SET-listed Siam Cement Group (SCG), Thailand's largest cement maker and industrial conglomerate, vows to spend 70 billion baht on technological innovations to cut carbon dioxide emissions from its manufacturing by 20% within 2030.
The new investment, to be carried out between 2022 and 2030, is in line with the UN's Sustainable Development Goals (SDG), the Thai government's bio-, circular and green (BCG) economic model and environmental, social and governance standards (ESG), said Roongrote Rangsiyopash, president and chief executive of SCG.
The company wants to use modern technologies to increase production efficiency and build businesses with low CO2 emissions.
Once it hits the 2030 goal, SCG will continue to move towards a net-zero target by 2050, reducing 5 million tonnes of CO2 through many projects including afforestation covering 3 million rai of land.
The concept of net-zero emissions aims to strike a balance between greenhouse gas emissions and absorption.
The company also intends to use biomass and refuse-derived fuel as part of its plans to reduce CO2 emissions in cement production. SCG also wants to invest in carbon capture utilisation and storage, use electric vehicles and apply artificial intelligence systems to energy management.
"SCG wants to reduce CO2 emissions because this is a global trend and we aim to become a company that plays a leading role in pushing forward SDGs, BCG and ESG," said Mr Roongrote.
SCG plans to reduce coal usage at its cement plants in Thailand, Vietnam, Laos, Cambodia and Indonesia by 50% in 2022. The company also plans to use more electricity generated by renewable energy for its factories.
Thammasak Sethaudom, vice-president for finance and investment and chief financial officer, said the company plans to spend 10 billion baht from the investment budget next year.
"We expect to spend 10 billion baht a year on environmentally friendly investment," he said.
