WB: Malaysia doing well in developing sustainable finance
Malaysia is doing relatively well in developing sustainable finance and enabling policy frameworks compared with other ASEAN countries, said the World Bank (WB) Group.
A view of Kuala Lumpur, Malaysia (Photo: https://www.malaymail.com/)WB senior economist Tatiana Didier said in terms of economic development, the country is spearheading change among the ASEAN-5 (Indonesia, Malaysia, the Philippines, Thailand, and Vietnam) and among some of the other peer countries.
According to the WB’s Unleashing Sustainable Finance In Southeast Asia (SEA) report, the ASEAN-5 economies with relatively more developed sustainable financial markets — especially Malaysia — also tend to have more developed enabling policy frameworks.
Malaysia released its principles-based approach for financial markets taxonomy in 2021, which considers the state of its own economic development and the early stage of adoption of climate risk management practices within the country, while allowing better alignment with international classification standards.
Malaysia has also published a proposed capital markets taxonomy that is currently in its consultation phase, which has four major categories- environment, transition, social and sustainability - but also does not provide specific thresholds for the concerned sectors./.
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