Thailand is increasing the transparency of its carbon credits market by using software that will prevent things such as double counting and improve access to good quality data.

A new partnership between the official implementing agency on greenhouse gas emission reduction in Thailand, the Thailand Greenhouse Gas Management Organisation (TGO), and the ESG fintech firm that also developed Singapore’s ESGpedia platform, STACS, is aiming to improve confidence among buyers of Thailand’s carbon credits.

Through the partnership, TGO, which has developed a national standard carbon crediting mechanism, will have access to ESGpedia, making it easier to prevent double-counting in the project registration process, and promote access to information on data-backed high-quality carbon credits, with end-to-end traceability.

This also means the credits themselves can be presented on ESGpedia.

Mr. Kiatchai Maitriwong, executive director of TGO, said: “This partnership between TGO and STACS will enhance access to data and information for international investors, promote T-VER [the carbon credit mechanism] projects and credits, as well as open up opportunities for future investment in GHG projects and the trading of T-VER credits, all of which will contribute to the expansion of the carbon business and market in Thailand.”

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Thailand has brought forward its carbon neutrality and net-zero emission target to 2050 and 2065 respectively, with environment minister Varawut Silpa-archa saying the first step in Thailand’s new adjusted timeline for net-zero is to shift the target of reducing GHG emissions from 30% to 40% within 2030.

In light of this, STACS and TGO said they will work closely together to exchange ESG data and digital technology with the aim of accelerating the carbon market development in Thailand and Asean.

Sharon Yuen, chief commercial officer at STACS, said: “Our expansion of scope in the Thailand market with TGO brings greater transparency to the carbon credits lifecycle, with TGO and market participants being able to easily access project and transaction-level attributes of carbon credits through a common digital registry. This facilitates tracking against sustainability goals and analysis relating to corporate sustainability practices.

“Renewable energy and carbon credits play a big role in moving the needle on Thailand’s carbon neutrality goals.”