Thailand’s Carbon Credit Market: Voluntary Trading, New Rules, and Rising Corporate Demand

Thailand’s carbon credit ecosystem sits firmly in the voluntary camp, anchored by the Thailand Voluntary Emission Reduction Project (T-VER). Under T-VER, projects that meet program criteria can generate credits that are traded or retired to offset emissions. A carbon credit is measured in tonnes of carbon dioxide equivalent (tCO2eq) and represents a reduction or capture of greenhouse-gas emissions that can be traded on carbon markets. This voluntary structure matters because it defines how credits are created, verified, and used by companies pursuing carbon-neutral or net-zero claims.

Trading activity under Thailand’s voluntary market has a clear public record. Between 2016 and April 2024, just over 3.25 million tonnes of carbon dioxide equivalent were traded, valued at about THB292 million (US$9.05 million). Over that same period, the average price was THB89.6 per tonne. The same source notes this traded amount represents less than one percent of the country’s total emissions, framing a market that is active but still small relative to the broader decarbonization challenge. That gap is also why many observers see room for growth in domestic demand and supply.

What Is Driving Demand and Price Signals in Thailand

Rising corporate interest is starting to show up in pricing signals, especially as more industries look for practical ways to reduce or avoid emissions and document progress. In early 2025, the average price of a carbon credit in Thailand rose to about 174 baht per tonne of CO₂, reflecting rising demand. Thailand’s logistics sector is one example highlighted in industry commentary, where projects that reduce or avoid emissions, such as electrified fleets, can generate credits through the T-VER system overseen by the Thailand Greenhouse Gas Management Organization (TGO). This dynamic links operational changes to tradable outcomes, which can strengthen participation in voluntary buying and selling.

Policy and market infrastructure are also evolving in ways that can influence liquidity and confidence. On 26 August 2025, Thailand’s cabinet approved the International Carbon Credit Guideline, which sets a framework for transferring credits generated in Thailand for use toward other countries’ greenhouse-gas targets. The guideline aligns domestic practice with the Paris Agreement (including Articles 6.2 and 6.4) and requires a “corresponding adjustment” so credits used internationally are not also counted toward Thailand’s own NDC. The guideline defines ten types of projects eligible for overseas transfers, provided they go beyond Thailand’s existing NDC action plans and meet measurable, reportable, and verifiable criteria.

Thailand is also moving toward exchange-based trading tools aimed at stronger price discovery. In February 2026, Thailand’s cabinet approved carbon credits to be traded on its exchange to strengthen price discovery ahead of a new climate change law, according to remarks by the finance minister reported by Carbon Pulse. In the broader regional context, a Southeast Asia factsheet notes that with few carbon policies in place and little incentive for decarbonization, demand signals can remain weak, even when market access expands. For companies watching the Thailand carbon credit market, these developments suggest a market still led by voluntary action, but increasingly shaped by governance, verification, and pricing mechanisms.