Economist Intelligence Unit: Thailand making gains in sustainability
A month after praising Thailand for improving its democratic system, the Economist Intelligence Unit (EIU) gave the Kingdom good marks on its progress toward sustainability.
The prestigious research arm of the British newsmagazine said that a sense of urgency about climate change has driven Thailand to develop more ambitious environmental targets, prioritize the bio-circular-green (BCG) economy and facilitate green finance.
“EIU expects these moves to create an ecosystem that steers the economy towards more sustainable practice in the medium term. We expect opportunities to concentrate in sectors such as electric vehicles and renewable energy in the near term,” wrote the country analysis on the EIU website.
Thailand’s policymakers have made the BCG economic model a key element of the national development strategy. They have formulated extremely generous investment incentives and privileges for companies employing BCG principles and practices.
“The BCG model, in place since 2021, aims to show stronger public commitment on climate change risk and sustainability. The policy initiative combines Thailand’s sustainable push with investment promotion policy to attract more interest in the sectors where the country already has advantages,” wrote the EIU.
The EIU further added that regulators are also designing policies to support sustainable practices in the financial sector. The Bank of Thailand together with the Securities Exchange Commission are drafting the Thailand Taxonomy, which includes standards intended to lay the common framework on a sustainable finance ecosystem. This will also facilitate products and financial services in support of green finance.
Photo courtesy of https://www.nstda.or.th/thaibioeconomy/bcg-concept/bcg-in-action/bcg-drivers.html