SCBX Group sets to become a NET ZERO Financial Technology Group by 2050
SCBX Group is embarking on an important mission to join the world's leading companies in becoming a Net Zero financial technology group by 2050, positioning itself as a pioneer in driving and inspiring society to develop sustainable businesses and help the environment for the next generation.
The Paris Agreement to limit global warming to well below 2, preferably to 1.5 degrees Celsius is a monumental collaboration by the international community to reduce greenhouse gas emissions in order to avert imminent environmental catastrophe. Governments and businesses worldwide are collaborating to expedite policies and coordinate efforts to prevent catastrophic environmental disasters by 2050.
SCBX Group, as a key regional enterprise, recognizes its critical role and responsibility to society and the younger generation, who are heading toward a future that may confront substantially worsened environmental conditions. The Group undertakes to halt all forms of greenhouse gas emissions by establishing an environmental commitment in support of the global agreement that will enable businesses supervised by SCBX Group to achieve a net zero commitment of greenhouse gas emissions from its own operations by 2030 and from lending and investment by 2050, as agreed by the international community in the Paris Agreement through four strategic thrusts.
First, SCBX Group will prioritize the transformation of internal energy operations and management processes and invest in clean energy with the lowest carbon emissions through the adoption of smart building management systems, the modification of equipment and infrastructure, and the replacement of all current vehicles with electric vehicles.
Second, SCBX Group has set aside a credit line of 200 billion baht by 2030 for lending to businesses or projects seeking to focus on reducing greenhouse gas emissions, as well as raising awareness and providing advisory aligning with recommendations by world class consultant.
Third, SCBX Group will invest an initial amount of 200 million USD in global funds and companies focusing on the development of technologies for carbon capture and storage, utilization, reduction and removal, and in the development of platforms necessary to drive a broader carbon footprint reduction, such as an electric vehicle (EV) rental platform.
Fourth, SCBX Group is adopting the global GHG accounting and reporting standard developed by the Partnership for Carbon Accounting Financials (PCAF) for assessing its greenhouse gas emissions and determining its target in accordance with the Paris Agreement based on the financial sector science-based targets guidance by the Science Based Targets Initiative (SBTi). SCBX Group is the first Thai financial institution to join the PCAF and SBTi, and participating in the Task Force on Climate-related Financial Disclosures (TCFD) to increase sector-wide transparency.
SCBX Group shares a global concern about the global impact of environmental issues and greenhouse gas emissions during and for the coming decade. The Group has therefore pledged the solid commitment to play a vital role in changing and resolving global warming in every way possible in order to create a habitable planet and a viable business for future generations.
The Partnership for Carbon Accounting Financials (PCAF) is an initiative led by the financial industry to develop a harmonized global standard to measure and disclose the greenhouse gas (GHG) emissions of loans and investments, in order to ultimately enable financial institution to set science-based targets and align their portfolio with the Paris Climate Agreement. More than 280 global financial institutions from 60 countries have signed membership agreements with the PCAF.
The Science Based Targets initiative (SBTi) is a partnership between the CDP, the United Nations Global Compact, the World Resources Institute (WRI), and the World Wide Fund for Nature (WWF), with the objective of driving ambitious climate action in the private sector by enabling organizations to set science-based emissions reduction targets in line with the Paris Agreement goals. Currently, more than 3,330 companies have signed membership agreements with SBTi.