Thailand Greenhouse Gas Management Organisation (TGO) has teamed up with environmental, social and governance (ESG) fintech STACS to boost transparency in Thailand’s carbon credits market.
The collaboration will utilise STACS’s ESGpedia digital registry platform, which also powers the Monetary Authority of Singapore‘s Greenprint ESG Registry.
TGO, an autonomous governmental organisation under the supervision of the Minister of Natural Resources and Environment, is responsible for managing and expediting the development and implementation of greenhouse gas (GHG) reduction projects and climate action in Thailand.
It has developed the Thailand Voluntary Emission Reduction Program (T-VER), a national standard carbon crediting mechanism designed to encourage voluntary participation in GHG emission reduction across all sectors.
As the local issuer of T-VER carbon credits in Thailand, TGO is involved in the project registration process and aims to ensure traceability and high-quality carbon credits in compliance with international practices.
The partnership with STACS will explore the potential of ESGpedia to prevent double-counting during project registration and facilitate access to information on data-backed, high-quality carbon credits with end-to-end traceability.
By ensuring no project duplication or registration in other registries, TGO can enhance confidence among ESGpedia users, such as corporates and organisations, that T-VER credits contribute to real climate impact and avoid greenwashing.
Tracking against sustainability goals
Sharon Yuen, chief commercial officer at STACS, said: “Integrated with international carbon credit registries, ESGpedia is a global ESG registry aggregating ESG data and certifications that financial institutions and businesses trust and employ in their reporting and sustainability journey.
“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.”
While Kiatchai Maitriwong, executive director of TGO, adds: “This partnership between TGO and STACS will enhance access to data and information for international investors, promote T-VER 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.”
Thailand’s goals
With Thailand bringing forward its carbon neutrality and net-zero emission target to 2050 and 2065 respectively, STACS and TGO will work closely together to exchange ESG data and digital technology with the aim of accelerating the carbon market development in Thailand and ASEAN.
This would be critical to support the country’s GHG emission reduction, as quoting Natural Resources and Environment Minister Varawut Silpa-archa, the first step in Thailand’s new adjusted timeline for net-zero is to shift the target of reducing GHG emissions from 30 per cent to 40 per cent within 2030.
Image and article originally from thefintechtimes.com. Read the original article here.