BANGKOK, Nov 18 (TNA) – Thailand is speeding up a study on carbon-related taxation to keep its promise made in the 26th session of the Conference of the Parties (COP 26), according to the chief of the Excise Department.
In the “Exponential Path of Net Zero” seminar organized by Bangchak Corporation, Lavaron Sangsnit, director-general of the Excise Department, said the department would restructure taxation to support the policy that the government announced in COP 26 to realize carbon neutrality within 2050 and achieve its net zero emission goal within 2065.
According to the director-general, there can be a carbon tax on the parties that emit more carbon than a set threshold. Singapore and Japan have such taxes.
The department also plans a cap-and-trade program in which polluters can buy emission permits from the parties that can reduce their carbon emissions. China and Germany have implemented such programs.
Businesses in the energy sector were the biggest sources of carbon emissions and could buy carbon emission permits. Consequently, electricity generation from renewable energy would grow, Mr. Lavaron said.
The government would make final decisions on the carbon reduction ideas, he said. (TNA)
