Blog

In April 2023, PTT Group, Thailand’s state-owned oil and gas conglomerate, announced a $7 billion investment in producing green hydrogen with ACWA Power, Saudi Arabia’s leading renewable energy company.

The project aims to construct a plant in Thailand capable of producing 225,000 tons of green hydrogen yearly, equivalent to around 1.2 million tons of ammonia.

Green hydrogen is a type of renewable energy produced by splitting water molecules into hydrogen and oxygen using electricity from sources like solar or wind. Unlike fossil fuels, green hydrogen releases no greenhouse gases when in use, making it a sustainable alternative for various applications.

Green hydrogen is promising for powering heavy-duty electric vehicles (EVs) such as buses, trucks, and trains that require more energy than batteries can offer. Moreover, green hydrogen can be converted into ammonia used for fertilizers, chemical feedstock, or fuel for ships and power plants.

Thai governm…

Thailand’s Excise Department is planning to impose a carbon tax on energy, transport, and industrial sectors to help the country reach carbon neutrality by 2050 and net zero greenhouse gas emissions by 2063.

Encourage companies to use cleaner or renewable energy

The carbon tax will encourage companies to use cleaner or renewable energy, and reduce CO2 emissions by up to 30%. The tax study is underway and will be completed this year.

The energy sector is the largest contributor to CO2 emissions in Thailand, followed by transport and industrial sectors. The carbon tax is expected to help cut the cost of imported fuel and avoid rising costs due to EU’s carbon border adjustment mechanism. Thailand is promoting electric vehicles, greater use of renewable energy, and the carbon tax to meet its environmental goals. 

Energy sector accounts for 35% of CO2 emissions

The energy sector accounts for 35% of CO2 emissions in Thailand because most electr…

BANGKOK (NNT) – The University of Thai Chamber of Commerce’s (UTCC) Institute of Trade Strategies conducted a survey which found that business owners are optimistic about Thailand's economic growth prospects this year.

Chinese tourists boost expected

The poll discovered that business operators anticipate the economy will grow by over 3% in 2023, propelled by an anticipated increase in the number of Chinese tourists visiting the country and financial circulation from the upcoming general elections.

The survey was conducted with business operators from various sectors nationwide, 76% of whom run small businesses in services, trades, industries, and agriculture. Participants suggested that their business performance was similar to that of last year, but they anticipate improvements within the next six months, leading to pre-pandemic levels.

The alleviation of disease control restrictions has allowed for an improvement in business and economic a…

The value of Thai merchandise exports in February 2023 contracted -4.7%YOY, marking a five-month consecutive contraction.

 

Exports to the U.S. and Europe 28 worsened as economic conditions and uncertainty increased. Meanwhile, exports to China shrank less.

The overall picture of the Thai export market in February is very different. Exports to western markets deteriorated in line with worsening economic conditions and increasing uncertainties.

In February, imports rose 1.1% from a year earlier, resulting in a trade deficit of US$1.11 billion for the month.

The value of Thai imports in February was 23,489.7 million US dollars, growing 1.1%, slowing down from 5.5% in the previous month. (Which is a product that does not reflect actual international trade) found that it grew by 3.4%, reflecting the still sufficient demand for imports and expanding in line with the Thai economic recovery trend. While the value of exports continued to cont…

Growth in developing East Asia and the Pacific is forecast to accelerate in 2023 as China’s economy reopens, while the pace of growth in most of the economies in the rest of the region is anticipated to ease after a strong rebound last year, a World Bank report said on Thursday.

This article was originally published here: Growth in developing East Asia to accelerate to 5.1% says World Bank

Source