Climate Change Management
M.L. Nathasit Diskul
President
BAFS recognizes that climate change poses severe impacts on the environment and the quality of life in society, with its intensity expected to increase in the future. As a result, the global community has come together to address this issue under the Paris Agreement, established within the framework of the United Nations Framework Convention on Climate Change (UNFCCC). Thailand has also prioritized this as an urgent agenda, requiring all companies to take action in reducing greenhouse gas emissions to help limit global temperature not exceeding 1.5 to 2 degrees Celsius.
UN SDG 13: Climate Action
BAFS recognizes the challenges posed by climate change and is committed to reducing greenhouse gas emissions through the implementation of its Net Zero Master Plan. The Company targets a 20% reduction in greenhouse gas emissions by 2030, a 60% reduction by 2040, and Net Zero greenhouse gas emissions by 2050. These targets are supported by decarbonization measures across the Company’s operations, including renewable energy, energy efficiency, electrification, and other low-carbon initiatives.
Climate Change Management
BAFS has established a clear climate change governance structure, including policies, targets, key performance indicators, as well as risks and opportunities. This framework comprehensively covers all levels, from the Board of Directors to operational levels, ensuring an effective path toward the Net Zero target.
The Corporate Governance and Sustainability Committee (GSC), chaired by a member of the Board of Directors, is responsible for establishing the policy framework and overseeing BAFS Group’s climate change management. The Committee appoints and supervises the Sustainability Working Group (SWG), which is tasked with driving climate-related initiatives in alignment with the company’s sustainability policies and objectives. In addition, the GSC monitors and regularly reports on climate-related performance and other relevant matters to the Board of Directors, thereby reinforcing sound corporate governance and supporting sustainable long-term growth.
The Sustainability Working Group (SWG), chaired by a representative of the Board of Directors, is responsible for driving climate change initiatives, monitoring implementation progress, and overseeing greenhouse gas emission reduction efforts. The SWG reports quarterly to the Corporate Sustainability Committee (CSC).
The company has established the BG-Net Zero Task Force, chaired by the Director of Strategy and Sustainability, to drive efforts toward achieving net-zero greenhouse gas emissions. The task force has set carbon reduction targets and defined a base year to align with the business growth trajectory of the group. Additionally, a master plan for greenhouse gas reduction has been developed. The BG-Net Zero Task Force reports quarterly progress on its initiatives to the Sustainability Working Group (SWG).
The Audit Committee is responsible for overseeing the accuracy and reliability of financial reporting and reviewing the adequacy and effectiveness of the Company’s internal control, internal audit, and risk management systems, as well as compliance with applicable laws and regulations. As part of its risk oversight responsibilities, the Audit Committee considers significant risks reported through the Group Risk Management Working Group (RWG), including climate-related and decarbonization risks where relevant and material, and reports key matters to the Board of Directors.
The risk Supervision Working Group (RWG), RWG aligns BAFS Group’s risk management with the COSO ERM Framework, addressing ESG and climate risks. Quarterly reports to the RMC ensure transparency and support sustainable development
Road to Net Zero Emissions
20%
Reduce Scope 1, 2, and 3 Greenhouse Gas Emissions by 2030 (Short-term target)
60%
Reduce Scope 1, 2, and 3 Greenhouse Gas Emissions by 2040 (Mid-term target)
Net Zero
Achieve Net Zero Emissions by 2050 (Long-term target)
BAFS Group is committed to creating sustainable value through the continuous reduction of greenhouse gas emissions in alignment with the 1.5°C climate ambition. Through its “ZERO” Strategy, the Group is driving its decarbonization efforts and advancing toward its target of achieving Net Zero greenhouse gas emissions by 2050.
Zero Emission
Energy Transition
Response to nature and low Carbon Society
Opportunity for green portfolio
Organizational Greenhouse Gas Inventory
BAFS prepares and reports its organizational greenhouse gas (GHG) emissions inventory in accordance with ISO 14064-1, using applicable calculation methodologies and emission factors issued by the IPCC and TGO. The inventory covers Scope 1, Scope 2, and relevant Scope 3 emissions within the Company’s defined organizational and operational boundaries. For Scope 3, BAFS assesses all relevant activities to determine their significance to the Company. Only activities assessed as significant are included in the reported GHG inventory. BAFS’s Scope 1, Scope 2, and Scope 3 GHG emissions are independently verified by a third-party verifier at a Limited Level of Assurance to support the accuracy and reliability of the reported information.
BAFS also participates in TGO climate-related programmes, including Carbon Footprint for Organization (CFO), Carbon Neutral Organization, and the Net Zero Pathway Project. Greenhouse gas management is an important part of BAFS Group’s sustainability and decarbonization efforts. Subsidiaries separately prepare their own organizational GHG inventories under the CFO framework and develop GHG reduction plans appropriate to their operations. This supports the monitoring and management of emissions across the Group and contributes to the achievement of BAFS Group’s climate targets.
BAFS uses its GHG inventory to monitor emissions performance, track progress toward its GHG reduction targets, and support the implementation of its Net Zero Master Plan toward achieving Net Zero greenhouse gas emissions by 2050.
