Private sector committed to restructuring for future sustainability

This pledge is expected to involve investments exceeding 100 billion baht in management and operational changes.

The commitments were voiced during a panel discussion on "The Future of Sustainability Growth", hosted by the Thailand Management Association (TMA) to mark its 60th anniversary under the theme "60 Years of Excellence".

CEOs and presidents of prominent Thai companies stated their intention to continue restructuring production processes, shifting from fossil fuels to alternative and renewable energy sources. They also emphasised adjusting supply chain operations towards green business practices, with the goal of driving sustainable organisational growth that is both profitable and environmentally friendly.

These efforts align with Thailand's national targets of reducing greenhouse gas emissions by 30-40% from normal levels by 2030, achieving carbon neutrality by 2050, and reaching "zero" emissions by 2065.

Real estate sector takes action

Pranote Sirivadhanabhakdi, CEO of Fraser Property Limited Group, acknowledged the real estate sector's significant contribution to global emissions.

"We spent 2-3 years developing low-carbon building materials to develop the One Bangkok project with low greenhouse gas emissions. We use concrete powder to build multi-purpose buildings, we build concrete buildings sustainably by applying technology, design and construction," he said.

He expressed optimism about the sector's potential for long-term emission reductions through collaborative efforts across the supply chain.

Energy sector transformation

Chaiwat Kovavisarach, group CEO and president of Bangchak Corporation Pcl, outlined his company's approach:

"Over the past 10 years, we have spent more than 60 billion baht on investment. To adjust internal production processes, including investment in alternative energy, as part of the organisation's greenhouse gas emission reduction. The goal is to achieve net neutrality in greenhouse gas emissions by 2050," he noted.

Chaiwat emphasised the importance of viewing these changes as investments rather than costs.

"When we change the concept of modifying the production process to reduce greenhouse gases, it is about investing in the long-term return, so that the adjustment of the production process is not a burden, but a matter of building a future to be part of the green economy," he said.

Industrial sector adaptation

Thammasak Sethaudom, SCG president and CEO, discussed his company's strategy for reducing emissions in cement production, building materials, petrochemicals, and packaging:

"From now on, SCG's products in the group will be low-carbon products in both the building materials and petrochemical sectors. Although the production cost is high at the beginning, the cost will decrease as production is scaled up, so that low carbon plastic will increase from 10% to 30%," he said. 

International perspectives

Helene Budliger Artieda, state secretary for economic affairs, SECO, Switzerland, highlighted the importance of public-private collaboration.

"Laws alone cannot lead to sustainable development or reduce greenhouse gases, but we must make the private sector and the public understand and be ready to contribute to reducing greenhouse gases at the same time," she said.
 

Hans-Paul Burkner, managing director and global chair emeritus, Boston Consulting Group, emphasised the economic aspects of sustainability.

"We need to change our perspective that reducing greenhouse gases and doing sustainable business that takes into account the environment, society, and governance is not a matter of expenses, but of investment that will drive the organisation to achieve sustainable revenue and profit growth at the same time," he noted. 

As Thailand moves towards a more sustainable future, these commitments from industry leaders signal a significant shift in business practices and investment priorities. The success of these initiatives will play a crucial role in the country's efforts to meet its ambitious climate goals and contribute to global sustainability efforts.