Thailand Approves Landmark Climate Bill, Eyes Net-Zero 2050

BANGKOK, Dec 2 (TNA) - Thailand's cabinet has approved the draft Climate Change Act, marking the country's first comprehensive legal framework designed to establish a low-carbon economy and enhance national resilience against global warming. 

Deputy Prime Minister and Minister of Natural Resources and Environment (MNRE) Suchart Chomklin stated that this legislation provides the essential structure needed to align Thailand with the international commitment of achieving net-zero greenhouse gas emissions by 2050. 

The bill has been forwarded to the Office of the Council of State for final review before its submission to parliament for enactment.

The new law introduces several key mechanisms to manage climate impact and accelerate the economic transition. These measures include creating a formal management structure that ensures participation from both the public and private sectors in policy planning and implementation. 

Crucially, the Act mandates the introduction of a balanced mix of carbon pricing tools, such as an Emissions Trading Scheme (ETS), a Carbon Border Adjustment Mechanism (CBAM), and carbon taxes. 

Furthermore, it establishes a Climate Fund to provide financial support, stimulating investment in low-carbon initiatives and mitigating potential losses and damages. Suchart emphasized that the speedy enactment of the bill is vital for strengthening Thailand’s trade competitiveness and long-term national security in the face of escalating climate challenges. -819 (TNA)