Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Verra to support Thailand in developing voluntary carbon credits programme

Thailand.
Photo by Florian Wehde on Unsplash

Verra and the Thailand Greenhouse Gas Management Organization (TGO) have signed a memorandum of understanding to jointly support the implementation of the Thailand Voluntary Emission Reduction Program (T-VER).

Verra is working with Thai officials to develop a domestic emissions reduction programme.

This builds on an existing ‘carbon club’ started by Thailand’s state-owned electricity company, Charoen Pokphand Group and BTS Group Holdings.

Development plans include a digital platform for e-carbon trading based on blockchain.

Robin Rix, Chief Legal, Policy, and Markets Officer, Verra said: “Thailand’s Voluntary Emission Reduction Program is an important step in advancing climate action domestically and globally. Verra is honored to support this important work by sharing information and our expertise gained from managing the Verified Carbon Standard Program.”

Thailand’s experience with voluntary emissions trading

In 2020, it was announced by Royal Decree that industries who conducted greenhouse gas emission reduction projects registered with the Thailand Greenhouse Gas Management Organization (TGO) were entitled to claim a corporate income tax exemption on net profits derived from the sale of carbon credits for three consecutive financial years under the Thailand Voluntary Emission Reduction Program (T-VER). The project shall be registered with the TGO between 23 June 2020 and 31 December 2021.

In 2021 Thailand’s state-owned electricity company EGAT, alongside Charoen Pokphand Group and BTS Group Holdings and seven other founders set up a carbon club to trade credits. The programme was expected to act as a pilot for the expansion of the carbon trading scheme to other companies within Thailand and to expand the current OTC model into a digital platform.

The Thailand Voluntary Emission Reduction Program (T-VER) was launched in 2013 by TGO as a project-based voluntary scheme to encourage GHG reduction and promote the carbon market in Thailand. The long-term goal is to extend the carbon market beyond T-VER to provide a platform for trading all carbon credits both within the country and across borders.

Agreement means ensuring that Thailand’s emissions reduction programme meets international standards

Under the MOU, Verra and TGO will cooperate to align T-VER standards with international best practice. To this end, Verra will share information about the requirements for the Verified Carbon Standard (VCS) Program, the world’s leading greenhouse gas crediting program.

Verra will also provide TGO with a general overview of carbon markets and the operation of the Verra Registry. In addition, the Verra team will assist TGO in navigating publicly available data regarding the VCS Program and its methodologies.

Kiatchai Maitriwong, executive director, TGO said: “Our collaboration will benefit the strengthening of the T-VER standard to be aligned with international practices. It will also expand Thailand’s opportunities to link with the global carbon market and support the country’s goals under the Paris Agreement and contribute to sustainable growth at the national, regional, and global levels.”

As more countries develop emission reduction programmes, market growth is sure to follow

According to the latest State of the Voluntary Carbon Markets report from Ecosystem Marketplace, the VCM grew in value towards $2 Billion in 2021. This quadrupling in market value from 2020 was driven by an acceleration of nature-based solutions trading volume and higher prices for these and other projects with non-carbon environmental and social benefits, such as clean cookstoves and water purification devices.

With new initiatives, such as the ICVCM and VCMI offering integrity guidance and principles, combined with the growing number of countries looking to explore the use of carbon credits, both to cut emissions and to meet emissions compliance requirements, the market is set to grow rapidly.

More from SG Voice

Latest Posts