Thailand's Carbon Market Sees Growth with New Assessments Methodologies

Strategic Insights -

Thailand's carbon market is seeing significant growth, with the "Thailand Voluntary Emission Reduction Program" (T-VER) project having cumulatively traded 3,598,457 tons of CO2 equivalent, valued at 322,614,985 baht, as of February 17, 2025. Carbon credits from forestry projects are also gaining popularity, with 315,553 tons of CO2 equivalent traded at an average price of 305.14 baht per ton. However, the cost of carbon credit assessment, which is relatively high, is a significant expense in project development, particularly for small-scale projects.

Key Takeaways:

  • The biomass sector accounted for the largest share of carbon credit transactions, with 1,578,308 tons of CO2 equivalent traded at an average price of 36.82 baht per ton.
  • The Geo-Informatics and Space Technology Development Agency (GISTDA) has applied space technology and geospatial data to assess carbon credits in the forestry and agriculture sectors.
  • TGO announced the certification of a new methodology for assessing accumulated biomass (carbon) sequestration in forest areas using a Machine Learning model for greenhouse gas management in Thailand.
  • GISTDA has developed a digital platform called 'Carbon Atlas' to facilitate the new carbon sequestration assessment method.
  • The 'Carbon Map' provided by GISTDA allows users to plot their area and assess its carbon sequestration potential before registering with TGO.
  • GISTDA expects to make this service available through the 'Carbon Atlas' platform by the end of 2025.

Statistics:

  • 3,598,457 tons of CO2 equivalent traded under the T-VER project as of February 17, 2025.
  • 322,614,985 baht value of carbon credits traded in the T-VER project as of February 17, 2025.
  • 315,553 tons of CO2 equivalent traded in forestry projects at an average price of 305.14 baht per ton.
  • 1,578,308 tons of CO2 equivalent traded in the biomass sector at an average price of 36.82 baht per ton.
  • The cost of carbon credit assessment, which is relatively high, is a significant expense in project development, particularly for small-scale projects.

Sources:

  • Thailand Greenhouse Gas Management Organisation (Public Organisation) (TGO).
  • Geo-Informatics and Space Technology Development Agency (GISTDA).
  • Siam Lawawirojwong, Director of the Applied Geospatial Information Department at GISTDA.