State energy firm PTT investing in renewables in Asia
Green is becoming the way to go for PTT, Thailand’s partially privatized state energy conglomerate, which said last week it would be investing well over half a billion dollars in renewable energy projects across Asia with a focus on India and China.
Global Power Synergy, the power generation subsidiary of PTT, said it would invest $635 million in solar and wind projects. Its goal is to increase the percentage of power it generates across Asia from renewables to 30 percent of the total, compared to just 12 percent now. Hydropower would account for part of the 30 percent.
Within Thailand, 80 percent of Global Power Synergy’s electricity production currently comes from fossil fuels.
But Thailand has pledged to increase its green power and reduce its carbon and greenhouse gas emissions in line with the Paris Climate Accords and the United Nations Sustainable Development Goals (SDGs).
The Kingdom is already the largest producer of solar and wind power in Southeast Asia.
Global Power Synergy, listed on the Stock Exchange of Thailand, is 75 percent owned by PTT. PTT is going green in others aside from power generation. The firm has announced it intends to enter the business of assembling electric vehicles and has launched a business producing batteries for those vehicles.
The company said it would assemble all types of electric vehicles such as cars, motorcycles, buses and trucks.
Lastly, PTT has also announced it will form a joint venture with Thai listed firm NR Instant to produce alternative proteins. That venture will also contribute to fighting climate change because animal agriculture, especially beef production, is a major emitter of greenhouse gasses.