Bangchak Champions ESG and Decarbonisation at Argus Asia 2024
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Bangchak Champions ESG and Decarbonisation at Argus Asia 2024

At the Argus Asia Carbon Conference, Bangchak's Gloyta Nathalang highlighted the company’s commitment to achieving carbon neutrality by 2030 and net-zero GHG emissions by 2050, discussing the role of carbon markets in these initiatives.

Gloyta Nathalang, Acting Senior Executive Vice President of Sustainability Management and Corporate Communications at Bangchak Corporation Public Company Limited, recently participated in a fireside chat with Adam Nye, an executive at Argus Media, during the Argus Asia Carbon Conference in Kuala Lumpur, Malaysia. The discussion centred on "Navigating Corporate Stewardship – Advancing ESG Initiatives and Achieving Decarbonisation Goals in the VCM". Argus Media specialises in presenting and analysing energy and commodity market data.

he conference provided a platform for exchanging perspectives and information on the development of carbon markets across various Asian countries, involving both the public and private sectors. Gloyta discussed how Bangchak’s business operations have been aligned with ESG principles for 40 years. The company has set a target to achieve Carbon Neutrality by 2030 and Net Zero GHG Emissions by 2050 through its BCP 316 NET plan. This plan includes enhancing efficiency and production process improvements, promoting ecological balance, and transitioning businesses towards clean energy using technology, with carbon markets serving as one of the mechanisms to offset the organisation’s carbon footprint. However, Bangchak prioritises reducing its carbon footprint as much as possible before resorting to offsetting it with carbon credits.

In Thailand, the Voluntary Carbon Market (VCM) was developed in 2012 by the Thailand Greenhouse Gas Management Organisation (TGO). The market has seen registrations of various projects, including renewable energy development, afforestation and forest conservation, waste management, and agricultural improvements. Although the volume of Thai carbon credit trading remains relatively low compared to the number of registered projects, there has been a noticeable increasing trend over the past two to three years. This can be attributed to the announcement of

national sustainability goals and the private sector's commitment to carbon neutrality and net-zero emissions. Additionally, collaborations such as the establishment of the Carbon Markets Club by Bangchak and partner organisations in 2021 have led to the creation of Thailand’s first network to support carbon credit trading and raise awareness of the climate crisis.

Furthermore, Gloyta proposed that establishing a unified carbon credit standard across ASEAN countries would bolster resilience, elevate prices, and streamline international cross-border trading. This initiative would play a significant role in advancing a low-carbon society, driving the energy transition, and fostering opportunities to position ASEAN as a global carbon credit hub.

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