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ASEAN Taxonomy for Sustainable Finance - Supplementary Document Summary

Core Content

The ASEAN Taxonomy for Sustainable Finance (ASEAN Taxonomy) includes a Foundation Framework aimed at guiding businesses in assessing their activities against environmental and social objectives (EOs). This Supplementary Document provides use cases specifically tailored for Small to Medium Enterprises (SMEs) in the agriculture and renewable energy sectors, enhancing the usability and consistency of the Foundation Framework.

Main Points

• Purpose of the Supplementary Document: To provide sector-specific guidance for SMEs in assessing their activities under the Foundation Framework.
• Target Audience: SMEs, as they are more likely to require support and guidance compared to larger enterprises.
• Use Cases: Two use cases are presented – one for the agriculture sector (palm oil cultivation) and one for the renewable energy sector (mini-hydropower plants).
• Adaptability: Use cases are meant to be a guide and can be adjusted based on local regulations and circumstances.

Use Case 1 – Agriculture

Company Introduction

• An SME involved in palm oil cultivation and plantation.
• Main activities include harvesting, collection, and transportation of palm oil.

Case Context

• Seeking term financing for agriculture land purchase and expansion of palm oil plantation.

Sustainability Efforts

• Conducted Environmental Impact Assessment (EIA) and due diligence on technical, management, legal, financial, social, and environmental aspects.
• Implements organic farming practices (organic fertilizers, leguminous cover crops).
• Aims to comply with Malaysian Sustainable Palm Oil (MSPO) certification by 2026–2027.

User Entry Point

• The activity is most relevant to EO3 (Protection of Healthy Ecosystems and Biodiversity).
• The company's strategic focus aligns with EO3.

EO3 Assessment

• Contribution to Ecosystem and Biodiversity: Yes, through organic practices and MSPO compliance.
• Minimizing Negative Effects: Yes, by avoiding chemical inputs.
• Policies and Strategy Alignment: Yes, following MSPO principles and having an Environmental Management Plan (EMP) and certified environmental officer.

DNSH / RMT Assessment

• Avoiding Harm to Other EOs: Yes, as the EIA was conducted and approved.
• Impact on Surrounding Habitats: The EIA reported that the land is suitable for palm oil plantation.
• Climate Consideration: Yes, through organic fertilizers and protection of watercourses.
• Habitat Conservation: At this time, no detrimental effects on habitats and species.
• Avoiding Hazardous Substances: Yes, by using organic fertilizers.
• Efficient Resource Use: Yes, under MSPO standards.

Classification

• Initial Classification: Green
• Final Classification: Green

Use Case 2 – Renewable Energy

Company Introduction

• A medium enterprise under Indonesian regulations.
• Provides mini-hydropower plants in rural areas for State Electricity Company.

Case Context

• Plans to expand operations to other villages through new project financing.

Sustainability Efforts

• Pursuing net zero emissions in line with Indonesia's NDC target.
• Conducted Environmental Impact Analysis (EIA) and due diligence.
• Empowers the local community through job creation and sedimentation management.
• Implements occupational safety and health policies and human rights protection.

User Entry Point

• The activity is most relevant to EO1 (Climate Change Mitigation).
• Strategic focus aligns with EO1.

EO1 Assessment

• Avoiding/Reducing GHG Emissions: Yes, due to the low carbon nature of mini-hydropower.
• Avoiding Locking in High-Carbon Activity: Yes, through a net zero roadmap and low-carbon materials.

DNSH / RMT Assessment

• Avoiding Harm to Other EOs: No, the EIA identified adverse impacts on habitats and biodiversity.
• Remedial Measures: Already commenced, including staged land clearing, biomass utilization, temporary settling ponds, and revegetation.
• Significant Harm Mitigation: Yes, with periodic monitoring and reporting.

Classification

• Initial Classification: Green
• Final Classification: Green

Key Information

• The ASEAN Taxonomy Board (ATB) issues the supplementary document to support SMEs in applying the Foundation Framework.
• The use cases are designed to help SMEs navigate decision trees for taxonomy alignment.
• The Foundation Framework is principles-based, and use cases enhance its sector-specific applicability.
• Green classification is assigned to both use cases, indicating sustainable alignment with the ASEAN Taxonomy.

Conclusion

The Supplementary Document offers practical guidance for SMEs in agriculture and renewable energy sectors, ensuring consistent application of the ASEAN Taxonomy Foundation Framework. The use cases highlight the importance of environmental impact assessments, sustainable practices, and community engagement in achieving green classification.