🌍 Siam Commercial Bank (SCB) is investing 52 billion baht in eco-friendly loans, demonstrating its commitment to environmental, social, and governance (ESG) principles and its goal of achieving net-zero emissions by 2030. Join SCB in paving the way for a sustainable future and a brighter Thailand with #SustainabilityGoals, #NetZeroTransition, and #SCBStrong. 💚
Siam Commercial Bank (SCB) embraces environmental, social, and governance (ESG) principles with vigor. In the first three quarters of 2023, it made a dramatic move towards a more sustainable future, with a 52 billion baht injection into eco-friendly loans. This is a significant step towards the Net Zero transition, potentially reshaping the corporate world in Thailand.
A Sustainability Steward
SCB’s move towards sustainability is not merely an option but an essential survival path. The bank’s achievement, which is over half of its 100-billion-baht target set for 2025, indicates a collective commitment between SCB and its diverse clientele. The bank aims at fostering a positive change in Thailand.
This commitment extends beyond the bank’s internal operations. SCB aims to achieve net-zero emissions from its internal operations by 2030. With an eye on the future, it seeks to influence societal change, aiming for a sustainable future for all.
Rooted in Sustainability
The CEO of SCB, Mr. Kris Chantanotoke, underscored the bank’s enduring partnership with the Thai community over the past 116 years. Its core commitment is to foster an organization deeply rooted in sustainability. This commitment is bolstered by principles of robust governance and a keen awareness of generating value for the organization, customers, and society.
Climate change is an urgent global challenge. With this in mind, the bank has made the integration of ESG policies into its business strategies a priority. The ultimate goal is to achieve Net Zero within the bank’s internal operations by 2030 and extend this commitment to lending and investments by 2050.
A Three-Pronged Approach
SCB’s Net Zero roadmap is structured upon three guiding principles:
Achieving Net Zero by 2030 via Internal Operations Adjustments: SCB has initiated gradual changes in energy consumption at its headquarters. Strategies include reducing energy usage in buildings by 10-15% through improved lighting, transitioning to LED bulbs, replacing over 3,000 air conditioners, and transitioning the entire vehicle fleet to 100% electric operation.
Supporting Customers with Sustainable Financial Products for Net Zero by 2050: SCB aims to facilitate the transition to a low-carbon economy for all its customers by providing a range of sustainable finance solutions. The objective is to extend loans and investments of 100 billion baht by 2025 while imparting knowledge and fostering an understanding of organizational adjustments needed for customers to adapt to a sustainable future.
Driving Societal Change: SCB shares knowledge with business customers, including large corporations and SMEs, to aid their transition toward sustainability. Over the last 30 years, SCB has launched significant initiatives, such as reforestation and conservation projects, water resource procurement projects, youth development, and community projects. The focus remains on creating awareness within both the business and public sectors about the significance of environmental consciousness and sustainability.
SCB’s efforts to raise customer awareness about climate change impacts and business opportunities are commendable. It has engaged experienced partners and specialists to disseminate best practices. In the first 9 months of this year, loans and investments for sustainability reached 52 billion baht, surpassing the annual target of 30 billion baht and achieving half of the three-year goal set for 2025.
Diversified Financial Support
The financial support of 52 billion baht in the initial 9 months of 2023 covers a wide range of customer segments and more than 11 key industries in the country. It includes tourism, energy, and manufacturing, with special focus directed towards projects transitioning to alternative energy, electric vehicle initiatives, and sustainability-linked loans.
A Pioneering Financial Institution
As a financial institution, SCB is ready to lead the country in promoting financial sustainability across all customer levels. This commitment aligns with steering the nation and the world towards the Net Zero objective, mitigating various risks, and disseminating essential knowledge to integrate sustainability practices into business strategies for collective sustainable growth.
Frequently Asked Questions
What is SCB’s commitment towards Environmental, Social, and Governance (ESG) principles?
Siam Commercial Bank (SCB) embodies a fervent commitment to Environmental, Social, and Governance (ESG) principles. A clear testament to this is its 52 billion baht investment in eco-friendly loans within the first three quarters of 2023. This significant move is part of the bank’s transition towards achieving net-zero emissions by 2030. SCB’s dedication extends beyond internal operations, aiming to foster societal change and create a sustainable future.
How does SCB plan to achieve Net Zero by 2030?
SCB’s roadmap to achieving Net Zero by 2030 is anchored on three guiding principles. First, they seek to reduce energy consumption in their internal operations by improving lighting, transitioning to LED bulbs, replacing over 3,000 air conditioners, and using 100% electric vehicles. Second, SCB aims to support customers by offering sustainable financial products to facilitate a transition to a low-carbon economy. They aspire to extend 100 billion baht worth of loans and investments by 2025 while educating customers on the necessary adjustments for a sustainable future. Lastly, SCB is driving societal change by sharing knowledge with business customers, launching significant initiatives like reforestation, conservation, youth development, and community projects.
What sectors and industries does SCB’s financial support of 52 billion baht cover?
SCB’s 52 billion baht financial support for sustainability, secured in the initial 9 months of 2023, addresses a diverse range of customer segments and encompasses more than 11 key industries in Thailand. SCB’s financial backing includes sectors like tourism, energy, and manufacturing. They show specific support towards projects transitioning to alternative energy, electric vehicle initiatives, and sustainability-linked loans, reflecting their comprehensive approach to promoting sustainability and a green economy.