Thailand Taxonomy has been inaugurated with the objective to assist business and public sectors with a unified standard that can be used as a tool of reference in classifying environmental-friendly economic activities, which is consistent with those of the international while remains suitable under Thailand’s context. Furthermore, Thailand Taxonomy is also developed to be utilized as a key mechanism to help promote capital allocation, risk management and investment of private sector, as well as to shape policy and supporting measures to achieve sustainability and climate change goals. Thailand Taxonomy Phase 1 was developed focusing on environmental objective, specifically in the dimension of climate change mitigation in the Energy and Transportation sectors, both of which emit highest greenhouse gas emissions. Thailand Taxonomy Phase 1 was publicly released on 30th June 2023.

The development of the Thailand Taxonomy Phase 2 involves expanding the scope to cover additional economic sectors that emit large quantities of greenhouse gas emissions and have processes that impact other environmental dimensions. These sectors include manufacturing, construction and real estate, waste management, and agriculture. This phase is being carried out in collaboration between the Working Group and consultants from the Climate Bonds Initiative (CBI), DNV, and the Thailand Development Research Institute (TDRI). The project is supported by the International Finance Corporation (IFC), the Asian Development Bank (ADB), and the German Agency for International Cooperation (GIZ) Office Thailand. 

In the development of Thailand Taxonomy Phase 2, the Working Group will engage in discussions and consultations with various stakeholders, including public and private sectors, civil society, academics, financial sector, and international organizations, to gather feedback and suggestions. Additionally, there will be a public consultation on draft Thailand Taxonomy Phase 2, expected to take place by the 4th quarter of 2024. 

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* 26 related agencies from public and private sectors are as follows: 

1. Thailand Greenhouse Gas Management Organization (Public Organization) 

2. The Department of Alternative Energy Development and Efficiency

3. The Energy Regulatory Commission

4. The Thai Industrial Standards Institute

5. The Department of Industrial Works

6. The Industrial Estate Authority of Thailand

7. The Office of Agricultural Economics

8. The Department of Agriculture 

9. The Rice Department 

10. The Royal Forest Department

11. The Department of National Parks, Wildlife and Plant Conservation

12. The Department of Livestock Development 

13. The Department of Fisheries

14. The Department of Marine and Coastal Resources 

15. The Department of Public Works and Town & Country Planning

16. The Pollution Control Department 

17. The Department of Local Administration 

18. The Federation of Thai Industries (FTI) 

19. The Renewable Energy Industry Club, FTI

20. The Thai Chamber of Commerce 

21. The Thai ESCO Association 

22. The Thai Condominium Association

23. The Council of Engineers 

24. The Thai Bankers’ Association 

25. The Association of International Banks 

26. The Government Financial Institutions Association

For more information on Thailand Taxonomy:  https://www.bot.or.th/en/financial-innovation/sustainable-finance/green/Thailand-Taxonomy.html