Krungsri's Race to Net Zero: Reiterating vision of 'banking with purpose'

Wednesday 06 July 2022 16:31
Krungsri (Bank of Ayudhya PCL and its business units) reiterated the ESG finance leadership position asserting the vision to be 'The most sustainable commercial bank in Thailand', through Krungsri Zero Waste Initiative enhancement and the Race to Net Zero blueprint, accelerating greenhouse gas emissions reduction to net zero, meaningfully mitigating global climate change impacts.
Krungsri's Race to Net Zero: Reiterating vision of 'banking with purpose'

Mr. Poonsit Wongthawatchai, Krungsri Executive Vice President, Head of Environmental, Social and Governance Division stated, Over the past years, Krungsri has been widely recognized by the public for our determined efforts to conduct businesses with the utmost responsibility through Environmental, Social and Governance (ESG) considerations and commitments, particularly our pioneer role as a commercial bank to advocate environmental sustainability and climate change mitigation through the Krungsri Zero Waste Initiative, which has been seamlessly integrated into the Bank's business strategies and operations."

In 2018, Krungsri launched the Krungsri Zero Waste Initiative to reduce waste to landfills and greenhouse gas emissions, which subsequently led to the achievement of our Head Office carbon neutral status and the Best Environmental Responsibility award from Corporate Governance Asia in 2019. In 2020, Krungsri's achievements included 8.64 million kgCO2e of greenhouse gas emissions reduction together with the ESG finance leadership position, namely the underwriting and issuance of ESG debentures.

"In 2021, underpinning Krungsri's tenet on banking with purpose, we boldly declared our Carbon Neutrality Vision. The declaration encompasses clear and actionable tactics to accelerate carbon emissions reduction, in alignment with Thailand's Nationally Determined Contributions (NDCs), committing to decarbonizing own business operations by 2030, and supporting customers' transitions toward low-carbon investments and business operations leading to decarbonizing all of our financial services by 2050."

"In 2022, our Krungsri's Race to Net Zero Action Plan under the carbon vision, as approved by the Bank's Sustainability Committee and driven by the Bank's management and employees across Krungsri Group, entails digital transformation, efficient resource management, and greater use of renewable energy. Importantly, we plan to achieve zero RDF (Refuse-Derived Fuel) within this year. And, in 2023 we will further mobilize collaborative actions from leading corporations commencing with our Ploenchit's CBD area in zeroing RDF waste to landfills", added Mr. Poonsit.

Refuse-Derived Fuel (RDF) is non-recyclable waste that can be used as fuel leading to zero waste to landfills. Raising awareness and campaigning of "knowing, reducing, sorting RDF" are key catalysts in mitigating and thus providing an effective and long-term solution to waste issues.

Krungsri is one of the Domestic Systemically Important Banks (D-SIBs) and a founding member of the Carbon Markets Club as well as a member of the Thai Renewable Energy (RE100) Association. Krungsri is also a subsidiary of Mitsubishi UFJ Financial Group (MUFG), one of the world's largest financial groups, that has also committed to the same vision of Carbon Neutrality.

Source: Bank of Ayudhya