Gulf Energy Development Plc was awarded an "AAA" rating in the Stock Exchange of Thailand's (SET) ESG Ratings 2024 in the resources category.
The country's leading private power producer recorded a sixth consecutive award at the SET's sustainable awards, underscoring Gulf's commitment to sustainable business practices.
This commitment is grounded in good corporate governance, comprehensive risk management and adherence to environmental, social and governance (ESG) principles in business operations, aiming to build trust with investors and stakeholders alike, noted the company.
Gulf said it is dedicated to sustainable business practices in all dimensions to drive stable growth and adapt to evolving global trends and business volatility, maintaining long-term competitiveness.
The company is reducing its environmental impact, aiming to achieve net-zero greenhouse gas emissions by 2050, as well as increasing renewable energy capacity to 40% of gross installed capacity by 2035 to contribute to a low-carbon economy.
This year 228 listed companies met the SET ESG Ratings criteria, with 56 achieving the highest AAA rating.
To qualify, companies must voluntarily participate in the assessment and score at least 50% in each of the E, S and G dimensions.
Companies must also meet additional SET requirements including a rating of three stars or higher on the Corporate Governance Report assessment by the Thai Institute of Directors Association, have no recent accusations or convictions for ESG offences from government agencies or related bodies, and have no SET designations of significant concerns (designated by the CB, CC, CF or CS codes).
Several funds incorporate the SET ESG Ratings into their investment policies, such as Thailand ESG Funds, which have more than 14.5 billion baht in assets under management (AUM), and Vayupak Fund 1, a Type A investment unit with AUM of 150 billion baht.
As listed companies increasingly prioritise sustainable business practices, it is expected more funds will adopt ESG investment policies in the future, noted the bourse.
