UOB Thailand (UOBT) launched the Sustainability Innovation Programme (SIP) Thailand 2024 which culminated into a two-day workshop for more than 350 small and medium-sized enterprises (SMEs) on 29 and 30 May 2024. The SIP, spearheaded by UOB FinLab Thailand, is a testament of our commitment towards building a sustainable future of ASEAN. The programme aims to help SMEs transform their companies into sustainable and green businesses by providing insights across a variety of sustainability topics such as energy efficiency, sustainable finance, renewable energy certificates (RECs), sustainable packaging, carbon management and environment, social and governance (ESG) reporting.
Mr Tan Choon Hin, President and CEO, UOBT, gave opening remarks where he highlighted the importance of SMEs to the Thai economy and how UOB has been supporting these SMEs in their transformation, with customised assets such as the UOB Sustainability Compass and Sustainability Innovation Programme.
The programme comprised sharing sessions focused on ESG trends, updates on regulations and views relating to business strategies. Presenters included UOB partners namely The Stock Exchange of Thailand (SET), WHA Corporation and PWC Thailand; and experts from the public and the private sector such as the Thailand Development Research Institute (TDRI), Thailand Greenhouse Gas Management Organisation (TGO), PWC Thailand and Chulalongkorn University. Participants also connected with like-minded peers and industry experts. Here are some of the highlights at the session:
Ms Santhayati gave keynote speech on Thailand’s ESG landscape. She shared the potential tightening of environment, social and governance (ESG) regulations, in view of the introduction of the Carbon Border Adjustment Mechanism (CBAM) and Clean Competition Act. She also gave an insightful glimpse of how listed Thai companies have successfully adapted to those changes and geared towards sustainable paths.
Dr Charika Channuntapipat, Research Fellow, Thailand Development Research Institute, spoke in detail about how different major industries will be affected, in anticipation of the new climate change bills to be implemented in Thailand. She mentioned how this ESG risk would affect the image of companies and possibly translate into financial risk. Dr Channuntapipat also provided various steps for SMEs to prioritise and to take ESG-related actions.
Ms Kulthida Wiratkapan, Partner in Sustainability and Climate Change practice, PWC, and her team spoke about the specifics of ESG. They gave examples of how the differing mix of the components will affect businesses in various ways, and how SMEs can adapt to them.
Dr Vaiyavuth shared the importance of considering sustainability in business evaluation. Referencing the Business Model Canvas, a planning framework for businesses, he shared that the canvas can be utilised as a strategic tool for designing, testing or implementing their sustainability value proposition, which will help SMEs identify how to align their activities with their values in a sustainable way.
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Find out how UOB FinLab empower SMEs in accelerating their sustainable journey through UOB FinLab’s Sustainability Innovation Programme 2024
Designed for business owners to enhance their digital capabilities through practical learning, this programme takes businesses to the next level.
Designed for business owners to enhance their digital capabilities through practical learning, this programme takes businesses to the next level.
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