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The benefits of local green taxonomies

The benefits of local green taxonomies

The benefits of local green taxonomies
Aramco's direct air capture pilot plant marks a significant milestone in its mission to reduce emissions. (File)
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As environmental, social, and governance investing expands rapidly across the globe, the framework for sustainable finance is becoming increasingly localized.

While the EU Green Taxonomy has provided a strong conceptual foundation for the environmental management of financial tools, the global scope of sustainability now demands more tailored regional approaches.

Many emerging markets and developing economies are preparing to attract green capital to support sustainable development. For them, localizing sustainable taxonomies is not only possible but essential.

Climate change is among the greatest global challenges, but its solutions must be grounded in local realities.

Environmental issues and development priorities vary widely by region. For example, Gulf Cooperation Council countries must diversify away from oil while simultaneously tackling acute water scarcity.

Some observers argue that the EU Taxonomy Regulation may not align with șŁœÇֱȄ’s Vision 2030 economic diversification strategy, as it excludes key transitional elements such as blue hydrogen and carbon capture technologies.

Similarly, ASEAN countries heavily dependent on coal and vulnerable to climate impacts require sustainability frameworks that balance development with environmental responsibility.

Imposing one-size-fits-all standards — such as adopting the EU taxonomy wholesale — risks weakening national key performance indicators or discouraging investment in vital transitional sectors.

In response, various countries and regions have developed their own taxonomies aligned with local strategies.

China’s Green Bond Endorsed Project Catalogue, updated in 2021, is one of the most advanced systems outside the EU. Notably, it removed “clean coal” from the eligibility list — a move more consistent with global investor expectations and China’s target of carbon neutrality by 2060.

The ASEAN Taxonomy for Sustainable Finance, also introduced in 2021, uses a tiered system to reflect the differing development stages of member states.

A sustainable future will not be created by copy-and-paste regulation. It will be driven by innovation and tailored, context-specific solutions that align with global objectives.

Majed Alqatari

In the Middle East, șŁœÇֱȄ’s Public Investment Fund has launched a sustainable finance framework that balances international standards with domestic priorities. The UAE has also issued its Green Bond and Sukuk Framework.

These efforts reflect a broader regional ambition — reinforced at COP28 — to establish the Middle East as a hub for green finance. Local taxonomies are being designed not only to address environmental goals but also to unlock access to capital.

For instance, HSBC reports that green and sustainable bond issuance in the Middle East and North Africa reached $18.7 billion in 2023 — a 42 percent increase from the previous year. Improved regulatory clarity played a significant role.

Localized taxonomies help de-risk sustainable investments by offering issuers certainty and investors credibility.

They provide a shared language through which market players — banks, asset managers, and regulators — can define and apply sustainable finance principles. Well-designed, transparent systems also improve access to international capital markets.

Investor demand for taxonomy-aligned disclosures is on the rise. A 2023 PwC survey found that 79 percent of institutional investors were willing to back companies with high-quality ESG taxonomies.

As a result, countries that implement robust, context-sensitive taxonomical frameworks can attract greater investor confidence and deeper pools of green capital.

Aligning with international frameworks like the International Platform on Sustainable Finance or the Climate Bonds Standard enhances compatibility and reduces the risk of greenwashing — a top concern in global regulation.

Ultimately, the future of sustainable finance lies not only in harmonization but in practical application. While the EU Taxonomy remains influential, the emergence of regional taxonomies is a welcome evolution.

These self-directed systems allow nations to pursue climate goals without hindering economic growth. But for them to succeed, they must be built on best practices and supported by policymakers, multilateral banks, and the private sector.

A sustainable future will not be created by copy-and-paste regulation. It will be driven by innovation and tailored, context-specific solutions that align with global objectives.

‱ Majed Al-Qatari is a sustainability leader and ecological engineer experienced in advancing environment, social, governance and sustainability goals.


 

Disclaimer: Views expressed by writers in this section are their own and do not necessarily reflect Arab News' point of view

Former French president Sarkozy stripped of Legion of Honour

Former French president Sarkozy stripped of Legion of Honour
Updated 20 sec ago

Former French president Sarkozy stripped of Legion of Honour

Former French president Sarkozy stripped of Legion of Honour
  • The right-wing ex-president ruled France from 2007-2012
  • He has been beset by legal problems since leaving office

PARIS: Former French President Nicolas Sarkozy has been stripped of his Legion of Honour – the country’s highest distinction – following a conviction for graft, according to a decree published Sunday.

The right-wing ex-president ruled France from 2007-2012 and has been beset by legal problems since leaving office following a bruising presidential election defeat.

An appeals court last year upheld former French President Nicolas Sarkozy’s conviction for illegal attempts to secure favors from a judge and ordered him to wear an electronic ankle bracelet instead of serving a one-year jail sentence.

