UNDP, Krungthai Bank, and Office of Natural Resources and Environmental Policy are Planning to Promote Investment in Sustainable Bioeconomy in Thailand

Bangkok, 4 December 2024 – The Biodiversity Finance Initiative (BIOFIN) under the United Nations Development Programme (UNDP), in collaboration with Krungthai Bank and the Office of Natural Resources and Environmental Policy and Planning, today, launch the project to advance biodiversity-based and economic tourism in Phetchaburi Province.

The project, called ‘Sub-National Public & Private Partnership for Investment towards Sustainable Local Bioeconomy,’ aims to promote the sustainable management of mangrove forests and coastal resources through the bioeconomy. This includes generating income through bioeconomic activities, fostering public-private investment in biodiversity conservation, and supporting women-led businesses and vulnerable groups to create opportunities for all.

This project will be implemented from December 2024 to June 2026 in three subdistricts of Ban Laem District, Phetchaburi Province: Laem Phak Bia, Pak Thale, and Bang Tabun. It will focus on three main activities: promoting sustainable community-based tourism management, ensuring equitable profit-sharing from ecotourism revenue for local mangrove protection and environmental conservation, and developing public-private partnerships to advance the local bioeconomy. The project will establish biodiversity finance mechanisms tailored to the area’s specific context, ensuring the participation of all sectors, while supporting the development of climate adaptation plans, local biodiversity action plans, and gender action plans in the respective areas.

Niamh Collier-Smith, UNDP Resident Representative to Thailand | ©UNDP Thailand

Niamh Collier-Smith, UNDP Resident Representative to Thailand, stated during the launch event: "UNDP is delighted to partner with Krungthai Bank and the Government of Thailand to advance inclusive ecotourism in the Phetchaburi Province. We work for people and planet, bringing nature, climate, and social solutions together to improve people’s lives and livelihoods, here in Thailand and across the world. This new UNDP BIOFIN project brings all these traits together. It will demonstrate the central role of public-private partnerships to achieving the Sustainable Development Goals (SDGs) and illustrate the commitment of the Government of Thailand to putting its ambitious national biodiversity and climate plans into action at the local level.” 

“It was a privilege for UNDP to work with the Government and over 200 organizations to develop Thailand’s Biodiversity Finance Plan (2023–2027). This was presented to the international biodiversity conference in November, making Thailand one of 44 countries in the world to have detailed out how it will finance its contribution to the global biodiversity targets of the Kunming-Montreal Global Biodiversity Framework. This UNDP BIOFIN project is a small step towards addressing global biodiversity finance gap of $700 billion, but working together with our public and private partners, we believe that this local-led, inclusive approach is ready to be taken to scale across the country." 

Kanda Chukaew, Deputy Secretary-General of the Office of Natural Resources and Environmental Policy and Planning | ©UNDP Thailand

Kanda Chukaew, Deputy Secretary-General of the Office of Natural Resources and Environmental Policy and Planning, emphasized, "The implementation of the 2023–2027 National Biodiversity Strategies and Action Plan (NBSAP) will help Thailand achieve the global biodiversity goals outlined in the Kunming-Montreal Framework. Approved by the Cabinet on October 29, 2024, the NBSAP identifies three national strategies and 12 national targets for biodiversity. Collaborating with BIOFIN and the private sector is key to increasing funding for biodiversity conservation. Close cooperation among the government, private sector, and local communities will be instrumental in reducing biodiversity loss in tangible ways."

Phayong Srivanich, CEO of Krungthai Bank and President of the Thai Bankers’ Association | ©UNDP Thailand

Payong Srivanich, Chief Executive Officer of Krungthai Bank and President of the Thai Bankers’ Association added, "As a leading financial institution in the country, Krungthai Bank is committed to conducting business responsibly, with a focus on environmental, social, and governance (ESG) principles, support the Sustainable Development Goals (SDGs) for and recognize the importance of collaboration for biodiversity to ensure that communities can thrive alongside the environment sustainably. Building on the partnership between the bank, UNDP BIOFIN, and the Raks Thai Foundation, we are launching the ‘Public & Private Partnership for Investment towards Sustainable Local Bioeconomy in Phetchaburi Province’ project which aligns with the Bank’s project called 'Krungthai Rak Loves Phetchaburi'. This project aims to support communities and improve the quality of life for the people of Phetchaburi while restoring and conserving the environment in a balanced way, creating a sustainable positive impact for the community. It will help strengthen local economies, improve livelihoods, and create economic growth for all sectors of society, aligning with our vision of ‘Krungthai, Standing with Thailand for Sustainability."

Annabelle Trinidad, Senior Technical Advisor, Global BIOFIN, UNDP | ©UNDP Thailand

Annabelle Trinidad, Senior Technical Advisor, Global BIOFIN, UNDP, underscored the significance of the initiative: "Our new finance solution to be implemented in Phetchaburi province is a mélange of various finance mechanisms that include social enterprise development, partnership with the private sector, establishment of a biodiversity fund, and public sector budgeting. All these mechanisms are interlinked and contribute to one objective: to secure adequate financing for Phetchaburi’s biodiversity. BIOFIN is fortunate to partner with Krung Thai Bank once again and hope that their expertise in sound financial management for both government and small enterprises will spur further investments in biodiversity."

Read press release in Thai, here.

Media Contact Information: 

Niran Nirannoot, BIOFIN Project Manager, UNDP in Thailand | niran.nirannoot@undp.org 

Karnklon Raktham, Head of Communications, UNDP in Thailand | karnklon.raktham@undp.org 

Patrin Thongsima, Director of Policy and Strategy Department, Office of Natural Resources and Environmental Policy and Planning | bdpolicy@onep.go.th 

Piyaporn Boonlert 081-636-4665 and Warin Trino 081-343-8432, Marketing Strategy Team, Krungthai Bank