May 26, 2023
Press release
Bangkok, May 26, 2023 – “Krung Thai Bank” joins “Singha Estate” to enter into an interest rate hedge derivative contract. Carbon Credit Linked Interest Rate Derivatives or Carbon Credit for the first time in Thailand. Helps reduce interest risk during an uptrend ready to supply carbon credits If ESG operations are achieved as targets Emphasizes leadership in sustainable financial services Meet the country’s Net Zero goals.
Mr. Rawin Bunyanusas, Executive Vice President of the Money Market Business Division Krung Thai Bank revealed that as the country’s leading commercial bank Krung Thai Bank Committed to the continuous development of innovation and financial services In order to meet customer needs in all dimensions, recently committed the Bank and Singha Estate Public Company Limited to the first carbon credit linked interest rate derivatives contract in Thailand. It is a new innovation in the Thai capital market. That helps to manage interest rate risk effectively. Willing to support the supply of quality carbon credits to the Singha Estate to offset the carbon emissions of the company’s carbon emissions (Carbon Offset) if the company can achieve ESG goals by identifying carbon credits qualifications in the sector Voluntary Carbon Credit applications to support Yes’ The Thai Standard (T-VER) certified by the Thai Greenhouse Gas Management Organization (TGO) and the Verified Carbon Standard an international standard issued by the Verra Association come from nature-based carbon reduction projects (Solution Based on Nature) such as protection and restoration of forests, etc., to meet the goals of the Singha Estate group.
which focuses on maintaining the balance of the environment and ecology effectively together with sustainable growth
“This collaboration Emphasizes being the market leader in sustainable financial services (ESG Financial Solution) that designs and develops services that meet customers’ business needs. This is in line with the upward trend in interest rates. and the trend of doing business in a new era that is friendly to the environment AND meeting the Sustainable Development Goals (SDGs) of the United Nations (UN) in Article 13 on dealing with climate change. The Bank has used financial tools for comprehensive management. In addition, if the Singha Estate is able to reduce greenhouse gas emissions and meet ESG goals, the Bank will support the provision of carbon credits. Promote environmentally friendly business Support the country’s Net Zero Emissions goal for sustainable growth. This is in line with Krungthai’s vision, alongside Thailand towards sustainability.”
Thitima Rungkwansirroj Mrs CEO of Singha Estate Public Company Limited revealed that signing this memorandum of agreement is very important, especially when preparing a business development plan to be able to cope with climate change. Under the organization’s mission which focuses on creating a balanced diversity To lead to sustainable growth in terms of economy, community and environment (Sustainable Diversity) During the last year, the company has taken steps against global warming or Climate Change by setting a goal to be carbon neutral (Carbon Neutrality) By 2030, by creating a network of alliances, reducing carbon emissions from business activities throughout the supply chain, increasing the use of clean energy in all business units, increasing absorption areas carbon by planting forests in the park boundary to create a forest fire prevention line. The aim is to create a conservation area of 1 million square meters by 2030.
“It is also expanding its base to environmentally friendly businesses. Co-investment in low carbon power plants Construction of an eco-industrial estate in Ang Thong Province Including the development of infrastructure installation projects that use clean energy. For example, the installation of 1.3 MW solar panels in the group’s hotel projects in Thailand and the Maldives. which will be able to extend to cooperation with business partners in the future Generate sustainable income while building a happy society. and have a good quality of life everywhere The company’s business is still going forward,” said Mrs Thitima.
