PHETCHABURI: The Ministry of Natural Resource and Environment has rolled out a carbon credit scheme, which the government hopes will inspire communities across the country to preserve and expand their forest areas.
Ban Khong Taban in Phetchaburi's Tha Yang district became the first community to take part in the initiative, according to the Minister of Natural Resources and Environment, Varawut Silpa-archa on Saturday.
The village, which joined the Thailand Voluntary Emission Reduction Programme (T-Ver) in 2015, has about 1,397 rai of forest area. The village's forests are protected by local communities, with the support of the Royal Forest Department, Kasetsart University, Mae Fah Luang Foundation and the independent power producer Ratch Group, formerly known as Ratchaburi Electricity Generating Holding Plc.
Mr Varawut said that as Ban Khong Taban has been certified to have 5,259 tonnes of carbon dioxide equivalent (CO²E) of carbon credit, the community is ready to take part in emission offsetting schemes.
He said carbon trading schemes can be a significant source of income for local communities as the demand for such credits is rising in the global market, especially among developed nations, who might need to purchase some credits to offset their emissions from time to time.
The minister said the value of carbon credit could reach 300 billion baht in the future.
"When local communities realise their forests can be a source of [steady] income, they will be driven to preserve their green areas. These communities won't only benefit from the plants and fruits they pick, but also the carbon credit market. We hope that over 12,000 communities nationwide will learn from this," he said.
The minister said while the country's greenhouse gas emission will peak in 2025 at about 388 million tonnes of CO²E, Thailand will need to reduce its emissions by 120 million tonnes of CO²E to meet its net-zero commitment by 2065.
Chan Akarakulpinya, the village chief of Ban Khong Taban, said people in the community were inspired by His Majesty King Bhumibol Adulyadej the Great and Her Majesty Queen Sirikit the Queen Mother, who often told local communities to preserve the forest.
After seven years of work, the community could finally sell its carbon credit, with Ratch Group agreeing to purchase the credits at the price of at least 500 baht per tonne CO²E, he said.
The money will be used to set up a fund to protect and preserve the community's forest, he said.
Surachai Achalaboon, chief of the Department of Royal Forest, said the department will introduce the carbon credit project to the 12,117 communities nationwide.