Thai Minister Signs Two MOUs to Drive Net Zero Goal
Thailand’s Minister of Natural Resources and Environment, Sukchai Chomglin, assigned the Department of Climate Change and Environment to sign two memoranda of understanding aimed at advancing the country’s Net Zero ambitions. The agreements, signed at the IMF–World Bank Group Annual Meetings 2026, involve Krung Thai Bank providing an initial 20 million baht fund for a just transition roadmap and greenhouse‑gas reduction mechanisms, with PTT also joining the second MOU on blended finance for low‑carbon industry projects. Officials stressed that the transition must be inclusive, ensuring SMEs, farmers, workers and communities are not left behind.
Minister Sukchai Chomglin said he had tasked the Department of Climate Change and Environment with advancing cooperation between the financial and industrial sectors to move Thailand toward a low‑carbon economy and Net Zero target. On 17 October 2069, the department signed two memoranda of understanding during the IMF–World Bank Group Annual Meetings 2026. Krung Thai Bank Public Company Limited provided an initial 20 million baht to develop a Thailand Just Transition Roadmap and to create mechanisms supporting national greenhouse‑gas reduction investments. The minister noted that linking climate action with financial mechanisms would yield tangible emission cuts while creating economic opportunities and boosting competitiveness, while also addressing impacts on SMEs, farmers, workers and communities to enable them to adapt to changing global trade and economic rules. He stressed that driving Thailand toward Net Zero must go hand in hand with caring for the public, giving businesses access to clean‑energy financing and technology, and supporting groups affected by the transition to ensure a just transition that leaves no one behind. The permanent secretary, Dr. Raewan Phongphidet, added that collaboration among government, finance and industry is essential to lay the foundation for Thailand’s low‑carbon economy, balancing emission cuts, business competitiveness and public welfare while promoting green investment and jobs. The director‑general of the department, Dr. Pirun Saiyasisthpanich, said the first MOU, with Krung Thai Bank, focuses on studying and drafting a fair low‑carbon transition roadmap, preparing measures for the energy and transport sectors, and developing financial tools to help SMEs, farmers, workers and communities adapt, with plans to extend the study to agriculture and industry to align with Thailand’s NDC 3.0 and Net Zero 2050 goals. The second MOU, involving the department, PTT Public Company Limited and Krung Thai Bank under the I‑SPARK project, aims to study blended‑finance mechanisms and register projects for carbon credits, developing a pilot model for low‑carbon industry in Rayong province before expanding to other industrial areas nationwide. The director‑general added that the signing was witnessed in an honorary capacity by Ajay Banga, President of the World Bank Group, highlighting the initiative’s significance.