Recently, in the heart of Thailand, an insightful seminar was conducted at the renowned Grand Hyatt Erawan Bangkok. Amongst the attendees were esteemed individuals from diverse fields, coming together to address one of the synchronic problems faced by the world – climate change.
Throughout the discussions, it was unanimously acknowledged that climate change has widespread repercussions that spread beyond national borders. It is an issue that has merited concern from global authorities, leading them to explore initiatives aimed at mitigating greenhouse gas emissions. Some key examples mentioned during the seminar were the European Union’s cutting-edge Carbon Border Adjustment Mechanism (CBAM), and America’s Clean Competition Act.
Reputed businesswoman, Wannipa Bhakdibutr, the CEO of Osotspa, emphasized the importance of collective effort in facilitating sustainable development and working towards achieving carbon neutrality. According to her, guidance from regulatory bodies is essential to navigate the path towards sustainability, especially for Small Medium Enterprises (SMEs). These businesses need hands-on expertise and knowledge to meets sustainable development goals. She expressed her faith in Thai regulators, hoping they would keep pace with the global advancements, thereby helping local entrepreneurs stay in sync with these goals.
The CEO also highlighted that Osotspa has been dedicatedly working towards sustainable development since 2019 and has managed to intertwine company profits with societal benefits and environmental protection. The company has established aims centered around improved product innovation and quality and safety assurances in the future, in addition to encouraging sustainable packaging, water, energy and climate-change management. She talked about how Osotspa aims to reach carbon neutrality by 2025 and net-zero greenhouse gas emissions by 2050, and urged fellow entrepreneurs to set clear sustainable development goals.
Pavich Kesavawong, a leading name in the Department of Climate Change and Environment, mentioned that they are planning to propose a comprehensive climate change act to the Cabinet early next year. This light-touch law would encourage cooperation and would be instrumental in facilitating sustainable development, he said. It would also help in cultivating awareness about sustainability from grass-root levels to international forums. He stressed the need for government to work closely with the private sector, defining coherent sustainable development measures like carbon schemes and pricing.
Meanwhile, Ratchada Wanitchakorn, the director of the Excise Department’s Tax Planning Office, pointed out the importance of Thailand’s contribution to global sustainable development as a pivotal part of the international supply chain. She highlighted the role of carbon tax in driving trade and investment, pushing for carbon neutrality by 2050 and net-zero carbon emissions by 2065. The tax will prompt entrepreneurs to provide low-carbon products at fair prices and earn consumer trust.
Anothai Sangthong, director of Thailand Greenhouse Gas Management Organisation’s Communications and Carbon Credit Registry Office, talked about the role of carbon absorption and trade of carbon credits and emission allowance in meeting carbon neutrality goals. She said while Thailand’s carbon credit market might be small, it has the potential to grow significantly in the future. She advised the entrepreneurs to collect and maintain carbon footprint data to comply with CBAM, thus being prepared for a likely increase in inquiries from European manufacturers about their carbon footprint.
SET’s Soraphol Tulayasathien voiced the investor’s perspective of favouring companies committed to sustainable development. Drawing attention to the new generation’s affinity towards companies that prioritize environmental preservation, he encouraged timely, relevant and reliable data to facilitate sound investment decisions. He emphasized that company outfit, including its employees alongside CEOs, should be knowledgeable about sustainable development to achieve carbon neutrality goals.
Last but far from the least, Federation of Thai SME’s president Sangchai Theerakulwanich called for a collaborative effort involving all entities – government, large organizations and SMEs – to tackle the challenges of sustainable development. He suggested the amalgamation of various principles such as sustainable development, the sufficiency economy and the bio-circular-green economic model, to enable SMEs to become sustainable. He also expressed confidence that sustainable development is achievable with a better understanding from the government’s side.
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