Krungthai wins two ESGBusiness Awards, reinforcing commitment to sustainable banking
The bank received the Biodiversity Conservation Award and the Waste Management Award.
Krungthai Bank, Thailand's leading commercial bank, is dedicated to conducting business in alignment with its mission, leveraging technology and innovation to drive its operations, all whilst prioritising environmental, social, and governance (ESG) considerations, as well as the United Nations Sustainable Development Goals (SDGs), to improve the quality of life for all.
This commitment recently earned Krungthai Bank two prestigious ESGBusiness Awards from ESG Business. The bank was honoured with the Biodiversity Conservation Award for its 'Krungthai Loves Koh Tao' project, which has not only elevated the quality of life and community resilience but also protected biodiversity and balance. The Waste Management Award was also conferred upon the bank for its comprehensive internal waste management programme.
The 'Krungthai Loves Koh Tao' project, in collaboration with the United Nations Development Programme (UNDP), Raks Thai Foundation, Koh Tao Municipality in Surat Thani Province, and other partners, focuses on the restoration of natural resources and biodiversity conservation, along with community empowerment through career development and income generation. The goal is to foster a self-reliant community that lives in harmony with nature. The project also encourages active participation from all sectors in conservation activities and aligns with the Sustainable Development Goals, particularly Goal 8, which pertains to promoting sustained, inclusive economic growth and decent work for all.
The key components of the project include:
Environmental aspect: The project focuses on developing the capacity of community organisations, formulating environmental strategies and management plans, including managing 40 tons of waste, and promoting sustainable, environmentally friendly fishing livelihoods. In collaboration with local fisher groups, sustainable fish homes and fish aggregating devices made of bamboo and coconut leaves were installed to create local food sources and help restore biodiversity.
Social aspect: The project supports career development, promotes local product improvement and the upcycling of waste materials, as well as providing financial literacy education. A fund of 2.75 million baht was raised through crowdfunding, benefiting 300 direct beneficiaries and 2,500 indirect ones. With the expansion of its scope to generate further income for the community, the project also supports the development of sustainable tourism in the community. Moreover, artificial reefs, fish homes, and fish aggregating devices were installed to shorten the distance fishers had to travel to catch fish and increase the number of fish caught, resulting in reduced fuel costs and increased income. Additionally, the project provides education on financial management and savings, as well as ensuring inclusive and equitable access to financial services. These efforts contribute to fostering sustainable growth for the community.
Governance aspect: This encompasses developing fee collection systems and enhancing the capabilities of municipal officials and local working groups so that they can analyse, plan, and execute environmental protection and biodiversity conservation projects.
For the Waste Management project, Krungthai Bank employs the ‘Care for the World’ concept to contribute to addressing waste issues and combating climate change. In this project, technologies and innovations have been introduced to manage waste and foster a zero-waste organisational culture, focusing primarily on developing knowledge and understanding amongst employees and encouraging practices throughout the organisation. This includes the installation of waste segregation bins, Relife reverse vending machines collecting plastic bottles for recycling into clothing fabric, and Inno Waste machines for turning food waste into compost for planting and restoring ecological balance.
These efforts resulted in 24,460 kilograms of segregated recyclable waste, equivalent to reducing greenhouse gas emissions by 71,484 kgCO2e; 765 kilograms of compost from converting 100% of food waste, equivalent to reducing 6,451 kilograms of carbon dioxide emissions; and 16,600 plastic bottles that were upcycled into monk robes, PPE suits, and clothes, equivalent to saving over 146 kilograms of carbon dioxide emissions.
In addition, Krungthai Bank has adopted the GEPP Platform, the sole GRI-certified reporting platform in Thailand and Southeast Asia, to ensure efficient data collection and global standard compliance.
These awards underscore Krungthai Bank's outstanding commitment and achievements in sustainable development and reflect its unwavering dedication to ESG principles and the goal of delivering tangible and sustainable value to society and the environment.
The ESGBusiness Awards is presented by ESGBusiness. To view the full list of winners, click here. If you want to join the 2024 awards programme and be acclaimed for your company's outstanding commitment and achievement in environmental, social, and governance (ESG) practices, please contact Julie Anne Nuñez at [email protected].
