PSP promotes ESG strategy to drive the organization toward sustainability, aiming for Net Zero by 2050
P.S.P. Specialties Public Company Limited (PSP) has launched a 5-year ESG roadmap to establish a solid foundation for sustainability across economic, social, and environmental aspects under good corporate governance. The company aims to achieve Net Zero Emissions by 2050 through investments in renewable energy, solar power, and the promotion of a circular economy for efficient resource use. PSP is also committed to enhancing human rights and employee welfare, earning a 4-star ESG rating from the Stock Exchange of Thailand and joining the SET ESG Ratings group of sustainable stocks. With a goal of reaching an A or AA rating this year, PSP is driving a green business strategy that reduces greenhouse gas emissions across the supply chain, fosters eco-friendly innovations and products, and improves the quality of life for employees and local communities through ongoing initiatives in safety, occupational health, and environmental stewardship.
Mr. Sakesan Krongphanich, Deputy CEO of P.S.P. Specialties Public Company Limited (PSP), the leading lubricant solutions partner, announced the company’s firm commitment to sustainability through a clearly defined ESG (Environmental, Social, Governance) strategy. PSP aims to become a stable and socially and environmentally responsible organization over the long term, with a 5-year roadmap in place. A key target is to achieve “Net Zero Emissions” by 2050, underscoring the company’s dedication to minimizing the impact of operations across all dimensions. The roadmap is structured into three main phases—short, medium, and long term—each with specific goals and targeted strategies to drive sustainability across every aspect of the business.
In the short term, PSP has launched measurable environmental initiatives, including the installation of solar rooftop systems on factory buildings to increase the share of renewable energy usage and reduce reliance on fossil fuels. The company is also enhancing operational efficiency through more effective resource utilization. In 2024, PSP aims to reduce energy consumption by over 15% and plans to expand investments in automation and smart supply chain management systems. These efforts are designed to improve production efficiency, minimize waste, and ensure optimal use of resources at every stage—laying the groundwork for the long-term growth of a green business.
In the medium term, PSP is focusing on the development and research of products that align with major environmental megatrends, particularly the research and development of biodegradable lubricants made from plant-based materials as alternatives to petroleum-based oils. These products are designed to be biodegradable, thereby reducing the environmental impact of chemical residues. This initiative also aligns with the principles of the circular economy and meets the growing demand from industrial clients seeking more sustainable solutions. The company expects to launch these products into the commercial market in the near future.
In the long term, PSP plans to expand investments in product lines that utilize recyclable resources and innovations aimed at reducing greenhouse gas emissions throughout the entire supply chain. This initiative forms a core part of the company's long-term strategy to sustainably achieve Net Zero Emissions by 2050.
On the social aspect, PSP places strong emphasis on the quality of life for both employees and surrounding communities by providing comprehensive welfare support, including health care, workplace safety, and professional development. This includes training in technology, soft skills development, and the Young Leadership Program to nurture future leaders. The company also promotes diversity and inclusion in the workplace. Additionally, PSP engages in a variety of community-focused initiatives, covering education, environmental conservation, and youth development, aiming to create shared value between the organization and society.
On the governance aspect, PSP is committed to conducting business in accordance with the principles of good corporate governance—operating with transparency, accountability, and consideration for all stakeholders, including shareholders, customers, partners, employees, and local communities. According to the Stock Exchange of Thailand, the company received a 4-star rating, or “Very Good,” in the 2024 Corporate Governance Report of Thai Listed Companies (CGR), issued by the Thai Institute of Directors (IOD) with support from the SET. PSP plans to further enhance CGR rating this year, reinforcing role as a sustainably growing organization.
In addition to commitment at the organizational level, PSP also plays a role on the international stage by participating in the Climate Action Forum (CAF) @ United Nations, Thailand. This forum brings together collaboration efforts from Thai and international private sectors to jointly drive environmental and climate change goals. PSP has also joined the Sustainism Movement, a project supported by the Food and Agriculture Organization of the United Nations (UN FAO) and AFMA, aimed at enhancing food systems, agriculture, and supply chain sustainability. Furthermore, PSP was invited to present case studies and sustainable business practices at public forums and received the Climate Action Leaders Recognition certificate. This marks another step forward for a Thai organization in asserting position, sharing knowledge, and gaining global recognition for addressing climate change.
“PSP does not view ESG as merely a trend or a form of social responsibility. We place ESG at the core of our corporate strategy—integrating it with business growth, employee care, and social accountability—to deliver long-term value to all stakeholders,” Mr. Sakesan concluded.
