In a significant move, the Bank of Agriculture and Agricultural Cooperatives (BAAC) completed a purchase on Wednesday, acquiring carbon credits at 3,000 baht per tonne of carbon dioxide. This transaction falls under the BAAC Carbon Credit project, which aims to incentivize tree cultivation for income generation through carbon credit sales.
The initiative not only supports businesses seeking to offset their carbon footprint but also aligns with Thailand's Voluntary Emission Reduction Programme (T-VER). T-VER encourages various sectors to engage in activities like tree planting, reforestation, and adopting renewable energy to reduce greenhouse gas emissions.
The bank's future plans involve expanding the project to cover 6,814 tree bank communities, promoting the cultivation of 108,000 trees annually, and generating 510,000 tons of carbon dioxide for trading within the next five years. Chatchai Sirilai, the bank's president, emphasized that besides providing income for tree growers, the project encourages the expansion of green areas, aiding in carbon dioxide storage, mitigating climate change, and contributing to Thailand's carbon neutrality objectives.