July 16, 2026

GIZ-BAAC act to drive implementation of ‘Thailand Taxonomy’ in agriculture sector and support climate-smart agriculture for positive environmental outcomes

News and Events, Thailand Taxonomy

Srijakpat Chalermchai, Agriculture and Food Cluster

GIZ Thailand, in collaboration with Bank for Agriculture and Agricultural Cooperatives (BAAC), hosted a workshop on the topic ‘From Voluntary Guidelines to Implementation: Operationalising the Agriculture Taxonomy’. The workshop was held at the Sky Ballroom, SkyView Hotel with over 70 representatives from think tanks, regulators, agri-businesses, financial institutions and international development organizations, who joined this dialogue series to discuss and exchange ideas and pathways to translate the ‘Thailand Taxonomy’ criteria into practical actions. This was to support the mobilisation of financial resources to address climate mitigation and adaptation.

‘Thailand Taxonomy’ is one of the instruments that helps support a low-carbon economy and promotes sustainable growth. ‘Taxonomy’ classifies economic activities into traffic light and can be used as a standard for both the public and private sector. It can also be referred to as a framework for financial institutions to allocate financial resources to sustainable and climate-friendly activities.

Thailand Taxonomy Phase I covered energy and transport, which are the highest-emitting sectors in Thailand. Thailand Taxonomy Phase II was expanded to cover an additional four sectors (agriculture, construction & real estate, manufacturing and waste management); Phase I and Phase II together account for more than 96% of the country’s GHG emissions.

Ms Piyawan Khemthongpradit, Deputy Director of the Sustainable Banking Team, Financial Institution Strategy Department, Bank of Thailand (BOT), gave the opening remarks: “The launch of Thailand Taxonomy Phase II last year marked a significant milestone. The agricultural sector is vital to our country, playing a crucial role in food security, employment, public income, and climate resilience. However, the development of the Taxonomy is only the beginning. A challenge facing us is to make these criteria practical, applicable and capable of driving tangible change. The financial sector plays a pivotal role in supporting the agricultural sector’s transition, and the Thailand Taxonomy will serve as a crucial tool enabling financial institutions to design financial products, risk assessment, and provide funding for green activities with transparency and accountability.”

Speaking during a panel discussion on the topic ‘Voices from the Field: Agriculture Taxonomy in Practice’, Ms Sangwan Sapma, Project Manager and Head of Membership and Communications at the Sustainable Rice Platform (SRP) Secretariat, said: “There is already strong alignment between SRP standards and Thailand Agriculture Taxonomy. SRP helps farmers put sustainable practices into action and measure the results, while ‘Taxonomy’ helps direct finance towards those outcomes. Rather than creating new systems, we should build on what already works. Existing standards like SRP provide practical tools, credible data and independent verification that can support Taxonomy and reduce duplication for farmers. A logical next step would be to pilot Taxonomy with SRP-verified farms, allowing regulators, financial institutions and value chain partners to test the approach, identify any remaining gaps and scale with greater confidence.”

The event included a special lecture session by Ms Kobrat Chotirueangprasert, Senior Sustainability Assessor, DNV (Thailand) Co., Ltd. As an expert and one of the consultants who support the development of Thailand Taxonomy Phase II, she shared knowledge about ‘Thailand Taxonomy’ criteria in the agriculture sector, broke down the Thai-ASEAN agriculture sector, and provided challenges along with points to consider in practicalities and the needs of collaboration in the agriculture supply chain.

Mr Wichai Paksa (left) and Mr Poomlert Lertworawit (right)

Moreover, Mr Poomlert Lertworawit, BAAC Assistant Senior Vice President of Personal Credit, further explained about BAAC’s role as an agricultural financial institution and the available green financial products and services. Mr Wichai Paksa, BAAC Director, Office of Foreign Affairs, shared with participants, his experience of collaboration with government and the private sector in enhancing climate-responsible agriculture and climate finance, and utilising incentives and financial tools to improve environmental outcomes and farmers’ incomes, in line with ‘Thailand Taxonomy’ for the agricultural sector.

The afternoon session focused on group activities, enabling participants to exchange ideas, challenges, readiness and their roles in advancing Taxonomy implementation in the agricultural supply chain, from midstream to downstream, and to explore guidelines and applicable practices.

Ms Pimkarn Kattiyavong, Manager of Climate, Coastal and Marine Biodiversity (CCMB) Project, GIZ Thailand, said the Climate, Coastal, and Marine Biodiversity (CCMB) project and the Inclusive Sustainable Rice Landscapes (ISRL) project would consolidate the recommendations and best practices derived from the workshop and share with relevant agencies to support the transition from a voluntary approach to concrete actions in the agricultural sector, both in the short and long term.