The decision to revoke his award had since been expected, according to the rules of the order, despite current French President Emmanuel Macron saying he was opposed to the move.

Sarkozy becomes the second former head of state to be stripped of the award after Nazi collaborator Philippe Petain, who was convicted in August 1945 for high treason and conspiring with the enemy.

Sarkozy, whose electronic tag was removed this month, is using his last remaining legal avenue, an appeal to the European Court of Human Rights, to defend himself against the conviction.

He is currently on trial in a separate case on charges of accepting illegal campaign financing in an alleged pact with late Libyan dictator Muammar Qaddafi.

The court is to give a verdict in September with prosecutors asking for a seven-year prison term for Sarkozy, who denies the charges.

Despite his legal problems, Sarkozy remains an influential figure on the right and is known to regularly meet with Macron.


Cambodia seeks ICJ help over Thai border dispute: PM

Cambodia seeks ICJ help over Thai border dispute: PM
Updated 16 min 10 sec ago

Cambodia seeks ICJ help over Thai border dispute: PM

Cambodia seeks ICJ help over Thai border dispute: PM
  • Thailand has tightened border controls with Cambodia in recent days
  • While Cambodia ordered troops on Friday to stay on “full alert”

PHNOM PENH: Cambodia has asked the International Court of Justice to help resolve a Thai border dispute that turned into a bloody military clash last month, Prime Minister Hun Manet said Sunday.

One Cambodian soldier was killed on May 28 as troops exchanged fire in a disputed area known as the Emerald Triangle, where the borders of Cambodia, Thailand and Laos meet.

The Thai and Cambodian armies both said they had acted in self-defense, but agreed to reposition their soldiers to avoid confrontations.

Thailand has tightened border controls with Cambodia in recent days, while Cambodia ordered troops on Friday to stay on “full alert” and banned Thai dramas from TV and cinemas.

Hun Manet said in a Facebook post on Sunday that “Cambodia submitted an official letter to the International Court of Justice (ICJ) to seek a resolution on the border dispute” in four areas — the site of last month’s clash and three ancient temples.

“Cambodia chooses international law and peace,” the Cambodian leader said.

“Cambodia only needs justice, fairness and clarity in border demarcation and delimitation with our neighboring countries, so that our future generations will not continue to have issues with each other.”

Hun Manet said Friday his government was waiting to hear from Thailand whether it would join Cambodia in its bid to refer the dispute to the ICJ.

The row dates back to the drawing of the countries’ 800-kilometer (500-mile) frontier in the early 20th century during the French occupation of Indochina.

Cambodia has previously sought help from the ICJ in a territorial dispute over a border temple.

The court ruled the area belonged to Cambodia, but Thailand said it did not accept the court’s jurisdiction.

Violence sparked by the dispute has led to 28 deaths in the region since 2008.

Officials from the two countries met in Phnom Penh on Saturday over the border spat and Thailand’s foreign ministry said the meeting had “made progress in building mutual understanding.”

More meetings are due on Sunday.


In ancient Taxila, artisan preserves dying craft: molding beauty from plaster of Paris

In ancient Taxila, artisan preserves dying craft: molding beauty from plaster of Paris
Updated 20 min 31 sec ago

In ancient Taxila, artisan preserves dying craft: molding beauty from plaster of Paris

In ancient Taxila, artisan preserves dying craft: molding beauty from plaster of Paris
  • 65-year-old Ishfaq Ahmed Siddiqui paints intricate floral designs on pots and vases made of plaster of Paris
  • Orders have dwindled, younger artisans are reluctant to enter a craft that promises more passion than profit

TAXILA, Pakistan: The scent of turpentine and chalky plaster filled the modest workshop in Dheri Shah, a neighborhood tucked away in the ancient city of Taxila, where millennia-old ruins still murmur stories of Gandharan emperors and Buddhist monks.

Amid shelves lined with delicate vases and ornate pots, 65-year-old Ishfaq Ahmed Siddiqui dipped a fine brush into dark blue paint and carefully trailed it along a pristine white surface. The floral motif bloomed under his hand, petal by petal, on an object molded not from clay or stone, but from plaster of Paris.

Siddiqui is a solitary figure in a fading tradition. For over three decades, he has shaped everyday materials into works of art, channeling the ancient spirit of Taxila, a city once renowned across Asia for its intellectual brilliance, artistic mastery, and Buddhist heritage.

“I am the first person to design on plaster of Paris with paint, who painted on plaster of Paris in Taxila,” Siddiqui told Arab News, his voice weathered with time and hard work.

