In 2023, Thailand was undergoing a transition towards sustainable development while navigating through numerous challenges. These included efforts to bolster economic recovery and tackle high household debt, mainly caused by the impacts of COVID-19, geopolitical tensions, and environmental crises due to climate change and natural disasters. All these challenges demand coordinated efforts among global leaders to mitigate their intensifying effects, and it is imperative to monitor them vigilantly.

As a government-owned financial institution, Krungthai Bank has developed a short-, medium-, and long-term roadmap to navigate this landscape and be part of the mechanism that advances the development and integration of national infrastructure. To this end, we leverage digital and financial innovations to reshape Thai society towards a sustainable future, making financial services more inclusive and accessible, thereby reducing both direct and indirect impacts of the limited financial inclusion on the economy, society, and the way of life of all stakeholders. The Board of Directors and Executives have been closely monitoring the implementation of the Bank’s sustainability roadmap and offering valuable feedback. They have also broadened the responsibility of relevant departments to ensure they can address newly emerging challenges effectively. We have incorporated these challenges, along with the expectations of national and international regulators, the Sustainable Development Goals (SDGs), the UN Guiding Principles on Business and Human Rights, and stakeholder feedback, to improve and maximize the efficiency of our sustainability roadmap and strategies. Moreover, we have expanded our scope by collaborating with other organizations to enhance our ability to generate positive impacts, mitigate negative ones, and strengthen risk management capabilities throughout the supply chain.

Stakeholder collaboration is crucial to amplifying our Bank’s and the nation’s sustainability efforts. Together with other members of the Thai Bankers’ Association, we are pursuing environmental, social, and governance objectives as outlined in the Association’s ESG Declaration. This includes setting environmental and climate change goals and missions that are effective and extend beyond our operations, involving customers, business partners, and other stakeholders in our collective sustainability journey. This aligns with Thailand’s transition to a low-carbon economy and the country’s 2065 net-zero objective. We have plans in place to reduce scope 1, 2, and 3 greenhouse gas emissions across our operations and supply chain by increasing the proportion of renewable energy used and enhancing energy efficiency. Moreover, we collaborate with our stakeholders in developing climate transition plans, playing our role as a financial institution in pursuing the country’s sustainability roadmap. Additionally, we enhance our ability to achieve the net-zero goal by developing the knowledge and capacity of our people, from the Board of Directors and Executives to the risk management team, the customer relationship management team, and industry experts who work with the Sustainability Management Committee. Beyond environmental efforts, our sustainability strategies also address social dimensions. We conduct human rights due diligence. We also promote financial inclusion by providing inclusive financial product offerings designed for diverse groups of people and partnering with social enterprises to promote digital financial literacy, thereby reducing inequality and fostering social equity. As a result of these efforts, we have made significant strides in executing our sustainability roadmap, and establishing a solid foundation for the sustainable future of our Bank and our society.

Mr. Lavaron Sangsnit
Chairman of the Board of Directors

Mr. Payong Srivanich
Chief Executive Officer