29 March 2023
The partnership will enhance trust amongst market participants, and contribute to accelerating GHG emission reduction towards the country’s carbon neutrality goal.
Thailand Greenhouse Gas Management Organization (‘TGO’), an autonomous governmental organization under the supervision of the Minister of Natural Resources and Environment, today announced its partnership with leading environmental, social, and governance (‘ESG’) FinTech Hashstacs Pte Ltd (‘STACS’) to enhance transparency of the carbon credits market in Thailand. The partnership centres around the usage of STACS’s ESGpedia digital registry platform, which powers the Monetary Authority of Singapore’s (‘MAS’) Greenprint ESG Registry.
TGO is the official implementing agency on greenhouse gas (‘GHG’) emission reduction in Thailand, managing and expediting the development and implementation of GHG reduction projects and climate action. TGO has developed Thailand Voluntary Emission Reduction Program (‘T-VER’), which is a national standard carbon crediting mechanism to promote and support all sectors to voluntarily participate in GHG emission reduction.
As a local issuer of the T-VER carbon credits in Thailand, TGO is involved in the project registration process and seeks to ensure traceability and high-quality carbon credits in compliance with international practices.
Through the partnership, TGO will engage with STACS to explore the potential of utilising ESGpedia to support prevention of double-counting in the project registration process, and promote access to information on data-backed high-quality carbon credits, with end-to-end traceability. By ensuring that the same project is not duplicated nor registered in other registries, as well as having data of T-VER credits presented on ESGpedia, TGO can enhance confidence amongst buyers (i.e. corporates and organizations) who make use of ESGpedia, that its T-VER credits contributes to real climate impact, alleviating fears of greenwashing.
Mr. Kiatchai Maitriwong, Executive Director of TGO, said: “This partnership between TGO and STACS will enhance access to data and information for international investors, promote T-VER projects and credits, as well as open up opportunities for future investment in GHG projects and the trading of T-VER credits, all of which will contribute to the expansion of the carbon business and market in Thailand.”
With Thailand bringing forward its carbon neutrality and net-zero emission target to 2050 and 2065 respectively, STACS and TGO will work closely together to exchange ESG data and digital technology with the aim of accelerating the carbon market development in Thailand and ASEAN. This would be critical to support the country’s GHG emission reduction, as quoting Natural Resources and Environment Minister Varawut Silpa-archa, the first step in Thailand’s new adjusted timeline for net-zero is to shift the target of reducing GHG emissions from 30% to 40% within 2030.
Sharon Yuen, Chief Commercial Officer at STACS, said: “Integrated with international carbon credit registries, ESGpedia is a global ESG registry aggregating ESG data and certifications that financial institutions and businesses trust and employ in their reporting and sustainability journey. Our expansion of scope in the Thailand market with TGO brings greater transparency to the carbon credits lifecycle, with TGO and market participants being able to easily access project and transaction-level attributes of carbon credits through a common digital registry. This facilitates tracking against sustainability goals and analysis relating to corporate sustainability practices.
Renewable energy and carbon credits play a big role in moving the needle on Thailand’s carbon neutrality goals. STACS is excited to be partnering with Thailand Greenhouse Gas Management Organization to drive the region’s commitment to reduce GHG emissions through better data and digital technology.”
This latest partnership marks further developments in STACS ESGpedia’s Thailand coverage, following the ESG fintech’s live partnership with Thailand state-owned power utility Electricity Generating Authority of Thailand (‘EGAT’) earlier last year.