Chiang mai institute signs carbon credit deal
An institute with Chiang Mai University has signed a special carbon credit agreement, which makes Thailand the fifth signatory in the world to pen a deal of this kind.
The CMU's Energy Research and Development Institute (EDRI) will work with 36 local pig farms - which breed around 600,000 pigs - under the clean development mechanism (CDM) agreement with the World Bank.
The CDM is expected to reduce the output of around 240,000 tonnes of greenhouse gases and the import of around nine million litres of diesel needed in generating electricity each year, according to EDRI director Prasert Rirkkriangkrai.
Throughout the 28-year deal, the CDM is also expected to earn the farms around Bt115 million each year through the carbon credit payment deal and 30 million units of electricity generated from recycled materials, including pig excrement.
Four other countries to sign such a deal are Mexico, Vietnam, China and Bangladesh.
The World Bank has agreed to pay10 (Bt480) for each tonne of carbon dioxide reduced.
Prasert said the surplus of electricity generated under this CDM deal could be sold to the Provincial Electricity Authority, which will resell it to households.
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