"Cotco" T-VER PoA with "EXIM Thailand"

Editorial Staff

Cotco Metal Works Plc has been the first customer participating in the T-VER PoA with EXIM Thailand

EXIM Thailand celebrates success in providing carbon credit registration service to drive BCG strategy and promote Thai Carbon Credit Market

Dr. Rak Vorrakitpokatorn, president of Export-Import Bank of Thailand (EXIM Thailand), and Mr. Voraphot Pienapitham, chief executive officer of Cotco Metal Works Plc. (CCM), jointly celebrated the success in carbon credit registration under Thailand Voluntary Emission Reduction Program (T-VER) in the type of programme of activities (PoA) developed by Thailand Greenhouse Gas Management Organization (Public Organization) (TGO) aiming to drive Thailand’s carbon credit trading platform.

EXIM Thailand is the country’s first financial institution approved by TGO to implement the T-VER PoA for carbon credit registration of multiple solar power projects, with a total annual emission of 60,000 tonnes of carbon dioxide equivalents, or an approximate capacity of 80 megawatts, over a 14-year project period. SMEs and small projects, for which the registration of carbon credits may not be cost-effective, have been granted access to additional carbon credit benefits with the registration expenses covered by EXIM Thailand.

The carbon credits received from this project will be used to offset the greenhouse gas emissions resulting from various activities of EXIM Thailand, with the goal of achieving net-zero greenhouse gas emissions. In this regard, CCM has been the first customer participating in the T-VER PoA with EXIM Thailand after obtaining the bank’s solar rooftop credit facility for the installation of a solar rooftop power generation system for its business.

“EXIM Thailand is committed to becoming a Green Development Bank and, therefore, has initiated efforts to engage in carbon credit trading to offset the pollution it generates. This aims to establish a carbon-neutral approach while collaborating with stakeholders and building a comprehensive business ecosystem leading to the reduced greenhouse gas emissions goals set by Thai government and EXIM Thailand accordingly,” said Dr. Rak.