Public-private deals vital to plug Thailand’s $20 bn annual climate finance

Bangkok, 30 September: Private sector engagement and cross-sectoral integration across key industries, from energy to manufacturing and agriculture, are urgently needed to ensure Thailand keeps pace with the Sustainable Development Goals (SDGs), said leading decision-makers at the Unlocking capital for sustainability conference in Bangkok.    

Ranking 43rd on the global SDG index, the Southeast Asian country still shows limited or worsening progress on areas such as climate, biodiversity and energy. The country will further need between US$22 billion to US$28 billion annually in climate investments between 2030 and 2050 to meet these targets. 

Kanda Chookaew, Deputy Secretary General for the Office of Natural Resources and Environmental Policy and Planning (ONEP), who was guest-of-honour at the conference, said the agency is committed to working with the private sector on key areas such as green energy, biodiversity, sustainable tourism and climate adaptation.  

“We fully recognise that achieving sustainability requires cross-sectoral integration. This is why we have remained committed to seeking partnership at every level. Over the past year, we, through ONEP, actively engaged the private sector in advancing sustainability, particularly in biodiversity conservation, driving progress under SDG12 and supporting adaptation to climate change,” she said in her keynote address at the sustainability summit held in UOB Plaza Bangkok Building.  

ONEP, an agency under the Ministry of Natural Resources and Environment (MNRE) responsible for developing policies on environmental conservation, is working with major Thai corporates toward this. 

For example, the agency signed a memorandum of understanding with Electricity Generating Authority of Thailand (EGAT), PTT Exploration and Production, B.Grimm Power, Toyota Motor Thailand and Nestlé Thailand to promote biodiversity conservation, restoration and sustainable use through knowledge exchange.  

Balancing between profitability and sustainability will further be integral in accelerating private sector engagement, which the Thailand Board of Investment (BOI) – an agency under the Prime Minister tasked with promoting investments for an innovative, competitive and inclusive economy – is working closely on.  

“BOI and the private sector are working hand-in-hand to build balance between growth and sustainability. Public-private partnerships are expanding investments in renewable energy, the electric vehicle ecosystem and smart manufacturing. By unlocking capital for sustainability, we are not only protecting our environment but also shaping new markets and driving innovation and creating inclusive prosperity,” said Tanita Sirisup, Senior Executive Investment Advisor for BOI, in her keynote address.   

BOI has embedded both sustainability principles and the BCG Model as part of the agency’s five-year investment promotion strategy, including in key areas such as renewable energy, green mobility and smart agriculture.   

Themed “Advancing ambition: Driving change for a resilient and sustainable economy”, the Thailand edition of the thought leadership forum, organised by Eco-Business in partnership with United Nations Environmental Programme Finance Initiative (UNEP FI), convened about 90 leading decision-makers across government, finance, industry and academia.   

United Overseas Bank Limited (UOB) was a strategic partner for the event and targets to advance Thailand’s net zero transition through innovative financial and non-financial solutions, including aiding Thai corporates in their decarbonisation efforts. 

“Large corporations in Thailand have made commendable progress in reducing their carbon footprint, but supply chain decarbonisation remains a complex challenge. The fragmented and mobile nature of upstream suppliers makes collaboration difficult – but not impossible. We are committed to supporting industries in their transition to a low-carbon economy. Through strategic partnerships and a combination of financial and non-financial solutions, we help companies across the value chain accelerate their decarbonisation strategies. Together, we can turn these challenges into opportunities and move collectively toward net zero,” said Chow Wong Yuen, Chief Sustainability Officer for United Overseas Bank (Thai) PCL. 

“Companies are grappling with the immense task of decarbonisation, especially in accessing the necessary technology and capital, while material risks beyond carbon such as biodiversity loss are now threatening operational resiliency. This demands a fundamental shift in how we approach competitiveness. Unlocking capital for sustainability is a catalyst to spark meaningful and timely conversations on the need for groundbreaking partnerships between government, finance, business and civil society to co-create meaningful strategies that accelerate our collective journey to a climate-resilient economy," said Meaghan See, Chief Commercial Officer for Eco-Business. 

"Thailand - and Bangkok - is strongly positioned as a regional leader for financing and enabling climate resilience, and the Unlocking capital for sustainability forum was helpful in strengthening both the knowledge and human capital here to facilitate this leadership,” said Dr Winston Chow, Co-Chair for Working Group II of the Intergovernmental Panel on Climate Change (IPCC) and Professor of Urban Climate for Singapore Management University, in his closing remarks.  

The summit also hosted a dedicated masterclass in the morning covering topics such as climate risks and financial opportunities in the net zero transition for Thailand and the region. Organised by Eco-Business ESG Intelligence and UNEP FI, the half-day workshop featured speakers from UOB, International Finance Corporation, ERM, Thai Wah Public Company and GreenShift Partners.