ESG news from Indonesia and the Philippines
Two items of sustainability reporting news from Southeast Asia have caught our eye this week. The Indonesian president Joko Widodo announced the launch of the country’s green taxonomy. Not to be confused with an XBRL taxonomy, this is a classification system that allows economic activities to be categorised according to their environmental impact. It will enable sustainability disclosures by companies, and is intended to encourage the development of a green economy.
The Philippines, meanwhile, has launched its Sustainable Finance Framework, providing a roadmap on how the government intends to raise green, social and sustainability bonds, loans, and other debt instruments in international capital markets. The framework “lays out the process that will be used to ensure transparency and disclosure of the use of proceeds, as well as the expected environmental and social impact of eligible green and social projects, in keeping with international best practices.”