Financial Risks of Regulatory Change
As Thailand is expected to introduce carbon pricing within the next two to three years, ThaiBev has identified carbon pricing as a key climate-related transition risk. ThaiBev conducted a quantitative assessment of the potential financial impact of carbon tax exposure in 2030, representing a medium-term time horizon, across its operations in Thailand under the STEPS, APS, and NZE scenarios.
The assessment applied ThaiBev’s established risk parameters and risk matrix to determine the magnitude and significance of the potential financial impact. To ensure comparability, a consistent carbon price assumption of USD 32 per tCO₂e in 2030 was applied across all three scenarios. The analysis indicated a potential financial impact of THB 558.26 million, which was classified as a “very high” risk under ThaiBev’s risk assessment framework.
To manage this exposure, ThaiBev invested THB 679.86 million in energy-saving, renewable energy, and GHG emissions reduction projects in 2025. Key initiatives included solar energy, biogas and biomass projects; enclosed flare systems and electric forklifts; and energy-efficiency measures such as high-efficiency motors, increased condensate recovery, and improved air-conditioning management. These initiatives support the reduction of ThaiBev’s GHG emissions and potential future carbon-related costs. Nevertheless, uncertainty remains regarding the timing, coverage, and carbon price levels of future regulations.
Financial Risks of Physical Climate
ThaiBev assessed the readiness and resilience of water sources across 40 production facilities in response to water scarcity risks including those potentially intensified by El Niño conditions. As water is a critical input for beverage production, the assessment considered water availability and the adequacy of existing water management measures.
Using the S&P Global Climanomics platform, ThaiBev assessed the potential financial impact of water stress under three climate scenarios—SSP1-2.6, SSP2-4.5, and SSP3-7.0. The assessment indicated a potential financial impact of approximately THB 543.43 million by 2030. The risk is expected to materialize over the medium term, covering the five years from FY2026 to FY2030, based on ThaiBev’s FY2025 reporting year. However, the timing and severity of the impact remain subject to uncertainty due to variations in climate conditions and water availability.
In response, ThaiBev plans to invest approximately THB 140.98 million during FY2026–FY2028 in adaptation measures, including upgrades to water pumps and related systems, as well as the development of a new raw-water supply from Dam. These measures are intended to strengthen water security, minimize potential production disruptions, and enhance operational resilience to reduced rainfall and prolonged drought conditions.
