Gamuda Berhad: Pioneering digital innovation in construction

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  • 40 % faster than traditional methods, thanks to Gamba Next-Gen Digital IBS.
  • In Australia’s Sydney Metro West tunnelling projects, an internally developed automatic hole bore system was used.

Gamuda’s participation in ICW and BuildXpo 2024 reflects its commitment to driving the construction sector forward

Gamuda Berhad has established itself as a significant player in the construction and infrastructure sectors in a time when online transformation is changing industries. This local company is not just adapting to alter, it’s influencing it, setting new standards for performance, conservation, and technological inclusion in an industry often seen as standard.

The Digital Revolution and Innovation in Development

At the heart of Gamuda’s success is its unwavering determination to modern technology. The Group’s commitment to driving change in digital transformation is demonstrated by its early adoption of the crucial national climate mitigation initiative, SMART ( Stormwater Management and Road Tunnel ).

” Innovation has been a proper difference for us since 1976, enabling us to stay ahead of the competition”, says Justin Chin Jing Ho, managing director of Gamuda Engineering.

The company’s digital transformation journey marked a significant milestone with the establishment of the Gamuda Excellence Transformation ( GET ) program in 2021. By deploying cutting-edge systems across the company, this effort has elevated Gamuda’s reputation for electronic superiority. At its core is the Gamuda Digital Operating System ( GDOS), a cloud-based platform that supports 4D and 5D Building Information Modelling ( BIM ) systems, Gamuda’s Next-Gen Digital Industrialised Building System ( IBS ), and Generative Artificial Intelligence ( GenAI ).

Regional Expertise Showcase at ICW and BuildXpo 2024

At the International Construction Week ( ICW) and the Malaysia International Building and Construction Industry Exhibition ( BuildXpo ) held recently at the Kuala Lumpur Convention Centre, Gamuda showcased its regional expertise in green construction solutions. The exhibition was organised into five clusters: Building, Machinery, Technology, Construction Materials, and Related Services, and featured key innovations which include Building Information Modelling ( BIM), AI applications, robotics, drone technology, and smart building solutions.

Gamuda’s Next-Gen Digital Industrialized Building System ( Next-Gen Digital IBS ), one of her most notable showcases, is one of its key highlights.

Next-Gen Digital IBS from Gamuda has revolutionized the building industry by enabling building component fabrication in handled factory settings. The Group’s online IBS collection includes data center, high-rise residential and commercial, as well as landed home.

From sky design, BIM integration, mechanical automation and production – this whole suite of online solutions offers flexibility in design, quick construction and superior quality finish.

Projects are now completed 40 % faster than traditional methods, significantly accelerating timelines and enhancing productivity. Up to 55 % of on-site labor requirements have been reduced, indicating a significant shift toward more cost-effective and less labor-intensive practices. Environmental benefits are also notable, with a 40 % reduction in embodied carbon, aligning with Gamuda’s commitment to sustainability.

But Gamuda’s innovation does n’t stop there. The company’s first autonomous tunnel bore machine (A-TBM ), which uses internal AI algorithms, can navigate without the need for a human to do so. This breakthrough technology, second deployed in Malaysia’s MRT Putrajaya Line, has now been introduced in Australia’s Sydney Metro West tunnelling functions, marking a first for the region.

Developed in-house, Gamuda’s A-TBM utilises custom artificial intelligence algorithms for autonomous control of TBM operations.

In a bold move that further cements its position as an industry leader, Gamuda is integrating generative AI ( GenAI ) into its operations. This cutting-edge technology is being used in a variety of firm processes:

    Tunnelling Operations: A GenAI-powered verbal agent for the Tunnel Insight system, built using Google Cloud’s Gemini designs on the Vertex AI program.

  1. Tender Proposals: Leveraging Vertex AI Search and Conversation to create conceptual research and talk applications for industry intelligence, design, and professional teams.
  2. Employee Empowerment: The creation of Bot Unify, an internal industry enabling employees to develop customized GenAI software.

