Carbon copy: Thailand trades up for a green offset with carbon credit plan
Thailand is exploring the possibility of allowing businesses to offset up to 15% of their greenhouse gas emissions through carbon credits within a proposed emissions trading system.
This initiative aims to boost the nation’s voluntary carbon market, according to Suraphon Buphakosum, Vice President, and Head of Sustainability Service Development at the Stock Exchange of Thailand, who is involved in the market’s development.
“Thailand wants to support and promote the country’s voluntary carbon market, especially for forestry projects.”
Suraphon added that while the scheme awaits government approval, it would exclusively permit credits from nature-based projects.
The country plans to have a fully operational emissions trading system by 2030 and intends to introduce a carbon tax of 200 baht (approximately US$5.94) per tonne on oil products.
This approach to allowing emissions offset is more lenient compared to other Asian markets, such as Singapore, which permits firms to use credits for up to 5% of taxable emissions.
Thailand has set a goal to achieve net-zero emissions by 2065. It has identified approximately 2,166 facilities across various sectors, including energy, construction, transportation, and agriculture, that would fall under its cap-and-trade mechanism, as reported by BloombergNEF in January, reported Bangkok Post.
Data collection is scheduled for 2027 and 2028, with a pilot phase planned for 2029, Suraphon mentioned during the Carbon Forward conference in Singapore.
In similar news, Phuket embarked on an ambitious journey towards sustainable tourism with the introduction of the Phuket Old Town Carbon Neutrality 2030 plan. The initiative aims to establish the historic old town as Thailand’s first carbon-neutral area in the next five years.
Tourism and Sports Minister Sorawong Thienthong, representing Prime Minister Paetongtarn Shinawatra, officiated the launch of this initiative at the 72nd Anniversary Queen Sirikit Park located in Phuket Old Town.
The event saw a gathering of local government officials, private sector representatives, and community leaders, all committed to the cause of sustainable tourism.
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