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OIC financial institutions need a comprehensive approach to align with COP 28 outcomes
Since the Paris Agreement was signed at COP 21, one of the most important issues has been defining how the world makes “finance flows consistent with a pathway towards low greenhouse gas (GHG) emissions and climate-resilient development”. The global stocktake released at the end of COP 28 provides updates on the activities the financial sector will need to align in order to mitigate climate change by 2030.
The new ASEAN Taxonomy incorporates a ‘coal phase-out’ classification to support more transition finance
The second version of the ASEAN Taxonomy outlines the conceptual framework in more detail about how countries at widely varying levels of economic development can align taxonomies under a regional framework
The ‘coal phase-out’ plan is one of the most eagerly awaited in light of prominent initiatives like the Energy Transition Mechanism and Just Energy Transition Partnerships (JETPs) that progressed during Indonesia’s presidency of the G20
As ASEAN member states adopt their own taxonomies, the practical challenges for the financial sector to navigate diverse national taxonomies and align with the ASEAN Taxonomy will be a challenging element as the region makes investment in the climate transition