{"id":32084,"date":"2026-07-12T03:50:25","date_gmt":"2026-07-12T03:50:25","guid":{"rendered":"https:\/\/www.othellointernational.com\/sotcd-2026-full-report-kx7m2q\/"},"modified":"2026-07-12T03:50:25","modified_gmt":"2026-07-12T03:50:25","slug":"sotcd-2026-full-report-kx7m2q","status":"publish","type":"page","link":"https:\/\/www.othellointernational.com\/th\/sotcd-2026-full-report-kx7m2q\/","title":{"rendered":"The State of Thai Corporate Climate Disclosure 2026 \u2014 Full Report | Othello"},"content":{"rendered":"\n<link rel=\"preconnect\" href=\"https:\/\/fonts.googleapis.com\"><link rel=\"preconnect\" href=\"https:\/\/fonts.gstatic.com\" crossorigin><link href=\"https:\/\/fonts.googleapis.com\/css2?family=Fraunces:ital,opsz,wght@0,9..144,400;0,9..144,500;0,9..144,600;1,9..144,400;1,9..144,500;1,9..144,600&#038;family=Poppins:wght@300;400;500;600;700&#038;family=JetBrains+Mono:wght@500;600&#038;family=Sarabun:wght@400;500&#038;display=swap\" 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.rung:last-child{border-bottom:0}\n.oth-co .rp .ladder .rn{font-family:var(--d);font-style:italic;font-size:28px;color:var(--r);line-height:1}\n.oth-co .rp .ladder h4{font-size:15px;font-weight:600;color:var(--w);margin:0 0 4px}\n.oth-co .rp .ladder p{font-size:13.5px;margin:0}\n.oth-co .rp .src{font-family:var(--m);font-size:11px;color:var(--w3);line-height:1.8;letter-spacing:.02em}\n.oth-co .rp .toc{background:var(--k1);border:1px solid var(--line);padding:28px 30px;margin:40px 0 10px;columns:2;column-gap:40px}\n.oth-co .rp .toc a{display:block;font-size:13.5px;color:var(--w1);text-decoration:none;padding:7px 0;border-bottom:1px dashed var(--line);break-inside:avoid}\n.oth-co .rp .toc a:hover{color:var(--r)}\n.oth-co .rp .toc a span{font-family:var(--m);font-size:10px;color:var(--r);margin-right:10px}\n@media(max-width:900px){.oth-co .rp .data{grid-template-columns:repeat(2,1fr)}.oth-co .rp .toc{columns:1}}\n@media print{\n  .oth-h,.oth-tstrip,.oth-pb-fab,.oth-x-li,header,footer,.fnav,.rp-noprint{display:none!important}\n  body,.oth-co{background:#fff!important;color:#1a1a1a!important}\n  .oth-co .rp p,.oth-co .rp ul.b li,.oth-co .rp tbody td{color:#222!important}\n  .oth-co .rp h1,.oth-co .rp-ch h2,.oth-co .rp-ch h3,.oth-co .rp .ladder h4{color:#000!important}\n  .oth-co .rp-ch{page-break-before:always;padding-top:20px}\n  .oth-co .rp .data .d{background:#f5f5f5}\n  .oth-co .rp .data .d .l,.oth-co .rp .src{color:#555!important}\n  .oth-co .rp .call{background:#faf1f0;border-color:#ED4036}\n  .oth-co .rp thead th{background:#eee;color:#333!important}\n  a{color:#000!important;text-decoration:none!important}\n}\n<\/style>\n<div class=\"oth-co\">\n  <div class=\"strip rp-noprint\"><div class=\"wrap\"><div class=\"strip-row\">\n    <div class=\"l\"><span class=\"strip-dot\"><\/span>Flagship research \u00b7 First annual edition<\/div>\n    <div class=\"r\">Print this page for the <b>PDF edition<\/b><\/div>\n  <\/div><\/div><\/div>\n  <div class=\"wrap\">\n    \n<div class=\"rp\">\n\n<div class=\"rp-cover\">\n  <div class=\"rp-ed\">\u2605 First annual edition \u00b7 July 2026<\/div>\n  <h1>The State of Thai Corporate <em>Climate Disclosure<\/em> 2026<\/h1>\n  <p class=\"rp-sub\">The scoring regime behind every SET-listed company just changed. This report maps what replaced it \u2014 the FTSE Russell methodology, the TSRS\/ISSB phase-in, the verification landscape by the numbers, and the disclosure moves that now decide scores \u2014 sector by sector.<\/p>\n  <div class=\"rp-meta\"><span>Othello International Co., Ltd.