Thailand strives to expand voluntary carbon market
Thailand is considering proposals to allow businesses to offset as much as 15% of their greenhouse gas pollution with carbon credits in a planned emissions trading system.
Thailand strives to expand voluntary carbon market. Photo courtesy of climatescorecard.org.
Suraphon Buphakosum, vice president and head of the sustainability service development at the Stock Exchange of Thailand (SET), emphasized the strategy is intended to help stimulate development of the country's voluntary carbon market.
He affirmed that Thailand wants to support and promote the country’s voluntary carbon market, especially for forestry projects. While it's still subject to government approval, the scheme will only allow credits from nature-based projects.
Thailand aims to have an emissions trading system in full operation by 2030 and is preparing to impose a carbon tax of THB 00 ($5.94) per ton on oil products.
Allowing polluters to offset 15% of emissions will be more lenient than policies in some other markets in Asia. For example, Singapore currently allows firms to use credits to account for as much as 5% of taxable emissions.
Thailand targeted to achieve net zero emissions by 2065. It has identified about 2,166 facilities across sectors including energy, construction, transportation and agriculture that would be covered by its cap-and-trade mechanism.
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