IRPC joins forces with PTT Group to drive ‘Net Zero Forestation’ leadership
published : 30 Mar 2023 at 13:57
IRPC Public Company Limited, led by Kris Imsang, President and Chief Executive Officer, together with PTT Group Executive Management teams of PTT Public Company Limited, PTT Exploration & Production Public Company Limited, Thai Oil Public Company Limited, PTT Global Chemical Public Company Limited, Global Power Synergy Public Company Limited, PTT Oil and Retail Business Public Company Limited, and PTT LNG Company Limited, signed a memorandum of understanding covering three collaborative agreements relating to, 1) implementation of their joint forestry eco-system planting, enhancement and forestry maintenance programme with Royal Forest Department, 2) joint forestry eco-system planting, enhancement, and forestry maintenance programme with Department of National Parks, Wildlife & Plant Conservation, and 3) joint mangrove forestry planting and enhancement programme with Carbon Credit benefits with Department of Marine & Coastal Resources. The agreements entail collaboration between government and private sectors to provide theoretical and practical supports, including research academic contributions.
The forestation and forest conservation projects, including national forest preservation, nation park conservation, wildlife conservation, community forestation, and mangrove forestation, also aim to create 2-rai carbon capture and storage areas. They also promote participation in preserving forest resources, wildlife and bio diversification among local communities and drive the organisational goal of achieving Carbon Neutrality by 2050 and Net Zero Emissions 2065, in accordance with national policy.
The 2-rai forestry area expansion by PTT Group is one of its “Adjust, Change, Grow” strategies aimed at achieving sustainable business and Net Zero Emissions. To be completed by 2030, the project targets 1 rai forest growth undertaken by PTT and another 1 rai by PTT Group. When fully grown, the new green area is expected to capture over 4.15 million tonnes of carbon emissions annually.