Siam Commercial Bank Public: NET ZERO Financial Technology

SCBX Group Set to Become a NET ZERO FinTech Group by 2050

SCBX Group is embarking on an important mission to join the world’s largest companies in becoming a Net Zero FinTech Group by 2050, positioning itself as a pioneer in leading and inspiring society to grow sustainable businesses and help the environment for the next generation.

The Paris Agreement to limit global warming to well below 2, preferably 1.5 degrees Celsius is a monumental collaboration by the international community to reduce greenhouse gas emissions to avert impending environmental catastrophe. . Governments and businesses around the world are collaborating to accelerate policies and coordinate efforts to prevent catastrophic environmental disasters by 2050.

SCBX Group, as a key regional business, recognizes its essential role and responsibility towards society and the younger generation, who are moving towards a future that may face significantly degraded environmental conditions. The Group is committed to halting all greenhouse gas emissions by establishing an environmental commitment in support of the global agreement that will enable companies overseen by SCBX Group to achieve a net zero greenhouse gas emissions commitment of its own activities by 2030 and loans and investment by 2050, as agreed by the international community in the Paris Agreement through four strategic axes.

FirstSCBX Group will prioritize the transformation of internal operations and energy management processes and invest in clean energy with the lowest carbon emissions through the adoption of smart building management systems, the modification of equipment and infrastructure and the replacement of all current vehicles with electric vehicles.

SecondSCBX Group has reserved a line of credit of 200 billion baht by 2030 for loans to companies or projects seeking to focus on reducing greenhouse gas emissions, as well as raising awareness and providing advice in accordance with the recommendations of a world-class consultant.

ThirdSCBX Group will invest an initial amount of USD 200 million in global funds and companies focusing on the development of technologies for the capture and storage, use, reduction and elimination of carbon, and in the development of platforms needed to drive broader carbon footprint reduction, such as an electric vehicle (EV) rental platform.

Fourth, SCBX Group is adopting the global GHG accounting and reporting standard developed by the Partnership for Carbon Accounting Financials (PCAF) to assess its greenhouse gas emissions and determine its target in accordance with the Paris Agreement based on scientific objectives of the financial sector the Science Based Targets Initiative (SBTi). SCBX Group is the first Thai financial institution to join the PCAF and SBTi, and participate in the Task Force on Climate-Related Financial Disclosures (TCFD) to increase industry-wide transparency.

SCBX Group shares a global concern about the global impact of environmental issues and greenhouse gas emissions during and for the coming decade. The Group is therefore committed to playing a vital role in changing and solving global warming in every way possible in order to create a habitable planet and a viable business for future generations.

About the CFP

The Partnership for Carbon Accounting Financials (PCAF) is a financial industry-led initiative to develop a harmonized global standard for measuring and disclosing greenhouse gas (GHG) emissions from loans and investments, ultimately enabling financial institutions to set targets and align their portfolio with the Paris Climate Agreement. More than 280 global financial institutions from 60 countries have signed membership agreements with the PCAF.

About SBTi

The Science Based Targets Initiative (SBTi) is a partnership between CDP, the UN Global Compact, the World Resources Institute (WRI) and the World Wide Fund for Nature (WWF), with the aim of driving ambitious climate action in the private sector by allowing organizations to set science-based emission reduction targets in line with the goals of the Paris Agreement. Currently, more than 3,330 companies have signed membership agreements with SBTi.

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