Once known as Takshashila, the “City of Cut Stone” in Sanskrit, Taxila flourished from the 5th century BCE to the 6th century CE as a Buddhist cultural and educational hub. Its stone-carved stupas and statues still attract archaeologists and pilgrims from around the world.

But where generations of craftsmen once chipped away at granite and schist, Siddiqui reached for plaster.

It wasn’t always this way.

Traditional clay was the medium of choice for local potters in Taxila, but as climate change altered soil availability and water levels, craftsmen were forced to import clay from distant regions, driving up costs.

“I used to face a lot of difficulties in buying and working with clay,” Siddiqui explained. “Now it’s not available easily because of climate change and other factors, so plaster was easily available and cost-effective, and we could mold it into different forms and shapes easily.”

When he began experimenting with plaster of Paris, a material more accessible and easier to mold, Siddiqui was met with skepticism.

“A shopkeeper wondered who would buy them. I told him, ‘Keep them, display them in the morning and put them back inside in the evening. When they get sold, give me the money’.”

The next day, the pieces were gone:

“With the grace of Allah, they sold the very next day.”

THE CRAFT OF STILLNESS

Inside Siddiqui’s workshop earlier this month, time appeared to slow. He began with a simple white powder, plaster of Paris, mixed with water to form a creamy paste. From there, the material was poured into molds and left to set. Once hardened, each piece was smoothed, painted, and often gilded, transforming from a lifeless lump into a vessel of elegance.

“It started simply,” Siddiqui says, his fingers still chalky from his morning’s work. “I was fascinated by the way plaster could be molded, how it could capture the essence of something as fleeting as a flower.”

Siddiqui’s floral motifs — delicate jasmine vines, rose buds, tulip swirls — draw inspiration from nature and history alike. With customized tools, many of which he has crafted himself, he engraves and embellishes each piece, hand-painting them in vibrant hues or subtly gilding them for emphasis. These pieces, whether wall dĂ©cor or architectural embellishments, radiate a timeless elegance that harks back to Taxila’s artistic golden age.

“There’s a tranquility in it,” Siddiqui said, gesturing to a half-finished panel adorned with curling vines. “You lose yourself in the detail, in bringing something beautiful into existence.”

His items, which sell for anywhere between Rs700 and Rs2,000 ($2.45–$7), might not fetch gallery prices, but they carry the weight of heritage.

Renowned cultural expert and folklorist Uxi Mufti, based in Islamabad, said Siddiqui’s work carried particular historical weight.

“The use of floral motifs in plasterwork has deep roots in South Asian and Islamic art,” Mufti said.

“From the ancient Gandharan stupas in Taxila itself, which often featured intricate stucco decorations, to the Mughal architecture adorned with exquisite floral carvings, this tradition speaks to a long history of appreciating natural beauty in artistic expression.”

In the context of plasterwork, Mufti said, the flower motifs “beautify a space but also connect it to a rich tapestry of artistic and philosophical traditions. Siddiqui is not just creating decorative items, he is preserving and continuing a living cultural legacy.”

Many artisans historically used stucco, a fine plaster made of lime, to create decorative reliefs on stone structures.

“It’s very difficult to carve granite, so artisans turned to stucco. But now, from stucco it has degenerated or rather it has come down to an easier, much easier medium which is plaster of Paris,” Mufti said.

But the tradition is teetering on the edge of extinction.

“Over the past 70 years, many of our master artisans have grown old. Some have passed on, and those who are still practicing don’t want their children to learn the art because they can’t make enough money. So many of our great art traditions are vanishing.”

Indeed, in a world that prizes speed and scale, handcrafted work like Siddiqui’s is struggling to survive. Machines produce faster, cheaper, and more uniformly. What is lost, however, is the soul of the work, the intimate connection between creator and creation.

“In an age of rapid industrialization and mass production, the skilled hands of craftsmen like Siddiqui are invaluable,” Mufti said.

“They maintain a direct link to historical techniques and aesthetic sensibilities that might otherwise be lost. Their work serves as a tangible connection to our heritage and keeps traditional arts vibrant.”

Siddiqui too admitted his was a drying craft. Orders had dwindled, and younger artisans were reluctant to enter a craft that promised more passion than profit.

But for him, the work was still its own reward.

“I only used to paint. There are no hand painters anymore,” Siddiqui said. “I feel sad that the real culture of Taxila is no more. Everything has changed.”


Pakistan urges citizens to avoid travel to Iran amid ongoing Israeli attacks

Pakistan urges citizens to avoid travel to Iran amid ongoing Israeli attacks
Updated 13 min 33 sec ago

Pakistan urges citizens to avoid travel to Iran amid ongoing Israeli attacks

Pakistan urges citizens to avoid travel to Iran amid ongoing Israeli attacks
  • Israel and Iran launched fresh attacks on each other overnight into Sunday, stoking fears of a wider conflict
  • Pakistan taking steps to ensure the safe return of Pakistani citizens currently in Iran, reports state media 

ISLAMABAD: Pakistan’s government this week warned its nationals against traveling to Iran “for a limited period,” state-run media reported, amid Tehran’s worsening conflict with Israel. 

