Bank of Ayudhya (BAY), under the marketing brand of Krungsri, has announced that its operations will be carbon neutral by 2030 while its financial services will achieve this goal by 2050.
Seiichiro Akita, president and chief executive of Krungsri, said the move aligns with the country's pledge at COP26 in Glasgow to cut emissions and move towards carbon neutrality by 2050.
It also demonstrates the bank's determination to create a better tomorrow for Thailand and the global community.
"Krungsri will therefore accelerate our strategic emission reduction initiatives in supporting customers' sustainable transformation toward low-carbon investments and operations, together with providing comprehensive renewable energy financial solutions," said Mr Akita.
"We will fast-track our decarbonisation pathways through optimising the use of resources, internalising process digitalisation, procuring renewable energy as well as inaugurating a carbon offset mechanism," he said.
In addition, Krungsri bank will completely stop funding coal-fired power plants by the end of this decade and switch to increasing social and sustainable finance portfolio to 50 to 100 billion baht within 2030.