<\/span><span>Bangkok<\/span><span>Research window: January\u2013July 2026<\/span><span>~25 min read \u00b7 print for the PDF edition<\/span><\/div>\n  <div class=\"toc rp-noprint\">\n    <a href=\"#ch1\"><span>01<\/span>The benchmark handover<\/a>\n    <a href=\"#ch2\"><span>02<\/span>How the new score works<\/a>\n    <a href=\"#ch3\"><span>03<\/span>The regulatory stack, 2026\u20132031<\/a>\n    <a href=\"#ch4\"><span>04<\/span>Verification by the numbers<\/a>\n    <a href=\"#ch5\"><span>05<\/span>The six-rung disclosure ladder<\/a>\n    <a href=\"#ch6\"><span>06<\/span>Sector scorecards<\/a>\n    <a href=\"#ch7\"><span>07<\/span>The financed-emissions chapter<\/a>\n    <a href=\"#ch8\"><span>08<\/span>The bilingual gap<\/a>\n    <a href=\"#ch9\"><span>09<\/span>The 2026\u201327 action calendar<\/a>\n    <a href=\"#ch10\"><span>10<\/span>Method, sources &amp; caveats<\/a>\n  <\/div>\n<\/div>\n\n\n<section class=\"rp-ch\" id=\"ch1\"><div class=\"ch-k\">Chapter 01 \u00b7 The handover<\/div><h2>One rating retires. The <em>scored surface moves.<\/em><\/h2>\n<p><strong>2025 was the last year of the SET ESG Rating as Thailand&#8217;s domestic benchmark.<\/strong> A record 265 listed companies qualified \u2014 roughly 70% of combined SET and mai market capitalisation \u2014 and then the regime itself was retired. From 2026, the Stock Exchange of Thailand publishes <strong>FTSE Russell ESG Scores<\/strong> in its place, alongside the newly launched FTSE4Good Thailand Index built with LSEG.<\/p>\n<p>Two transition details matter for planning. First, the legacy SET ratings still govern <strong>ThaiESG-fund eligibility until December 2026<\/strong> \u2014 the old scores keep financial consequences for one more window even as the new methodology takes over. Second, the FTSE pilot ran through 2024\u20132025 with scores undisclosed, which means <strong>the first scores most issuers ever see under the new regime arrive with the 2026 cycle<\/strong>, calculated from disclosure many of them wrote for the old one.<\/p>\n<div class=\"call\"><p><strong>Why this is the single most consequential change in Thai ESG:<\/strong> both regimes score public disclosure \u2014 but FTSE Russell assesses the company&#8217;s <em>public English-language disclosure<\/em> under a global methodology. The document that earns your score is no longer the Thai questionnaire response. It is the English edition of your report \u2014 the one many Thai issuers treat as an afterthought translation.<\/p><\/div>\n<\/section>\n\n\n<section class=\"rp-ch\" id=\"ch2\"><div class=\"ch-k\">Chapter 02 \u00b7 Mechanics<\/div><h2>How the new score <em>actually works.<\/em><\/h2>\n<p>The FTSE Russell ESG Score runs 0\u20135, built from three pillars (Environmental, Social, Governance) and 14 themes. Each theme&#8217;s weight is set by the company&#8217;s <strong>exposure<\/strong> \u2014 High (3), Medium (2), Low (1), or Not Applicable (0) \u2014 determined largely by sector. Exposure does two things at once: it sets how much a theme counts, <em>and<\/em> it raises the bar a high-exposure company must clear to score well on it.<\/p>\n<h3>The climate exception<\/h3>\n<p>Climate Change is the one theme that does not follow the standard percentage-of-indicators method. It is scored on <strong>TPI Management Quality<\/strong> \u2014 a staircase from Level 0 to Level 5 across 23 indicators \u2014 combined with carbon-emissions performance relative to peers. The staircase climbs in recognisable steps: a policy exists \u2192 targets are set \u2192 Scope 1 &amp; 2 are quantified \u2192 board oversight, Scope 3 and verification appear \u2192 scenario analysis, executive-pay linkage and internal carbon pricing \u2192 and finally a financed, costed transition plan.<\/p>\n<p>Most Thai issuers are not in TPI&#8217;s published universe of roughly 600 companies. Instead, <strong>LSEG runs the Management Quality assessment across roughly 15,000 companies using public disclosure alone.<\/strong> Two consequences follow:<\/p>\n<ul class=\"b\">\n<li><strong>Your disclosure is the assessment.<\/strong> There is no analyst call, no questionnaire, no chance to explain. What is published \u2014 in English \u2014 is what is scored.