June 14 2022 (Bangkok): CDP and the Securities and Exchange Commission (SEC), Thailand, are pleased to announce a collaboration that will see the organizations work together to raise awareness of and drive higher levels of environmental disclosure in Thailand, in line with the recommendations from the Task Force on Climate-related Financial Disclosures (TCFD).
The new partnership between CDP, which runs the global TCFD-aligned environmental disclosure system, and the SEC will include collaboration on a number of important areas including:
- Co-developing a programme to improve the quantity and quality of environmental disclosures from corporates and financial institutions in Thailand
- The provision of data and insights from CDP to the SEC and other policy actors to support the priorities laid out in the Sustainable Finance Initiatives for Thailand roadmap
- A series of practical workshops and reports for corporates and policy makers to drive greater alignment with TCFD-aligned disclosure in Thailand
The collaboration between CDP and the SEC will run throughout 2022 and is part of the SEC’s ambition to raise awareness and encourage business sectors to incorporate climate-related risks into their policy, strategic planning and risk management, and follow international standard disclosure guidelines.
Donald Chan, Managing Director for Asia Pacific at CDP, said: “CDP is delighted to partner with the Securities and Exchange Commission on this important programme, putting our 20 years of data, insights and expertise at their disposal. This partnership will be critical in driving more disclosure from corporates and financial institutions, raising awareness of the TCFD recommendations and shaping ambitious policy. Environmental disclosure is now widely accepted as a necessity within global financial markets and in March 2022 was last month celebrated by the Intergovernmental Panel on Climate Change (IPCC) as a critical means to address market failures. With the TCFD recommendations set to form the basis of the world’s first global baseline standard for climate-related financial disclosure, currently in development by the ISSB, it is also in every company’s interest to ensure they are disclosing in line with the framework.”
Ruenvadee Suwanmongkol, Secretary-General of the Securities and Exchange Commission, Thailand, said: “The SEC is very pleased to cooperate with CDP on this programme. As the first state agency in Thailand to have officially supported TCFD since 30 December 2020, the SEC has spearheaded several key initiatives including the introduction of One Report for better disclosure of ESG information, including human right issues and carbon emissions. This partnership will enhance the awareness of businesses to integrate sustainability into their agendas and operations throughout their value chains, and thus contributing to further success of quality environmental disclosure, in line with TCFD recommendations and international standards. The SEC therefore looks forward to working closely with CDP and all parties in the Thai capital market in driving towards Thailand’s target of carbon neutrality by 2050 and net zero emissions by 2065 as well as the achievement of Sustainable Development Goals (SDGs.)”
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CDP is a global non-profit that runs the world’s environmental disclosure system for companies, cities, states and regions. Founded in 2000 and working with more than 680 financial institutions with over $130 trillion in assets, CDP pioneered using capital markets and corporate procurement to motivate companies to disclose their environmental impacts, and to reduce greenhouse gas emissions, safeguard water resources and protect forests. Over 14,000 organizations around the world disclosed data through CDP in 2021, including more than 13,000 companies worth over 64% of global market capitalization, and over 1,100 cities, states and regions. Fully TCFD-aligned, CDP holds the largest environmental database in the world, and CDP scores are widely used to drive investment and procurement decisions towards a zero carbon, sustainable and resilient economy. CDP is a founding member of the Science Based Targets initiative, We Mean Business Coalition, The Investor Agenda and the Net Zero Asset Managers initiative. Visit cdp.net or follow us @CDP to find out more.
The Securities and Exchange Commission, Thailand (SEC) is a state agency established by virtue of the Securities and Exchange Act B.E. 2535 (1992), with the main duties to promote, develop and supervise the Thai capital market. In developing a sustainable capital market, the SEC has set a vision to embrace changes and develop a fair, efficient, dynamic and inclusive ecosystem for all by closely collaborating with all stakeholders. The SEC strives to enhance the benefits and well-being of people through being a trustworthy and proactive organization, improving the Thai capital market to become an increasingly efficient and significant source of financing, and in parallel, increasing contributions to the country's economic growth and social development.