Security Bank Corporation, a member of the Asia Transition Finance (ATF) Study Group, reported the release of the ATF Annual Report 2023 which aims to help Asian economies move toward net-zero.
The ATF Study Group, a private-led initiative whose core participants are banks with operations in Asia, has published a report to help Asian economies achieve a just and orderly transition toward a more sustainable future.
Security Bank has been a core member of the ATF Study Group since its inception in 2021.
"At Security Bank, we believe that sustainability and climate action are not only our responsibility, but also our opportunity to play our part in building just, resilient and prosperous communities, while delivering value to our stakeholders,” said Security Bank Sustainability Head Nikki Lizares.
She added that, “we are proud to be a core member of the Asia Transition Finance Study Group and support the release of the ATF Annual Report 2023, which reflects our commitment to being a bank that cares for the planet and the people."
The ATF Study Group was set up in recognition of the important role that transition finance (TF) will play in helping Asian economies move toward net-zero emissions and the challenges they will face.
Its goal is to create practical recommendations to supplement existing frameworks, including global standards and taxonomies, when financial institutions (FIs) consider and assess TF cases, as well as to understand challenges and explore potential enablers to TF.
In 2022, the ATF Study Group published the ATF Guidelines to provide TF practitioners with practical guides to assess transition projects and the ATF SG Activity Report to share the challenges and suggested support measures to accelerate TF in Asia.
These outcomes were introduced at Asian Green Growth Partnership Ministerial Meetings (AGGPM) in September 2022.
This year, the ATF Annual Report 2023 was created after months of discussion among the core members, mainly commercial banks.
Development banks, export credit agencies, public agencies, finance associations, and second party opinion providers joined as observers and knowledge contributors. Energy and industry players also participated as guest speakers to share their perspectives.
The ATF Annual Report 2023 describes the progress that has been made over the last year in the seven suggested support measures in the ATF Activity Report 2022, as well as more granular enablers that are still needed to accelerate TF by referring to the result of a survey to ATF SG members.
The Study Group believes that advancement in these areas will necessitate collaboration among all stakeholders, especially public authorities, TF receivers, and FIs, an area it will focus on going forward.
This year, Security Bank has celebrated advancements in its sustainability journey including the approval of its Sustainable Finance Framework (SFF) by the Bank’s Board of Directors, the publishing of its first Integrated Report covering fiscal year 2022, and receiving the ESCAP Sustainable Business Network (ESBN) Asia-Pacific Green Deal Badge.
The Study Group will also continue to explore FI’s practical experiences in navigating TF, sharing real-world knowledge in its collaborative sessions.
It will also use peer learning to bring deeper understanding and practical knowledge about various TF guidelines, countries’ policies including national taxonomies, and the development of TF frameworks by FIs.