Bank of Ayudhya, under the marketing name Krungsri, has joined hands with Siam City Cement (SCCC) to move towards zero food waste in order to reduce greenhouse gases and promote the circular economy.
The collaboration is intended to address climate change by installing an additional food waste decomposer that transforms food waste into enriched bio-soil for plants, while supporting the circular economy concept.
Seiichiro Akita, president and chief executive of Krungsri, said the bank is committed to the guiding principles of banking with environmental, social and governance (ESG) considerations, as shown by its environmental initiatives to advance climate action.
Krungsri launched the "Krungsri Zero Waste" project in 2018 with the aim of advancing accurate and efficient resource management and reducing waste in landfills, which is one of the largest contributors of greenhouse gases.
In 2020, Krungsri installed a food waste decomposer at its head office using biotechnology to transform food leftovers into enriched bio-soil for plants, a practice supporting Thailand's circular economic model.
"This year, Krungsri, in collaboration with Siam City Cement PCL, our key strategic partner, has enhanced our environmental mission in pushing towards zero waste by expanding the area equipped with a food waste decomposer manufactured by Insee Ecocycle Co, a unit of SCCC, to cover Krungsri's Ploenchit office," Mr Akita said.
"This effort will help reduce food waste to landfills by over 3,000 kilogrammes per year, or 7,500kg of carbon dioxide equivalent, in line with the Krungsri carbon neutrality vision, through which we aim to decarbonise our own operations by 2030."
Montri Nithikul, chief executive of SCCC's Thailand cement business, said that as an organisation with a commitment to emphasise and continue with a sustainability endeavour, SCCC Group was pleased to drive sustainability action, particularly by creating a green business network through the advancement of environmentally friendly technology.
"We take pride in the food waste decomposer developed by Insee Ecocycle as an innovation to fight climate change and promote efficient waste management, in alignment with the circular economy as well as our sustainable development goals towards net zero in 2030," he said.
