The 2026 FTSE Playbook for Thai Transportation & Logistics

FTSE Russell doesn't score every company against the same yardstick. Each firm gets an exposure level per theme, and pillar scores are exposure-weighted — so higher-exposure themes carry more weight. For airlines, airports, rail, shipping and freight, Climate Change and Pollution & Resources register as high exposure, which means a transport company can't offset a weak carbon position with strong governance the way a low-exposure services firm can. The Climate Change theme blends the TPI Management Quality Score with emissions measured against sector peers, so the bar is set by the best-disclosing operators in your own sub-sector, not the market average.

The reason the bar is so high is structural: in transport, Scope 1 fleet combustion — jet fuel, marine bunker fuel, diesel — is the dominant emissions line, not an indirect one you can procure away. That exposes two things assessors probe hard. First, intensity: emissions per tonne-kilometre for freight and per passenger-kilometre for aviation and rail, because absolute tonnes alone reward shrinking and punish growth. Second, the hard-to-abate reality of aviation and shipping, where there's no electric substitute at scale and credible decarbonisation depends on fuels still ramping. An issuer that can't show an intensity trajectory and a fuel transition plan is, in FTSE's model, a high-exposure company with low management quality — the worst quadrant to sit in.

The spine of a credible score is a science-based target aligned to a recognised transport pathway. SBTi runs sector-specific methods — a Sectoral Decarbonization Approach for maritime with a 1.5°C route to net zero by 2040, and interim guidance for aviation alongside road and rail. Layered onto the target, assessors expect the mode-appropriate lever: for aviation, a sustainable-aviation-fuel roadmap with CORSIA-eligible, certified SAF plus offsetting for the residual; for shipping, IMO EEXI compliance and a managed Carbon Intensity Indicator rating, with alternative fuels — methanol, ammonia, LNG, biofuels — as the route to a superior band; for rail and road freight, fleet electrification, modal shift and load-factor discipline that the GLEC Framework (ISO 14083) quantifies.

Airports are scored differently again, because their material footprint is almost entirely Scope 3 — aircraft landing-and-takeoff cycles, taxiing and APUs, plus passenger and employee surface access — which together dwarf the terminal's own Scope 1 and 2. High marks there require influence programmes over tenants, airlines and ground operators, not just clean terminal energy. Across every mode, the final discriminator is scenario analysis: assessors want evidence the company has stress-tested its assets and demand against warming and transition pathways, and can name which routes, vessels or fleet segments carry stranding risk. A target without a scenario test reads as ambition; a target with one reads as management quality.