In June 2021, SBN facilitated a knowledge exchange session on Green Taxonomy Development between China Banking and Insurance Regulatory Commission (CBIRC) and Indonesia’s Financial Services Authority (OJK). The discussion contributes to the development and implementation of national green and sustainable finance taxonomies in the two countries. Insights from the discussion will also inform broader work by SBN to support countries interested in taxonomy development.
In April, China issued the 2021 Green Bond Catalogue after expert and public consultation. The updated Catalogue aims at expanding China's green bond market and helping achieve carbon neutrality. The Catalogue adopts the EU Taxonomy's "Do No Significant Harm" (DNSH) principle and makes carbon reduction constraints more stringent. Meanwhile, OJK is currently updating Indonesia’s national green taxonomy, also drawing on insights from global developments.
Officials from CBIRC and OJK both shared the experiences and key elements in their national green taxonomy development, governance, and updates as part of comprehensive national sustainable finance efforts. Over 100 officials from OJK, various Indonesian ministries, and Indonesia Central Bank attended this virtual event.
The event was the second session in a series of knowledge exchanges that will contribute to upcoming work by the SBN Sustainable Finance Instruments Working Group, co-chaired by OJK as it develops Indonesia’s national green taxonomy.
To learn more about national sustainable finance initiatives in emerging markets, check out the SBN 2019 Global and Country Progress Reports at www.ifc.org/sbn2019report.