Siam Piwat advances its net-zero 2050 goal (Scope 1&2), prioritizing resource efficiency and renewable energy to create the retail prototype of the future

Bangkok – Siam Piwat, a leading global real estate developer behind world-class landmarks such as Siam Paragon, ICONSIAM, Siam Center, Siam Discovery, and Siam Premium Outlets Bangkok, is advancing its decarbonization strategies in alignment with the Paris Agreement’s target to keep the rise in global temperatures below 1.5–2 degrees Celsius.

Ms. Nareerat Santhayati, Executive Vice President of Sustainability and Investor Relations at Siam Piwat Co., Ltd., stated: “At Siam Piwat, we believe that business growth must go hand-in-hand with social and environmental responsibility. As such, we are committed to achieving our net-zero 2050 goal for Scope 1 and 2 emissions across every aspect of our operations. Our efforts range from enhancing energy efficiency and implementing circularity-driven waste management to expanding our use of renewable energy and building a green ecosystem in collaboration with our partners, tenants, communities, and all stakeholders to foster a sustainable future for Thailand.”

Siam Piwat has officially declared its target to reach net-zero emissions by 2050 and is actively implementing initiatives to reduce greenhouse gas emissions across Scopes 1 and 2. The core strategies are as follows:

1. Renewable Energy and Energy Efficiency Upgrades

A cornerstone of Siam Piwat’s net-zero 2050 roadmap is a transition to renewable energy. Since 2020, Siam Piwat has been a retail leader in this space, pioneering solar rooftop installations at projects such as ICONSIAM and Siam Premium Outlets Bangkok.

In addition, Siam Premium Outlets Bangkok has recently expanded its capacity with Phase 2 of its solar rooftop project, featuring the installation of solar panels paired with a battery energy storage system the roofs over its parking areas. Meanwhile, Siam Paragon has also completed its own solar rooftop installation, putting its current renewable energy footprint at over 62,000 square meters, resulting in reductions in greenhouse gas emissions equivalent to the amount of CO₂ absorbed by more than 370,100 trees annually.

Siam Piwat has also partnered with the Metropolitan Electricity Authority (MEA) to procure green electricity through the Utility Green Tariff (UGT 1) program, making Siam Paragon and ICONSIAM the first shopping centers in Thailand to power more than 30% of their common areas, including air conditioning, lighting, and utility systems, with renewable energy.

Furthermore, Siam Piwat has invested over 50 million baht in equipment upgrades and the installation of IAQ sensors to enhance building energy efficiency and automatically optimize air conditioning systems based on real-time environmental conditions. These initiatives under Siam Piwat’s smart energy management framework save over 1.8 million kilowatt-hours of electricity per year combined.

2.Circularity-driven Waste Management

With respect to waste management, Siam Piwat has set a goal to achieve zero waste to landfills by 2040 through the Siam Piwat 360° Waste Journey to Zero Waste project, which promotes waste sorting at the source to maximize resource recovery in line with circular economy principles. By collaborating with over 1,000 tenants and a network of partners for more than five years, Siam Piwat has established a waste management model that is now widely recognized and frequently studied and adopted by other organizations.

Another key initiative is the Recycle Collection Center (RCC), a drive-thru drop-off point for clean recyclables and packaging that accepts eight different categories of materials for recycling and upcycling. Since its launch in 2021, the program has collected over 42,500 kilograms of materials from Siam Paragon and ICONSIAM, significantly reducing the volume of waste otherwise destined for landfills and giving the public an opportunity to return materials into the production cycle.

Non-recyclable multi-layer plastics, on the other hand, are converted into refuse derived fuels (RDF), turning waste into an energy resource and further minimizing landfilling.

Siam Piwat also fosters consumer engagement through NEXTOPIA, a prototype space that seamlessly integrates eco-conscious concepts into modern lifestyles. Under this initiative, discarded materials are transformed into value-added recycled and upcycled products, which are sold at ECOTOPIA, thereby empowering consumers to practice responsible consumption and play an active role in environmental conservation.

3. Building a Comprehensive Green Ecosystem

Siam Piwat also prioritizes the integration of green spaces across all its developments, currently maintaining over 37,000 square meters of such areas in total, while also fostering green communities that connect people and local neighborhoods to green spaces. These initiatives are designed to enhance quality of life, drive carbon sequestration, mitigate the urban heat island effect, and contribute to a more sustainable urban environment.

Furthermore, Siam Piwat is setting a new benchmark for Thailand’s MICE industry, with Paragon Hall and ICONSIAM Hall becoming the first venues in the country to be certified as carbon-neutral venues by the Thailand Greenhouse Gas Management Organization (TGO). This achievement reflects Siam Piwat’s commitment to elevating Thailand’s MICE industry to meet international sustainability standards.

Siam Piwat remains committed to the pursuit of its net-zero 2050 goal (Scopes 1 & 2). By leveraging innovation, fostering partnerships, and engaging all sectors, Siam Piwat strives to achieve balanced growth across economic, social, and environmental dimensions and propel Thailand toward a low-carbon economy and a sustainable future.

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