Bangchak Corporation Public Company Limited, along with key stakeholders including the Cooperative Promotion Department and Mae Fah Luang Foundation under Royal Patronage, has signed a memorandum of understanding to drive the development of carbon credit initiatives from the forestry and agricultural sector, along with renewable energy projects involving agricultural cooperatives and farmers within the Bangchak business network.
The collaborative effort aims to facilitate communication, knowledge exchange, technology sharing, and management processes for projects related to carbon credits from the forestry and agricultural sectors, as well as renewable energy initiatives. This collaboration is aligned with Thailand’s Voluntary Emissions Reduction (T-VER) program and emphasizes the use of perennial agricultural crops such as para rubber trees, oil palm, and fruit trees for carbon credit generation. It also includes the utilization of renewable energy for internal consumption, leading to cost reduction, clean energy adoption, and carbon credit benefits.
Somchai Tejavanija, Chief Marketing Officer of the Marketing Business Group at Bangchak Corporation, highlighted the company’s commitment to achieving energy security, affordability, and environmental sustainability. The initiative targets access to clean energy for the agricultural cooperative network, contributing to resource and environmental sustainability.
Bangchak Corporation currently manages a network of more than 1,360 service stations, with over 600 being cooperative service stations operated by agricultural cooperatives. This collaboration aims to empower these cooperatives in transitioning towards renewable energy and participating in carbon credit projects. Gloyta Nathalang, Executive Vice President at Bangchak Corporation, emphasized the shared commitment to address climate change through the BCP316NET plan, which aims for carbon neutrality by 2030 and net-zero greenhouse gas emissions by 2050.
The partnership’s goal is to leverage carbon credits and renewable energy to generate additional revenue, reduce greenhouse gas emissions, and foster environmental balance. The Cooperative Promotion Department, the private sector, and other stakeholders are actively participating to promote these initiatives and drive the transition to a low-carbon economy.
Wisit Srisuwan, Director-General of the Cooperative Promotion Department, highlighted the significance of carbon credits and their role in reducing greenhouse gas emissions globally. The department is enthusiastic about supporting and expanding the project’s implementation to various cooperatives in the future.
The collaborative agreement is set to support agricultural cooperatives and farmer groups in adopting renewable energy solutions and participating in carbon credit projects. This joint effort aligns with Thailand’s commitment to addressing climate change and reducing greenhouse gas emissions.
As part of this collaboration, Bangchak Corporation and its partners will introduce the “Plant D” project, focusing on carbon credits from perennial crops and the installation of solar energy systems. These initiatives are expected to commence in September, further contributing to sustainable practices and environmental protection.