HSBC Thailand, named the country's best international bank by Euromoney magazine and FinanceAsia, has partnered with Mitr Phol Group, the world's No.4 sugar producer and the leading green energy producer in Southeast Asia, to sign an 800-million-baht green working capital loan agreement.
This funding supports Mitr Phol's sustainable sugar operations in Thailand, with the goal of enhancing sustainability throughout its entire sugarcane and sugar production value chain.
In 2016, Mitr Phol was the first sugar producer in Thailand and the second in Asia to earn the Bonsucro certificate, the leading global standard for sustainable sugarcane and sugar production.
The partnership aligns with HSBC's ambition to help deliver a net-zero global economy by supporting its clients' transitions, and Mitr Phol's goal of achieving carbon neutrality by 2030 and net-zero emissions by 2050.
"Our longstanding relationship with Mitr Phol has enabled us to support their growth and sustainability ambitions across three countries: Thailand, Indonesia and China," said Giorgio Gamba, chief executive and head of banking at HSBC Thailand.
"This transaction underscores Mitr Phol's commitment to foster a sustainable agricultural sector, and we are proud to be their trusted partner, using our extensive expertise in sustainable financing to assist them in achieving their sustainability goals."
Art Medhapipatkul, chief financial officer at Mitr Phol, stressed the importance of sustainable business practices that support local communities and protect the environment.
"We are delighted to secure this facility with the support of HSBC Thailand. Sustainability has always been at the core of Mitr Phol," said Mr Art.
"As a company in the agricultural sector that emphasises our 'Growing Together' ethos, we are committed to empowering communities and driving climate action to benefit the economy, society and environment."