BOI Unveils Bold Plan to Combat PM2.5 Pollution, Offering Tax Incentives for Green Initiatives

(CTN News) – The BOI board has approved a full strategy to fight PM2.5 particulate pollution of directors.

Several steps have been authorized to encourage investments and propel positive transformation, according to BOI Secretary-General Narit Therdsteerasukdi.

The BOI promotes investments to aid community and social development as part of its comprehensive strategy. This involves supporting community-based organizations and farmer groups that aim to improve environmental standards in the area.

To address the widespread problem of PM2.5 particulate pollution nationally, the emphasis is on strategic forest management, which encompasses community forests, conservation forests, and national forest reserves.

In addition, the  Board of Investment is actively pushing for eco-friendly investments and is encouraging several sectors, including energy, transportation, agriculture, and communities, to implement strategies to reduce pollution.

The BOI has previously taken the lead in promoting alternative energy generation, enhancing industries with environmentally conscious technology and energy-efficient machinery, and encouraging the development of electric car industries.

To combat the current smog crisis caused by PM2.5 pollution, the BOI has collaborated with the Ministry of Natural Resources and Environment to implement measures enabling farmer groups and local organizations to use effective environmental management techniques to reduce PM2.5 over time.

Construction of firebreaks in wet-forest areas, construction of moisture-retaining ridges, support of firefighting equipment and tools, and provision of training on forest fire prevention and management are all actions Narit listed as eligible for benefits under these measures.

Businesses that meet the requirements will be eligible for a corporation income tax exemption for three years, up to 200% of the investment made in helping local organizations and farmer groups.

According to The Nation, the investment stimulus program for economic recovery, the retention and expansion program, and the relocation program have all been authorized to extend the investment promotion measures for an additional year beyond December.

There is a window of opportunity for environmentally concerned entrepreneurs as businesses have until the final business day of 2024 to apply for investment promotion.

BOI’s Investment Promotion Window Until 2024

At the same time, two innovative projects with a combined investment value of 18.67 billion baht have been approved for investment promotion rights by the BOI board of directors:

An innovative biofuel production project utilizing used vegetable oil is about to get a ten billion baht investment from BSGF Co. Ltd., a Bangchak Corporation Plc subsidiary.

This environmentally conscious project will produce sustainable aviation fuel (SAF), green diesel, and green liquefied petroleum gas (LPG) by recycling wasted vegetable oil and agricultural byproducts.

Pruksa Holding Plc and prominent Singaporean and Taiwanese real estate and logistics firms will spend 8.67 billion baht in a Smart Distribution Centre project, a joint venture with Marvel: Omega Logistics Campus Co. Ltd.

By utilizing cutting-edge digital technology and implementing warehouse management systems, this endeavour seeks to transform the distribution of products across several industries, including electronics, pharmaceuticals, and consumer goods.