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SCG, KBank, Bangchak, Shell pledge to reach carbon neutrality by 2050

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Two major refineries, a construction material manufacturer and a major bank have pledged to reach the target of carbon neutrality by 2050.

Bangchak Corporation, Shell Company of Thailand, Siam Cement or SCG and KBank vowed to achieve the target during a recent forum called the “Climate Action Leaders Forum”, or CAL Forum Class 1.

The forum also featured an exchange of ideas and experiences in regard to achieving concrete results in the reduction of greenhouse gases and global warming.

To reach carbon neutrality or a state of net zero carbon dioxide emissions, a company must somehow offset the emissions by its firms either by removal or by eliminating emissions by society.

SCG president and CEO Roongrote Rangsiyopash said the company had started reducing carbon emissions by 20 per cent since 2020. SCG, KBank, Bangchak, Shell pledge to reach carbon neutrality by 2050

He said SCG aims to reach the net zero target by 2050 through four operational approaches:

- The company will use a low carbon manufacturing process, side by side with investing in clean technologies to reduce greenhouse gases.

- The firm is using the “Go Green” approach, spanning eco-friendly products, services and solutions such as going in for low-carbon hydraulic cement and producing eco-packaging.

- The company is reaching out to society in several ways, including providing training for SMEs and cooperating with organisations engaging in the supply chain so they can be a part in minimising environmental problems.

- SCG emphasises coordination with agencies from all sectors, whether it is domestic or international or those within the firm’s supply chain to minimise carbon emissions.

SCG, KBank, Bangchak, Shell pledge to reach carbon neutrality by 2050 KBank CEO Kattiya Indaravijaya said the bank actually plans to reach the net zero target by 2030.

She said KBank would hasten to implement feasible plans, as well as provide financial support to the business sector and to Thais for transformation of business operations and living in an eco-friendlier way.

“Kbank has approved Green Finance loans worth 65.2 billion baht in 2021. In early 2022, KBank piloted the Go Green Together project to connect and expedite a green ecosystem in Thailand,” Kattiya said.

“For this reason, KBank has spared a credit limit worth 3 billion baht to serve the campaign, aiming to entice Thais to start a ‘green lifestyle’ and build a green ecosystem together.”

SCG, KBank, Bangchak, Shell pledge to reach carbon neutrality by 2050 Bangchak executive vice president Gloyta Nathalang said the company is continuing its fight against global warming.

She said natural gas had replaced fuel oil at the company’s Bangkok refinery in early 2010 and machines, engines and equipment had been replaced from time to time to reduce CO2 emissions and greenhouse gas.

“Bangchak has shifted toward sustainability, increasing its investment in green energy and operating a green business through our subsidiaries,” Gloyta said.

“Our first target is to achieve carbon neutrality in 2030 by reducing CO2 emissions by 50 per cent, side by side with 50 per cent using other methods,” she said, explaining how the company will reach its net zero target by 2050.

“We prioritise the improvement of efficiency in manufacturing and operations to reduce CO2 emissions in all our businesses, including natural absorption of carbon through reproduction of forests, mangroves and seagrass.”

SCG, KBank, Bangchak, Shell pledge to reach carbon neutrality by 2050 Meanwhile Shell country chairman Panun Prachuabmoh said the company supports the government’s policy to achieve carbon neutrality by 2050, which is aligned with Shell’s target in achieving net zero emissions by that deadline.

“Shell Group is determined to reduce CO2 emissions across its value chain, whether it is drilling, refining, transporting or energy consumption by consumers, which requires controlling greenhouse gas emissions,” Panun said.

“For unavoidable emissions, we utilise carbon capture and storage [CCS] technology. Furthermore, we have always been investing in renewable energy, including solar and wind,” he added.

Published : March 30, 2022

By : THE NATION