Fundamental to ecology

The optimistic climate goals set forth in the Gamuda Green Plan 2025 reflect Gamuda’s commitment to sustainability. The plan includes the Group’s commitments to reducing emissions intensity by 30 % by 2025 and 45 % by 2030, with a goal to achieve net zero by 2050. &nbsp, Guided by four columns: Sustainable Planning and Design for Development, Our Group in Our Company, Environmental and Biodiversity Conservation, and Enhancing Sustainability via Digitalisation. Gamuda Green Plan 2025 illustrates Gamuda’s systematic approach to business progress with environmental management.

International Impact and Future Outlook

Gamuda’s local operations have improved as a result of its electronic transformation, which has also made it more profitable. The company’s modern techniques have provided a competitive advantage in emerging markets such as Singapore, Australia, Taiwan, Vietnam, and the United Kingdom, demonstrating the world relevance of its modern answers.

Events like ICW and BuildXpo 2024 give the construction industry an important platform to showcase their most recent innovations as the industry is under increasing pressure to become more sustainable and efficient.

Gamuda’s technology showcase at the event serves as a model for others. By integrating cutting-edge technologies with sustainable practices, the company is redefining what’s possible in construction and infrastructure development.

In the end, Gamuda Berhad’s transition from a traditional construction company to a digital innovator demonstrates the disruptive potential of technology in even the most well-established sectors. As it continues to push the boundaries of innovation, Gamuda is not just building structures, it’s constructing the future of the industry itself. For businesses across sectors, Gamuda’s story offers valuable lessons in the importance of embracing digital transformation, fostering a culture of innovation, and balancing technological advancement with environmental responsibility.

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PM Wong to attend APEC meeting in Peru, G20 summit in Brazil

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From November 14 to November 20, Prime Minister Lawrence Wong may travel to South America for two international sessions.

Mr Wong will first visit Peru from Nov 14 to Nov 16 to attend the 31st Asia-Pacific Economic Cooperation ( APEC ) Economic Leaders ‘ Meeting ( AELM), at the invitation of President Dina Boluarte, &nbsp, the&nbsp, Prime Minister’s Office ( PMO ) said on Wednesday ( Nov 13 ).

He may then go to&nbsp, Rio de Janeiro, Brazil for the G20 Summit from Nov 17 to Nov 20, at the offer of President Luiz Inacio Lula da Silva.

Peru is the number business of APEC this time, while Brazil holds the G20 president.

Under the style” Empower, Include, Grow”, the&nbsp, APEC leaders will&nbsp, discuss ways to promote trade and investment for equitable and connected growth, and the transition towards the elegant and world economy, among different topics, the PMO said. &nbsp,

Mr Wong may also join in several discussions, and the Leaders ‘ Retreat. &nbsp,

With the style” Building a Only World and a Green Planet”, Brazil’s G20 administration” seeks to address global issues of injustice, hunger and poverty, promote sustainable and inclusive growth, and rally support for international leadership reform”, said the PMO.

Mr. Wong will speak at the summit about the importance of multilateral cooperation in promoting growth, reforming global governance institutions for greater impact, energy transitions to meet collective net zero ambitions, and job creation, according to the statement.

On the ALEM and G20 Summit’s agenda, Mr. Wong will also meet with his counterparts in bilateral meetings.

According to PMO, he will be accompanied by Minister for Foreign Affairs Vivian Balakrishnan and senior government officials, according to PMO.

The APEC and G20 delegations, respectively, will include senior officials from the ministries of finance and trade and industry.

Acting Prime Minister will be Deputy Prime Minister and Trade and Industry Minister, Mr. Wong’s absence.

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Star baby hippo Moo Deng gets Thai COP29 spot

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PUBLISHED: 10 Nov 2024 at 18: 22

Moo Deng the Thai baby pygmy hippo
Thai child pygmy hippo named Moo Deng

Thailand is putting together a Thailand Pavilion to showcase its climate change initiatives and discussions, with products and activities based on Moo Deng, the baby pygmy hippo, that will be featured at the 29th Conference of the Parties ( COP29 ) in Azerbaijan.