Israel and Iran launched fresh attacks on each other overnight into Sunday, stoking fears of a wider conflict after Israel expanded its surprise campaign against its main rival with a strike on the world’s biggest gas field.

Israel’s military said more missiles were launched from Iran toward Israel overnight, with direct strikes targeting its energy industry and Defense Ministry headquarters, while Tehran unleashed a fresh barrage of missiles blamed for the deaths of four people. The strikes late Saturday night represented the latest salvo since a surprise attack by Israel on Friday aimed at decimating Tehran’s rapidly advancing nuclear program.

“The Government of Pakistan has issued a travel advisory urging its citizens to avoid traveling to Iran for a limited period due to the recent Israeli attacks,” the state-run Associated Press of Pakistan (APP) reported on Saturday. 

APP reported that the government is closely monitoring the situation in the region. Citing officials, it said that the latest advisory has been issued to ensure the safety and security of Pakistani nationals. 

“In line with Prime Minister Shehbaz Sharif’s directives, necessary steps are already being taken to ensure the safe return of Pakistani citizens currently in Iran,” APP said. 

Pakistan on Friday advised its citizens planning religious travel to Iran and Iraq to reconsider their plans, citing security concerns after Israel launched strikes on Iranian military and nuclear facilities earlier in the day.

That advisory mentioned Pakistani “Zaireen,” or Shia pilgrims who travel to Iran and Iraq to visit religious sites, particularly in Mashhad, Qom, Najaf and Karbala.

Pakistan’s foreign ministry has established a 24/7 Crisis Management Unit to ensure the safety and security of Pakistani nationals and pilgrims in Iran.

Pakistan’s Defense Minister Khawaja Muhammad Asif on Saturday vowed Islamabad would extend diplomatic support to Israel at international forums. 

Pakistan has condemned Israel’s strikes against Iran and said Tehran has the right to defend itself. Islamabad has also called on world powers to intervene through dialogue and diplomacy to resolve surging Middle East tensions. 


Pakistan names women’s squad for AFC qualifiers amid bid to elevate football’s profile

Pakistan names women’s squad for AFC qualifiers amid bid to elevate football’s profile
Updated 15 June 2025

Pakistan names women’s squad for AFC qualifiers amid bid to elevate football’s profile

Pakistan names women’s squad for AFC qualifiers amid bid to elevate football’s profile
  • The team will play Women’s Asian Cup 2026 Qualifiers in Jakarta from June 29 to July 5
  • The move aims to strengthen women’s football in a cricket-dominated South Asian state

ISLAMABAD: The Pakistan Football Federation (PFF) on Saturday unveiled its squad for the AFC Women’s Asian Cup 2026 Qualifiers, as the country seeks to uplift its women’s football program and strengthen its profile in a sport where its men’s team has also struggled to gain traction.
Pakistan’s men’s national team, briefly competitive in regional tournaments in the decades following independence, has long languished near the bottom of Asian rankings amid administrative issues and lack of sustained investment.
In contrast, women’s football in Pakistan began to take shape in the early 2000s, with the formation of the country’s first women’s football clubs in 2002 and the launch of the National Women’s Football Championship in 2005.
“The Pakistan Football Federation has named a squad for the upcoming AFC Women’s Asian Cup 2026 Qualifiers, set to take place in Jakarta, Indonesia from June 29 to July 5,” said the PFF in a statement.
Placed in Group E, the team will open its campaign on June 29 against Chinese Taipei, confront host Indonesia on July 2 and conclude the group stage against Kyrgyzstan on July 5.
A preparatory training camp, led by Coach Adeel Rizki, will be held at Islamabad’s Jinnah Stadium from June 19 to 26.
Football enjoys a considerable fan base in Pakistan despite the country’s cricket dominance.
Athletes have recently expanded into Olympic swimming and achieved international success in javelin, demonstrating a broader ambition to elevate sports beyond one stronghold.
PFF officials say the women’s squad aims to make a statement on the Asian stage and inspire broader development.
Pakistan will be seeking its first-ever Women’s Asian Cup appearance, while the men’s side continues to fight for relevance amid FIFA rankings that reached a historic low before recent suspensions were lifted.
Pakistan’s national women’s football team was officially formed in 2010 and has yet to qualify for a Women’s Asian Cup or World Cup, but played in multiple SAFF Championships and remained a bright spot in domestic football.