解码泰国分类法：分类如何驱动可持续业务

Understanding the Thailand Taxonomy: A Standardfor Classifying Sustainable Economic Activities4 Assessing the Benefits and Impacts of the ThailandTaxonomy8 Sectoral Deep Dive: Opportunities and Challengesunder the Thailand Taxonomy Krungsri Research View: Preparing Businesses forThailand’s Green Investment Standard21 References22 Unlessexplicitly stated otherwise,this publication and all material therein isunder the copyright ofKrungsri Research. As such, the reuse, reproduction, oralteration of this text or any part thereof is absolutely prohibited without priorwrittenconsent.This report draws on a wide range of well-established andtrustworthysources,but Krungsri Research can make no guarantee of theabsolute veracity of the material cited. Moreover,KrungsriResearch will not beheld responsible for any losses that may occur either directly or indirectly fromany use towhich this report or the data contained therein may be put.Theinformation,opinions,and judgements expressed in this report are those ofKrungsriResearch, but this publication does not necessarily reflect the opinionsof Bank ofAyudhya Public Company Limited or of any other companies withinthe same commercial group. This report is an accurate reflection of the thinkingand opinions ofKrungsriResearch as of the day of publication, but we reservethe right to change those opinions without prior notice. For research subscription, contactkrungsri.research@krungsri.com Executive Summary The Thailand Taxonomy is a national classification framework that divides economic activities into three tiers—green, amber, and red—based on their level of environmental sustainability. Currently, it applies to six keysectors that are major contributors to Thailand’s greenhouse gas emissions: energy, transport, agriculture,manufacturing, construction and real estate, and waste management. For businesses, the Thailand Taxonomyprovides several advantages. It strengthens credibility with investors and trading partners by enabling firms todisclose the proportion of revenues and investments aligned with the Taxonomy. In addition, it offers aroadmap for companies to adjust their operations toward greater sustainability, thereby improving their accessto sustainable finance. However, although adoption of the Taxonomy is still voluntary, its establishment bringsboth pressure and challenges for the private sector in two critical areas: (1) collecting and reporting businessdata consistent with the Taxonomy, and (2) transforming business models toward sustainability, includingsecuring internationally recognized sustainability certifications. Prapan Leenoi Analystprapan.leenoi@krungsri.com+662296 6235 Understanding the Thailand Taxonomy:A Standard for Classifying SustainableEconomic Activities As the climate crisis intensifies, the world is accelerating its transition toward achieving net-zero greenhouse gas(GHG) emissions. Thailand is no exception, having publicly committed on the global stage to reach net-zeroemissions by 2065. In response,the government has been advancing green legislation and regulations, such asthe Climate Change Act and a carbon tax. At the same time, the private sector is increasingly proactive,responding to pressures from both domestic and international measures, including the Carbon BorderAdjustment Mechanism (CBAM). As a result, we have seen more organizations setting net-zero targets andinvesting in carbon reduction projects, which has, in turn, fueled rapid growth in the green finance market thatsupports environmentally friendly investments. Amid this expansion,the risk of greenwashing arises when businesses claim to be “green” without actuallyreducing their environmental impact. This makes it difficult for financial institutions, investors, and consumersto accurately identify genuinely sustainable activities.The Thailand Taxonomy was introduced as a tool toscreen and classify environmentally sustainable economic activities, enhancing transparency in the sustainablefinance market and supporting the country’s net-zero ambitions. This article focuses on exploring the Thailand Taxonomy, which was most recently launched in May 2025, andevaluates its benefits, impacts, challenges, and opportunities for stakeholders across various economic sectors. What is the Thailand Taxonomy? The Thailand Taxonomy is a classification framework that defines and categorizes economic activities basedon their environmental impact. It applies technical screening criteria to determine whether an activity qualifiesas environmentally friendly.1/While the Taxonomy primarily emphasizes environmental criteria,activities thatalign with it must also meet broader sustainability requirements, taking into account both environmental andsocial dimensions.Specifically: 1.Contribution to Environmental Objectives:Activities must make a substantial contribution to at leastone of six environmental objectives, namely,(1) Climate Change Mitigation, (2) Climate ChangeAdaptation, (3)