泰国气候融资格局：弥合通往净零排放的差距

KEY POINTS Thailand’s Climate Finance Landscape:Bridging the Gap to Net Zero •From 2018 to 2024, thecountry’s climate mitigationinvestments totaledB1.6 trillion ($47 billion).Energy (48%) andtransport (16%) dominated.Adaptation, on the otherhand, accounted for less than1% of climate finance. Karan ChoukseyClimate Change SpecialistAsian Development Bank (ADB) Michael RattingerSenior Climate Change SpecialistADB •Corporate and commercialbanks contributed over60% of climate finance,primarily in renewableenergy and electric vehicleinfrastructure. Sectors suchas agriculture, water, waste,and adaptation remainedcritically underfunded. Peter du PontClimate Finance ConsultantADB Sarinee AchavanuntakulClimate Finance ConsultantADB INTRODUCTION •Thailand needs$22 billion–$28 billion yearlyin climate investmentsbetween 2030 and 2050to meet its nationallydetermined contributionand net-zero targets.Current flows fall shortby 50%, creating anannual investment gap of$11 billion–$17 billion. Thailand has evolved into a diverse economy with a strong industrial base, a growingtourism sector, and a significant agricultural presence. While these sectors haveraised living standards, they have also increased pressure on energy systems and theenvironment. Climate change now poses a major threat, with rising sea levels, extremeweather events, and resource depletion risking long-term economic stability. Key pillars of Thailand’s economy—manufacturing, agriculture, and tourism—are highlyvulnerable to climate-related disruptions such as erratic rainfall, heat waves, andenvironmental degradation. Despite the introduction of green and sustainability-linkedfinance, investment in climate-focused projects is still limited. Many financial institutionsremain hesitant to support high-risk or low-return initiatives, slowing progress towardclimate resilience. •This assessment concludeswith a proposal for afive-pillar road map:catalytic finance, greencapital markets, institutionalstrengthening, public–privatepartnership frameworks, anda national finance repository. Thailand has pledged to reduce greenhouse gas emissions by 33% unconditionally—and up to 40% with international support—by 2030, and to achieve carbon neutralityby 2050 and net-zero emissions by 2065. Meeting these targets will require a substantialscale-up in finance. From 2018 to 2024, average annual nationally determinedcontribution (NDC)-related investment stood at $8 billion. From 2030 onward, thecountry will need to mobilize at least $21 billion yearly to stay on track. Climate finance remains heavily skewed toward mitigation, particularly renewable energyand electric mobility. Adaptation receives less than 1% of total funding, leaving essentialareas like water management, disaster resilience, and agriculture significantly underfunded.The lack of standardized reporting makes it difficult to track flows and identify gaps. ISBN 978-92-9277-386-1 (print)ISBN 978-92-9277-387-8 (PDF)ISSN 2071-7202 (print)ISSN 2218-2675 (PDF)Publication Stock No. BRF250306-2DOI: http://dx.doi.org/10.22617/BRF250306-2 ADB BRIEFS NO. 347 To meet its climate objectives, Thailand must scale up bothdomestic and international finance, deepen green capital markets,and introduce stronger policy measures to drive investment towardunderfunded sectors. Asian Development Bank (ADB) estimates of the total climatefinance flows in Thailand, based on publicly disclosed information,are as follows: •Around B1.6 trillion (about $47 billion) of climate mitigationfinance was invested or committed, or both, from 2018 to 2024.•Overall, the private sector, specifically corporations andcommercial banks, accounts for more than two-thirds of climatemitigation finance.•Corporations have the largest share, reaching aroundB716.7 billion (≈$20.5 billion) (44.8% of the total).•Thai government and state-owned enterprises contributeB507.8 billion (≈S14.6 billion) (31.7% of the total) (Table 1).•Commercial banks account for B324 billion (≈$9.3 billion)(20.2% of the total).•Funding from state-owned banks amounts to B37.6 billion(≈$1.1 billion) (2.3% of the total).•The remaining B14.4 billion (≈$410 million) (0.8% of the total)consists of funding from development banks, funds, andinstitutions. CLIMATE FINANCE FLOWS IN THAILAND Thailand’s climate finance landscape has made meaningfulprogress over the past 6 years (Figure 1), with mitigation-relatedinvestments growing steadily. However, climate finance remainsconcentrated, fragmented, and insufficient to meet the country’stargets in its NDCs. ADB Research for This Assessment ofThailand’s Climate Finance Landscape This assessment marks the first-ever comprehensive estimate ofclimate finance flows into Thailand’s NDC sectors. The data werecompiled from corporate sustainability reports, registered carboncredit databases, financial institution disclosures, governmentbudget allocations, and international climate finance portalsspanning over 660 publicly available project