Cambodia Investment Review
The ASEAN Taxonomy Board (ATB) highlighted the relevance of the ASEAN Taxonomy for Sustainable Finance to Cambodian stakeholders. The ATB urges key Cambodian sectors, including government bodies, state-owned enterprises, financial institutions, and the energy sector to participate actively in the consultation process for the taxonomy’s second version.
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The Taxonomy is a critical tool created to identify and categorize sustainable economic activities across the ASEAN region. Launched on 27 March 2023 and updated on 9 June 2023, Version 2 of the Taxonomy aims to foster the adoption of sustainable finance across the ASEAN Member States (AMS), and facilitate an orderly transition to sustainable economic activities.
“This Taxonomy is not just about economic transition; it’s about setting a unified course for our region’s future, and Cambodia plays a crucial role in that future,” a representative from the ATB stated.
The Taxonomy’s second version includes a comprehensive, sector-agnostic Foundation Framework, encompassing decision trees, guiding questions, and use cases for all Environmental Objectives (EO) and Essential Criteria (EC). Furthermore, it also features the Technical Screening Criteria (TSC) for the energy sector and the Carbon Capture, Utilisation and Storage (CCUS) enabling sector.
ATB is currently conducting a targeted stakeholder consultation to gather feedback for the Taxonomy’s second version. This process involves a 37-question survey, which combines multiple-choice and short-answer formats, and is designed to take approximately 40 minutes. The consultation will close on 31 July 2023.
“Cambodia’s unique economic and environmental context makes its feedback critical in shaping an inclusive and effective Taxonomy,” the ATB representative said, encouraging all Cambodian stakeholders to contribute to the process.
The ATB ensures that all feedback will be anonymized and will not be attributed to specific individuals or organizations. The insights collected will play a crucial role in shaping subsequent versions of the ASEAN Taxonomy and enhancing its usability and adoption across the region.
Information about the stakeholder process can be found on the Sustainable Finance Institute Asia website at stakeholder consultation. For any queries or comments, please email atbconsultations@sfinstitute.asia.
“We’re designing this Taxonomy to meet the diverse needs and circumstances of the ASEAN region, including Cambodia, and to effectively mobilise sustainable investments,” the ATB representative concluded. “We encourage all relevant stakeholders to make their voices heard and contribute to this critical regional initiative.”
