The Rubber Board of Thailand recently announced an ambitious plan to convert approximately 20 million rai of registered rubber plantations into carbon-neutral rubber plantations. The move, supported by Thailand's greenhouse gas regulator, gave rubber plantations the green light to sell carbon credits.
According to the Carbon Black Industry Network, this plan is an important part of the Thai government's goal of achieving carbon neutrality. It aims to make Thailand a carbon-neutral country by 2050 and play a leading role in reducing carbon dioxide emissions in the ASEAN region. In addition, Thailand has set a long-term goal of achieving net-zero greenhouse gas emissions by 2065.
As a perennial plant, rubber has the potential to fix carbon. Thailand's greenhouse gas regulator has confirmed that rubber can participate in carbon credit transactions, providing rubber farmers with a new way to increase their income. By selling rubber to participate in carbon credit transactions, farmers can earn additional income, improve their quality of life, and fulfill their social and environmental responsibilities.
In order to promote the implementation of this plan, Thailand's greenhouse gas management agency and Thailand's Forestry Department signed a memorandum of cooperation to jointly carry out a carbon letter of credit management project. The project incorporates rubber trees into the carbon trading system and uses high-precision technology to assess the carbon storage in rubber gardens to achieve maximum efficiency and maximum benefits. In addition, the Rubber Bureau plans to work with the private sector to develop future carbon credit trading platforms and ensure that they comply with international standards.
Currently, the plan has been piloted in three prefectures, involving more than 50,000 rai of rubber plantations and 2299 farmers. It is estimated that during the demonstration phase of the first seven years, the plan will cumulatively fix carbon credits of more than 1.3 million tons of carbon dioxide equivalent, worth more than 390 million baht. This success story is expected to provide replicable experiences for other rubber plantation areas.
The director of the Rubber Bureau said that they plan to achieve carbon neutrality of 10 million rai rubber plantations by 2030, and to achieve carbon neutrality of all 20 million rai rubber plantations registered with Thailand's greenhouse gas management agency by 2050. This will allow rubber plantation owners to benefit from carbon credit transactions and create stability for a sustainable rubber plantation business. At the same time, the Rubber Bureau also plans to develop into a carbon credit limit review and evaluation agency registered in the agriculture and forestry department to further promote the development of carbon credit transactions.