The UN Framework Convention on Climate Change ( UNFCCC), which is scheduled to take place in Baku, Azerbaijan’s capital city, on November 9 through to November 22, will be a part of the minister’s announcement on Sunday, Natural Resources and Environment Minister Chalermchai Sri-on said.

He claimed that the event may help Thailand work with other nations to achieve carbon neutrality by 2050 and net-zero emissions by 2065.

According to him, the government has collaborated with public and private partners to establish the Thailand Pavilion to demonstrate its efforts to combat climate change.

The palace will show four key areas: climate policy, weather technology, climate action, and climate finance, as well as a technology and innovation zone to existing efforts in greenhouse gas reduction and carbon capture.

Mr Chalermchai said a range of side activities was likewise planned, including dialogues and communities to exchange ideas, information, knowledge and experiences on over 30 issues

The Thailand Pavilion will also have activities like a photo kiosk and souvenirs made by Thailand’s Khao Kheow Open Zoo’s prominent baby pygmy hippo, Moo Deng.

From November 11 through November 22, Mr. Chalermchai said, the people can observe changes and regular happenings at the Thailand Pavilion and COP29 part events live on the Department of Climate Change and Environment’s Instagram page.

Meanwhile, the People’s Party ( PP ) said Thailand should use COP29 to emphasise its commitment to achieving net zero emission goals.

Saniwan Buaban, a list-MP, suggested rules for the authorities to explain at the conference on Sunday.

She suggested that the Thai government should declare its commitment to boosting endurance, lowering climate-related risks, and increasing endurance.

She also urged the government to emphasise the need for information, engineering, technology, experience, several funding sources, and its intention to access international funds.

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Ministry to back six new airport projects

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Passenger count to double in 20 years

PUBLISHED : 29 Oct 2024 at 05:03

Passengers check in at Suvarnabhumi airport in Samut Prakan province on Monday. (Photo: Varuth Hirunyatheb)
Passengers check in at Suvarnabhumi airport in Samut Prakan province on Monday. (Photo: Varuth Hirunyatheb)

The Transport Ministry is looking to support six airport development and construction projects, preparing the country to be the region’s transportation hub.

Deputy Transport Minister Manaporn Charoensri said on Monday that representatives from the ministry’s Airport Department, the Airport of Thailand, the Aeronautical Radio of Thailand, and other related agencies had recently attended the 59th Directorate General of Civil Aviation (DGCA) Conference in the Philippines.

The conference, held from Oct 14-18 and attended by international aeronautical authorities from 47 countries, discussed the economic development of air transportation, and the number of passengers was estimated to double in the next 20 years.

She said this requires heavy infrastructure investment, especially in the Asia-Pacific region.

According to her, the conference also addressed its “Net Zero Roadmap: Decarbonise Your Airport” project, encouraging zero emissions achievement, and advocated transportation equality.

Following the conference, Ms Manaporn said the ministry is preparing to support the Airport Department’s nationwide infrastructure investment plans.

The plans include enhancing the capacity of the existing airports as well as developing new airports in six provinces, namely Mukdahan, Bueng Kan, Satun, Phayao, Kalasin, and Phatthalung.

Ms Manaporn said the ministry had instructed the Airport Department to prioritise the designs that promote user safety and install enough up-to-date safety equipment for current measures to help with security screening.

It also instructed the department to adopt a universal design that helps with accessibility for disabled users while promoting transportation equality.

She added that the new airport projects are urged to be ecologically and sustainably developed toward zero carbon emissions and the Airport Carbon Accreditation (ACA) Level 5.

Danai Ruangsorn, director of the Airport Department, said the airport projects in Mukdahan, Bueng Kan, and Satun are in the design process and undergoing an Environmental Impact Assessment (EIA), while a budget to conduct an EIA for the Phayao airport next year has already been approved.

The Kalasin airport and Phatthalung projects are in a feasibility study phase.

