Greener approach to China’s Belt and Road Initiative needed

Thailand believes that a greener approach to the development of China’s Belt and Road Initiative (BRI) is necessary for high-quality cooperation for common development and prosperity. Thailand intends to draw lessons from this project and implement them within the nation, said Prime Minister Srettha Thavisin on Thursday in Beijing.

Srettha was delivering a statement at the 3rd Belt and Road Forum for International Cooperation (BRF) on a “green” silk road which is in harmony with nature, according to Thai government spokesman Chai Wacharonke.

Srettha also stated that he has asked his cabinet to design a robust study and implementation plan for the Land Bridge project, to connect the Andaman Sea and the Indian Ocean to the Gulf of Thailand and the Pacific Ocean.

This project will reduce the passage time between the two oceans, which is currently via the busy Strait of Malacca, by providing a 90km “one port, two coast” land based logistics infrastructure in southern Thailand.

“The prime minister hopes that this will work in harmony with BRI infrastructure and help to connect the world,” said the spokesman.

To realise a green silk road in harmony with nature, Srettha identified four priorities:

1. Implementation of a green transition across all sectors, with the promotion of sustainable production and consumption across all economic activities, supported by new technologies and digital transformation.
2. Recognition of the importance of environmental and ecosystem conservation. Thailand aims to expand green zones to 55% of the country’s total area. As for marine and coastal biodiversity, Thailand is committed to the “30 by 30 target” for protected areas, per the country’s pledge during Conference of the Parties to the Convention on Biological Diversity (COP-CBD) in December 2022.
3. Green finance mechanisms are an indispensable tool for green transition. So far, Thailand has raised 12.5 billion US dollars through the issuance of Sustainability Bonds, to fund multiple sustainability projects. Soon, the country will introduce Sustainability Linked Bonds, to stimulate the growth of the green bond market. This will incentivise all entities and support the private sector and MSMEs engaging in eco-friendly businesses.
4. Cooperation and commitment to multilateralism must be fostered. Multilateral frameworks provide opportunities for collaboration, building partnerships, sharing knowledge and stimulating innovations for the welfare of the people.

In closing, Srettha emphasised the need to continue working together under the BRI, promoting partnerships which generate sustainable, inclusive and equitable growth for all.