Thai Firm Becomes First IFRS Partner, Lifts Sustainability Standards

LO-CARB has become the first sustainability partner of the IFRS Foundation in Thailand, helping Thai businesses elevate their sustainability disclosures to international standards and boost competitiveness. Nichaphat Ratnapraphat, managing director of LO-CARB, explained that the company is advancing Thai business by upgrading sustainability reporting to global standards, ensuring company data meets worldwide benchmarks and is globally comparable.

The collaboration supports long-term risk management, value creation, and business growth, as companies now face market changes, trade regulations, and climate-related risks directly. Thai businesses must move beyond simply reporting on environment, society, and governance (ESG) factors; they must use sustainability data to inform strategy, assess risk, and make real business decisions. Key standards include the IFRS Sustainability Disclosure Standards developed by the International Sustainability Standards Board (ISSB), particularly IFRS S1 and IFRS S2, which focus on sustainability and climate risks and opportunities material to investors.

"Working with IFRS is not just about compliant reporting—it prepares Thai organizations to use sustainability data as part of strategy and build competitive capability," Nichaphat said. The standards enable Thai companies to communicate with global investors in a common language, showcasing financial performance, climate risks, response plans, and growth potential directly linked to company valuation and investment decisions. LO-CARB aims to push Thai businesses beyond viewing ESG as a reporting burden, toward using sustainability data as a value-creation tool, capital access channel, and competitive advantage, positioning sustainability as a new core driver of growth.