The details of GHG emissions for each scope are as follows:
Scope 1
Direct emissions
- Mobile combustion (Diesel and Gasoline)
- Stationary Combustion (Diesel ang LPG)
- Fugitive emissions (CO2 fire extinguisher)
- Wastewater treatment (CH4)
- Refrigerant (R-32, R-134a and R-410a)
- SF6
Scope 2
Indirect emissions
- Electricity
Scope 3
Other indirect emissions
Upstream Activities
- Category 1: Purchased Goods & Services
- Category 2: Capital Goods
- Category 3: Fuel- & Energy-related Activities
- Category 4: Upstream Transportation & Distribution
- Category 5: Waste Generated in Operations
- Category 6: Business Travel
- Category 7: Employee Commuting
- Category 8: Upstream Leased Assets
Downstream Activities
- Category 9: Downstream Transportation & Distribution
- Category 10: Processing of Sold Products
- Category 11: Use of Sold Products
- Category 12: End-of-life Treatment
- Category 13: Downstream Leased Assets
- Category 14: Franchises
- Category 15: Investments
Greenhouse Gas Management (Scope 1, 2, and 3)
BAFS conducts an annual greenhouse gas emissions assessment to achieve Carbon Neutrality and reach Net Zero emissions by 2050. The company implements a Carbon Footprint for Organization (CFO) accounting system, covering Scope 1, 2, and 3 across all operational sites. This data is externally verified to ensure accuracy and transparency. Additionally, BAFS offsets its total greenhouse gas emissions through carbon credits from emission reduction projects, successfully achieving the status of a Carbon Neutral Company.
The amount of GHG emissions is
6,326 tCO2e
in 2023
6,777 tCO2e
in 2024
6,499 tCO2e
in 2025
Scope 1 : Direct emissions
Scope 2 : Indirect emissions
Scope 3 : Other indirect emissions
Carbon Intensity
GHG emissions per volume of aviation fuel service (tCO2e/M.liter)
The company's greenhouse gas emissions performance in the current year compared to the base year
In 2025, the company has implemented a quarterly monitoring and analysis process for greenhouse gas (GHG) emissions from its operations, comparing the results with the 2024 base year. This ongoing assessment enables the company to track emission trends and enhance the effectiveness of measures to reduce GHG emissions in alignment with current circumstances. Additionally, the data collected serves as a foundation for developing the company’s sustainability strategies and supporting concrete actions to minimize environmental impacts. It also strengthens transparency in reporting to stakeholders, reflecting the company’s commitment to achieving long-term GHG emission reduction goals.
The amount of GHG emissions in 2024 (base year) is
6,777 tCO2e
The amount of GHG emissions of 2025 is
6,499 tCO2e
decreased by 4.10%
Scope 1
Scope 2
Scope 3
International Carbon Reporting
BAFS participates in climate change disclosures in accordance with international standards, including the Climate Disclosure Project (CDP) and the Task Force on Climate-related Financial Disclosures (TCFD). Both initiatives aim to assess the impacts, risks, and opportunities associated with climate change on business operations in the short, medium, and long term, covering the entire value chain. Additionally, these disclosures serve as a demonstration of best practices in climate-related financial reporting.
To effectively manage climate change issues, the company has integrated carbon reduction targets into its operations by implementing a performance-based incentive program. This program aligns employee and executive compensation at all levels with the organization’s carbon reduction goals, reinforcing the company’s commitment to sustainability.
Company's 2024 Standard Performance Results and Indicators
In 2024, BAFS was rated at the "C" level (Awareness Level) by the Climate Disclosure Project (CDP), reflecting the company's commitment to environmental transparency. This rating indicates that BAFS has disclosed key climate-related information and recognizes the impact of environmental risks and opportunities on its business. The ranking serves as a critical foundation for driving progress in climate-related actions and disclosures in the future.
In addressing climate change issues, the company has established a special compensation scheme based on carbon reduction outcomes aligned with the organization's targets. This applies to employees and executives at all levels, integrating greenhouse gas reduction objectives into operations and effectively driving the organization's sustainability.
BAFS was rated at the "C" level (Awareness Level) by the Climate Disclosure Project (CDP)
Climate Change Strategy Operations
BAFS continuously implements climate change initiatives and projects in support of its commitment to achieving Net Zero GHG Emissions. The Company focuses on improving energy efficiency, increasing the use of renewable energy, and adopting environmentally friendly technologies across its operations. These initiatives include the installation of solar power systems, the transition from internal combustion engine vehicles to electric vehicles (EVs), Mae Fah Luang’s carbon credit forest project that support sustainable development, and the Zero Waste initiative, which reduces waste sent to landfills while promoting resource recovery and recycling. BAFS also encourages climate awareness among employees through internal communication and engagement activities.
In addition, BAFS has demonstrated its commitment to the Thailand Carbon Neutral Network (TCNN) by serving as one of its sponsors since 2022, supporting collaborative efforts to reduce greenhouse gas emissions and advance the transition toward Net Zero GHG Emissions.
Explore the latest news and updates on BAFS's climate change initiatives and projects below.
