Fuel for change
Re: "Ratch approves plan to acquire 2 plants from PE," (Business, Oct 23).
What electrifying news!
Ratch Group, in which the once fabled Electricity Generating Authority of Thailand (Egat) is the largest shareholder, recently decided to buy two large coal-fired power plants in Indonesia, with power purchase agreements running for the next 21 years!
Haven't Ratch and EGAT heard of stranded assets, and that nasty ogre, global warming?
Our prime minister is going to Glasgow to attend COP26, generally regarded as our last-ditch attempt to save our home from burning up.
While there, he will learn all he needs to know about greenhouse gas (GHG) emissions and probably be told in no uncertain terms that Thailand is among the world's worst performers when it comes to GHG reduction targets.
While COP26 aims to get all the countries of the world to agree to an aggregate 45% reduction by 2030 and to attain net zero by 2050, Thailand comes stumbling along with the lowest possible goals of a 20% reduction by 2030 and net zero by 2065, or even 2070!
Does our prime minister not know that Thailand is one of Asia's most threatened countries, with regard to climate change? And that Bangkok is one of the world's 10 most seriously impacted large cities by sea levels rising?
As desperation accelerates through this decade, carbon pricing will become the norm and Thailand will face carbon border adjustment taxes on our exports as the industrialised world seeks to impose GHG limits on global supply chains.
As the UNEP report of 10 days ago said: " The research is clear: Global coal, oil and gas production must start declining immediately and steeply to be consistent with limiting long-term warming to 1.5C."
Actions to reduce GHG emissions must be front-end loaded, big cuts must be made in this decade.
Thailand's plan is the opposite.
According to TDRI we currently have 27 coal power plants operating here. Our electricity generating structure is massively over-supplied, meaning power reserves are at about 45% over peak demand, rather than the reasonable 15%.
Thailand must set new massively ambitious GHG reduction goals and grab all its solar energy potential now, otherwise the Big Mango will be under water by 2050.