BAAC carbon credit project in Khon Kaen a success
The Bank for Agriculture and Agricultural Cooperatives (BAAC) is collaborating with the "Bank of Trees" community and more than 6,800 other communities to support the BAAC Carbon Credit project.
This project involves the purchase and sale of carbon credits and issues T-VER standard certificates from the Department of Environmental Quality Promotion (DEQP). The goal is to address business needs in achieving net-zero greenhouse gas emissions.
Two leading communities in this initiative are the Bank of Trees Baan Tha Lee and Baan Daeng in Khon Kaen Province. They have sold more than 450 tons of carbon credits, generating income exceeding 1.3 million baht for the communities. The aim is to increase the quantity of carbon credits from these communities by at least another 150,000 tons within seven years.
The BAAC has been supporting farmers in planting trees as part of the Royal Initiative “Planting Trees for 3 Benefits, 4 Good Deeds” to promote sustainable natural resource management at the community level. This led to the development and elevation of the "Bank of Trees" and "Valuable Tree Community" projects. Currently, 6,814 communities are participating in these projects, with over 12.4 million registered trees and 124,071 members. The total value of trees in these projects exceeds 43 billion baht, and preparations are underway to evaluate the value of trees as collateral for loans in 2023, estimated at over 760 million baht.
In the event that the government declares its commitment to addressing climate change at the World Leaders Summit during the upcoming United Nations Framework Convention on Climate Change Conference of the Parties, Thailand is ready to elevate its efforts to achieve carbon neutrality by 2050.
