Asset World Corp Public Company Limited (AWC), Thailand's leading integrated lifestyle real estate group, and Siam Commercial Bank (SCB) signed a Sustainability-Linked Loan and Green Loan valued at THB 20,000 million on July 4, 2023.
This partnership aims to develop high-quality AWC mega projects that will not only become global destinations but also demonstrate a strong commitment to conducting business in line with sustainable development principles. The agreement sets a new benchmark, contributing to resource consumption reduction and energy efficiency promotion in the real estate and tourism industries while generating value for all stakeholders. Moreover, these loans will support various initiatives aimed at enhancing marine resource sustainability and future social development, thereby bolstering Thailand's status as a global sustainable tourism destination.
Mr. Kris Chantanotoke, Chief Executive Officer of Siam Commercial Bank (SCB), stated, "AWC's ongoing investment as the country's leading real estate group further reflects the continuous improvement of Thailand's economy. SCB recognizes its role in driving sustainable development across all dimensions of Thai society, and we are pleased to provide THB 20,000 million in Sustainability-Linked Loans and Green Loans to AWC. These loans will support the development of new projects and contribute to AWC's sustainability efforts. They are also in line with the bank's environmental mission, as well as the SCBX group's commitment to achieving net-zero greenhouse gas emissions from our own operations by 2030 and from lending and investments by 2050. We have confidence in AWC's capabilities, and we believe these loans will drive AWC's growth through the development of numerous mega projects that will revolutionize the real estate industry while supporting Thailand's aspiration to become a global sustainable tourism destination."
Mrs. Wallapa Traisorat, Chief Executive Officer and President of Asset World Corp Public Company Limited (AWC), expressed her appreciation, stating, "AWC is highly impressed by SCB's commitment and shared vision in promoting sustainability. SCB's issuance of Thailand's first Sustainability-Linked Loan for the real estate industry last year exemplified their dedication to fostering sustainable growth across all sectors. AWC is thrilled to be a part of SCB's efforts to strengthen the country's real estate and tourism industry. Our company is fully committed to developing high-quality projects that will serve as sustainable mega projects. These include Asiatique, the Riverfront Destination—a sustainable landmark located by the Chao Phraya River in Bangkok; Aquatique, a mega project in Pattaya City Center; Woeng Nakhon Kasem, a cultural heritage centre in Chinatown; and Lannatique, a mega project aimed at promoting the charm of Lanna art and culture in Chiang Mai City Center. AWC firmly believes that transforming these projects into global sustainability destinations will support the country's strategy of becoming a leader in global sustainable tourism."
AWC is firmly committed to developing buildings that meet international green building standards. For example, INNSiDE by Meliá Bangkok Sukhumvit has obtained certification from the EDGE (Excellence in Design for Greater Efficiencies) standard, while InterContinental Chiang Mai Mae Ping has achieved LEED and WELL PRECERTIFIED status. Additionally, other projects have already benefited from the initial SCB sustainability-linked loan received last year. AWC has collaborated with leading financial institutions, resulting in 75% of their long-term loans being tied to sustainability. The Company aims to increase this proportion to 100%, demonstrating their dedication to creating a sustainable future for the country.
Under the philosophy of 'Building a Better Future,' AWC has established a sustainable development framework based on three pillars encompassing nine dimensions, known as the 3 BETTERs. These pillars are as follows:
BETTER PLANET: AWC focuses on creating environmental value to foster a better environment.
BETTER PEOPLE: AWC strives to generate social value, enhancing the quality of life for individuals.
BETTER PROSPERITY: AWC is committed to generating economic value, contributing to a stronger economy.
AWC's properties have consistently implemented projects to support sustainable development. For instance, Sheraton Samui Resort has initiated the crab bank project to enhance biodiversity. Banyan Tree Krabi has partnered with the Save Andaman Network Foundation to undertake sustainable community tourism pilot projects. The reConcept business concept promotes a circular economy by encouraging the reuse and upcycling of old furniture, materials, and unused hotel decorations, effectively reducing waste sent to landfills. Moreover, The GALLERY aims to create employment and income opportunities for surrounding communities while supporting local Thai entrepreneurs and artisans, ensuring sustainable income generation.
Furthermore, AWC has successfully implemented an Energy Efficiency Plan (EEP) in alignment with the Sustainability Linked Loans and Green Loans. The EEP focuses on enhancing energy efficiency and reducing greenhouse gas emissions. AWC achieves this by installing solar panels on building rooftops, adopting energy-efficient lighting systems, and improving air conditioning efficiency in its hotels since 2019. Additionally, AWC is committed to developing projects in line with international green building standards certifications such as EDGE, LEED, or WELL. This approach ensures the efficient use of resources and promotes sustainable development.
Mrs. Wallapa emphasized the significance of the agreement signing, stating, "This agreement reinforces the shared vision of AWC and SCB for sustainable business operations. AWC will continue to implement its sustainability strategy, creating long-term value for all stakeholders, the industry, the community, society, and the country. Our mission of 'Building a Better Future' drives us to play a crucial role in propelling Thailand towards becoming a global sustainable tourism destination."
AWC's commitment to sustainable development has been recognized by esteemed domestic and international institutions. The company has received an "AA" rating from MSCI ESG Rating and has been listed in the Thailand Sustainability Investment (THSI) of the Stock Exchange of Thailand. AWC's consistent efforts in sustainability were acknowledged in the S&P CSA Yearbook 2023 sustainability report for the second consecutive year, earning the company the "Top 1% S&P Global ESG Score 2022" designation. AWC also received the "Industry Mover" award for excellence in corporate governance scoring as a sustainable company in the hotels, resorts & cruise lines industry. Moreover, AWC holds certification from Thailand's Private Sector Collective Action Coalition
Against Corruption (CAC) and has consistently been recognized as an organization with good corporate governance among listed companies in ASEAN (ASEAN CG Scorecard) since 2021.
