts with global sustainability objectives while effectively addressing local priorities and challenges." "This collaboration underscores our continued commitment to supporting the ATB in advancing sustainable finance across ASEAN, leveraging our global expertise to create tailored solutions for regional needs" noted Thomas Leonard, Head of Sustainability Services ASEAN – Supply Chain & Product Assurance at DNV. Together with the ASEAN Taxonomy Board, DNV aims to enable an inclusive and resilient pathway towards a sustainable future for ASEAN and beyond. About DNV DNV is an independent assurance and risk management provider, operating in more than 100 countries. Through assessment and digital assurance solutions, DNV helps companies build trust and transparency around products, assets, supply chains and ecosystems. Whether certifying products, verifying claims or optimizing and decarbonizing supply chains, DNV helps companies manage risks and realize their long-term strategic goals, improving ESG performance and generating lasting, sustainable results. Combining sustainability, supply chain and digital expertise, DNV works to create new assurance models enabling interaction and transaction transparency across value chains. Drawing on its wide technical and industry expertise, DNV works with companies worldwide to bridge trust gaps among consumers, producers and suppliers. Driven by its purpose, to safeguard life, property, and the environment, DNV helps tackle the challenges and global transformations facing its customers and the world today and is a trusted voice for many of the world's most successful and forward-thinking companies. Learn more at View original content to download multimedia: SOURCE DNV Sign in to access your portfolio
