Corporate buildings transforming into green landscapes symbolizing environmental sustainability in Thailand.

Decoding Corporate Greenwashing: What Thai Companies Reveal About Environmental Disclosures

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Jordan Keane in Climate & Environment August 2025 • 4 min read.

"Uncover the trends and truths behind environmental reporting in Thailand's stock exchange—Are companies truly committed to sustainability, or just playing the part?"


In today's environmentally conscious world, consumers and investors alike are demanding greater transparency from corporations regarding their environmental impact. The rise of eco-friendly products and sustainable investment funds highlights this shift, putting pressure on companies to showcase their commitment to environmental stewardship. However, this increased scrutiny also opens the door for "greenwashing," where companies exaggerate or falsely promote their environmental efforts to improve their public image.

Thailand, as a rapidly industrializing nation, faces unique environmental challenges. With a growing economy comes increased pressure on natural resources, leading to issues like pollution, deforestation, and waste management. In response, the Stock Exchange of Thailand (SET) has encouraged listed companies to incorporate environmental disclosures into their annual reports. This move aims to provide stakeholders with a clearer picture of corporate environmental responsibility, but how effective are these disclosures?

This article unpacks the findings of a research paper analyzing environmental disclosures in the annual reports of Thai companies listed on the SET. We'll delve into the trends, motivations, and potential pitfalls of corporate environmental reporting in Thailand, shedding light on whether these disclosures reflect genuine commitment or simply strategic public relations.

The State of Environmental Disclosures in Thailand: Are Companies Walking the Talk?

Corporate buildings transforming into green landscapes symbolizing environmental sustainability in Thailand.

The research indicates that a significant majority (83%) of Thai listed companies include some form of environmental information in their annual reports. This suggests a growing awareness of environmental issues within the Thai corporate landscape. However, the devil is in the details. The study found considerable variation in the extent and content of these disclosures, highlighting the need for critical evaluation.

Companies in the resource industry tend to provide the most extensive environmental disclosures, while those in the agricultural and food sectors lag behind. This disparity likely reflects the differing levels of environmental impact associated with these industries. Resource-intensive industries, facing greater scrutiny due to their potential for pollution and resource depletion, may feel more pressure to demonstrate environmental responsibility.

The most common themes covered in environmental disclosures include:
  • Environmental Policy: Outlining the company's objectives and priorities related to environmental sustainability.
  • Environmental Activities: Reporting on specific initiatives undertaken to reduce environmental impact, such as energy efficiency programs or waste reduction efforts.
  • Waste Management: Detailing strategies for minimizing waste generation, promoting recycling, and safely disposing of hazardous materials.
Interestingly, environmental information is frequently found within sections dedicated to corporate governance. This suggests that Thai companies view environmental responsibility as an integral part of their overall governance structure. The use of photographs is also a popular method for conveying environmental information, providing a visual representation of a company's commitment to sustainability.

The Road Ahead: Enhancing Transparency and Accountability

While the study reveals a growing trend towards environmental disclosures in Thailand, it also underscores the need for greater transparency and accountability. Standardized reporting guidelines, independent verification, and increased stakeholder engagement are crucial steps towards ensuring that corporate environmental disclosures genuinely reflect a company's commitment to sustainability, not just a superficial marketing strategy.

About this Article -

This article was crafted using a human-AI hybrid and collaborative approach. AI assisted our team with initial drafting, research insights, identifying key questions, and image generation. Our human editors guided topic selection, defined the angle, structured the content, ensured factual accuracy and relevance, refined the tone, and conducted thorough editing to deliver helpful, high-quality information.See our About page for more information.

Everything You Need To Know

1

What initiatives has the Stock Exchange of Thailand (SET) undertaken to promote environmental responsibility among listed companies?

In Thailand, the Stock Exchange of Thailand (SET) encourages listed companies to include environmental disclosures in their annual reports. These disclosures aim to give stakeholders a clearer view of a company's environmental responsibility. While about 83% of listed companies include some environmental information, the depth and content vary significantly, indicating a need for critical evaluation to distinguish genuine commitment from mere public relations.

2

What key areas are commonly addressed in environmental disclosures by Thai companies, and what are the limitations?

Thai companies commonly report on Environmental Policy, outlining their environmental objectives; Environmental Activities, detailing initiatives to reduce their impact; and Waste Management, explaining strategies for waste reduction and safe disposal. However, the level of detail and commitment behind these disclosures can vary significantly, and standardized reporting is needed.

3

Are there differences in the extent of environmental disclosures among various sectors in Thailand, and if so, why?

The research indicates that companies in the resource industry in Thailand tend to provide more extensive environmental disclosures compared to those in the agricultural and food sectors. This is likely because resource-intensive industries face greater scrutiny due to their potential for pollution and resource depletion, creating more pressure to demonstrate environmental responsibility.

4

How do Thai companies present environmental information in their annual reports, and what are the implications of these presentation methods?

Environmental information is frequently included within sections on corporate governance, suggesting that Thai companies see environmental responsibility as part of their governance structure. Companies also use photographs to visually represent their commitment to sustainability. However, the presence of information or images alone does not guarantee genuine commitment; critical evaluation and verification are essential.

5

What steps are necessary to ensure that environmental disclosures in Thailand genuinely reflect a company's commitment to sustainability, and what further analysis could enhance understanding?

To enhance transparency and accountability in corporate environmental reporting in Thailand, standardized reporting guidelines, independent verification processes, and increased stakeholder engagement are crucial. Without these measures, there's a risk that environmental disclosures may primarily serve as marketing strategies rather than reflecting genuine commitment to sustainability. Further exploration into specific metrics, targets, and third-party audits could provide a more comprehensive understanding.

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