The Association of Southeast Asian Nations (ASEAN), which makes policy frameworks for a region of 650 million people, plans to introduce a set of categories and definitions to identify environmentally sustainable economic activities and investment opportunities. ASEAN, a block of 10 member states in Southeast Asia, is working to ensure its classification system for investors suits the region’s specific economic and social structures, including its reliance on coal. Singapore’s proposed rulebook currently includes fossil fuel activities such as natural gas, which is expected to continue to play a significant role in ASEAN’s energy future. While the proposed framework emphasises the need for transition away from fossil fuels, critics argue this may not be enough as investors increasingly shift their focus from big carbon emitters.

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