A climate change bill is key if Thailand is to achieve its commitment to greenhouse gas reductions and become a regional hub for carbon credits, according to the new Minister of Natural Resources and Environment.
Suchart Chomklin made the remarks during his speech at the 4th Thailand Climate Action Conference at Queen Sirikit National Convention Center over the weekend.
He said the Anutin Charnvirakul government is focused on climate change policies that align with the Paris Agreement to limit global warming.
He said that the increase in global temperature has been over 1.75 degrees Celsius (°C), well over the 1.5°C set by the Paris Agreement.
As a result, extreme climate patterns from severe drought and floods have been more frequent.
The government would respond with the adaptation and mitigation plans, including the establishment of an early warning system, he said.
To achieve the global commitment on Net Zero by 2050, the government, he added, this year would submit NDC3.0 (Nationally Determined Contributions) to the United Nations Development Programme.
The paper will focus on the issue of greenhouse gas emissions in five dimensions: energy, transport, industry, waste management and farming. All of these sectors must reduce greenhouse emissions by 40% by 2035.
“The climate change bill is expected to go through parliament this year or early next,” he said, adding that the bill would enhance policy mechanisms, greenhouse gas reduction ambitions, adaptation to climate change and financial mechanisms to support net zero.
Mr Suchart said that a carbon tax, a penalty imposed on polluters, state subsidies, and low interest rates for SMEs could be major financial incentives in reaching the net-zero goal.
The bill would help Thailand become a hub for carbon credits with an investment platform equipped to tackle climate change, he said.