Bangkok (UN ESCAP Information Services) — “Climate change is happening in South-East Asia and predicted economic losses are in the range of 6.7 per cent of combined GDP each year by 2010”, said Mr. Asif Ahmad, Ambassador of the United Kingdom to the Kingdom of Thailand at the National Seminar on Green Growth Policy Tools for Low Carbon Development in Thailand. “The UK Government is partnering with ESCAP to provide support to developing countries in acknowledgement of its responsibility as a member of the G8 group with a collective contribution of 40 per cent of the global greenhouse emissions”, he added.
The United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) joined forces with the UK Embassy in Thailand, the National Economic and Social Development Board (NESDB) and the Ministry of Natural Resources and Environment of Thailand to organize the seminar from 23 to 24 February at the UN Conference Centre in Bangkok, where senior Thai Government policy and decision makers reviewed policy tools and strategic approaches to promote sustainable and low carbon growth in Thailand.
The seminar introduced key decision- and policy-makers of the Royal Thai Government to available policy tools to foster green growth and low carbon development, while addressing poverty alleviation. It also helped establish a platform for further collaboration and development of green growth strategies and applications tailored to address the current and future needs of the country.
“The green growth concept provides a rationale for a new development paradigm. It focuses on how to encourage and stimulate an economic system change by greening conventional economic systems that are based on the over-exploitation of natural resources and burning of cheap fossil fuels without paying the related ecological and social costs”, Mr. Rae Kwon Chung, Director, Environment and Development Division, ESCAP told the seminar.
“Thailand has a unique chance now and needs to seize the opportunity to initiate such a change of the economic growth patterns, and ESCAP is ready to provide further assistance to the Government,” he added.
Like other Asia-Pacific countries, Thailand, recognizing the need for sustainable economic growth patterns, is developing green growth policies and measures, as endorsed by the 5th Ministerial Conference on Environment and Development in Asia and the Pacific () held in 2005. The Government is adjusting economic growth to mitigate and adapt to climate change through low carbon green growth, relying on recent advancements in resource- and energy-efficient policies, decisive steps towards sustainable infrastructure, consumption and production patterns, as well as innovation and technological developments.
“To achieve the transformation to a low carbon global economy before it is too late, we need both better international cooperative mechanisms as well as new growth approaches and policy strategies for individual countries”, said Mr. Arkhom Termpittayapaisith, NESDB Secretary General. Thailand’s 11th National Economic and Social Development Plan underlines the need for green growth pricing and legal tools that will support change in energy production and consumption, and promote new ways of life and consumption behavior in the country, he pointed out. This will also lead to “better, greener and more liveable cities and a stronger agricultural sector”, he added.
“Thailand can achieve a low carbon, more eco-efficient and sufficiency economy development path by incorporating green growth policies and tools in a sustainable fashion, which will ensure the preservation of precious natural resources and averting natural calamities caused by climate change variations” said Mr. Surapol Pattanee, Deputy Permanent Secretary of the Ministry of Natural Resources and Environment.
The seminar was the first in a series of green growth capacity development events designed to introduce sustainable and low-carbon growth options to support implementation of Thailand’s 11th National Economic and Social Development Plan, and in line with national Sufficiency Economy principles.
For more information, please contact:
Ms. Thawadi Pachariyangkun
UN ESCAP Information Services
Tel: +66-2 288-1861, Mobile: +66-81 634-3876
Headquartered in Bangkok, United Nations ESCAP is the largest of the UN’s five Regional Commissions in terms of its membership, population served and area covered. The only inter-governmental forum covering the entire Asia-Pacific region, ESCAP works to promote sustainable and inclusive economic and social progress. More information on ESCAP is available at www.unescap.org
See original here:
Pakorn Peetathawatchai, President, The Stock Exchange of Thailand (SET)
What measures has SET taken to support listed companies’ compliance with ESG standards?
PAKORN: When we first began promoting ESG-compliant investments, we were met with little interest. We attributed this to a lack of clear data to showcase the economic benefits of ESG investment, and perhaps limited clarity as to what constitutes a sustainable or ESG-compliant investment. The launch of the THSI list and, subsequently, the SETTHSI Index, was designed to address this. Our most recent data, comparing returns for the SETTHSI Index with the broader SET and SET100 indices from April 2020 to April 2021, underscores the economic benefits of these investments: the group compliant with ESG standards outperformed the other two indices on every data point.
As of May 2021 Thailand was home to CG and ESG assets under management totalling BT54.8bn ($1.7bn) across 50 funds – up from 23 funds in 2019. Meanwhile, of the BT187.1bn ($5.9bn) raised in green, social and sustainability bonds since 2018, BT136.4bn ($4.3bn) was raised in 2020 – 83% from the government and the remainder from development banks and private players. This rising demand, in a move to manage risk and generate returns, has been complemented by growing supply and promotion: supply from ESG-compliant businesses aiming for resiliency and sustainable growth, as well as promotion from regulators highlighting investment opportunities with good CG and SD practices. Indeed, the pandemic has been a catalyst in shifting the view of ESG compliance from a luxury to a requirement in the new normal.
In what ways can enhanced standard-setting and regulatory mechanisms overcome the remaining barriers to improved ESG performance?
PAKORN: A multi-stakeholder approach is crucial for enhanced ESG performance – not only in Thailand, but around much of the globe. This can also help to address the standout incumbent challenge: access to reliable, wide-ranging ESG data. For example, the 2020 update to the 56-1 One Report established clear ESG standards and triggered online and offline capacity-building programmes to support listed firms’ compliance. SET is developing an ESG data platform with a structured template to promote the availability of comparable data, maximise value added from corporate sustainability disclosures, and foster collaboration between the business value chain and stakeholders. This is expected to support Thai companies along their ESG journey in an economically sustainable way, result in a greater number of sustainability-focused products and services, drive sustainable investing in the Thai investment community and ultimately “make the capital market work for everyone”, as outlined in the SET’s vision.
Youth unemployment hits new highs in Thailand due to COVID-19 restrictions
BANGKOK, Thailand (ILO news) – Joblessness among young men and women in Thailand has reached a level unseen in recent years due to the impact of the COVID-19 pandemic, according to a new brief from the International Labour Organization (ILO).
The Bachelor Japan Season 4 showcases Thailand
Bangkok, 2 December, 2021 – The Tourism Authority of Thailand (TAT) is pleased to report that Thailand features as the...
ASEAN commemorates Youth in Climate Action and Disaster Resilience Day 2021
An intergenerational dialogue titled ‘Teaming up with You(th) for a Disaster-Resilient and Climate-Friendly ASEAN’, was moderated by the ASEAN Youth...
Thai Cabinet reverses CCSA relaxation of on-arrival Covid testing protocol
The Center for COVID-19 Situation Administration’s approval of the relaxed testing requirement has been overturned by the Cabinet in light...
Insights into the impact of COVID-19 on Thailand’s households
In April 2020, the Thai government passed a 1 trillion baht borrowing decree to address health needs, provide relief, and...
COVID-19 vaccine guide for travellers to Thailand
International travellers, including returning Thais and foreign residents, who are above 18 years of age should get fully vaccinated for...