He added that the airport projects will support transportation equality and encourage the employment of people of various values and cultural backgrounds, under the concepts of sustainability, flexibility, and comprehensiveness.

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Islamic finance players eye Middle East growth | FinanceAsia

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The main banks and financing method used by Muslim communities is Islamic finance. The Shariah-compliant section was created in accordance with Islamic law, which forbids specific activities like the collection of interests and investments in dangerous businesses like tobacco and pornography.

Islamic finance accounts for around 3 % of the global financial markets by valued assets, with key activities in Southeast Asian ( SEA ) markets such as Indonesia, Malaysia and Brunei, and the Middle Eastern region. Islamic finance consists of Islamic banking, Sukuk ( fixed income ), Islamic equity funds and Islamic insurance, among other lines of business. &nbsp,

In the Middle East, the Islamic finance market is estimated to be worth$ 2 trillion in 2024 and is expected to reach$ 2.57 trillion by 2029, according to reports. Iran and Saudi Arabia are two of the world’s largest markets by Shariah-compliant assets, with over$ 400 billion in both countries.

According to S&amp, P Global Ratings, the Gulf Cooperation Council ( GCC ) countries had the highest percentage of Islamic banking assets in 2023, making up 70 % of that percentage.

In this part, FinanceAsia spoke to promote players to find out where they see the most options.

Sukuk: an alternative funding cause

Data from S&amp, P Global Ratings suggested that 37 % of the Sukuk securities in 2023 came from manufacturers based in GCC places, revealing a growing Islamic money have from Arab businesses. Saudi Arabia has been the major growth drivers, especially in dollar-denominated Sukuk securities.

Some proceeds from the Sukuk issuances are channelled to activities related to energy transition and sustainability, on top of general business operations, according to Sue Lee, director and Asia Pacific ( Apac ) head of index investment strategy at S&amp, P Dow Jones Indices.

This coincides with a trend across the majority of Arab governments to cut back on oil-related economy. New technologies like natural technology and clean energy are higher on the agenda in the context of the growth travel. For instance, Saudi Arabia wants to use 50 % of alternative energy by 2030 and has a goal of going from zero to zero by 2060.

In order to accomplish these objectives, significant funding is required to support the development of the region’s facilities and engineering, which in turn increased the volume of fixed income bonds issued.

Sukuk, as a Shariah-compliant alternative to conventional ties, provides lenders with a diversified revenue resource by tapping into a unique investment pool, Lee said. For instance, markets in SEA, such as Malaysia, are long-time officials within the Islamic banking area.

In the first quarter of 2024, Sukuk items performed statistically better than its competition on the secondary marketplace.

Lee explained that this is related to a shorter Sukuk lifespan on average, which is typically less than five centuries. Short-term lending has become advantageous for the Muslim fixed income solution in a market with rising interest rates.

However, green Sukuk is growing rapidly from a small foundation, supporting the energy transition of Arab countries.

Equity money: growing buyer demand

Munirah Khairuddin, chief executive officer ( CEO ) Malaysia and managing director, strategic distribution and institutional client relations, Southeast Asia and global Shariah, at Principal Asset Management, said that the teams is seeing growing interest from Middle Eastern investors, especially those based in Saudi.

” As Middle Eastern markets grow and expand, there will be an increased need for Shariah-compliant purchase goods. Traders who are guided by Islamist beliefs will look for opportunities that are in line with their beliefs, she said.

A premium is currently relevant to other asset lessons as well as Shariah-compliant opportunities.

For example, the S&amp, P 500 Shariah, an index which covers all Shariah-compliant constituents of S&amp, P 500, offers a 1-year return at 26.77 %, slightly higher than that of S&amp, P 500 at 26.15 %. Over the past five decades, according to Lieu, Shariah-compliant global capital indices generated on average 2.5 % extra return per year compared to their regular counterparts. &nbsp, &nbsp,

The Shariah-compliant index, filtered with Shariah rules, taking out monetary stocks and high-leveraged sectors such as energy, which in turn leads to an increased conduct of other sectors such as technology stocks. Islamic indices will typically outperform financials in times of outperformance for the information technology ( IT ) sector.

