Banpu

Banpu is a Thailand-based energy company whose core business remains heavily reliant on coal-fired power generation and coal mining. The company’s operational footprint is carbon-intensive relative to its sector peers in the Asian energy market. Its reported climate strategy and emissions data require careful scrutiny, as the company’s disclosed reporting boundary explicitly excludes performance data from its mining business—a material segment of its operations—when accounting for air emissions and ozone-depleting substances. This selective reporting obscures the full scale of its climate impact.

The company publishes a Climate Change Report outlining a “Pathway to Net Zero,” but the credibility of this transition is challenged by its ongoing capital allocation. Banpu continues to derive significant revenue from thermal coal assets across Indonesia, Australia, and China, while its expansion into renewable energy and “smarter” energy solutions remains a minor portion of its overall portfolio. Leadership’s commitment to emissions governance is questioned by this continued dependence on and exclusion of data from coal operations, which are inherently incompatible with a 1.5°C-aligned transition pathway.