Thailand’s carbon credit market hits new highs in Q1 of fiscal 2025

The Thailand Greenhouse Gas Management Organisation (TGO) revealed on Monday that most of the carbon credits traded under the Thailand Voluntary Emission Reduction Programme (T-VER) were generated from carbon dioxide offset in the renewable energy sector.

Of 88,744 tCO2eq worth 3.60 million baht from the renewable energy sector, carbon credits from biomass were traded at 35-500 baht per tCO2eq, while credits from solar power were traded at 45-250 baht per tCO2eq, TGO explained.

Meanwhile, credits from carbon dioxide reduction and storage in the forestry and agriculture sectors of 10,232 tCO2eq worth 13.56 million were traded during the period. 

Carbon credits from the forestry sector were traded at 300-2,076 baht per tCO2eq, the TGO explained, and credits from cultivating perennial agricultural crops were traded at 1,000 baht per tCO2eq.

Credits from projects to reduce emissions from deforestation and forest degradation were traded at 500-1,500 baht per tCO2eq, the organisation added.

Last but not least, 2,918 tCO2eq carbon credits from waste management worth 606,300 were traded, in which credits from organic fertilisers were traded at 100 baht per tCO2eq.

The TGO noted that the average price of carbon credits traded in the first quarter of fiscal year 2025 was 174.52 baht per tCO2eq, higher than 125.05 baht in the previous fiscal year.

This was mainly due to carbon credits from the forestry and agriculture sectors trading at 1,700-2,076 baht per tCO2eq in December last year in line with rising global carbon credit price, the organisation said.

The TGO revealed that 21.43 million tCO2eq of carbon credits had been approved and 1.95 million tCO2eq had been purchased for carbon offsetting, leaving 19.48 million tCO2eq available in the Thai market.