<\/li>\n<li><strong>Genuinely unassessed themes are dropped, not zeroed.<\/strong> A theme returned as not-applicable falls out of the average rather than dragging it down. The scoring damage comes from <em>thin<\/em> disclosure on themes where you are exposed, not from silence on ones where you are not.<\/li>\n<\/ul>\n<div class=\"call\"><p><strong>The practical upshot:<\/strong> a Thai company&#8217;s climate score is coachable. Every rung of the TPI staircase is a disclosure artefact \u2014 a sentence, a table, a governance record that either exists in the public English report or does not. The gap between a 2 and a 4 is usually written, not operational.<\/p><\/div>\n<\/section>\n\n\n<section class=\"rp-ch\" id=\"ch3\"><div class=\"ch-k\">Chapter 03 \u00b7 Regulation<\/div><h2>The regulatory stack, <em>2026\u20132031.<\/em><\/h2>\n<p>Around the benchmark change, four regulatory tracks converge on the same reporting teams. Dates for the TSRS phase-in reflect the SEC&#8217;s published direction and hearing documents; final notifications were still pending gazettal at the research cut-off \u2014 treat them as planning dates, not filed law.<\/p>\n<div class=\"twrap\"><table>\n<thead><tr><th>Track<\/th><th>What it requires<\/th><th>Who \/ when<\/th><\/tr><\/thead>\n<tbody>\n<tr><td><strong>TSRS \/ ISSB<br>(IFRS S1 &amp; S2)<\/strong><\/td><td>Mandatory sustainability &amp; climate disclosure aligned to ISSB standards. <strong>Climate-first relief:<\/strong> IFRS S2 plus relevant S1 only, permitted for the first five years; year-one relief from comparative figures. Limited assurance on Scope 1 &amp; 2 \u2014 with the <strong>TGO CFO method accepted for the first five years<\/strong>.<\/td><td>SET50 from <strong>FY2026<\/strong> \u2192 SET100 FY2027 \u2192 all SET FY2029 \u2192 mai FY2030 <em>(indicative pending gazettal)<\/em><\/td><\/tr>\n<tr><td><strong>56-1 One Report<\/strong><\/td><td>GHG disclosure on a comply-or-explain basis (Scope 1 &amp; 2 expected, ISO 14064-1 method, targets recommended, assurance voluntary). Filed to the SEC in Thai within the fixed clause architecture.<\/td><td>All listed companies \u00b7 annual<\/td><\/tr>\n<tr><td><strong>Climate Change Act<\/strong><\/td><td>Thailand&#8217;s framework climate law \u2014 cabinet-approved December 2025. Expected to bring mandatory registry reporting for roughly 3,000\u20134,000 organisations and an indicative carbon price around THB 200\/tCO2e.<\/td><td>Expected in force ~<strong>2027<\/strong> <em>(subject to enactment)<\/em><\/td><\/tr>\n<tr><td><strong>EU CBAM<\/strong><\/td><td>Definitive regime from January 2026: certificate obligations on embedded carbon in covered imports. Roughly <strong>THB 28bn of Thai exports to the EU<\/strong> sit in scope, with steel the most exposed.<\/td><td>Thai exporters of steel, aluminium, cement, fertiliser, hydrogen + downstream<\/td><\/tr>\n<tr><td><strong>ThaiESG funds<\/strong><\/td><td>Legacy SET ESG Ratings continue to gate ThaiESG-fund eligibility \u2014 the last financial consequence of the retired regime.<\/td><td>Window closes <strong>December 2026<\/strong><\/td><\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>The stack is sequenced so that <strong>a SET50 company&#8217;s FY2026 report is simultaneously its first TSRS filing, its first FTSE-scored English disclosure, and its last ThaiESG-eligible SET-rated year.<\/strong> Mid-caps get more runway on the mandate \u2014 but none on the benchmark, which scores everyone from 2026.<\/p>\n<\/section>\n\n\n<section class=\"rp-ch\" id=\"ch4\"><div class=\"ch-k\">Chapter 04 \u00b7 Verification<\/div><h2>Verification <em>by the numbers.