BACK How Should Industrial Park Enterprises Adjust to the Upcoming Climate Change Act?
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Climate change is becoming an increasingly urgent issue as global temperatures rise due to the growing concentration of greenhouse gases in the atmosphere. This trend heightens the risk of severe natural disasters, posing a significant challenge for humanity.
In response, Thailand is developing a draft Climate Change Act, which is under review and revision. This legal measure follows Thailand's commitment to the Paris Agreement under the United Nations Framework Convention on Climate Change. The goal is to help Thailand achieve net-zero greenhouse gas (GHG) emissions by 2065.
In response, Thailand is developing a draft Climate Change Act, which is under review and revision. This legal measure follows Thailand's commitment to the Paris Agreement under the United Nations Framework Convention on Climate Change. The goal is to help Thailand achieve net-zero greenhouse gas (GHG) emissions by 2065.
Key Aspects of the Climate Change Act
The draft Climate Change Act focuses on several key areas:
- Managing the Risks of Severe Natural Disasters: The draft law aims to involve all sectors in working together to reduce Thailand’s GHG emissions. A report by the Kasikorn Research Center suggests that if the draft is approved and enforced, it could significantly aid in reducing the country's GHG emissions to net zero by 2065.
- Industry Adaptation: The law will also introduce measures and penalties for industries and factories that fail to comply with environmental standards.
Impact on the Industrial Sector
The proposed law is expected to have a substantial impact on industries with high GHG emissions, such as energy, transportation, cement, steel, aluminum, and fertilizer. Key changes include:
- Compliance with New Standards: High-emission industries will need to adhere to stricter regulations, including annual GHG monitoring and carbon footprint assessments, which were previously voluntary. The government will have the authority to request emission data for continuous monitoring.
- Increased Costs: Businesses will face higher costs associated with annual GHG monitoring and certification. Complex production processes may require more time and resources, further increasing expenses. Additional costs could also arise from GHG trading and carbon taxes.
- Energy Transition: Industrial operators will need to shift to renewable or environmentally friendly energy sources. Options include leasing or purchasing land in eco-industrial zones that prioritize sustainable infrastructure and strict GHG management.
For those interested in renewable energy, the 304 Industrial Park offers a model for sustainable development. It has partnered with National Power Supply Public Company Limited (NPS) to optimize energy use for businesses, featuring solar floating power plants and a biomass power plant with a capacity of 398 megawatts. This initiative allows businesses to operate efficiently with minimal environmental impact.
Once enacted, the law will help the industrial sector better adapt to climate change, reducing future risks. The ultimate aim is to guide Thailand towards net-zero emissions by 2065. As a result, environmental policies will become stricter, and businesses must stay informed and compliant to operate sustainably in the long term.
For those interested in purchasing or leasing eco-industrial land, our headquarters in Prachinburi and Chachoengsao offer a range of investment services, including factory rentals and comprehensive infrastructure support. We are also ready to sell land in the 304 Industrial Park to interested investors.
Once this Act is approved and enacted, businesses must adapt to meet the new standards. Embracing environmentally friendly practices will not only help maintain their market position but also align them with the growing trend of the Green Industry. Studies show that businesses committed to environmental sustainability receive positive feedback from both consumers and investors. For those ready to fully embrace green practices, 304 Industrial Park is ready to support and lead businesses to success with the shared goal of reducing greenhouse gases to zero in the future.
Information Source :
Progress Update on the Climate Change Act
The draft Climate Change Act is currently undergoing revisions. Public hearings were held from February to March 2024 to gather feedback. It is expected to be presented to the Cabinet by mid-2024, though the final approval and enactment date are yet to be determined.
Once enacted, the law will help the industrial sector better adapt to climate change, reducing future risks. The ultimate aim is to guide Thailand towards net-zero emissions by 2065. As a result, environmental policies will become stricter, and businesses must stay informed and compliant to operate sustainably in the long term.
For those interested in purchasing or leasing eco-industrial land, our headquarters in Prachinburi and Chachoengsao offer a range of investment services, including factory rentals and comprehensive infrastructure support. We are also ready to sell land in the 304 Industrial Park to interested investors.
Once this Act is approved and enacted, businesses must adapt to meet the new standards. Embracing environmentally friendly practices will not only help maintain their market position but also align them with the growing trend of the Green Industry. Studies show that businesses committed to environmental sustainability receive positive feedback from both consumers and investors. For those ready to fully embrace green practices, 304 Industrial Park is ready to support and lead businesses to success with the shared goal of reducing greenhouse gases to zero in the future.
Information Source :
- https://policywatch.thaipbs.or.th/article/environment-31
- https://www.kasikornresearch.com/th/analysis/k-social-media/Pages/SBUvol3No7-FB-2024-04-04.aspx
- https://mgronline.com/greeninnovation/detail/9670000021441
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