According to the Climate Risk Index (CRI) 2026, Thailand ranks 17th globally among countries at high risk from extreme weather events and the impacts of climate change. It is therefore essential and urgent for Thailand to identify measures to reduce the impacts of climate change.
Climate investment is thus critical both to mitigating the impacts of climate change and to achieving the target of net-zero greenhouse gas emissions by 2050 under Thailand’s NDC 3.0. It is also important to the country’s economic competitiveness.
Rocket Media Lab and Climate Finance Network Thailand (CFNT) invite you to explore Thai energy corporation invested in energy transition through the 2026 climate finance landscape data, drawing on the Thailand Climate Finance Tracker 2026 database to examine how much Thailand has invested in climate mitigation and the forms that this investment has taken.
How Thai energy companies invested in energy transition?
The 2026 climate finance landscape data draw on the Thailand Climate Finance Tracker 2026 database, which tracks investment in greenhouse gas mitigation and climate adaptation across the public sector, private sector, financial institutions and international organisations.
Considering only climate mitigation investment by energy companies in Thailand the database records 233 projects by 97 companies, with a total investment of THB 730,813.82 million. Classifying each company’s climate mitigation investment by subsector reveals the following:
Thirty companies invested in climate mitigation exclusively in the Fuel subsector, including PTT Public Company Limited, Buayai Bio Power Co., Ltd., Gulf Energy Development Public Company Limited and Mitr Phol Group.
Seventy-three companies invested in climate mitigation exclusively in the Generation subsector, including BG Energy Solution Co., Ltd., Banpu Public Company Limited, Electricity Generating Public Company Limited and Gunkul Power Development Co., Ltd.
Only one company invested in climate mitigation exclusively in the Transmission subsector: ACE Solar Co., Ltd.
PTT Public Company Limited was also found to have made the largest climate mitigation investment in Thailand, at THB 250,454.40 million, accounting for 34.27% of total investment by the 97 companies. Generation was the subsector in which energy companies invested the most in climate mitigation, receiving THB 472,209.30 million, or 64.61% of all climate mitigation investment by energy companies in Thailand.
How Thai energy companies invested in energy subsector?
Classifying the 233 climate mitigation projects undertaken by 97 energy companies in Thailand according to the subsectors and solutions in which each company invested reveals the following:
The Generation subsector received the largest investment, at THB 472,209.30 million, or 64.61% of the total. BG Energy Solution Co., Ltd. invested the most in this subsector.
Looking more closely at the solutions receiving investment within Generation, solar photovoltaics (PV) attracted the largest amount, at THB 214,582.67 million. BG Energy Solution Co., Ltd. was the largest investor in solar PV. This was followed by projects involving more than one type of energy, at THB 89,494.63 million, with Electricity Generating Public Company Limited investing the most in this category. Onshore wind ranked next, at THB 58,653.12 million, with Energy Absolute Public Company Limited making the largest investment.
The Fuel subsector received THB 258,525.99 million, or 35.38% of total investment. PTT Public Company Limited invested the most in this subsector, at THB 232,050 million.
Within the Fuel subsector, renewable hydrogen received the largest investment, at THB 232,050 million, all of which came from PTT Public Company Limited. This was followed by biogas, at THB 25,611.98 million, with Mitr Phol Group making the largest investment, and biofuels, at THB 864 million, with BBGI Public Company Limited investing the most.
Finally, upgrades to electricity transmission systems received THB 78.53 million, or 0.01% of total investment. ACE Solar Co., Ltd. was the only company investing in the Transmission subsector.
Overall, the data show that more than 99% of investment was allocated to power generation and renewable fuels, while investment in critical infrastructure such as smart grids remained very limited.
Top 20 Thai companies by energy transition investment
Ranking the 97 Thai energy companies and their 233 climate mitigation projects by investment value reveals the following:
PTT made the largest climate mitigation investment among Thai energy companies, at THB 250,454.40, accounting for 34.27% of total investment. Most of PTT’s climate mitigation investment—THB 232,050 million—was allocated to the Fuel subsector, entirely for renewable hydrogen. Only THB 18,404.40 million was allocated to Generation, with the largest project involving carbon capture, utilisation and storage (CCUS). [The detailed project name can be added if available.]
BG Energy Solution Co., Ltd., a subsidiary of Bangkok Glass (BG), ranked second. The company operates renewable energy businesses, including solar power and waste heat recovery, to support energy efficiency. Its climate mitigation investment totalled THB 66,794.31, or 9.14% of the total, all of which was allocated to the Generation subsector. Its largest project involved solar photovoltaic (PV) power. [The detailed project name can be added if available.]
Energy Absolute Public Company Limited (EA) ranked third. The company is an integrated leader in renewable energy, battery manufacturing and electric vehicles. It invested THB 62,027.96 in climate mitigation, accounting for 8.49% of the total, all of which was allocated to Generation. Its largest project involved onshore wind power. [The detailed project name can be added if available.]
PTT was the only company whose climate mitigation investment reached the hundreds of billions of baht, accounting for 34.27% of total investment by all 97 companies. A comparison with the ten energy companies with the highest market capitalisation on the Stock Exchange of Thailand (SET) as of 28 April 2025 shows that most of the largest companies by market capitalisation also ranked among the top 20 companies by climate mitigation investment. The exceptions were Star Petroleum Refining Public Company Limited (SPRC) and CK Power Public Company Limited (CKP). In the case of CK Power, the database records CH. Karnchang Public Company Limited at rank 96.
The top 20 also included joint ventures. Xayaburi Power Company Limited (XPCL), ranked tenth, developed and operates the Xayaburi Hydroelectric Power Plant on the Mekong River in Xayaburi Province, Lao PDR, with CK Power Public Company Limited as its major shareholder. Rank 23 represented the aggregate value of solar panel imports from overseas, totalling THB 3,257.15 million.