<\/em><\/h2>\n<p>Assurance is the top rung of every scoring ladder in this report, and Thailand&#8217;s de-facto verification route is the TGO Carbon Footprint for Organization (CFO) certification. Othello analysed the full public TGO registry on 11 July 2026. The headline numbers:<\/p>\n<div class=\"data\">\n<div class=\"d\"><div class=\"v\">1,219<\/div><div class=\"l\">Organisations with valid CFO certs nationally<\/div><\/div>\n<div class=\"d\"><div class=\"v\">+71%<\/div><div class=\"l\">Growth in 18 months (from 711 in Jan 2025)<\/div><\/div>\n<div class=\"d\"><div class=\"v\">194<\/div><div class=\"l\">SET\/mai-listed companies currently certified (~21% of the ~940 we track)<\/div><\/div>\n<div class=\"d\"><div class=\"v\">52<\/div><div class=\"l\">Listed companies whose certs lapsed within 12 months<\/div><\/div>\n<\/div>\n<p>Three readings of that data:<\/p>\n<ul class=\"b\">\n<li><strong>The market is moving fast \u2014 but from a low base.<\/strong> A 71% national surge in 18 months still leaves roughly four in five listed companies without current TGO certification, two reporting cycles before limited assurance becomes mandatory for the first cohort.<\/li>\n<li><strong>Lapsed \u2260 inactive, and absent \u2260 absent.<\/strong> Fifty-two listed companies let certification lapse within the year \u2014 most are renewal candidates, not dropouts. And several mega-caps show no current TGO cert because they verify under <strong>ISO 14064-3 outside the Thai Carbon Label scheme<\/strong> entirely. Registry absence is a signal to investigate, not a verdict.<\/li>\n<li><strong>The advisory bench is engineering-shaped.<\/strong> Thailand has 387 registered CFO consultants, overwhelmingly LCA and engineering practices. Verification capacity exists; what the market lacks is anyone coupling certification with <em>investor-grade bilingual disclosure<\/em> \u2014 the part that actually earns the score.<\/li>\n<\/ul>\n<p>Timing note: TGO approves certifications in six rounds a year \u2014 the remaining 2026 rounds fall on <strong>11 August, 14 October and 8 December<\/strong> \u2014 and the practical buying season runs Q4\u2013Q1, ahead of the March One Report filing wave.<\/p>\n<\/section>\n\n\n<section class=\"rp-ch\" id=\"ch5\"><div class=\"ch-k\">Chapter 05 \u00b7 The ladder<\/div><h2>The six-rung <em>disclosure ladder.<\/em><\/h2>\n<p>Across FTSE&#8217;s TPI staircase, CDP&#8217;s D-to-A model and the ISSB&#8217;s architecture, the same maturity ladder repeats. Each rung is a disclosure artefact \u2014 and each one a Thai issuer skips is points left on the table.<\/p>\n<div class=\"ladder\">\n<div class=\"rung\"><div class=\"rn\">1<\/div><div><h4>Disclosed<\/h4><p>The topic appears at all \u2014 a climate policy, a named responsibility, a stated intent, in the public English report.<\/p><\/div><\/div>\n<div class=\"rung\"><div class=\"rn\">2<\/div><div><h4>Quantified<\/h4><p>Scope 1 &amp; 2 in tonnes CO2e, not adjectives. The single highest-leverage rung for most mid-caps.<\/p><\/div><\/div>\n<div class=\"rung\"><div class=\"rn\">3<\/div><div><h4>Methodology-tagged<\/h4><p>The numbers cite their method \u2014 ISO 14064-1, GHG Protocol, TGO CFO \u2014 so a rater can trust them.<\/p><\/div><\/div>\n<div class=\"rung\"><div class=\"rn\">4<\/div><div><h4>Base-yeared<\/h4><p>A stated base year makes trends readable. Targets without one are unverifiable claims.<\/p><\/div><\/div>\n<div class=\"rung\"><div class=\"rn\">5<\/div><div><h4>Targeted<\/h4><p>Dated reduction targets with interim milestones \u2014 SBTi-validated where feasible \u2014 connected to a pathway.<\/p><\/div><\/div>\n<div class=\"rung\"><div class=\"rn\">6<\/div><div><h4>Assured<\/h4><p>Independent verification (TGO CFO, ISO 14064-3, or limited assurance) \u2014 the rung the TSRS mandate will force, and the one raters weight most.<\/p><\/div><\/div>\n<\/div>\n<h3>Where Thai disclosure actually falls<\/h3>\n<p>The recurring gaps we see across Thai reports map to the ladder&#8217;s upper rungs: only around <strong>18% of rated Thai issuers track Scope 3<\/strong> in any category; scenario analysis is thin or narrative-only; targets are announced without pathways or base years; board climate governance is asserted rather than evidenced with records; and assurance remains the exception. Every one of these is a writing-and-evidence problem before it is an operations problem.