BOI unleashes green revolution to fight PM2.5
The Board of Investment’s (BOI) board of directors has given the green light to a comprehensive plan to combat PM2.5 particulate pollution.
According to BOI Secretary-General Narit Therdsteerasukdi, a slew of measures has been approved to incentivise investments and drive positive change.
The BOI’s strategy involves an expansive approach, extending support for community and social development through investment promotion. This includes backing local organisations and groups of farmers to elevate environmental standards within communities. The focus is on strategic forest management, covering community forests, conservation forests, and national forest reserves, aiming to tackle the pervasive issue of PM2.5 particulate pollution on a national scale.
Moreover, the BOI is championing investments that are environmentally friendly, urging sectors like industry, energy, transportation, agriculture, and communities to adopt pollution reduction practices.
In the past, the BOI has spearheaded initiatives such as endorsing alternative energy production, upgrading industries with energy-efficient machinery and eco-friendly technologies, and fostering the growth of electric vehicle industries.
Addressing the current smog crisis caused by PM2.5 pollution, the BOI has partnered with the Ministry of Natural Resources and Environment to implement measures that empower local organisations and farmer groups in employing effective environmental management techniques for sustained PM2.5 reduction.
Narit specified that activities eligible for benefits under these measures include constructing firebreaks in wet-forest areas, building moisture-retaining ridges, supporting firefighting tools and equipment, and providing training on forest fire prevention and control.
Businesses participating in these initiatives, meeting set criteria, will enjoy a three-year corporate income tax exemption, not exceeding 200% of the actual investment in supporting local organisations and farmer groups. Additionally, an extension of the investment promotion measures for an extra year beyond December has been approved, comprising three key elements: investment stimulation for economic recovery, a retention and expansion programme, and a relocation programme, reported The Nation.
Green investment
Businesses have until the last business day of 2024 to submit applications for investment promotion, promising a window of opportunity for eco-conscious entrepreneurs.
Meanwhile, the BOI’s board of directors has greenlit investment promotion privileges for two groundbreaking projects, boasting a combined investment value of 18.67 billion baht:
- Revolutionary Biofuel Production: BSGF Co. Ltd. (under Bangchak Corporation Plc) is set to invest 10 billion baht in a biofuel production project utilising used vegetable oil. This eco-friendly initiative will turn waste from agricultural products and used vegetable oil into “sustainable” aviation fuel (SAF), green diesel, and green liquified petroleum gas (LPG).
- Smart Distribution Centre Marvel: Omega Logistics Campus Co. Ltd., a joint venture between Pruksa Holding Plc and leading real estate and logistics companies from Singapore and Taiwan, will invest 8.67 billion baht in a Smart Distribution Centre project. Harnessing advanced digital technology and warehouse management systems, this venture aims to revolutionise the distribution of products in diverse industries, from electronics to pharmaceuticals and consumer goods.
