Thailand's carbon market: the region's first ITMOs, a climate law in waiting, and a late-to-verify problem

The policy picture

Thailand has the longest Article 6 track record in the region. The Bangkok E-Bus Programme transferred the world's first ITMOs for NDC use to Switzerland in December 2023, and new issuances and transfers were approved in April 2026. In November 2025 Thailand made its first transfer under Japan's Joint Crediting Mechanism, from a floating solar project. It was the first ASEAN country to sign an Implementation Agreement with Singapore, in August 2025; the eligible methodologies were published in November and project applications opened on 31 March 2026.

At home, the Thailand Greenhouse Gas Management Organization runs the T-VER standard, with a Premium T-VER tier built for Article 6, and the Department of Climate Change and Environment authorises international use. A carbon tax of THB 200 a tonne is built into excise on petrol, diesel, jet fuel and LPG, designed so that pump prices did not change.

The bigger shift is the Climate Change Act, which would create an emissions trading system (pilot expected in 2029, with credits allowed for up to 15% of an obligation), a carbon tax, a border carbon levy and a regulated credit market. Cabinet approved the draft in December 2025. As of August 2026 it was still with the Council of State, with enforcement expected in 2027.

What the registries show

Thailand's registry history is industrial: wastewater methane capture at starch, palm oil and food plants makes up about half its projects, with wind, biomass and landfill gas behind. Its distinctive problem is ageing. More Thai projects are flagged late to verify than in any other Southeast Asian country, including Siam Cement's biomass project, the country's largest issuer. The pipeline is small and mixed: rooftop solar, efficiency, electric vehicles, and single rice, feed additive and cookstove projects.

Where the credits have come from

Credits issued and retired to date, Berkeley Voluntary Registry Offsets Database (2026-06 release).

The largest projects not yet issuing

Claimed tonnes per year are the proponent's own estimate as filed with the registry, before validation.

Who is developing

South Pole has the most Thai projects by far. Krungthai Bank, a state-owned bank, has listed five low-carbon city projects in the pipeline (electric vehicles, street lighting, building retrofits and rooftop solar), an unusual move for a lender.

Developers grouped across registries and spellings by CarbonIntel. A project with several proponents counts for each.

Latest registry moves

• 2026-09-30Installation of high efficiency wood burning cookstoves in ThailandRegistered → Verification approval requested

What we are watching

• The Climate Change Act reaching Parliament.
• Which projects come through the Singapore application window that opened in March.
• Whether any of the 26 late-to-verify projects verify again, or go inactive.
• Trading in carbon credit futures on TFEX.