Thai industry group’s platform opens for trading carbon credits
The Federation of Thai Industries (FTI), the Kingdom’s leading private-sector association, has opened a platform for trading carbon credits as part of its commitment to fighting climate change and helping the country achieve its net-zero emissions goals.
“The platform, named FTIX, is being run the by the Federation’s Climate Change Institute in conjunction with the Climate Action Leading Organization (CALO),” said Suwit Torraninphanit, Chief of the Federation’s Climate Change Committee.
“It would help Thai exporters comply with carbon emission reduction standards of importing countries by allowing them to buy carbon credits. That should make Thai exporters more competitive,” Suwit added. Companies began registering last week to trade carbon credits from the Thailand Voluntary Emission Reduction Program (T-VER).
The Federation said that firms will also be able to trade 100 percent renewable energy (RE100) on the platform.
Suwit also mentioned that he expects as many as 12,000 companies from 45 sectors would eventually sign up and trade or buy carbon credits. CALO has reported that companies have registered 319 projects under the T-VER program from 2014 through the first quarter of fiscal 2023.
The Committee will supervise the exchange, which will be managed by a joint committee of members from the Federation and CALO. Suwit further said that the committees will ensure transparency.
Trading carbon credits allows companies that have reduced emissions offset those that they cannot completely be eliminated by buying credits from other firms or entities that have reduced them further.
Thailand has set a goal of steadily reducing greenhouse gas emissions to reach net-zero emissions by 2050. National planners are urging more development of renewable energy and adoption of the circular economy to achieve that goal.