Kasikornbank (KBank), one of Thailand’s largest banks, has set an ambitious target to provide THB200 billion (Rp92 trillion) in green financing by 2030, viewing climate action as a promising business opportunity.
“This is not just an ideology but a real business for both us and KBank’s customers,” said KBank President Pipit Aneaknithi during a press briefing in Bangkok on Thursday, October 17, 2024.
KBank’s commitment to green business began in 2022, with THB26.4 billion and THB73.4 billion in green financing provided in 2022 and 2023, respectively.
“In 2024, we aim to reach THB100 billion (Rp46 trillion),” Pipit said.
KBank has introduced several products to support sustainable financing, including loans to customers transitioning to a green economy.
The bank is also investing in startups focused on environmental, social, and governance (ESG) areas through its subsidiary, Beacon Venture Capital, via the Beacon Impact Fund.
Pipit noted that KBank is working to expand its green financing reach beyond traditional banking models. The bank is currently developing a blockchain-based carbon trading ecosystem.
However, Pipit mentioned that Indonesia’s Bank Maspion, in which KBank holds an 84.5 percent stake, has not yet entered the green financing business. The bank plans to first study Indonesia’s carbon trading regulations and green financing landscape.
“We want to be cautious and avoid being seen as engaging in greenwashing,” Pipit emphasized, on Thursday, October 17, 2024.
