PTT Global Chemical Plc (PTTGC) says it is responding to the global community's demand for clean products and services.
Speaking at the Sustainability Expo 2022, Natthakorn Kraikul, PTTGC vice-president of decarbonisation, said Thailand is one of 10 countries in the world most affected by climate change due to its geographic location and having a long coast line, as well as many Thais depending on agriculture.
According to the Asean Cooperation on Climate Change, global warming could cause a 50% decline of rice yields, a 70cm rise in sea levels, massive resettlement, and a 6.7% loss of GDP per year by 2100.
The negative economic consequences of climate change are about three times larger than the impacts of the Covid-19 pandemic, it said.
Visitors take snaps of Siam Piwat's exhibition showcasing Ecotopia, a shop selling environmentally-friendly products like clothing, cosmetics and healthy superfood.
Visitors look at the upcycling business of Indorama Ventures Plc, a global sustainable chemical company, in the Better Living exhibition zone.
He said tougher regulations are being put in place to control harmful activities and help ensure the world's temperature will not rise above 1.5 degrees Celsius under the global climate change framework. The company has set a target to achieve net zero carbon emissions by 2050.
According to the plan, PTTGC will shift to 100% clean energy, invest more in clean technology, provide more nature-based and tech-based solutions, and embrace carbon credit purchases. "We need our company to achieve sustainable development, for the sake of future generations.
"The company wants everyone to derive the benefits of clean investment. We want to be a global company that achieves both wealth and a good balance of environmental measures," he said. The company will let its supply chain adapt as it cuts carbon emissions.
Investors are keen on companies that implement environmentally-friendly measures as they are thought to have better opportunities to grow. PTTGC would also gain easier access to funds if it puts a bigger emphasis on climate change in its business plan.
It has set up over 130 drop points for plastic waste to enhance awareness of the circular economy. The project has already tackled over 360 tonnes of plastic waste.
The Sustainability Expo 2022 (SX 2022) runs until Oct 2 at the Queen Sirikit National Convention Center. Over 100 Thai and foreign companies have joined the event.
Natthakorn Kraikul, vice-president of decarbonisation at PTT Global Chemical, says his company hopes to achieve net zero carbon emissions by 2050. (Photos by Varuth Hirunyatheb)