Dr Rak Vorrakitpokatorn: Taking the Steps to Sustainability

Until fairly recently, the global community strived for economic gains while ignoring environmental, social and community impacts.

Extreme climate change has triggered natural disasters and destroyed live and land, with losses from damage reaching $2.5tn, according to the World Economic Forum.

Dr Rak Vorrakitpokatorn, President of Export-Import Bank of Thailand (EXIM Thailand), a state-owned specialised financial institution tasked as Thailand Development Bank, has long been aware of the challenges. The Bank has synergised with concerned sectors to drive the UN’s Sustainable Development Goals (SDGs) and adhere to the COP26 declaration to achieve net-zero greenhouse gas emissions by 2065.

Vorrakitpokatorn, known to his workmates as “Dr Rak”, launched a three-stage framework:

Policy Stage

The Bank has established policies for the sustainable growth of business sectors, society and community under the Sustainable Banking and Responsible Lending principles. These key policies are to gear Thai businesses towards a Bio-Circular-Green economy, with eco-friendly industries representing a quarter of its loan portfolio. This reaffirms the Bank’s commitment towards sustainability, especially in strengthening SMEs for sustainable growth.

Practical Stage

Dr Rak Vorrakitpokatorn is committed to driving the sustainable development from policy into practice. The sustainable development concept and financial innovations minimise impacts on the environment, community and society. As an example, the Solar Orchestra Programme offers “total solutions” for green businesses. The Bank supports businesses in investing in rooftop solar power generation and links it end-to-end with the carbon market ecosystem. Funds have been raised through green bonds to support clean energy projects. It provides sustainable financial and non-financial support as a one-stop trading facilitator for SMEs. The fully-fledged “Beyond Banking” mission equips entrepreneurs with knowledge, capital enhancement, online trade channels and risk-hedging tools to help ensure sustainable success for SMEs in the global market.

People Stage

Employees are the key to the organisation’s success. Vorrakitpokatorn has laid strong foundation and fostered a sustainable corporate mindset from front to back offices under the ESG framework. Constant upskilling and re-skilling allow the employees to stay up-to-date and practice according to standards set by the Bank. The Bank further encourages volunteering in CSR activities and community engagement to broaden their contributions to sustainability for wider range of stakeholders.

Dr Rak Vorrakitpokatorn is recognised for the way he has paved sustainable growth foundations. EXIM Thailand is well-positioned as a strong government ally in driving Thailand toward a sustainable tomorrow.