Executive Summary

Thailand currently has no nature-based carbon credit projects registered on the international voluntary carbon market (VCM). Although an agroforestry project was once active under Verra’s standard, it is now inactive, and no other forest, peatland, or agricultural projects are operating internationally. This lack of precedent reflects the country's limited engagement with the international market for nature-based solutions.

Nationally, Thailand lacks specific regulations for nature-based carbon credit projects participating in the international VCM. The existing Thailand Voluntary Emission Reduction Program (T-VER) is only applicable to domestic projects and does not accommodate international standards like Verra or Plan Vivo. While the government is drafting a Climate Change Bill that would define carbon credits and require project registration and approval, the bill currently lacks clear procedures for projects operating internationally. Moreover, there are no current requirements for benefit-sharing agreements or Free, Prior, and Informed Consent (FPIC) for Indigenous Peoples and Local Communities in international market projects. Although the draft Climate Change Bill plans to introduce a national MRV (Measurement, Reporting, and Verification) system, it has not yet detailed the requirements for international projects operating in the country.
Regarding land tenure and carbon rights, mangrove forests in Thailand can be either state-owned or privately owned. Private companies and communities can manage state-owned mangrove areas for carbon credit projects through specific programs like the Coastal Community Mangrove for Carbon Credit initiative under T-VER, which is designed for Thailand’s domestic voluntary carbon market, and is set to launch in 2027. Projects are open to all sectors, and credits can be used by companies, organizations, or individuals to offset their carbon footprint. However, since the participation rules are specifically tailored to the national context, it remains unclear whether these mechanisms are applicable to international VCM projects. While land tax exemptions exist to incentivize the conservation of private mangrove forests, it is also uncertain if such incentives extend to projects aimed at international credit sales. Thailand does not recognize community ownership of mangrove forests but allows community-based management of state-owned areas. The legal framework lacks a clear definition of carbon rights in mangrove areas, and there are no established mechanisms to secure, transfer, or revoke carbon rights, particularly for international VCM projects.
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Overall, Thailand has unfavorable enabling conditions for blue carbon projects: there are no active nature-based projects registered on the international VCM; there is a lack of clear government requirements, procedures, and safeguards specific to international market participation; and legal uncertainties around land tenure, project authorization, carbon rights, and incentives persist. For project developers and investors, these gaps introduce significant risks and barriers to project development.

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