On April 25, Carbon Registry Thailand (CRT) announced the signing of Master Service and Carbon Credit On-boarding Agreements with the owners of nine pioneering projects in Indonesia. The agreements, formalised in Jakarta, encompass projects located in South Papua, North Sulawesi, and South Sumatera.
These projects have cleared CRT's preliminary assessments and are expected to collectively generate 4,081,725 carbon credits annually.
On February 7, 2024, the Bank of Agriculture and Agricultural Cooperatives of Thailand declared their acceptance of Carbon Credits as assets, valuing them at THB 3,000 per credit (approximately USD 80). Using a conservative estimate of 50% of the bank's asset value, the total worth of carbon credits from these nine projects is projected at an impressive USD 163 million.
Mr. Subandrio, Chairman of the Tanjung Rasau Cooperative, highlighted substantial efforts in implementing Improved Forest Management measures over the past three years, including ranger patrols, wildfire prevention programs, anti-logging initiatives, wildlife protection, and rescue operations. The cooperative has supported afforestation projects with limited financial resources from the local community. Mr. Subandrio expressed optimism that income from Carbon Credits would empower local communities to safeguard forests and expedite afforestation efforts.
Mr. Thanuttzup Phattraprasit, Co-founder of CRT, emphasized the organisation's commitment to precise and transparent carbon credit calculations. The nine projects cover critical areas of nature-based forest carbon credits, focusing on Afforestation & Reforestation, Improved Forest Management, REDD+ (Reducing Emissions from Deforestation and Forest Degradation), and Avoided Conversion.
Carbon Registry Thailand Co., Ltd. (CRT) is headquartered in Bangkok, Thailand, and was established in 2023. Since its inception, CRT has rapidly expanded operations across Singapore, Malaysia, Indonesia, Hong Kong, and Taiwan. The organisation specialises in blockchain-based Web 3 technology platforms, developing and registering carbon credits using advanced Satellite Remote Sensing Survey Systems. All data generated is transparent and blockchain-secured.