Thailand has joined a global alliance of more than 30 nations to reduce greenhouse gas emissions and energy usage.
The government plans to advance the nation’s climate policy through the World Bank’s ‘Partnership for Market Readiness’ for developing countries.
Established in 2011, it is a grant-based global partnership that provides support and funding for development and piloting of new and innovative market-based instruments to scale up climate change mitigation efforts.
Thailand is the 22nd largest CO2 emitter in the world and the fifth largest in the East Asia and Pacific region, according to the World Bank.
It adds the energy industry has been the most important source of greenhouse gas emissions in the last decade and is expected to contribute 76% of total emissions in 2050 if the country continues to take a business-as-usual approach.
Thailand set a target to reduce emissions by 20% by 2030 at the COP21 conference in Paris last December.
Prasertsuk Chamornmarn, Executive Director, Thailand Greenhouse Gas Management Organisation said: “The World Bank Group’s support is critical to starting the process of introducing carbon pricing and other innovative instruments in Thailand. Thailand’s climate policy will benefit from the World Bank’s technical expertise and country experiences as well as facilitating stakeholders’ consultations and international co-operation.”