Steven Larson, investment manager, world stocks, at Principal Financial Group, echoed these views, expecting boosting returns generated from IT, logistics, medical and biological sectors.

He claimed that the worldwide Islamic finance sector’s assets are just growing swiftly in a select few key markets.

Larson added:” Additionally, we see an increased appetite for private market materials, however, the market lacks shariah-compliant structures to cater to the rising demand. However, we are seeing more efforts from property managers to create more shariah-compliant strategies in real property, private financing and secret equity”.

On top of that,” Shariah rules share a lot of commonalities with environmental, social and governance ( ESG) principles. And as more buyers look to these rules while investing, results of ESG or Shariah-compliant firms may get affected”, Lee pointed out.

She said that a rise in silent property should be a potential prospect because Islamic cash ‘ percentage of quiet assets under control is much lower than that of regular ones.

Meanwhile, Kuala Lumpur-based Khairuddine pointed out how regional initiatives and partnerships can help standardise practices, enhance liquidity and create larger markets. To make Islamic finance more accessible, improvements are also made to trading platforms, settlement systems, and regulatory frameworks.

Digitising Islamic finance

Islamic finance also faces a problem of limited products, as well as investment appetites. Saif Khan, founder of iFintechpro, a fintech player focussing on Islamic finance, said enhances in technology and digitisation would help.

Middle Easterners are increasingly using digital products, with more and more people opting for them. The landscape is shifting towards a digital-first approach”, he told FA.

These include digital Islamic banking, digital Sukuk issuances, and tokenisation of real-world assets, on which Khan’s team is working on. He claimed that the blockchain technology would lower thresholds and improve risk profiles of investment projects, thereby making Islamic investment more accessible. For example, assets like buildings, solar farms and agricultural projects can be tokenise, enabling retail investors to invest and benefit.

” Technology can reduce the wealth gap by making high-quality investment products available to everyone”, he said. &nbsp, &nbsp,

Khan claimed that some Middle Eastern markets have already established a welcoming regulatory framework despite the fact that the practice is still in its infancy. The Dubai Financial Services Authority ( DFSA ) introduced its rules over investment tokens in Dubai in 2021 as part of its digital asset regime. Qatar and Saudi Arabia have also put in place the same guidance.

According to Islamic law, tokenization of Waqfs, which refers to endowments of property that are given for religious and charitable purposes, could be a useful application.

” This can lead to tremendous social impact by providing transparency, traceability and greater trust”, he explained. ” With smart contracts on chain, updates could be automated and simplified for stakeholders”.

To press ahead, more communication between regulators and different players is needed, Khan added. For example, legal structuring, investor protection, liquidity and market education are some aspects to carefully consider.

¬ Haymarket Media Limited. All rights reserved.

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World must measure ‘what matters’ for green transition: UNDP

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PUBLISHED: 30 Sep 2024 at 19: 46

Niamh Collier-Smith, Resident Representative of the United Nations Development Programme (UNDP) in Thailand.
Niamh Collier-Smith, Resident Representative of the United Nations Development Programme ( UNDP ) in Thailand.

According to Niamh Collier-Smith, Resident Representative of the United Nations Development Programme ( UNDP ) in Thailand, the world needs to focus on measuring what matters, setting ambitious climate goals, and coordinating private finances to make the green transition.

She was speaking on Monday at the Siam Cement Group community titled “ESG Symposium 2024: Driving Inclusive Green Transition” at the Queen Sirikit National Convention Center.

The website, focusing on the natural transition to net zero carbon pollution through the ESG ( Environmental, Social and Governance ) foundation, is part of the Sustainability Expo 2024.

Ms. Collier-Smith said during her speech that the world should shift from” a society that values what it measures to a society that values what it values.”

She claimed that the world used the gross domestic product only to measure global progress back in the 1990s, and that this was not a reliable way to measure actual international progress.

