How Thailand is progressing toward carbon neutrality
Thailand is driving carbon neutrality by reducing emissions in agriculture, supporting emissions reduction technologies, boosting emissions reduction skills among the business and public sectors, and promoting green financing, the Thailand Greenhouse Gas Management Organisation (TGO) said on Tuesday.
The organisation developed more than 400 programmes under the Thailand Voluntary Emission Reduction Programme (T-VER) over the past 20 years, generating carbon credits of at least 18 million tonnes of carbon-dioxide equivalent.
This programme enables all sectors to reduce greenhouse-gas emissions in their activities, especially industry and transport. The programme also encourages forest restoration and preservation to store greenhouse gas and maintain biodiversity.
In this way, participants can generate carbon credits to offset emissions from organisations, people, events and manufacturing.
Meanwhile, the organisation has approved carbon footprint labels on more than 10,000 items, making Thai products accepted in the global market.
The labels indicate that products have passed the TGO’s standards on carbon footprint reduction, covering material procurement, transport, manufacturing, usage and waste management.
However, TGO chairman Pongpanu Svetarundra said there are still challenges to driving Thailand towards carbon neutrality by 2050 and net-zero carbon emissions by 2065.
“Thailand’s carbon market is small and lacks efficiency,” he said, adding that carbon pricing is crucial to achieve the goal.
To cope with the aforementioned challenges and prepare for the enforcement of Climate Change Act, Pongpanu outlined the organisation’s mission as follows:
Reducing greenhouse-gas emission in the agriculture sector: The TGO will boost awareness and adopt low-carbon technologies in the sector.
Apart from dealing with greenhouse-gas emissions and PM2.5 (particulate matter 2.5 micrometres or less in diameter) air pollution, this move also enhances farming processes to boost crop quality and quantity, as well as increasing income for farmers.
Supporting new technologies for greenhouse-gas reduction: New technologies, such as carbon capture and storage systems, can further boost greenhouse-gas reduction, but they come with high cost and strict usage regulations.
Appropriate carbon pricing and government support will make these projects possible.
Training and boosting greenhouse-gas reduction skills for the business and public sectors: Thailand has to be ready for existing and upcoming environmental-related measures.
Networking in policy, operation, regional and global levels is necessary to enhance knowledge exchange among parties.
Promoting green financing: Financial institutions and capital markets play an important role to boost liquidity in the carbon market, as well as building green business and promoting investment in low-carbon technologies.
If TGO can further develop green financial products like environmental, social and governance (ESG) funds, and green bonds with carbon credit, it would help reduce costs for adopting sustainable practices.
Pongpanu confirmed Thailand has potential to be developed as a carbon trading hub.
“The organisation will build international cooperation on cross-border carbon trading, as well as investment, research and development of low-carbon technologies,” he said.
