Thailand's Kasikornbank plans up to US$6b in sustainable finance by 2030

[BANGKOK] Thailand's Kasikornbank will allocate up to US$6 billion in financing and investment by 2030 as part of efforts to achieve net zero emissions in its finance portfolio, it said on Friday.

Kasikornbank, the country's second-largest lender by assets, will allocate between 100 billion baht (S$4.05 billion) and 200 billion in sustainable financing and investment in the next decade, including green banking products, chief executive Kattiya Indaravijaya said.

This includes efforts to reduce direct emissions from an organization's activities and indirect emissions from purchased energy, the bank said on the eve of the start of the COP26 climate change summit.

"We are committed to supporting Thailand and our clients in regional economies on their decarbonisation journeys," Kattiya said, adding this included the bank's own operations.

The announcement comes as major Thai companies make net zero commitments. Last week, PTT Global Chemical said it would invest US$22 billion by 2050 to decarbonise.

REUTERS