Since then, the universe has used “life duration” and “years of training” rather to measure progress in the world, she said.

Human Development Index

Eventually, the Human Development Index ( HDI), which can help see correlations between humans and development, came into affect, she said.

However, she pointed out that the UNDP had recognised that” the planet” had been missing from the formula on how to measure development, and therefore, the Planetary Pressures-Adjusted Human Development Index ( PHDI) was implemented to help the world measure development with respect to the environment.

However, the picture of improvement had changed, and according to UNDP, 50 % of nations had dropped out of the” High Human Development Index” because no nation in the world can achieve high growth without straining the earth.

” Therefore, what we should be heading]for ] is low planetary impact, high human development”, she said. ” That is the next frontier of human development”.

” To get there, every state has to change”, she added.

To achieve this objective, every land make have ambitious climate commitments, she said. UN member states have published a report called” The Pact for the Future”, where they agree not to pass on today’s challenges to the next generation, she said.

She said that they must make sure that future generations have the flexibility to make their own decisions.

According to her, United Nations member states you abide by the Nationally Determined Contributions or the Climate Vows on the Paris Agreement in order to do so.

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China is winning the race to net zero – Asia Times

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China is winning in the battle for fresh power.

Over the past five years, it has spent ten days more on clean power than either the US or Europe. It dominates the rapidly growing renewables manufacturing market, producing 90 % of all solar panels, over 70 % of all lithium batteries and 65 % of all wind turbines.

That’s a pretty wise move. There is no evidence, according to our new research, that solar and wind cannot maintain their current impressive growth rates. Renewables may be a multi-trillion-dollar worldwide market in the near future.

The eye-watering investments of the US’s Inflation Reduction Act ( IRA ) and the European Green Deal, which will each cost US$ 1 trillion over the next ten years, could close the gap in terms of their clean energy deployment, but they are unlikely to reverse China’s dominance.

China now processes the majority of the materials used in clean energy sources and has a sophisticated manufacturing center that is more suited to increase production in response to the rising demand. China’s Tongwei thermal production plant, for instance, was single-handedly meet 10 % of the 2023 worldwide solar market demand.

And some of the newest Foreign factories are flexible. Another one or two of these factories may be constructed fairly quickly if demand increases, increasing costs and increasing scale.

To know what is driving this amazing growth in China at a city levels, we canvased expert opinions from officials, scientists, economy and natural parties in two leading Chinese places: Beijing and Hong Kong.

As one participant in our study summarized, in both cities the choice of renewables policies is influenced by factors including “alignment with the regional plan, economic costs, simplicity of application, and the accessibility of co-benefits”.

China’s commitment at the 75th UN General Assembly to reach net zero emissions or carbon neutrality by 2060, a position where any carbon pollution are equal to the amount of carbon being emitted from the environment.

This top-level mandate is accelerating cities toward their personal carbon neutrality goals, including Hong Kong’s goal of becoming carbon neutral by 2050.

Solar appear to be popular in China across all levels of government. High-priority techniques at the city level were deemed to be utilizing the worldwide cost reductions of solar energy and accelerating the electrification of transportation.

In contrast, for Beijing and Hong Kong at least, alternatives like capturing carbon from fossil fuel usage and storing it underground were seen as decisions for state officials, and only necessary for the “last 8 % to 10 % of hard-to-abate emissions”.

Huge orange robot arm lifts big new blue solar panel in brightly lit factory
The world’s largest renewable panel producer is China. Photo: IM Imagery / Shutterstock via The Talk

Biofuels are among China’s net zero methods, along with significant investments in alternative clean systems like carbon capture on fossil fuel plants and atomic energy.

The US is building numerous multi-billion money facilities to generate hydrogen from renewable energy and carbon capture, and it has low gas, much of it. Additionally, both the US and Europe have a respectably longer history of nuclear power.

China is investing in these other systems, but no almost with the same vigour as solar.