<\/p>\n<\/section>\n\n\n<section class=\"rp-ch\" id=\"ch6\"><div class=\"ch-k\">Chapter 06 \u00b7 Sectors<\/div><h2>Sector scorecards: <em>exposure sets the bar.<\/em><\/h2>\n<p>Under FTSE&#8217;s exposure logic, the same disclosure earns different scores in different sectors. A professional-services firm disclosing verified Scope 1 &amp; 2 with a target can score well; a transport operator with identical disclosure scores poorly, because its exposure demands more. The table condenses what each SET industry group is scored against. Exposure tiers are grounded inference from FTSE&#8217;s public methodology \u2014 the full exposure matrix is proprietary.<\/p>\n<div class=\"twrap\"><table>\n<thead><tr><th>Sector (SET group)<\/th><th>Climate exposure<\/th><th>What the score turns on<\/th><th>The metric that matters<\/th><\/tr><\/thead>\n<tbody>\n<tr><td><strong>Energy &amp; Utilities<\/strong><\/td><td><span class=\"tierH\">HIGH<\/span><\/td><td>TPI direct coverage incl. Carbon Performance; methane &amp; flaring; Scope 3 Cat 11 for oil &amp; gas<\/td><td>gCO2e\/kWh vs peers<\/td><\/tr>\n<tr><td><strong>Industrials<\/strong> (petrochem, autos, steel, cement)<\/td><td><span class=\"tierH\">HIGH<\/span><\/td><td>Process &amp; embodied emissions; SBTi sectoral pathways; autos judged on use-phase Scope 3<\/td><td>tCO2e per tonne of product<\/td><\/tr>\n<tr><td><strong>Agro &amp; Food<\/strong><\/td><td><span class=\"tierH\">HIGH<\/span><\/td><td>Land-use change, CH4\/N2O, FLAG targets, deforestation-linked Scope 3<\/td><td>FLAG-scope emissions &amp; supply-chain traceability<\/td><\/tr>\n<tr><td><strong>Banks &amp; Financials<\/strong><\/td><td><span class=\"tierH\">HIGH (indirect)<\/span><\/td><td>Financed emissions \u2014 see Chapter 7<\/td><td>PCAF-measured Scope 3 Cat 15<\/td><\/tr>\n<tr><td><strong>Property &amp; Construction<\/strong><\/td><td><span class=\"tierM\">MED\u2013HIGH<\/span><\/td><td>Building energy intensity, green-building certification share, embodied carbon, flood risk<\/td><td>kWh\/m\u00b2 &amp; certified GFA %<\/td><\/tr>\n<tr><td><strong>Transport &amp; Logistics<\/strong><\/td><td><span class=\"tierH\">HIGH<\/span><\/td><td>Fleet Scope 1, electrification trajectory<\/td><td>gCO2e per tonne-km<\/td><\/tr>\n<tr><td><strong>Technology \/ ICT<\/strong><\/td><td><span class=\"tierM\">MED<\/span> (High if data-centre-heavy)<\/td><td>Data-centre efficiency, renewable Scope 2 procurement, hardware Scope 3<\/td><td>PUE &amp; renewable share of Scope 2<\/td><\/tr>\n<tr><td><strong>Consumer &amp; Retail<\/strong><\/td><td><span class=\"tierL\">LOW\u2013MED<\/span><\/td><td>Supply-chain Scope 3 dominates own-operations footprint<\/td><td>Scope 3 coverage &amp; supplier data quality<\/td><\/tr>\n<tr><td><strong>Tourism &amp; Hospitality<\/strong><\/td><td><span class=\"tierM\">MED<\/span><\/td><td>Energy intensity, renewables, coastal physical-risk disclosure<\/td><td>kWh per room-night<\/td><\/tr>\n<tr><td><strong>Healthcare \/ Services \/ Media<\/strong><\/td><td><span class=\"tierL\">LOW\u2013MED<\/span><\/td><td>Lighter bar \u2014 quantified Scope 1 &amp; 2 with a dated target can score competitively<\/td><td>Verified Scope 1 &amp; 2 + target<\/td><\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/section>\n\n\n<section class=\"rp-ch\" id=\"ch7\"><div class=\"ch-k\">Chapter 07 \u00b7 Financials<\/div><h2>The financed-emissions <em>chapter.<\/em><\/h2>\n<p>Thai banks and insurers face the most technically distinct climate assessment on the exchange. Their own operational footprint is small \u2014 the climate materiality sits in the portfolio, where financed emissions typically dwarf operations by orders of magnitude. The assessment stack reflects that:<\/p>\n<ul class=\"b\">\n<li><strong>Measurement: PCAF.