Second-Party Opinion Download

Impact Summary

Sustainalytics has calculated the estimated impact achieved by the green bond issued by Bangkok Mass Transit System Public Company Limited (BTSC) in November 2021. The green bond issuance raised THB 10.2 billion, which has been fully allocated in the category Clean Transportation across projects in Thailand. For a representative year of the bond’s term to maturity, Sustainalytics has calculated 1,331 tCO₂e of financed avoided emissions.

Introduction

BTS Group Holdings PCL (BTSG) is a privately owned, multi-industry conglomerate that operates across three business platforms; MOVE, MIX and MATCH. Listed on the Stock Exchange of Thailand (SET), BTSC is a subsidiary of BTSG and the group’s mass transit unit, accounting for the majority of the group’s revenue. BTSC operates and maintains the Sky Train system, an elevated trackwork in Bangkok. In 2021, BTSC issued a green bond and allocated the proceeds according to the BTSG Green Bond Framework. Sustainalytics provided a Second-Party Opinion on the BTSG Green Bond Framework, evaluating it as credible, impactful and aligned with the Green Bond Principles 2021 (GBP). BTSC engaged Sustainalytics to quantify the environmental benefits of the projects refinanced with the proceeds from its green bond. Using established methodologies, Sustainalytics has estimated avoided emissions from BTSC’s Clean Transportation projects. This report presents the details of our findings, including a description of the methodology used to calculate the impacts.