Thailand must accelerate to low-carbon economy to tap climate finance riches: Minister
Thailand must accelerate its transition to a low-carbon economy in all sectors to turn the Covid-19 crisis into an opportunity for growth, Natural Resources and Environment Minister Varawut Silpa-archa told a conference on Monday.
Speaking at the “Thailand Climate Finance Conference: From International to Domestic Mechanism”, Varawut identified the electric vehicle (EV) industry, digital industry, sustainable tourism, reuse/recycling, renewable energy, and even agriculture as areas where Thailand would benefit from transition to a green economy.
He said all sectors need to speed up the transition to low-carbon to attract investment for green economic growth.
"However, Thailand still needs a lot of international support in terms of finance, investment, technology transfer, and capacity building, especially in advanced technology with low emissions or reductions in greenhouse gas emissions," said Varawut.
Joining the conference were representatives of the Bank of Thailand (BOT) and Board of Investment (BOI) as well as other government agencies, the private sector, education sector, public sector, media, and independent organisations.
Thailand’s policy direction for green financing was showcased in a panel discussion led by the Office of Natural Resources and Environmental Policy and Planning (ONEP), BOT, BOI, the UN Development Programme (UNDP) and Thai-German Climate Programme GIZ.
ONEP secretary-general Phirun Saiyasitpanich said that following Thailand's pledge to achieve carbon neutrality by 2050 and net-zero greenhouse gas emissions by 2065, this conference aimed to make all sectors aware of climate change financing mechanisms and sources of funding for climate action.
Experiences were also shared on how to link international and domestic climate finance to accelerate the fight against global warming and its effects.