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TGO elevates Thai agricultural carbon credits via Premium T-VER

TGO elevates Thai agricultural carbon credits via Premium T-VER

Thansettakij•Economy•22m ago

Reader Briefing

The Thailand Greenhouse Gas Management Organization is promoting Premium T-VER standards to increase the international competitiveness of Thai agricultural carbon credits.

  • •Thailand aims for Carbon Neutrality and Net Zero by 2050.
  • •The NDC 3.0 plan targets a reduction of over 2 million tons of greenhouse gas emissions in the agricultural sector.
  • •Premium T-VER is the only national standard recognized by the CORSIA international aviation mechanism.
  • •TGO has implemented the VVB Save Plus measure to reduce verification costs for agricultural projects.

Overview

  • •Thailand has set a goal to achieve Carbon Neutrality and Net Zero by 2050.
  • •The agricultural sector under the NDC 3.0 plan aims to reduce greenhouse gas emissions by over 2 million tons of carbon.
  • •Standard T-VER currently has 683 registered projects with approximately 28 million tons of certified carbon dioxide equivalent.
  • •TGO developed Premium T-VER, a high-level standard accepted by CORSIA for the international aviation sector.
  • •The Thai carbon credit market has a cumulative trading volume of over 5 million tons with a value of approximately 437.98 million baht.
  • •TGO introduced VVB Save Plus to reduce verification service fees for agricultural projects from 20,000 baht to 10,000 baht per day.
  • •Thailand intends to report progress and negotiate for international funding, including the Hybrid Fund and Adaptation Fund, at COP31 in Antalya, Turkey.

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Key Quotes

Nakorn Trakviraphat
"The heart of the matter is adjusting to reduce costs first, whether by reducing water, fertilizer, or saving energy, because this is an immediate profit; carbon credits are a bonus."
หัวใจสำคัญคือปรับตัวเพื่อลดต้นทุนก่อน ไม่ว่าจะลดน้ำ ลดปุ๋ย หรือประหยัดพลังงาน เพราะนี่คือกำไรที่เกิดขึ้นทันที ส่วนคาร์บอนเครดิตเป็นของแถม

Key Entities

Person

Nakorn Trakviraphat(ณกรณ์ ตรรกวิรพัท)
Director of the Thailand Greenhouse Gas Management Organization.

Organization

Thailand Greenhouse Gas Management Organization(องค์การบริหารจัดการก๊าซเรือนกระจก (องค์การมหาชน))ℹ️
A public organization known as TGO that manages greenhouse gas standards and carbon credits in Thailand.
Department of Rice(กรมการข้าว)
An organization aiming to promote 100,000 rai of alternate wetting and drying rice farming.
Department of Agriculture(กรมวิชาการเกษตร)ℹ️
A registered verification body (VVB) with TGO that creates pilot plots for economic crops.
Office of Small and Medium Enterprises Promotion(สำนักงานส่งเสริมวิสาหกิจขนาดกลางและขนาดย่อม)
An organization collaborating with TGO to support 50% of Carbon Footprint of Product costs for SMEs.
World Bank(ธนาคารโลก)ℹ️
An organization providing data that adaptation investment can support a country's GDP by up to 4%.

Policy

Carbon Offsetting and Reduction Scheme for International Aviation(CORSIA)ℹ️
An international aviation carbon offsetting and reduction mechanism that recognizes Premium T-VER.
NDC 3.0
A plan covering five sectors, including agriculture, to reduce greenhouse gas emissions.

Law

EU CBAMℹ️
A European Union trade measure that has entered the carbon payment phase.
UK CBAMℹ️
A United Kingdom trade measure scheduled to begin in 2027.
Climate Change Act(พ.ร.บ.การเปลี่ยนแปลงสภาพภูมิอากาศ)
A draft Thai law creating pressure for operators to adapt to climate change.

Place

Antalya, Turkey(เมืองอันตัลยา ประเทศตุรกี)ℹ️
The location where COP31 is held.