Period: 2023-2024

Project Description

The ASEAN Green Map project plays a crucial role in addressing the region's vulnerability to climate change by promoting sustainable finance. ASEAN countries have experienced escalating climate change-related impacts, including floods, droughts, habitat losses, and urban heat, leading to significant economic repercussions. Without effective mitigation policies, projections indicate a potential decline of over 7 percent in the world's real GDP per capita by 2100.

In response to these challenges, ASEAN is committed to advancing a comprehensive sustainable finance agenda, encompassing banking, capital markets, and insurance sectors, while enhancing coordination among relevant working committees. Acknowledging this commitment, the ASEAN Senior Level Committee on Financial Integration (SLC) recommended exploring the development of the "ASEAN Green Map" as a vision document outlining essential components of a sustainable finance ecosystem in the region. The SLC endorsed the proposed workplan, which includes the ASEAN Green Map, led by the Bank of Thailand (BOT), during its 22nd meeting in October 2021. The ASEAN Green Map's primary objectives are twofold:

1. To chart a unified course for sustainable finance efforts in the region, establishing a cohesive vision and comprehensive guide for all ASEAN Member States (AMS) to scale up sustainable financing in alignment with the Paris Agreement and the 2030 Sustainable Development Goals (SDGs).
2. To draw attention to key sustainable finance priorities for the ASEAN SLCs, relevant financial sectoral bodies, networks, initiatives, and other stakeholders. The map will inform the broader SLC agenda on climate and sustainability, influencing future workplans.

The ASEAN Green Map project aims to consolidate existing regional efforts, such as the ASEAN Green Taxonomy, to foster a consensus on sustainability principles. However, its primary focus is on the financial sector, "green/environmental finance," and it does not encompass Social and Governance elements due to its broad scope.

Introduction of Proponents/Implementing Agencies

ASEAN-ROK Financial Cooperation Centre (AKFCCC)

Organisation Overview

The ASEAN-ROK Financial Cooperation Centre (AKFCC) was established as a deliverable of the 2019 ASEAN-Republic of Korea Commemorative Summit.  AKFCC’s mission is to promote mutually beneficial financial cooperation between ASEAN and ROK  through various cooperation projects such as capacity building, policy development, establishment of financial infrastructure, etc.

Priority Areas

1. Capacity building
2. Policy development
3. Establishment of financial infrastructure