EGAT and KTB to promote international green deposits through main operating account

Source: www.gulfoilandgas.com 6/14/2024, Location: Asia

Electricity Generating Authority of Thailand (EGAT) joins hands with Krungthai Bank Public Company Limited (KTB) to expand their collaboration on green deposits under the Green Financing Framework. EGAT’smain operating account will beintregated into the green deposit project, marking the first time of Thai comercial banks. The collaboration aims to support loans for environmental projects, highlight their innovative leadership on ESG financial solution, support the target of environmental development, and enhance sustainability for Thai society.

Mr. Thepparat Theppitak, EGAT Governor, said that EGAT realizes the importance of sustainable development and is committed to promoting it. EGAT is accelerating the improvement of energy infrastructure to become a comprehensive green energy service provider of the region. Under the collaboration with KTB, EGAT therefore supports the green deposits through its main operating account under the Green Financing Framework. This initiative aims to enable KTB to provide financial support to eco–friendly projects, e.g., renewable energy power plant construction, energy efficiency, building construction for environment. It is aligned with EGAT’s policy to support clean energy deployment and energy efficiency. Also, EGAT has determined to ensure the country’s power security, coupled with sustainable development taking into account of stakeholders in every sector under the concept “EGAT for All.”

Mr. Payong Srivanich, Chief Executive Officer, revealed that KTB strives to develop financial services under the concept “Value-added Innovations to Response Customer Demands for Sustainability” to increase the business potential, create positive impacts on the society and the environment, and achieve the goal of Net Zero Emissions in response to the Bank of Thailand’s policy to promote financial products that support funding for businesses transitioning to environmental sustainability. KTB has partnered with EGAT, a leader in ensuring the country’s power security, to implement the green deposit project using US dollars for the main operating account under KTB’s Green Financing Framework. This significant collaboration will drive the energy sector to support the economic sector transitioning to environmental sustainability.

This collaboration marks the first time of Thai commercial banksmanaging an organizationalmain operating account in the form of a green deposit. EGAT uses the main operating account for various financial transactions, including deposits, withdrawals, transfers, payments, and foreign exchange risk management. KTB will utilize this account to support the bank’s green loans, aiming for environmental improvement. There is an agreement including a minimum deposit amount to ensure the effective and continuous support of green loans, to enable both direct (Scope 1) and indirect (Scope 2) reduction of greenhouse gas emissions. This initiative emphasizes the firm commitment of KTB and EGAT to conducting business responsibly in response to the Environmental, Social, and Governance (ESG) and the United Nations’ Sustainable Development Goals (SDGs), creating a positive change for Thailand.

KTB’s green deposits are implemented in line with the Green Financing Framework,international environmental finance standardsfor creating environmentally friendly products throughout the entire value chain under Asia Pacific Loan Market Association and Loan Market Association’s Green Loan Principle, and in response to International Capital Market Association’s Green Bond Principles. The Bank is also certified by theISS Corporate Solutions on theGreen Financing Framework. In addition, the categories of Renewable Energy andClean Transportation stipulated in KTB’s Green Financing Frameworkalign withthe economic group activity measures with environmental sustainability, known awareness as Thailand Taxonomy.


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