Thailand's Green Taxonomy and the Path to Decarbonization

Alfred Tang

Alfred Tang

Apr 09, 20243 min read

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Thailand's Green Taxonomy and the Path to Decarbonization

Introduction:

The launch of the Thailand Green Taxonomy on July 5th, 2021, marks a significant milestone in Thailand's commitment to combat climate change. This comprehensive framework provides a blueprint for the country's business community, government, and experts to drive decarbonization efforts. By focusing on two key sectors initially and incorporating science-guided, Thailand-specific, and experience-based criteria, the Green Taxonomy aims to ensure that the country's transition to a green economy is not just a token gesture but a tangible step towards sustainability.

Addressing the Consequences of Climate Change:

Thailand has experienced firsthand the devastating effects of climate change. From rising sea levels threatening coastal communities to extreme weather events wreaking havoc on agricultural production, the urgency to act has never been greater. The adoption of the Green Taxonomy reflects Thailand's recognition of the need to mitigate these risks and build a resilient and sustainable future.

Incorporating Recycled Materials:

One crucial aspect of the Green Taxonomy is its emphasis on incorporating recycled materials in production and manufacturing processes. The standard defines recycled material as waste material that has undergone reprocessing or treatment to become a final product or a component for incorporation into a product. This definition encompasses both material that is reused or reclaimed. Reused material refers to recovered products or components used for the same purpose for which they were originally conceived. On the other hand, reclaimed material is processed to recover or regenerate a usable product. By promoting the use of recycled materials, the Green Taxonomy encourages circular economy practices and reduces reliance on virgin resources.

Tackling Electronic Waste:

The Green Taxonomy also addresses the growing concern of electronic waste, or e-waste. End-of-life materials, including electronic waste, are considered recycled only if they are transferred to entities with third-party certification to a standard for e-waste recycling, such as the e-Stewards® Standard for Responsible Recycling and Reuse of Electronic Equipment or the Responsible Recycling Practices (R2) Standard for Electronic Recyclers. This provision ensures that e-waste is handled responsibly, preventing its harmful environmental and health impacts.

Actionable Advice for Businesses and Individuals:

  • 1. Embrace the Green Taxonomy: Businesses should familiarize themselves with the Green Taxonomy and align their operations with its guidelines. By incorporating sustainable practices and utilizing recycled materials, companies can demonstrate their commitment to environmental stewardship.
  • 2. Invest in Circular Economy Solutions: Adopting circular economy principles, such as reusing and reclaiming materials, can help businesses reduce waste and minimize their environmental footprint. By exploring innovative recycling and remanufacturing processes, companies can contribute to a more sustainable future.
  • 3. Raise Awareness and Advocate for Change: Individuals can play a vital role in driving decarbonization efforts. By raising awareness about the importance of sustainable practices, supporting businesses that prioritize environmental responsibility, and advocating for policy changes, individuals can contribute to a broader movement towards a greener and more sustainable society.

Conclusion:

Thailand's adoption of the Green Taxonomy signifies a significant step forward in the country's decarbonization journey. By providing a comprehensive framework that incorporates recycled materials and addresses electronic waste, the Green Taxonomy sets the stage for a more sustainable and resilient future. Businesses and individuals alike have a role to play in embracing the Green Taxonomy, investing in circular economy solutions, and advocating for change. Through collective efforts, Thailand can accelerate its transition to a greener economy and contribute to global climate action.

Resource:

  1. "Launch of the Thailand Green Taxonomy will accelerate the country’s decarbonization drive", https://www.climatebonds.net/2023/07/launch-thailand-green-taxonomy-will-accelerate-country%E2%80%99s-decarbonization-drive (Glasp)
  2. "IFRS-S2-IBG – Issued IFRS Standards - ifrs-s2-ibg.pdf", https://www.ifrs.org/content/dam/ifrs/publications/pdf-standards-issb/english/2023/issued/part-b/ifrs-s2-ibg.pdf (Glasp)

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