Opinions Focus
- The Thai Government and Verra will collaborate on Thailand’s carbon credit market.
- They aim to bring the program up to international standards.
- The Thai carbon credit market should continue to expand.
Verra & TGO Agreement
Verra and the Thai Greenhouse Gas Management Organization (TGO) have signed an memorandum of understanding to help enhance Thailand’s carbon credit market so it meets international standards.
Verra are a non-profit organization who will provide consultancy services to TGO to improve the Thailand Voluntary Emission Reduction Program (T-VER) so that it meets requirements for the Verified Carbon Standard (VCS) Program, which is the world’s leading greenhouse gas crediting program.
They will also provide an overview of the world’s carbon markets and Verra Registry’s operation, and support TGO so that it can understand VCS program data.
TGO’s Executive Director has said that the collaboration will improve T-VER’s standards so that it aligns with other global carbon reduction schemes. It will also improve Thailand’s potential to connect with the global carbon market and support the country’s Paris Agreement goals.
Verra’s Chief Legal, Policy, and Markets Officer stated that T-VER is an essential step forward in both Thai and global climate action. They are keen to support this important initiative by providing information and their knowledge obtained by operating the VCS Program.
T-VER
T-VER is a greenhouse gas reduction program developed by the Thai Government through the TGO. It’s a voluntary program whereby Thai schemes which reduce greenhouse gas emissions generate carbon credits, which are then bought by mainly overseas buyers.
TGO has established regulations and processes for project development, GHG emission reduction methodology, and emission reduction credit certification, but these standards differ from global requirements. With Verra’s assistance, T-VER will become an international standard that could be applied globally.
