"Open Letter to Bank of Ayudhya, Bank of China, Government Savings Bank, ICBC, Kasikorn Bank, Mizuho, Natixis, SMBC, Societe Generale, Standard Chartered, Sumitomo Mitsui Trust on urgent concerns regarding Burapa Power Project in Thailand", 5 November 2025

We are Fossil Free Thailand, a coalition of civil society organizations from Thailand and across Asia. We would like to bring to your attention the serious community, financial, environmental, and climate risks associated with the planned 600 MW Burapa Power Project — a natural gas–fired combined-cycle power plant in Chachoengsao province, jointly developed by National Power Supply PLC and Gulf Development PCL…

Financial Risk

According to recent financial analysis, up to 67% of Thailand’s fossil fuel power capacity may be stranded by 2040, with total stranded losses reaching 530 billion THB under a full renewable transition scenario. As a large gas-fired power plant, Burapa Power project is particularly vulnerable to this transition risk, a material concern that many of your own Task Force on Climate-related Financial Disclosures (TCFD) reports explicitly identify. This risk is further highlighted by the Thailand Taxonomy, which classifies new gas power plants (projects receiving construction permits after December 31, 2023) as red. This classification indicates that these projects are not environmentally friendly and must be continuously phased out…

Thailand aims to increase its share of clean energy to at least 50%. As a result, Burapa Power project, if built, risks becoming an underutilized asset that generates little return on investment while burdening financiers with long-term debt exposure. Financing this project would not only go against your stated commitments to sustainability, but it would also expose your institution to a significant stranded asset risk that is already being realized in the Thai power sector.

Risk to Banks’ Financed Emission Targets

Financing new gas power plants such as Burapa Power project creates a serious risk to your banks’ financed emission targets and overall net zero emission by 2050 commitments. As you have signed on to the UN Principles for Responsible Banking (PRB) and are required to provide investment and loans that are consistent with the long-term goals of the Paris Agreement. However, since power plants typically operate for 25–30 years, your financial support for Burapa Power project could signal a commitment to fossil fuel operations that will extend well beyond 2050…

Transmission Line Dispute

The construction of high-voltage transmission lines needed to connect Burapa Power Project to a nearby substation caused serious concern among affected communities as it may result in severe restrictions on the land owners’ rights to use their land, or complete loss of their land. The transmission line construction is expected to affect at least 51 families, putting local livelihoods, food security, and economic stability at risk…

Burapa Power project has faced strong community resistance for over a decade. Originally proposed as a coal-fired power plant, it was cancelled following sustained opposition, only to be restructured as a gas power plant in 2019. Local opposition remains strong, and communities are doubling down on their resistance. With the transmission line, essential for the power plant’s operation, currently under legal challenge, there is substantial uncertainty around the project’s viability and timeline.

Severe Water Stress and Resource Conflict Risks

Burapa Power project will further strain Chachoengsao’s already scarce water resources, intensifying competition between industrial users and local communities who depend on the same water sources. The project’s planned extraction of 12,000 cubic meters of water per day will exacerbate existing water stress and heighten the risk of resource conflicts…

Burapa Power project’s additional demand of 12,000 m³ per day, significant given existing water stress, will intensify competition for limited resources. This heightens the risk of severe water scarcity and raises legitimate concerns among local communities and stakeholders about potential resource conflicts, threatening both human livelihoods and ecosystem sustainability…

We oppose the Burapa Power project because of the threats it poses to the future of our communities in Chachoengsao province. The proposed project poses permanent, irreversible and existential threats to critical aspects of our livelihoods, culture and environment…