The ATF SG Annual Report 2025 explores selected transition solutions and systems with significant potential and relevance for Southeast Asia, outlining how they operate and the risks they entail. It also introduces the role and potential of Islamic finance in supporting the energy transition, particularly in Muslim-majority countries in the region. In addition, the report reviews recent taxonomy developments across ASEAN and presents key implementation challenges, offering guiding questions and the updated ATF Guidelines to support FIs in developing and refining their approaches to TF assessments. As its name suggests, the ATF SG Annual Report 2025 provides references regarding TF, but each FI must use its own case-by-case judgment on how to follow the guidance.