Siam Commercial Bank surpasses sustainable finance goal

Original target part of firm's "Live Sustainably" strategy.

Thai lender Siam Commercial Bank (SCB) has outdone itself in terms of its sustainable finance target under SCB's multi-year "Live Sustainably" plan.

From 2023 to the middle of 2025, the bank contributed more than 180 billion baht in loans and bonds as a form of sustainable credit. The sum is already above the 150-billion-baht goal set by SCB for 2023-2025, with half a year still to go.

SCB's loans and bonds support the sustainable development plans in Thailand by helping businesses fund their transition towards operations that are aligned with environmental, social, and governance (ESG) principles.

"In response to climate change, the bank has outlined three key environmental targets: 1) supporting clients in their sustainability transition by offering loans and issuing sustainable bonds under a 150-billion-baht framework between 2023 and 2025; 2)achieving net zero greenhouse gas emissions from internal operations by 2030; and 3) targeting net zero emissions across its loan and investment portfolio by 2050," the lender noted.

"SCB is actively contributing to global climate solutions, aligning with the broader strategy and commitment of SCBX Group. Notably, SCBX is the first and only financial group in Thailand certified for net zero targets by the Science-Based Targets initiative (SBTi), a globally recognised standard grounded in transparent, science-based methodologies and supported by more than 8,000 member organisations worldwide."

According to CEO Kris Chantanotoke, the "Live Sustainably" strategy of SCB places strong emphasis on backing the sustainable growth of organisations in the country and, in turn, that of the Thai economy, which is faced with both risks and opportunities due to climate change.

"Guided by the principle of 'Living Sustainably', SCB continues to drive sustainable development at the corporate, customer, and societal levels by working towards a stable, resilient, and sustainable future for the country," said SCB, whose actions include defining sectoral decarbonisation strategies, developing sustainability-aligned financial products, and collaborating with cross-industry partners.