아세안 지속가능금융 택소노미의 검토 = A Study on the ASEAN Taxonomy for Sustainable Finance

다국어 초록 (Multilingual Abstract)

Our planet is facing a crisis with the changing climate. Southeast Asia is especially vulnerable to climate change. ASEAN is expected to play an important role in global response to climate change considering its economic size and growth rate. At international, regional and national levels, ASEAN has declared its commitment to respond to the climate crisis. To transform the ASEAN economy to be compatible with such commitments and the Paris Agreement, private capital must be financed for green economic activities at large scale.
After the Joint Meeting of the ASEAN Finance Ministers and Central Bank Governors (AFMGM) emphasized the importance of sustainable finance, four ASEAN sectoral bodies established the ASEAN Taxonomy Board (ATB). The ATB announced “ASEAN Taxonomy for Sustainable Finance – Version 1”(ASEAN Taxonomy) on November 10, 2021. The ASEAN Taxonomy aims to help issuers and investors understand the sustainability impact of projects and economic activities in the region and make informed and efficient decisions.
This article explains the development history (Chapter II), purposes and characteristics (Chapter III), contents (Chapter IV) and applications (Chapter V) of the ASEAN Taxonomy. The main features that distinguish the ASEAN Taxonomy from other taxonomies are its multi-tiered structure and traffic light system. Chapter Ⅳ explains these structural features and detailed contents of the Foundation Framework (Tier 1) and Plus Standard (Tier 2) constituting the multi-tiered taxonomy. Chapter V presents examples of economic activities that can be classified into Green, Amber, and Red according to the ASEAN Taxonomy, and reviews its attitude toward the controversial issues of natural gas and nuclear power.
The characteristics of the ASEAN Taxonomy become more apparent when it is compared with other taxonomies. This article examines the similarities and differences between the ASEAN Taxonomy, the Korean Green Taxonomy, and the EU taxonomy. Notable aspects of Singaporean and Malaysian taxonomies will also be explained as these regulations had significant influence over the ASEAN Taxonomy.
The Foundation Framework of the ASEAN Taxonomy is similar to Malaysia’s taxonomy and classifies economic activities in all sectors with a single decision tree. On the other hand, the Plus Standard evaluates economic activities in specific sectors using activity-level screening criteria like the taxonomies of EU, Korea, and Singapore. The ASEAN Taxonomy adopted a traffic light system and added the category of transition activities, which can be found in the taxonomies of Malaysia and Singapore. The ASEAN Taxonomy is different from other taxonomies in that it does not consider the minimum safeguards in terms of human rights and labor.
The title of the ASEAN Taxonomy includes the phrase of “for sustainable finance.” However, the Version 1 of the ASEAN Taxonomy focuses on climate change mitigation, among other environmental goals. The ATB stated that the next versions of the ASEAN Taxonomy will move on to other sustainability aspects. There are also many areas to be further developed with regard to the content of its classification system. It is anticipated that the ASEAN Taxonomy will solve the challenges step by step in coordination with other taxonomies in and out of the region and successfully contribute to ASEAN's response to climate change.

국문 초록 (Abstract)

기후변화는 인류와 생태계가 직면한 위기이다. 특히 아세안 지역은 기후변화에 매우 취약하다. 경제 규모와 성장률에 비춰보면 아세안은 전지구적인 기후변화 대응에서 중요한 역할을 수행할 것으로 예상된다. 아세안은 국제적, 지역적, 국가적 수준에서 기후 위기에 대응하기 위해 노력할 것을 천명했다. 아세안 경제를 이러한 공약과 파리협정에 부합하도록 전환하려면 대규모 사적 자본이 녹색경제활동에 조달돼야 한다.
아세안 재무장관 및 중앙은행총재 회의가 지속가능금융의 중요성을 강조한 이후, 4개 아세안 부문별 기구는 ‘지속가능금융을 위한 아세안 택소노미’ 개발 이니셔티브를 공동으로 제창하며 아세안 택소노미 위원회를 설립했다. 아세안 택소노미 위원회는 2021. 11. 10. ｢지속가능금융을 위한 아세안 택소노미 – 버전 1｣을 발표했다. 아세안 택소노미는 발행자와 투자자가 역내 프로젝트･경제활동의 지속가능성 영향을 이해하고 정보에 기반한 효율적인 의사결정을 할 수 있도록 돕고자 한다.
이 글은 아세안 택소노미의 개발 경과(Ⅱ장)와 의의(Ⅲ장), 내용(Ⅳ장)과 그 적용(Ⅴ장)에 대해 설명한다. 아세안 택소노미가 다른 택소노미와 구별되는 주요한 특징은 다층 구조와 신호등 체계라고 할 수 있다. Ⅳ장에서는 이러한 구조적 특징과 함께 다층 택소노미를 구성하는 기반체계(Tier 1)와 추가표준(Tier 2)의 구체적인 내용에 대해 설명한다. Ⅴ장에서는 아세안 택소노미에 따라 녹색, 황색, 적색으로 분류될 수 있는 경제활동의 사례를 제시하고, 특히 논란이 되고 있는 천연가스 발전과 원자력 발전에 대한 아세안 택소노미의 태도를 확인한다.
아세안 택소노미의 특징을 효과적으로 설명하려면 다른 택소노미와 비교하는 작업이 필요하다. 이 글에서는 아세안 택소노미와 한국형 녹색분류체계 및 EU 택소노미의 유사점과 차이점을 짚어본다. 또한 말레이시아와 싱가포르의 택소노미는 아세안 택소노미에 직접적인 영향을 미쳤으므로 양자의 주목할 부분도 함께 살펴본다.
아세안 택소노미의 기반체계는 말레이시아 택소노미와 유사하며 모든 분야의 경제활동을 단일한 결정트리에 따라 분류한다. 반면에 추가표준은 EU, 한국, 싱가포르 택소노미와 같이 활동별 심사기준을 사용하여 특정한 분야의 경제활동을 평가한다. 아세안 택소노미가 신호등 체계를 도입하여 전환 활동의 범주를 추가한 것은 말레이시아, 싱가포르 택소노미와 동일하다. 아세안 택소노미가 다른 택소노미들과 차이가 있는 부분은 인권과 노동의 측면에서 최소한의 보호장치를 고려하지 않는다는 것이다.
아세안 택소노미에는 ‘지속가능금융을 위한’이라는 수식어가 붙어있다. 그러나 이번에 발표된 버전 1은 여러 환경목표 중에서도 기후변화 완화에 초점을 맞추고 있다. ATB는 아세안 택소노미의 다음 버전에서 지속가능금융의 다른 영역을 포괄할 것이라고 밝혔다. 분류체계의 내용에 관해서도 아직 보완해야 할 부분이 많이 있다. 아세안 택소노미가 지역 내외의 다른 택소노미와 조응하며 과제를 단계적으로 해결하고 아세안의 기후변화 대응에 성공적으로 기여하기를 기대한다.

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