Reference
·Primary source
Switzerland-Thailand Article 6.2 ITMO transaction
~500 ktCO2e authorised
The June 2022 Switzerland-Thailand bilateral agreement under Paris Agreement Article 6.2 is the first authorised ITMO (Internationally Transferred Mitigation Outcome) transaction globally, covering an estimated 500,000 tonnes of CO2-equivalent over the project lifetime. The pilot project converts Bangkok's MEA bus fleet to electric vehicles, with credits transferred to KliK Foundation (the Swiss compliance body) for use against Switzerland's NDC. Corresponding adjustment requires Thailand to subtract the transferred credits from its own NDC ledger. The deal set a precedent watched by Singapore, Japan, Korea, and Sweden for further Article 6 bilaterals with Thailand.
Figure in context
The June 2022 Switzerland-Thailand bilateral agreement under Paris Agreement Article 6.2 is the first authorised ITMO (Internationally Transferred Mitigation Outcome) transaction globally, covering an estimated 500,000 tonnes of CO2-equivalent over the project lifetime. The pilot project converts Bangkok's MEA bus fleet to electric vehicles, with credits transferred to KliK Foundation (the Swiss compliance body) for use against Switzerland's NDC. Corresponding adjustment requires Thailand to subtract the transferred credits from its own NDC ledger. The deal set a precedent watched by Singapore, Japan, Korea, and Sweden for further Article 6 bilaterals with Thailand.
The June 2022 Switzerland-Thailand bilateral agreement under Paris Agreement Article 6.2 is the first authorised ITMO (Internationally Transferred Mitigation Outcome) transaction globally, covering an estimated 500,000 tonnes of CO2-equivalent over the project lifetime. The pilot project converts Bangkok's MEA bus fleet to electric vehicles, with credits transferred to KliK Foundation (the Swiss compliance body) for use against Switzerland's NDC. Corresponding adjustment requires Thailand to subtract the transferred credits from its own NDC ledger. The deal set a precedent watched by Singapore, Japan, Korea, and Sweden for further Article 6 bilaterals with Thailand.
Time scope
June 2022 agreement; 2023-2030 delivery
Source basis
Primary source
Interpretation notes
What this tells you
The June 2022 Switzerland-Thailand bilateral agreement under Paris Agreement Article 6.2 is the first authorised ITMO (Internationally Transferred Mitigation Outcome) transaction globally, covering an estimated 500,000 tonnes of CO2-equivalent over the project lifetime. The pilot project converts Bangkok's MEA bus fleet to electric vehicles, with credits transferred to KliK Foundation (the Swiss compliance body) for use against Switzerland's NDC. Corresponding adjustment requires Thailand to subtract the transferred credits from its own NDC ledger. The deal set a precedent watched by Singapore, Japan, Korea, and Sweden for further Article 6 bilaterals with Thailand.
What not to do with it
First ever authorised Article 6.2 ITMO transaction globally. Establishes Thailand as a host country for high-integrity bilateral carbon transfers and creates a model for further deals.
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Report context
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