The government has started a carbon credit scheme through the Ministry of Natural Resources and Environment in the hopes that it will persuade citizens all around the country to take care of and grow their forests.
Ban Khong Taban in Phetchaburi province, as stated by Minister of Natural Resources and Environment Varawut Silpa-arch, was the first community to join the campaign.
The community, which began participating in the Thailand Voluntary Emission Reduction Program in 2015, occupies around 1,397 rai. To help preserve the local woods, organizations including the Royal Forest Department, Kasetsart University, the Mae Fah Luang Foundation, and the Ratch Group, an independent energy generator, have teamed up to provide aid to the local community.
Varawut said that carbon trading systems might be a significant source of revenue for local communities as demand for carbon credits grows on the global market, especially among developed nations.
In particular, Ban Khong Taban has been approved to store 5,259 metric tons of carbon dioxide equivalent (CO2E), making it a promising location for the project.
Ratch Group has promised to buy the credits at a price of at least 500 baht per CO2E ton, with a portion of the proceeds going toward forest conservation.
The head of the Royal Forest Department, Surachai Achalaboon, has pledged to expand the carbon credit system to more than 12,000 additional towns across Thailand.