Principles and How to Develop Reforestation T-VER Carbon Credit Projects in Thailand

Abstract

The Kyoto Protocol is an agreement under the United Nations Framework Convention on Climate Change (UNFCCC) that commits developed countries to reduce greenhouse gas emissions. Developing countries are not required to reduce emissions but can participate voluntarily through the Clean Development Mechanism (CDM) designed by the UNFCCC. However, the CDM has limitations, including technical and procedural complexity, high costs, and difficulty of implementing projects and obtaining carbon credits. In addition, the price of CER carbon credits has fallen significantly due to decreased demand from developed countries.
Thailand has therefore developed the "Thailand Voluntary Emission Reduction Program: T-VER" to incentivize all sectors to voluntarily participate in greenhouse gas reduction projects in the country. Through the initiative, project developers are allowed to sell the amount of greenhouse gases they have reduced or stored in the "Thailand Voluntary Carbon Market". The T-VER mechanism shares similarities with the CDM project framework in terms of registration and certification of greenhouse gas emissions. This article aims to explore the background of the T-VER carbon credit mechanism in Thailand, the methodologies for developing T-VER projects to obtain carbon credit certification and its role in carbon trading. This article includes examples of T-VER projects in forestry sector in Thailand that are successful in getting their tver carbon credits approved.