PTTEP investing over 14 billion baht to reduce global warming

The company revealed its intention to establish clear mechanisms for carbon credits, or carbon taxes, as well as regulations for tracking and verifying the stored carbon. PTTEP President/CEO Montri Rawanchaikul disclosed this during the Thailand Climate Action Conference 2023 held in Bangkok on October 6-7, emphasising the world was at a critical juncture in choosing between a global climate crisis and transitioning to a carbon-neutral state.

Currently, Carbon Capture & Storage (CCS) technologies have been deployed in over 300 CCS projects worldwide. For Thailand to achieve carbon neutrality by 2030 and net-zero greenhouse gas emissions by 2050, it must reduce carbon emissions by about 40 million tonnes per year. This is a challenging task, as planting one million rai (or about 395,369 acres) of forest would only reduce 1-2 million tonnes of carbon annually. Nevertheless, in the transitioning to carbon-free energy, PTTEP has initiated a carbon capture project from natural gas production in the Gulf of Thailand.

The goal is to capture a million tonnes of carbon annually by 2027, with an estimated investment of US$300-400 million (11 billion baht to 14.8 billion baht). Due to the huge investment and international partnerships involved, PTTEP has urged the government to establish clear regulations, including carbon credits, carbon taxes, and various obligations, to enable the project's implementation.