Kasikorn Foundation, in collaboration with the National Economic and Social Development Council (NESDC) and the World Bank, signed an agreement to jointly study and develop the concept of natural capital.
Kasikorn Foundation, in collaboration with the National Economic and Social Development Council (NESDC) and the World Bank, signed an agreement to study and develop the concept of natural capital to transform forests and waterways into a new, balanced, and sustainable economic growth model.
In an era where the global climate crisis is pressing closer, environmental issues have shifted from traditional social campaigns to becoming a crucial condition for national economic survival and competitiveness. The forum at EARTH JUMP 2026, themed “Natural Capital: The Foundation of Thailand’s Economy and Society,” marked a significant starting point and led to collaboration among three parties: the World Bank, the National Economic and Social Development Council (NESDC), and the Kasikorn Foundation.
They have signed a Memorandum of Understanding (MOU) to collaborate on studying and developing a framework for natural capital in line with the national development strategy. This collaboration is not about traditional nature conservation, but rather a joint effort to elevate the concept of national watershed forest management, such as at Nan Sandbox, into a learning and testing ground for applying international economic tools. This aims to pave the way for balanced and sustainable economic growth together.
In the past, forest and environmental conservation projects were often framed and viewed as Corporate Social Responsibility (CSR) activities that relied on donations. However, economic data shows that more than one-third of Thailand's GDP, along with the income and livelihoods of millions of people, directly depend on its natural resources and ecosystems.
However, in the past, these valuable natural assets have never been included in traditional economic indicators, making it difficult to manage and formulate policies to maximize their value. This tripartite collaboration therefore opens a new dimension by introducing the globally standardized tool of Natural Capital Accounting (NCA) to study its feasibility and pilot its application for the first time in Nan Province. This aims to transform ecosystem services so that their economic value can be seen more concretely.
Danucha Pitchayanan, Secretary-General of the National Economic and Social Development Council (NESDB) It was revealed that, “In shaping Thailand’s development direction, it is crucial to prioritize the value and management of natural resources. This collaboration is therefore key to providing the country with the necessary insights to integrate the Natural Capital dimension into policy decision-making and national development planning. This will send a clear signal to the business sector to effectively and promptly address climate change and the transition to a low-carbon economy.”
Mr. Phiphit Aneknihti, Chairman of Sustainability Affairs, Kasikornbank, on behalf of the Kasikorn Foundation. It was emphasized that the core of connecting work at the local level is "The foundation's primary role is to act as a bridge between national policy and local realities. Working closely with the Nan Sandbox area, we have learned that sustainable environmental solutions must be built from the grassroots, starting with the health, education, and livelihoods of the community. This Memorandum of Understanding will provide a framework to expand on this success, serving as policy recommendations to encourage various sectors involved in area development to study and adapt this model to restore watershed forests in other regions across the country."
Ms. Melinda Good, Country Director for Thailand and Myanmar, World Bank. It was further emphasized the importance of this accounting system in ensuring that "Thailand's natural resources can be a key driver of innovation, helping to unlock funding, investment confidence, and the resilience necessary for long-term economic growth."
The compelling driving force behind this collaboration stems from the synergy of strengths derived from the roles of all three parties. The World Bank provides academic expertise and leverages an international framework to ensure that the study of Thailand's natural capital meets internationally comparable standards of transparency.
While national policy-making agencies like the National Economic and Social Development Council (NESDC) will play a role in studying, learning from, and extracting lessons learned from pilot areas, this empirical data will be used to inform the development of the 14th National Economic and Social Development Plan, as well as designing appropriate policy support tools and incentives for the future. The Kasikorn Foundation, as one of the implementing agencies in the area, will provide support.
The foundation's strength lies in having a living, real-world operational area like Nan Sandbox, which is ready to test world-class equipment. This collaborative approach aims to find solutions so that when community members have stable incomes and jobs, the watershed forest can coexist sustainably with them.
This collaboration is just the first step in a series of efforts across all sectors to drive Thailand towards balanced and environmentally friendly economic growth. Protecting watershed forests and conservation will no longer be viewed as a burden, but rather as a genuine economic opportunity from which all sectors can benefit.
