As co-Chair of the Task Force on Sustainable Finance (SLC-TF) for the 2024-2026 period, on September 19, 2024, the State Bank of Vietnam (SBV) hosted and co-chaired the 7th Meeting of the SLC-TF in Da Nang. This was a preparatory event for the ASEAN Senior Level Committee on Financial Integration (SLC) Meeting.
An overview of the 7th Meeting of the SLC-TF
In the opening speech at the Meeting, the representative of the SBV shared that sustainable finance was no longer an option, but a critical driving factor, moving towards the net zero emissions target and ensuring the long-term economic and environmental objectives.
Participants at the meeting of SLC-TF
At the Meeting, the delegates from the member countries discussed about the implementation progress of the two main cooperation initiatives of the SLC-TF, including the ASEAN Green Map and the ASEAN Taxonomy for Sustainable Finance.
The ASEAN Green Map is an initiative proposed by the SLC in 2020, identifying a general vision of the ASEAN central banks for an inclusive and sustainable financial ecosystem in the region. In the context of various environmental and climate risks, the ASEAN Green Map has identified several strategic objectives for the ASEAN region, and has established a roadmap to realize the immediate goals of sustainable finance. Specifically, the ASEAN Green Map has identified the strategic objectives and the corresponding building blocks to achieve the immediate goals. The ASEAN Green Map is planned to be finalized by the end of 2024.
The ASEAN Taxonomy for Sustainable Finance
ASEAN Taxonomy is an initiative developed by the ASEAN Taxonomy Board with close cooperation from the ASEAN Finance and Banking Working Committees as well as the SLC. The ASEAN Taxonomy serves as a comprehensive and reliable taxonomy system for sustainable finance practices. The ASEAN Taxonomy is composed of the Foundation Framework (FF) and the Plus Standards (PS). During the process of implementation, the ASEAN Member States can choose to apply FF or PS taxonomy method.
Members of the SLC-TF take a photo together
Within the framework of the meeting, the members also shared their experience on mainstreaming the sustainability principles and ESG into the central bank operations and strategies. In the coming time, the SLC-TF would continue to implement capacity building activities in the areas of common interest.
Towards the end of the meeting, the participants highly appreciated and thanked the SBV for having successfully hosted and co-chaired the 7th Meeting of the SLC-TF. The participants also recognized the efforts of the member countries in actively implementing the initiatives to promote sustainable finance in the region, towards the realization of the sustainable development goals in the region.
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