Members of the Asia Investor Group on Climate Change (AIGCC) made significant progress on their climate action plans in 2024, according to the group’s annual report. The AIGCC said the indicator it uses to track climate action plans among members rose from 59% in 2023 to 74%. Other core indicators also scored favourably, with ‘net zero target’ rising from 70% to 75%, ‘climate policy’ from 89% to 95%, ‘disclosures’ from 82% to 87% and ‘assessment for physical risk’ from 61% to 74%. A new indicator that was only introduced this year, ‘biodiversity-related disclosures’, scored 76%. However the annual report acknowledged that “AIGCC members are significantly more advanced than the market”. A separate AIGCC survey published last year suggested that only 28% of investors across Asia have some form of climate action plan in place. “Broadly speaking we’re seeing continuing movement in the right direction but effective implementation and meticulous attention to policy details are fundamental to success,” said Rebecca Mikula-Wright, AIGCC’s CEO, in a forward to the annual report. AIGCC’s membership grew from 71 to 78 in 2024, now managing more than US$28 trillion globally. 

Indonesia’s regulator, the Financial Services Authority (OJK), has launched the second version of its sustainable finance taxonomy, introducing additional technical screening for construction and real estate, transportation and storage and parts of forestry, agriculture and land. The revised taxonomy builds on an earlier version, which was published in February 2024. In a statement, the OJK said that this latest release will align with the Association of Southeast Asian Nations Taxonomy for Sustainable Finance, introduced in March 2024. Beyond the inclusion of new sector criteria, the latest version of the taxonomy introduces refinements to its appendices, providing greater clarity and practical guidance for users. In the coming years, the OJK plans to develop a third version of its taxonomy, which will focus on manufacturing and industry, water supply, sewerage and waste management and the remaining forestry, agriculture and land sectors. The regulator said the taxonomy will be regularly updated to ensure it remains relevant and aligned with advancements in science, technology, and global sustainable finance policies. 

The Investor Group on Climate Change (IGCC) reports that a growing number of its members are taking concrete steps to guard against climate risk. The industry body represents 108 institutional investors in Australia and New Zealand, managing AU$5 trillion (US$3.1 trillion) locally and $40 trillion globally. In its annual report, IGCC said 58% of its members implemented response measures to physical climate risk in 2024. This was double the number that did so in the previous year. Over the same period, over 80% of IGCC members assessed these risks in the portfolio. “2024 has proven to be a transformative year for IGCC. The commitment of our members to serious climate action is evident in significant policy victories, record attendance at our summit and initiatives that are fostering investment in a resilient, net zero future,” said IGCC CEO Rebecca Mikula-Wright. In October, the organisation launched a national campaign to showcase clean energy success stories, while urging the government to embrace strong climate policy. According to the IGCC, this campaign has now reached 17 million people nationwide. ‘In 2025, we will continue to face a concerted and coordinated effort to dismantle ESG investing and global climate commitments, and an Australian federal election will certainly shake things up,” said Mikula-Wright in the introduction to the annual report, along with Chair Stephen Dunne. “This does not change the financial threat from climate change. Now is not the time to pause or retreat.”