In addition to our previous research, we discovered that renewable energy and electricity of transportation are becoming increasingly attractive investments for capital decision-makers in China because they are low cost, comparatively low risk, and have the potential to produce consistent emissions reductions at a rapid rate. These characteristics enable them to be potent agents of change.

Runaway decarbonization

Our socio-economic systems have sensitive intervention points ( Sips ) that can stop runaway decarbonization, just as the climate system has tipping points that can cause runaway climate change.

Sips enable a moderate policy intervention to generate transformational change and outsized results via “kicks” ( actions that trigger a positive feedback dynamic, such as learning-by-doing with renewables ) and” shifts” ( fundamentally altering the system to generate dramatic change, such as the UK Climate Change Act ).

Our prior research on Sips demonstrated that renewable energy and electrification of transportation are highly valued as “kick” Sips because they have high learning rates: the cost savings are lower and the demand is higher.

Why some technologies have such high learning rates while others do n’t, according to an illogical magic. These learning rates, once established, turn out to be persistent and quite predictable. We think that modularity, mass production, and mass appeal are all crucial elements in high learning rates.

All of these ingredients are present in solar, wind, and batteries, but particularly solar. You can put a single cell on your wristwatch, build a large solar farm, and everything in between. Their technological progress lies in manufacturing and mass production, after which it is virtually plug-and-play to deploy them.

And most people view solar and wind favorably more than alternatives like nuclear or carbon capture.

Lessons from two cities

What could countries like the UK, that do n’t have China’s manufacturing base, do to stay in this clean energy race? The research group on climate econometrics at the University of Oxford has demonstrated how five policy changes could help the UK return to its climate pledges.

These proposals include triggering both kicks and shifts to promote a sizable expansion of renewable energy, such as utilizing electric vehicles as a network of storage units and establishing more vertical and underground farms in inner cities.

There are currently less than 26 years until net zero by 2050. We think that the most effective green transition policies will make use of” Sips-thinking” to accelerate progress as urbanization quickly increases and more cities reveal their net zero plans.

Matthew Carl Ives is senior researcher in economics, University of Oxford and Natalie Sum Yue Chung is PhD candidate, Center for Policy Research on Energy and the Environment, Princeton University

The Conversation has republished this article under a Creative Commons license. Read the original article.

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Carbon credits ‘key’ to winning climate fight

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PUBLISHED: 27 Sep 2024 at 04: 00

The country’s carbon trading scheme, according to the Royal Forest Department ( RFD), will be a crucial tool in the fight to protect Thailand’s forests. Additionally, the community that took part in its pilot programme in 2015 has generated over seven million baht in carbon credits so far.

RFD director-general, Surachai Achalaboon, said coal trading plans may be an integral part of environmental protection work because they give nearby communities visible advantages for protecting forests, at an event called Carbon Credit Trade for Sustainable Forest Management yesterday.

He pointed to the success of Ban Khong Ta Bang in Phetchaburi’s Tha Yang district, which joined the Thailand Voluntary Emission Reduction Program (T-Ver ) in 2015.

With help from the RFD, Kasetsart University, the Mae Fah Luang Foundation, and the Ratch Group, an independent authority manufacturer, the society, which is home to 1, 397 ray of forest area, took an active part in protecting the environment, by planting more trees and rehabilitating old-growth forests, he said. According to Mr. Surachai, their efforts over the past seven years have resulted in 5, 259 tonnes of carbon record for the group.

Three private firms, including PTT Exploration and Production, have expressed interest in buying carbon credits from Ban Khong Ta Bang, which is valued at 7.09 million ringgit in full.

The Ban Khong Ta Bang Community Forest Foundation will receive the sales revenues.

According to Mr. Surachai, the market for carbon credit trade is anticipated to expand more as a result of increased industrial sector demand.

” This is a win-win situation. He said locals benefit from strong earnings from their forests while supporting the country’s goal of carbon neutrality by 2050 and net zero emissions by 2065.

According to Mr. Surachai, 276 additional communities are putting in applications, and 121 area forests nationwide have already been registered under the T-Ver program.

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