<\/strong> Financed emissions are Scope 3 Category 15, measured under the PCAF standard with its 1\u20135 data-quality scoring. Nine of the ten major Thai banks already use PCAF \u2014 the differentiator now is data quality and sector coverage, not adoption.<\/li>\n<li><strong>Assessment: TPI&#8217;s banking framework.<\/strong> Rather than heavy-emitter pathways, financial institutions are assessed against the Net Zero Banking Assessment Framework \u2014 10 areas and roughly 77 indicators covering targets, sector policies, disclosure and governance.<\/li>\n<li><strong>Standards: IFRS S2 B58\u2013B63.<\/strong> Financed emissions are an explicit disclosure requirement for commercial banking, insurance and asset management. The ISSB&#8217;s December-2025 reliefs matter for scoping: facilitated emissions and insurance-associated emissions are not required, and derivatives may be excluded.<\/li>\n<li><strong>Targets: SBTi FINZ v1.0<\/strong> (July 2025) sets the financial-sector net-zero standard \u2014 including fossil-fuel phase-out expectations and a <strong>transition deadline in December 2026<\/strong> for institutions on the old framework.<\/li>\n<li><strong>The Thai layer:<\/strong> Bank of Thailand&#8217;s Standard Practice guidance (2023), the Thailand Taxonomy \u2014 Phase 2 (May 2025) extended it to agriculture, manufacturing, construction and waste with a green\/amber\/red system \u2014 and NGFS membership with pilot climate stress-testing.<\/li>\n<\/ul>\n<p>Leading Thai banks have set the local bar: net-zero own operations around 2030, financed-emissions net-zero by 2050, SBTi-validated interim targets, sector decarbonisation pathways and nine-figure green-finance commitments. For the rest of the sector, the FY2026\u20132027 disclosure question is no longer <em>whether<\/em> to publish a PCAF baseline \u2014 it is whether the published baseline, sector targets and taxonomy alignment read credibly in English to a global assessor.<\/p>\n<\/section>\n\n\n<section class=\"rp-ch\" id=\"ch8\"><div class=\"ch-k\">Chapter 08 \u00b7 Language<\/div><h2>The bilingual gap: <em>the scored surface.<\/em><\/h2>\n<p>Every chapter so far lands on the same operational fact: <strong>from 2026, the document that earns a Thai company&#8217;s ESG score is its public English disclosure.<\/strong> The Thai 56-1 One Report remains the legal filing \u2014 authoritative for the SEC, structured by a fixed clause architecture. But the assessor at LSEG reads the English edition.<\/p>\n<p>That creates a failure mode Thai issuers rarely price: <strong>clause drift.<\/strong> The English &#8220;translation&#8221; merges sections, softens numbers, drops methodology tags, or lags a revision cycle behind the Thai. To a regulator, inconsistency between editions reads as disclosure risk. To a rater running a staircase assessment off public text, a missing sentence <em>is<\/em> a missing rung \u2014 the TPI indicator for, say, board oversight or methodology citation simply fails, regardless of what the Thai edition says.<\/p>\n<div class=\"call\"><p><strong>The arbitrage, stated plainly:<\/strong> most of the market still buys translation as a commodity after the disclosure is finished. Under a regime where English is the scored surface, terminology-locked, clause-mapped English disclosure is not a language cost \u2014 it is score engineering at the cheapest point in the process. This is the single structural advantage available to every Thai issuer in 2026, and almost none are using it.<\/p><\/div>\n<\/section>\n\n\n<section class=\"rp-ch\" id=\"ch9\"><div class=\"ch-k\">Chapter 09 \u00b7 Calendar<\/div><h2>The 2026\u201327 <em>action calendar.