Mr. Sathian Leowarin, Chief Sustainability Officer of SCBX stated "The transition to net zero brings new risks and opportunities for every business and society. As a financial technology business group, we have a responsibility to lead in reducing greenhouse gas (GHG) emissions - not only within our own operations but also by supporting our customers on their decarbonization journeys. This is why we have made the progressive and ambitious decision to set near-term climate targets in line with a globally recognized standard setter, the SBTi. We believe that our efforts will not only contribute to global climate goals, but also create long-term value for our stakeholders and the country."

SCBX has committed to reducing its absolute Scope 1 and 2 GHG emissions by 90% by 2030, using 2023 base year. For Scope 3 emissions, the focus is on Category 15 - the banking business's portfolio, which accounts for 99% of the Group's total GHG emissions. To set portfolio targets covering 20% of its total investment and lending by total assets as of 2021 (or 80% of total applicable asset classes), SCBX is adopting the SBTi Sectoral Decarbonization Approach (SDA) for the electricity generation sector and the Temperature Rating methodology for other sectors and asset classes.

The approved SCBX’s Scope 3 Category 15 near-term science-based emissions reduction targets include:

Mr. Sathian added "To achieve our near-term targets, SCBX is committed to reducing operational GHG emissions (Scope 1 and 2) through four key approaches: 1) Adopting new and eco-friendly technologies to lower carbon emissions in our buildings; 2) Transitioning to 100% electric vehicles by 2028; 3) Sourcing 100% electricity from renewable sources by 2030; and 4) Building a sustainability mindset among our employees. In 2023, we successfully achieved a 10% reduction in emissions compared to 2022. We also aim to reduce GHG emissions by 10% in 2024, and achieve a 50% reduction by 2027, based on our 2023 baseline."

"For scope 3 emissions in our lending and investment portfolios, SCBX is deploying a multifaceted strategy that includes increasing our exposure to renewable energy financing and supporting companies with GHG emissions reduction goals. We are actively encouraging our corporate customers to align their ambitions with a 1.5°C pathway and engaging with them to set credible, science-based decarbonization targets while supporting their decarbonization efforts."

"To reinforce our commitment and provide a solid foundation for our targets, we have engaged with over 200 corporate banking customers to assess their GHG accounting and reduction ambitions. We are developing a comprehensive decarbonization strategy across four key sectors – power generation, fossil fuels, commercial real estate and chemicals - outlining specific approaches to support our customers’ transition. Our Sustainable Finance initiative has also played a crucial role in this journey, providing more than 124,000 million THB during 2023-224 (as of September) towards our target of 150,000 million THB by 2025."

About SCB X PUBLIC COMPANY LIMITED (SCBX)

SCBX is the mothership of the financial technology business group, comprising 12 subsidiary companies that operate across three key business pillars: Banking Business, Consumer and Digital Finance Business, and Platform and Technology Business. In addition, SCBX also focuses on Climate Technology, aspiring to become ‘The Most Admired Regional Financial Technology Group’. The company conducts its business with flexibility and prudence in governance and risk management and has possesses the potential to compete equally in global competitions. 

About SBTi:

The Science Based Targets initiative (SBTi) is a corporate climate action organization that enables companies and financial institutions worldwide to play their part in combating the climate crisis.

The SBTi develops standards, tools and guidance which allow companies to set greenhouse gas (GHG) emissions reductions targets in line with what is needed to keep global heating below catastrophic levels and reach net-zero by 2050 at the latest.

Partners organizations who facilitated SBTi’s growth and development are CDP, the United Nations Global Compact, the We Mean Business Coalition, the World Resources Institute (WRI), and the World Wide Fund for Nature (WWF).