Carbon Credit Management Guideline and Mechanism

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The Carbon Credit Management guidelines and mechanism aim to provide guidelines regarding carbon credit management for the purpose of achieving the national greenhouse gas emissions reduction targets under the Paris Agreement. The trading and utilisation of carbon credits in Thailand can occur either over the counter or through a designated carbon credit trading center, each governed by specific regulations. Participants, whether buyers, sellers, or users, must adhere to the requirements set forth by the Thailand Greenhouse Gas Management Organisation, including opening an account in the registry system, registering trades or transfers of credits, and reporting their use to the organisation for recording and unit cancellation. Carbon credit traders must establish agreements, ensure compatibility between trading and registry systems, and report transactions through the trading center. Additionally, third-party Validation and Verification Bodies must seek registration with the Organisation to conduct project validation and verification activities.
Obligations of Project Developers
<ul>
<li>Register project implementation with Thailand Greenhouse Gas Management Organisation for any projects located in Thailand that use independent standards and issue carbon credits.</li>
<li>Report the issuance, purchase, sale, transfer, cancellation, and use of carbon credits.</li>
<li>Apply for registration of the project and open an account in the registry system.</li>
<li>Apply for issuance of the carbon credits coming from the implementation of its project.</li>
<li>Marking the carbon credits for offsetting or compensation purposes should be in accordance with the law establishing the Thailand Greenhouse Gas Management Organisation.</li>
</ul>
Use of Carbon Credits for International Purposes - carbon credits should be generated via the following project types:
<ul>
<li>Renewable energy or energy that substitutes fossil fuels;</li>
<li>Increase of the efficiency of electricity generation and heat generation;</li>
<li>Use of public transportation system;</li>
<li>Use of electric vehicles;</li>
<li>Increase of engine efficiency;</li>
<li>Increase of the efficiency of energy consumption in buildings and factories, and in households;</li>
<li>Use of clinker substitutes;</li>
<li>Waste management;</li>
<li>Community wastewater management;</li>
<li>Methane gas recovery;</li>
<li>Industrial wastewater management;</li>
<li>Mitigation, absorption, and removal of greenhouse gases from forestry and the agricultural sector;</li>
<li>Capture, storage, and/or utilisation of greenhouse gases; and other projects specified by the Committee.</li>
</ul>
Project characteristics:
<ol>
<li>Project leading to GHG reduction, enhancement of GHG sinks or reservoirs in addition to those highlighted in national GHG mitigation plans.</li>
<li>Project supporting GHG reduction in order to achieve Thailand's nationally determined contribution (NDC) and its Long-Term Low GHG Emissions Development Strategy.</li>
<li>Fair credit allocation considering investment contribution, international rules or international framework, or applicable regulation.</li>
<li>Crediting period not exceeding the timeframe of the NDC implementation period.</li>
<li>Project promotes development and transfer of advanced technology and innovation.</li>
<li>The mitigation outcomes operated in Thailand for international use should be certified in tons of carbon dioxide equivalent (tCO2eq).</li>
<li>Issuance of a letter of authorisation to use carbon credits for an international objective should follow these steps:</li>
</ol>
<ul>
<li>Detailed project summary in accordance with the international agreement and submit it to the Office;</li>
<li>The Office considers conformity of the project, approval, and submission to the Cabinet;</li>
<li>The Office prepares a letter of authorisation for the use case and submit it to the Cabinet for approval and designated signatory.</li>
</ul>
Further guidance is given regarding project authorisation processes for carbon projects, including specific steps for project registration, monitoring, verification, issuance, and reporting. This involves registering projects and opening accounts in the carbon credit registry system with the Thailand Greenhouse Gas Management Organisation, submitting verified monitoring reports to both the Office and the Organisation, and requesting carbon credit issuance upon successful examination. The Office and the Organisation collaborate to prepare an initial report aligned with the Paris Agreement guidelines for submission to the secratariat of the United Nations Framework Convention on Climate Change (UNFCCC) Secretariat. Regarding international transfer of carbon credits, developers must adhere to Thai laws and Organisation procedures, with transfers recorded by the Organisation. Annual information on transfers is compiled in a format specified by the Paris Agreement and submitted to the Office, which ensures adjustments to prevent double counting of mitigation outcomes. Only authorised projects with recorded transfers and usage for approved objectives are eligible for international purposes.

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Carbon Credit Management Guideline and Mechanism

Target

Policy instrument

Risk

Impacted group

Greenhouse gas

Economic sector

Adaptation/resilience

Finance