Green investment tops 938 billion baht since 2019: BOI

Thailand’s transition to a green economy has accelerated rapidly since 2019, with promotional privileges granted to some 6,183 projects worth a combined 938.06 billion baht, the Board of Investment (BOI) said on Wednesday.

Green investments cover BCG (bio, circular, green) industries, electric vehicles (EVs), clean energy generation, and transition from fossil fuels to renewables.

In the first six months of 2024, the BOI approved privileges for 448 projects in BCG industries with a combined investment value of 118.16 billion baht, and 25 EV projects worth 6.26 billion baht, BOI secretary-general Narit Therdsteerasukdi said on Wednesday.

Narit said the BOI’s Go Green initiative, which launched in 2019, focuses on promoting green efforts in four sectors that are responsible for releasing high levels of greenhouse gas: Industry, transport, energy, and community.

For industry, the BOI grants investment and other privileges to operators in BCG industries, as well as supporting businesses to transition to renewable energy, Narit said.

Some 2,675 BCG projects totalling 497 billion baht in investment received privileges between 2019 and 2023, while some 1,139 businesses worth a combined 60.59 billion baht switched to renewable energy, he added.

To promote transport sustainability, the BOI has granted privileges to over 120 EV and related projects worth over 80 billion baht. The privileges support the government’s 30@30 target to boost EV production to 30% of auto production by 2030.

In the energy sector, the BOI has granted investment privileges to more than 1,700 clean energy generation projects worth over 175 billion baht. Narit said clean energy investment in 2023 tripled from the previous year to 70.6 billion baht.

In the community sector, the BOI said it was supporting investment in sustainable farming, low-methane rice production, and reduction of PM2.5 air pollution from crop burning.