Carbon Registry Thailand Signs Indonesian Carbon Credit Projects Worth US$163 Million

Carbon Registry Thailand (CRT) has announced the signing of Master Service and Carbon Credit On-boarding Agreements with the owners of nine pioneering projects in Indonesia.

The agreements, formalised in Jakarta, encompass South Papua, North Sulawesi, and South Sumatra projects. These projects have cleared CRT’s preliminary assessments and are expected to generate 4,081,725 carbon credits annually.

On February 7, 2024, Thailand’s Bank of Agriculture and Agricultural Cooperatives declared their acceptance of carbon credits as assets, valuing them at THB 3,000 per credit (approximately US$80).

Using a conservative estimate of 50% of the bank’s asset value, the total worth of carbon credits from these nine projects is projected at an impressive US$163 million.

Thanuttzup Phattraprasit, Co-founder of CRT, stressed the organization’s dedication to accurate and transparent carbon credit calculations.

The nine projects undertaken by CRT encompass vital areas of nature-based forest carbon credits, concentrating on afforestation and reforestation, improved forest management, REDD+ (Reducing Emissions from Deforestation and Forest Degradation), and avoided conversion.

These initiatives underscore CRT’s commitment to promoting sustainable forestry practices and mitigating climate change through rigorous and transparent quantification of carbon credits.

The revenue from carbon credits is expected to provide the necessary means for local communities to enhance their conservation endeavours and ensure the long-term sustainability of their natural resources.