Thailand is expected to start enforcing a new law outlining measures to reduce carbon dioxide emissions within this year, helping the state and business sectors better deal with climate change, says Rachata Phisitbanakorn, assistant to the natural resources and environment minister.
The law is being drafted by the newly established Department of Climate Change and Environment, he said.
"We've set up the Department of Climate Change and Environment and initiated climate change-related measures to emphasise Thailand's commitment to cutting carbon dioxide emissions," said Capt Rachata at a forum entitled "Action for Change", held on Monday.
Former prime minister Prayut Chan-o-cha vowed in 2021 at the 26th UN Climate Change Conference in Glasgow that Thailand would be more aggressive in addressing climate change, striving to reach carbon neutrality, a balance between carbon dioxide emissions and absorption, by 2050, along with a net-zero target, a balance between greenhouse gas emissions and absorption, by 2065.
The new law comprises various mechanisms to achieve climate change mitigation targets through economic instruments such as carbon credit trade, a carbon tax, a domestic emissions trading system as well as mandatory compliance measures for business operators.
It is also aimed at increasing Thailand's capability to mitigate and adapt to climate change, enabling the transition to a more sustainable economy.
Capt Rachata said the Thailand Greenhouse Gas Management Organization will act as the regulator of carbon trade for businesses.
The move to enact the new law has been welcomed by energy companies including TPI Polene Power, Thailand's largest waste-to-energy developer and operator by capacity.
Once measures against global warming are enacted, entrepreneurs are expected to take carbon dioxide emissions more seriously and won't take part in this environmental campaign on a voluntary basis, said Pakkapol Leopairut, executive vice-president for finance at TPI Polene Power.