KASIKORNBANK, KBank Private Banking and Lombard Odier join forces to ‘Rethink Sustainability’ in Thailand

KASIKORNBANK by KBank Private Banking, together with Lombard Odier, has hosted a ‘RETHINK SUSTAINABILITY: A CALL TO ACTION FOR THAILAND’ forum on February 28, 2024, to call for collaborative efforts to accelerate the sustainability transition in Thailand across key sectors namely: tourism, food and agriculture, materials, and the renewable energy sectors. The forum brings together global perspectives and local best practices, emphasizing the significant role of investors in the unprecedented capital (re)allocation of USD 34 trillion by 2030 required to deliver the environmental transition.

The climate transition is one of the most significant economic challenge of our time. Specifically, to achieve the target of limiting global warming to 1.5°C, CO2 emissions must reach net zero by 2050. This requires profound system-level transformations that are reshaping business models and disrupting value chains across all sectors and regions of the economy.

Committed to accelerating Thailand’s sustainability transition, the joint forum aims to drive widespread implementation of the 'Rethink Sustainability' approach: the concept of redesigning the current economic model into a CLIC® economy, essential for long-term business competitiveness, investment outcomes, and economic security.

Ms. Kattiya Indaravijaya, Chief Executive Officer, KASIKORNBANK, said, “There are four powerful driving forces stimulating the sustainability revolution: policy and regulations, technological innovations, consumer demands and private capital. Each plays a unique role, but true sustainability requires us to work together as an ecosystem. As a responsible corporate citizen and a financial enabler, KASIKORNBANK has committed to transform net zero emissions from ambition to reality. Through this forum, we empower everyone to join forces and make a sustainable future possible together.”

Representing the Swiss private bank at the sustainability forum in Bangkok, Mr. Hubert Keller, Senior Managing Partner, Lombard Odier, said, “At Lombard Odier, we believe that nature is the world's most underpriced asset class. Natural capital is an essential and productive asset that is at the heart of many of our economic processes and is worth investing in. The question about nature’s importance in tackling climate change has evolved. We are now looking at a new paradigm shift that positions nature at the heart of our economy that makes the environmental transition possible. Nature must be understood and valued, and also made investable – and we do it through a science-based, forward-looking approach.”

Navigating Thailand's transition to a more sustainable future, the forum brings together key catalysts: the Ministry of Natural Resources and Environment, the Federation of Thai Industries (FTI), Betagro, PTT Global Chemical, and Energy Absolute, alongside global representatives from Systemiq and The Alliance to End Plastic Waste. This forum aims to explore best practices and insights on sustainability across both global and Thai perspectives, focusing on the crucial role of regulations and how both public and private sectors can implement measures and seize opportunities.
Key discussions from the forum include:
Leveraging Global Perspectives to Identify Transitional Opportunities in Thailand- The session emphasizes the urgent need for the global economy to evolve towards a more sustainable system, highlighting the transition to net zero as the largest opportunity and greatest challenge of a generation. Key challenges and actionable solutions, including building the necessary ecosystem and platforms, are being discussed to surpass today's system while creating social and environmental benefits for local communities and ecosystems.

Building Through a Sustainable Future in Tourism and Service Industry - Responsible for 8% of all man-made greenhouse gas emissions today, tourism has a unique opportunity to transform into a nature-regenerative industry, unlocking both environmental benefits and increased profitability. This session extracts actionable strategies for businesses to thrive in the competitive market while embracing environmental stewardship, forging a future where hospitality and sustainability coexist harmoniously in an industry that contributes over 10% to global GDP.

New Food System: Feeding the World, Nourishing the Planet - Facing a changing world with a projected population of 10 billion by 2050, leading to a 60-100% increase in food demand, this panel discussion dives into innovations across agriculture, supply chains, and consumption patterns. To meet this challenge, agriculture and food systems must transform to produce more with less, restore ecosystems, and leverage innovation to minimize waste.

Plastic Circularity: Chemistry Shaping the Future - This session tackles the global plastic waste challenge by exploring the transformative role of chemistry in advancing plastics through circular economy principles. The discussion investigates sustainable innovations that will require a total investment of around USD 1.8 trillion of investment by 2040 in order to deliver plastics circularity.

Carbon Opportunities and Future Electrification - To reduce 73% of all greenhouse gas emissions6 due to burning coal, oil and natural gas, the energy needs of entire industries must be electrified by decarbonizing supply and driving green demand. The panel shares insights into how industries can adapt to emerging trends to reduce carbon emissions and foster a transition towards a cleaner, more resilient future.

Mr. Pipit Aneaknithi, President, KASIKORNBANK, said, “While the transition to sustainability is a global mission, leading nations set global standards that impact domestic policies in Thailand, making the transition a costly challenge. This sustainability forum reaffirms KASIKORNBANK’s commitment to empowering every customer’s life and business. Believing in collaborative actions, we aim to empower stakeholders across the financial sector and beyond to create a more sustainable future together.”

Mr. Jirawat Supornpaibul, Executive Chairman, Private Banking Group, KASIKORNBANK, said, “We believe in achieving sustainability through investment-driven solutions, with both businesses offering solutions and those undergoing transitions playing key roles in this transformative journey. In line with Lombard Odier’s vision for a CLIC® Economy, KBank Private Banking strongly believes that investing in sustainable companies that provide sustainable solutions or are transitioning is key to accelerate the transition to net zero. We have committed to empowering investors, especially our high-net-worth clients, to be leaders in driving positive change through their investment portfolio, capitalizing on the growing opportunities in sustainable investments.”

RETHINK SUSTAINABILITY: A CALL TO ACTION FOR THAILAND’ forum is the first nature-driven initiative in 2024, stemming from the renowned strategic alliance of KASIKORNBANK, KBank Private Banking, KAsset and Lombard Odier, which is committed to making sustainability everyone’s reality. To find out more, visit https://www.kasikornbank.com/en/News/Pages/rethink-sustainability-forum.aspx