Thailand’s Prime Minister Srettha Thavisin announced the country’s energy transition targets and sustainability measures at the United Nations General Assembly. He also called for reforms in international financial systems to facilitate more inclusive development funding.
At the High-Level Dialogue on Financing for Development during the 78th session of the UNGA, attention was given to the role of global financial architecture in meeting Sustainable Development Goals (SDGs).
Srettha Thavisin highlighted the importance of three core issues: the role of developing countries in international financial institutions, effective debt management, and risk mitigation concerning increased indebtedness.
To propose actionable recommendations for development funding in the Asia Pacific, the Thai government and UNESCAP will host a seminar on October 2nd, titled “Sustainable Finance: Bridging the Gap in Asia and the Pacific.” The event aims to improve regional development funding comprehensively.
Thailand has also committed to financial sustainability by issuing Sustainability Bonds since 2020 and plans to introduce Sustainability-linked Bonds in 2024. An initiative named “Thailand Taxonomy” is in development to align investment activities with global sustainability standards.
Furthermore, the country supports the expansion of multi-sectoral development banks to strengthen capital for various projects and tackle regional liquidity crises.
Srettha Thavisin announced Thailand’s ambitious plans for environmental sustainability, including a roadmap to phase out coal by 2040 and a significant reduction in greenhouse gas emissions by 2025.
These goals have been incorporated into the National Energy Plan, with a focus on transforming the transportation sector and increasing domestic EV production. To mitigate climate-related vulnerabilities and improve the livelihoods of Thai farmers, Thailand is adopting sustainable agricultural practices.
Thailand has set a goal to expand green spaces, aiming to cover 55% of its total land area by 2037.