<\/em><\/h2>\n<div class=\"twrap\"><table>\n<thead><tr><th>Window<\/th><th>What lands<\/th><th>What a disclosure team should be doing<\/th><\/tr><\/thead>\n<tbody>\n<tr><td><strong>Q3 2026<\/strong><\/td><td>TGO approval round <strong>11 August<\/strong>; FTSE-scored cycle underway<\/td><td>Lock the GHG inventory and methodology tags; run a clause-parity audit of the English edition against the Thai filing; start scenario-analysis work for S2<\/td><\/tr>\n<tr><td><strong>Q4 2026<\/strong><\/td><td>TGO rounds <strong>14 October<\/strong> &amp; <strong>8 December<\/strong>; <strong>ThaiESG window closes December<\/strong>; SBTi FINZ transition deadline (FIs)<\/td><td>The verification quarter: file for TGO certification or ISO 14064-3; finalise dated targets with base years; financial institutions close FINZ alignment<\/td><\/tr>\n<tr><td><strong>Q1 2027<\/strong><\/td><td>One Report filing wave (March); first SET50 TSRS-aligned reports published<\/td><td>File the Thai edition and release the FTSE-calibrated English edition together \u2014 same facts, same clauses, both languages<\/td><\/tr>\n<tr><td><strong>2027+<\/strong><\/td><td>SET100 joins TSRS (FY2027); Climate Change Act expected in force; CBAM certificates bite<\/td><td>Extend Scope 3 coverage toward material categories; build the transition plan that tops the TPI staircase<\/td><\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/section>\n\n\n<section class=\"rp-ch\" id=\"ch10\"><div class=\"ch-k\">Chapter 10 \u00b7 Method<\/div><h2>Method, sources &amp; <em>caveats.<\/em><\/h2>\n<p class=\"src\"><strong>Method.<\/strong> This report synthesises: (1) Othello&#8217;s structured analysis of the public TGO Carbon Footprint registry, extracted 11 July 2026, cross-referenced against the ~940 SET- and mai-listed companies we track; (2) published FTSE Russell and TPI methodology documents; (3) SEC Thailand One Report requirements and TSRS hearing materials; (4) ISSB standards and December-2025 amendments; (5) PCAF, SBTi (incl. FINZ v1.0) and Thailand Taxonomy Phase 2 documentation; and (6) SET\/LSEG announcements on the FTSE Russell transition and FTSE4Good Thailand Index.<\/p>\n<p class=\"src\"><strong>Caveats \u2014 read these.<\/strong> FTSE Russell&#8217;s exact TPI-to-score blend formula and full sector-exposure matrix are proprietary; sector tiers in Chapter 6 are grounded inference, not published weightings. TSRS phase-in dates reflect SEC direction but final notifications were pending gazettal at the research cut-off; the Climate Change Act awaits enactment. The ~18% Scope 3 figure reflects rated-universe tracking estimates. Nothing here is legal, investment or assurance advice; verify against primary sources for your filing year.<\/p>\n<p class=\"src\"><strong>Citation.<\/strong> Othello International, <em>The State of Thai Corporate Climate Disclosure 2026<\/em>, first edition, Bangkok, July 2026. Licensed for internal circulation with attribution.<\/p>\n<\/section>\n\n<\/div>\n  <\/div>\n  <section class=\"final rp-noprint\"><div class=\"wrap\"><div class=\"final-inner\">\n    <div class=\"eyebrow\" data-reveal>Put it to work<\/div>\n    <h2 data-reveal>Your report, <em>scored before the market scores it.<\/em><\/h2>\n    <p class=\"flead\" data-reveal>We run this report&#8217;s framework against your actual latest disclosure \u2014 clause-mapped, FTSE-calibrated, under NDA \u2014 and return a fixed quote within one business hour.<\/p>\n    <div class=\"final-cta\" data-reveal>\n      <a href=\"\/contact\/\" class=\"btn btn-primary\">Get a 1-hour quote<\/a>\n      <a href=\"\/esg-readiness-navigator\/\" class=\"btn btn-outline\">Run the free Navigator<\/a>\n    <\/div>\n    <div class=\"final-note\" data-reveal>ISO 17100-aligned \u00b7 NDA from first email \u00b7 100% in-house Bangkok bench<\/div>\n  <\/div><\/div><\/section>\n<\/div>\n<script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"Report\",\"name\":\"The State of Thai Corporate Climate Disclosure 2026\",\"datePublished\":\"2026-07-12\",\"inLanguage\":\"en\",\"publisher\":{\"@type\":\"Organization\",\"name\":\"Othello International\",\"url\":\"https:\/\/www.othellointernational.com\/\"},\"about\":\"Thai corporate climate disclosure: the SET to FTSE Russell transition, TSRS\/ISSB phase-in, TGO verification landscape and sector-by-sector scoring analysis.