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Thai businesses must focus on sustainability to achieve carbon neutrality: Varawut

Thai businesses must focus on sustainability to achieve carbon neutrality: Varawut

Thailand was ranked 9th globally among countries that are at risk of being severely hit by climate change, Natural Resources and Environment Minister Varawut Silpa-archa told investors at the Investment Forum 2023 in Bangkok on Thursday.

“The business sector should adjust its operational strategies to mitigate the impact of climate change as well as promote sustainable growth, such as reducing carbon emission, which grants huge benefits from a small investment,” he said.

Varawut was speaking on the topic “Business Adaptation to Climate Change and New Environment for the Next Era” at the event hosted by One Asset Management.

Thai businesses must focus on sustainability to achieve carbon neutrality: Varawut

Also attending was Varawut’s secretary Thanesphol Thanaboonyawat.

The minister pointed out that carbon neutrality was a goal that both the government and private sector should work towards.

One of the most effective approaches is a joint investment in implementing high technology and innovation such as green hydrogen and Direct Air Capture (DAC) technology to extract CO2 directly from the atmosphere, he added.

Thai businesses must focus on sustainability to achieve carbon neutrality: Varawut

The minister told the forum that Thailand has recently updated its Nationally Determined Contributions (NDCs) for the Long-term Low Emissions and Development Strategies (LT-LEDS) proposed to the 2022 United Nations Climate Change Conference (COP27) in November last year. He urged businesses to collaborate with the government in realising these NDCs, so global communities can realise Thailand’s commitment to climate change.

Thai businesses must focus on sustainability to achieve carbon neutrality: Varawut

Varawut also highlighted the six steps his ministry has adopted to tackle climate change, which also require continued cooperation from the private sector. They are the promotion of bio, circular and green (BCG) economic model to create a new S-curve industry under the concept of environment, social, and corporate governance (ESG); Thai Rice NAMA project that promotes low-emission rice farming; promotion of green investment through the Board of Investment; launching the country’s first clean energy and carbon-credit trading platform; reforestation projects throughout Thailand to increase greenhouse gas absorption; and the drafting of Climate Change Act.

Thai businesses must focus on sustainability to achieve carbon neutrality: Varawut

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