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GlobalPublished: 5 February 2026
[Regulatory Update] Thailand and Indonesia expand domestic classification systems aligned with the ASEAN Taxonomy — building a common foundation for green finance
Source:ASEAN Taxonomy Board (ASEAN Taxonomy Version 4, 6 November 2025), Otoritas Jasa Keuangan (OJK)
Across ASEAN, the ASEAN Taxonomy is being developed to harmonise the criteria used to judge sustainable finance. Version 2 (March 2023) set out technical screening criteria, including for the energy sector, and Version 3 (March 2024) added criteria for the transportation and storage, and construction and real estate sectors. Revisions have continued, with Version 4 published in November 2025.
In response, Thailand published Taxonomy Phase 2 in May 2025, adding agriculture, construction and real estate, manufacturing, and waste management to its scope. In Indonesia, the Financial Services Authority (OJK) published TKBI Version 2 in February 2025, expanding its classification system for sustainable finance and capital allocation with the ASEAN Taxonomy and domestic policy as its main reference frameworks. Indonesia has also published TKBI Version 3, in February 2026.
Editor's View
A taxonomy is different from environmental regulation that directly imposes obligations on a factory. However, by harmonising, on the financial-market side, which business activities are classified as "environmentally sustainable," it becomes infrastructure that influences decisions on capital investment and financing. For companies investing in Southeast Asia, it is important to check energy-efficiency, renewable-energy, resource-circulation and emissions-reduction investment projects against the local taxonomy's classification criteria; ASEAN's environmental policy is expanding beyond regulation itself into financial infrastructure that determines "which investments are assessed as green."
※ This article is based on official public information from an external source (ASEAN Taxonomy Board (ASEAN Taxonomy Version 4, 6 November 2025), Otoritas Jasa Keuangan (OJK)) and has been analyzed and organized for practical use.
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