Resident Coordinator's remarks at the Principles of Responsible Banking webinar

Let me begin by thanking Khun Kobsak as co-host of today’s webinar, as well as Khun Ruenvadee, Khun Chantavarn and Dr. Srikanya for your participation and steadfast partnerships.

We are coming off a very positive meeting yesterday with the UN Deputy Secretary-General Amina Mohammed, where many of you shared the role that your agencies, the private sector, banks, and investors are playing not just to reduce emissions, but to create the structural supports for sustainable financing across the economy.

The Deputy Secretary-General recognized Thailand’s private sector and financial institutions’ progress – and that carbon neutrality is achievable, scalable, and profitable.

Dr. Srikanya clearly summed up our shared understanding that sustainability is not about sacrificing financial returns for social returns, but instead investing in a prosperous society for the next generations.

Today’s webinar is part of that ongoing engagement with regulators, institutional investors and banks supporting achievement of a high value-added, resilient and sustainable economy.

Under Khun Ruenvadee’s leadership at the Securities and Exchange Commission (SEC), Thailand is one of few capital markets in the world that requires listed companies to disclose sustainability reporting in carbon emissions and human rights from this year onwards.

I also want to thank you Khun Ruenvadee for bringing together investors and asset managers in December to move forward on the Principles of Responsible Investing, which we are hoping to scale up to more companies in Thailand in the coming year.

As of today, 275 banks from over 70 countries with combined total assets of more than USD $80 trillion have taken up the Principles of Responsible Banking. In Thailand, Kasikornbank and Government Savings Bank are the first two signatories, who I hope will be followed by many more.

The Principles of Responsible Banking (PRB) is an “impact framework” as opposed to a “risk framework”. It provides guidance and support for banks to align their business strategy with the goals of society, such as the SDGs and the Paris Climate Agreement.

Banks have traditionally dealt with sustainability issues as either philanthropic activity or as risks to be managed. What we are facing is a fundamental restructuring of how we create economic value.

A big transition to a decarbonized sustainable economy is inevitable and it is in the self-interest of banks to actively be part of the solution.

Investment drives change, especially as an incentive to adopt cleaner technologies and create green jobs keeping pace with global trends.

The PRB guides banks in restructuring their institutions, initiate new conversations with their clients, and develop new products and services.

This is an opportunity for Thailand to offer its leadership and showcase those strengths recognized by the Deputy Secretary-General yesterday. Only as part of the PRB can Thailand start to influence global frameworks.

I encourage banks in Thailand to join the PRB and fully participate in the global banking community, working together to create a sustainable future.

Thank you.