Thailand Government officials today discussed plans for advancing Thailand’s climate policy through membership in the World Bank Group’s Partnership for Market Readiness, a global alliance of more than 30 nations to reduce greenhouse gas emissions and energy consumption in developing countries.
Established in 2011 by the World Bank, the Partnership for Market Readiness (PMR) is a grant-based, global partnership that provides support and funding for technical and institutional capacity development and piloting of new and innovative market-based instruments in order to scale up climate change mitigation efforts.
The Thailand Partnership for Market Readiness project will assist the Government of Thailand in its ongoing effort to reduce greenhouse gas emissions and energy consumption. World Bank assistance will help inform policy decisions to develop market-based instruments, which will put a price on carbon, and has shown to be cost effective in reducing greenhouse gases emission in various countries.
The World Bank provided Thailand with a grant of US$3 million on February 16, 2016 to fund government policy activities in support of meeting climate targets.
“The World Bank is very pleased to help Thailand meet its national carbon emission reduction target, “ saidUlrich Zachau, World Bank Country Director for Southeast Asia. “The Partnership for Market Readiness is a platform designed to specifically help countries develop and establish marked based mechanisms for emission reduction, which will be important in addressing climate change, both in Thailand and globally.”
Thailand was the 22nd largest CO2 emitter in the world and 5th largest in the East Asia and Pacific region.
Over the last decade, the energy sector has been the most important source of greenhouse gas emissions in Thailand, and it will contribute to 76 percent of total greenhouse gas emissions in 2050 if the country continues to take a business-as-usual approach.
“The World Bank Group’s support is critical to starting the process of introducing carbon pricing and other innovative instruments in Thailand, saidPrasertsuk Chamornmarn, Executive Director, Thailand Greenhouse Gas Management Organization.“Thailand’s climate policy will benefit from the World Bank’s technical expertise and country experiences as well as facilitating stakeholders’ consultations and international cooperation.”
At the 2015 United Nations Climate Change Conference, COP 21, held in Paris, France, Thailand announced its intention to adapt a low-carbon growth path as part of the country’s emission reduction target, committing to reduce greenhouse gas emissions by 20 percent by 2030.