The State of Thai Corporate Climate Disclosure 2026 — Flagship Report | Othello

2025 was the last SET-rated year — a record 265 companies qualified (~70% of market cap), then the regime retired for FTSE Russell scores.

From 2026, your public English disclosure is the scored surface — LSEG assesses ~15,000 companies from published text alone. No questionnaire, no call.

The climate score is a staircase: TPI Management Quality L0–L5 across 23 indicators — and every rung is a disclosure artefact you can write.

Unassessed themes are dropped, not zeroed — the damage comes from thin disclosure where you are exposed, not silence where you are not.

TSRS lands SET50 FY2026 → mai FY2030, climate-first, with the TGO CFO method accepted for assurance in the first five years (pending gazettal).

Verification surged +71% in 18 months — yet only 194 of ~940 listed companies (~21%) hold current TGO certification; 52 more lapsed within the year.

Thailand has 387 registered CFO consultants — nearly all engineering practices. Nobody couples certification with investor-grade bilingual disclosure.

Exposure sets the bar: the same Scope 1&2 disclosure that scores well in healthcare scores poorly in transport. Ten sector scorecards inside.

Banks are scored on financed emissions (PCAF · TPI banking framework · IFRS S2 B58–B63) — 9 of 10 major Thai banks already run PCAF; data quality is the new frontier.

Only ~18% of rated Thai issuers track Scope 3; targets without base years and asserted-not-evidenced governance remain the costliest gaps.