KTB links EGAT’s operating account to green deposit, boosting Thai energy sustainability

This is a first for Thai commercial banks.

State-owned Electricity Generating Authority of Thailand (EGAT) announced its partnership with Bank Public Company Limited (KTB) to promote green deposits under the latter’s Green Financing Framework. 

In a statement, EGAT said its main operating account will be integrated into the green deposit project, which is a first for Thai commercial banks. 

KTB CEO Payong Srivanich said the green deposit project will be implemented using US dollars.

EGAT uses the main operating account for various financial transactions, including deposits, withdrawals, transfers, payments, and foreign exchange risk management. KTB will utilise this account to support the bank’s green loans.

Under the agreement, a minimum deposit amount is required to ensure the effective and continuous support of green loans, to enable both direct and indirect reduction of greenhouse gas emissions. 

This initiative also supports the commitment of KTB and EGAT to conducting business responsibly in response to the Environmental, Social, and Governance, and the United Nations’ Sustainable Development Goals.

“This initiative aims to enable KTB to provide financial support to eco–friendly projects, e.g., renewable energy power plant construction, energy efficiency, building construction for environment,” EGAT Governor Thepparat Theppitak said.

He said this is aligned with EGAT’s policy to support clean energy deployment and energy efficiency.