Innovation in Carbon Credit management to sustainably increase income of rubber farmers

Abstract

This research aims to explore strategies for managing carbon credits in Thailand’s rubber plantations, focusing on the development of voluntary carbon markets as a mechanism to reduce greenhouse gas emissions and generate additional income for farmers through carbon credit sales. The study employed a qualitative approach, gathering data from literature reviews, in-depth interviews, and focus group discussions with key stakeholders such as the Rubber Authority of Thailand, the Thailand Greenhouse Gas Management Organization, farmers, and private sector entities. The analysis used SWOT and TOWS Matrix frameworks to assess the potential for developing carbon credit projects in rubber plantations. The findings indicate that 1. Rubber plantations have significant potential for carbon sequestration, particularly in trees older than 10 years. The carbon credit policy of rubber plantations in Thailand should create incentives by economic measures in the beginning. 2. There are four business model development guidelines, each of which needs to consider the sharing of benefits to those involved. and 3. Each stakeholder has different expectations but still needs RAOT to act as an intermediary in managing carbon credits in rubber plantations. The research recommends the development of transparent and reliable mechanisms for managing carbon credits, along with fostering collaboration between government agencies, the private industry, and local communities to ensure the sustainability of these initiatives.