Siam Commercial Bank inks MOU for green-linked forward contracts

Costs are tied to the company’s performance in ESG criteria.

Siam Commercial Bank has inked a memorandum of understanding (MOU) with IRPC Public Co. for sustainability-linked forward contracts.

The contracts are designed to mitigate exchange rate risks and foster sustainable development through innovative financial derivatives, the bank said in a press statement posted on its website.

Costs are tied to the company’s performance in environmental, social, and governance (ESG) criteria aligned with sustainable organisational development.

This initiative also underscores the commitment to good corporate governance and the integration of renewable, clean energy in business operations to achieve sustainability objectives, according to SCB.

The move is part of Siam Commercial Bank’s aim for net zero emissions from its internal operations by 2030, and from its lending and investment activities by 2050, said Patrick Poulier, executive vice president & head of Financial Markets Function at SCB.

Earlier this week, SCB announced that it is revamping its core banking system.

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