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 www.dnv.com/about/supplychain/
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SOURCE DNV
