A process has been put in place to closely track the organization's carbon profile arising from current business operations and future investments to adjust the investment direction to be in line with the net zero goal, while still generating profits.
In 2021, GC has applied the Internal Carbon Price mechanism as a tool to help assess the impact of business projects from increasing or reducing the amount of greenhouse gas emissions, as well as drive new greenhouse gas reduction projects. Currently, the value of carbon is set at 15-48 USD per tCO2e. Examples of important operations that have taken place include:
- The use of carbon prices in evaluating GC’s projects to install CO2 pipelines, which are by-products of the Ethylene Glycol Plant being delivered to customers. This project is an investment of approximately 28 million THB, with the retail price of 629 THB per tonne.
- Pushing for low-carbon projects, which are considered as shadows price in the decision to invest in solar and wind power projects.
- Establishment of an ad hoc team to coordinate with partners (PTT, GPSC) to develop and support the use of internal carbon prices among organizations.
In addition, GC has applied internal carbon prices to assess the Marginal Abatement Costs Curve (MACC) from various projects to compare the cost-effectiveness of operations in reducing carbon.