Thailand's Bangchak PLC has signed a MoU with key stakeholders, including the Cooperative Promotion Department and Mae Fah Luang Foundation, to promote carbon credit schemes in the forestry and agricultural sectors, as well as renewable energy projects involving agricultural cooperatives and farmers within the Bangchak business network.
The cooperation aims to facilitate the communication, knowledge exchange, technology sharing and management process of the above projects.
The collaboration is in line with Thailand’s Voluntary Emissions Reduction (T-VER) program, which emphasizes the use of perennial crops such as rubber trees, oil palms and fruit trees to generate carbon credits. It also involves the use of renewable energy for internal consumption, resulting in cost reduction, clean energy and carbon credits benefits.
At the same time, the partnership plans to use carbon credits and renewable energy to generate additional revenue, reduce greenhouse gas emissions and promote environmental balance.
Thailand's Ministry of Agriculture and Cooperatives, the private sector and other stakeholders are actively participating in these projects to drive the transition to a low-carbon economy.
Bangchak currently manages a network of more than 1,360 service stations, with more than 600 operated by agricultural cooperatives. This cooperation aims to assist these cooperatives in transitioning to renewable energy and to participate in carbon credits projects.
The company's Executive VP, Gloyta Nathalang, also emphasized its commit to addressing climate change through its carbon credits-related plan, BCP316NET. The plan aims to achieve carbon neutrality by 2030 and net-zero emissions by 2050.
As part of this collaboration, Bangchak and its partners will launch the "Plant D" project, focusing on the carbon credits from of perennial crops and the installation of solar systems.
The plans, which are expected to launch in September, will further promote sustainable practices and environmental protection.