\"}<\/script>\n\n<script>\n(function(){\n  function init(){\n    document.querySelectorAll('.oth-co').forEach(function(root){\n      if(root.dataset.othInit)return; root.dataset.othInit='1';\n      if('IntersectionObserver' in window){\n        var revObs=new IntersectionObserver(function(es){es.forEach(function(e){if(e.isIntersecting){e.target.classList.add('in');revObs.unobserve(e.target);}});},{threshold:.12,rootMargin:'0px 0px -50px 0px'});\n        root.querySelectorAll('[data-reveal],[data-reveal-stagger]').forEach(function(el){revObs.observe(el);});\n        var cObs=new IntersectionObserver(function(es){es.forEach(function(e){\n          if(!e.isIntersecting)return;var el=e.target;if(el.dataset.counted)return;el.dataset.counted='1';\n          var to=parseFloat(el.dataset.countTo),dec=parseInt(el.dataset.countDecimals||'0',10),dur=1800,start=performance.now();\n          var hasComma=(el.textContent||'').indexOf(',')!==-1;\n          function fmt(n){var v=dec>0?n.toFixed(dec):Math.floor(n).toString();if(hasComma&&dec===0){v=v.replace(\/\\B(?=(\\d{3})+(?!\\d))\/g,',');}return v;}\n          function tick(now){var p=Math.min((now-start)\/dur,1),eased=1-Math.pow(1-p,3);el.textContent=fmt(to*eased);if(p<1){requestAnimationFrame(tick);}else{el.textContent=fmt(to);}}\n          requestAnimationFrame(tick);cObs.unobserve(el);\n        });},{threshold:.5});\n        root.querySelectorAll('[data-count-to]').forEach(function(el){cObs.observe(el);});\n      }else{\n        root.querySelectorAll('[data-reveal],[data-reveal-stagger]').forEach(function(el){el.classList.add('in');});\n      }\n    });\n  }\n  if(document.readyState==='loading'){document.addEventListener('DOMContentLoaded',init);}else{init();}\n})();\n<\/script>\n","protected":false},"excerpt":{"rendered":"<p>Flagship research \u00b7 First annual edition Print this page for the PDF edition \u2605 First annual edition \u00b7 July 2026 The State of Thai Corporate Climate Disclosure 2026 The scoring regime behind every SET-listed company just changed. This report maps what replaced it \u2014 the FTSE Russell methodology, the TSRS\/ISSB phase-in, the verification landscape by [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_yoast_wpseo_title":"","_yoast_wpseo_metadesc":"","_yoast_wpseo_focuskw":"","_yoast_wpseo_canonical":"","rank_math_title":"","rank_math_description":"","rank_math_focus_keyword":"","rank_math_canonical_url":"","_yoast_wpseo_meta-robots-noindex":"","_yoast_wpseo_meta-robots-nofollow":"","_yoast_wpseo_opengraph-title":"","_yoast_wpseo_opengraph-description":"","_yoast_wpseo_twitter-title":"","_yoast_wpseo_twitter-description":"","footnotes":"","rank_math_robots":["noindex"]},"class_list":["post-32084","page","type-page","status-publish","hentry"],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.othellointernational.com\/th\/wp-json\/wp\/v2\/pages\/32084","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.othellointernational.com\/th\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.othellointernational.com\/th\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.othellointernational.com\/th\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.othellointernational.com\/th\/wp-json\/wp\/v2\/comments?post=32084"}],"version-history":[{"count":0,"href":"https:\/\/www.othellointernational.com\/th\/wp-json\/wp\/v2\/pages\/32084\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.othellointernational.com\/th\/wp-json\/wp\/v2\/media?parent=32084"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}