Switzerland and Thailand recently cracked a groundbreaking carbon credit deal under Article 6.2 of the Paris Agreement on 9 January 2024.
Both countries have made their first transaction of Internationally Transferred Mitigation Outcomes (ITMOs), in which Swiss-based KliK Foundation purchased 1916 ITMOs from Thailand’s Energy Absolute Public Co. Ltd company for the Bangkok E-Bus Program.
Switzerland is the first sovereign country to purchase units to meet its national determined contributions (NDCs). On June 24, 2022, the endorsement of this deal occurred, and credits were allocated to the KliK Foundation in the Swiss Emissions Trading Registry on December 15, 2023
For a few years, the KliK Foundation has been supporting CO2 mitigation activities in countries that have signed a bilateral climate agreement with Switzerland under Article 6.2 of the Paris Agreement.
Apart from Thailand, the Swizz country has also signed similar agreements with Dominica, Ukraine, Ghana, Chile, Georgia, Morocco, Malawi, Peru, Senegal, Tunisia, Uruguay, and Vanuatu.
Relevance of Article 6.2 of the Paris Agreement to the Swiss-Thai Carbon Credit Deal
Article 6.2 of the Paris Agreement provides “a decentralized framework for countries that are parties to the Paris Agreement to enter into bilateral or multilateral arrangements, known as “cooperative approaches.”
It enables the transfer of one country’s GHG carbon credits to other countries to fulfill their net zero pledge to the Paris Agreement, as outlined in their NDCs. These specific carbon credits are known as Internationally Transferred Mitigation Outcomes (ITMOs).
The country obtaining ITMOs under Article 6.2 is termed the “host country,” as it hosts several types of GHG reduction projects. The “recipient” country is involved in ITMO transactions. It fortifies its NDCs by financing projects located at sustainable and cost-effective GHG mitigation sites.
This is how Article 6.2 of the Paris Agreement facilitates the utilization of cross-border carbon credit exchange to achieve their net zero targets under the Paris Agreement.
Both the companies have given a joint statement:
“The ITMOs will be used by the Klik Foundation to fulfill its compensation obligation under the Swiss CO₂ Act. Switzerland intends to use these ITMOs towards its target under the Paris Agreement. To avoid double counting, Thailand has committed to adjust its greenhouse gas inventory by the amount of mitigation outcomes transferred to Switzerland.”
This leads to an inference that the Swiss-Thai carbon credit deal is a mutual commitment towards their NDCs and immensely significant for the global carbon credit market.
Let’s read about the program included in the deal…
Bangkok E-Bus Program Ignites EV Revolution
The Bangkok E-Bus Programme is the crown jewel of this deal. Financed by the KliK Foundation, it has authorized a climate protection plan for the private-public transport sector to introduce EVs on the road.
Marco Berg, the managing director of KliK Foundation has confirmed that the organization commits to purchasing offsets for a maximum of 1.5 million metric tons of CO2 emissions from Energy Absolute until 2030. This acquisition constitutes only a fraction of the 20 million credits it anticipates acquiring by the end of the decade.
Energy Absolute Public Company Limited overseeing the manufacturing of EVs has contracted South Pole to develop the Bangkok E-Bus Programme. Initially, it would target all oil-operated vehicles in the Bangkok Metropolitan area and replace them with EVs.
As per reports, Energy Absolute will generate carbon credits with the launch of about 4000 electric buses in Bangkok. It will eventually stop petrol and diesel use. With this action plan, the government aims to curb a huge amount of greenhouse gas load and air pollution in the city.
Simultaneously, it will establish the groundwork for a comprehensive charging infrastructure network throughout the city. This climate protection initiative is anticipated to play a crucial role in enhancing air quality in Bangkok. This makes the program a pioneer in driving the electrification of Thailand’s mobility sector.
Furthermore, Chatrapon Sripratum, VP of Strategy Development & Investment Planning of Energy Absolute PCL strongly believes that the deal would be successful. He expects a huge bloom in the coming years.
Promising Sustainable Electrical Mobility in Bangkok
With concrete efforts and robust financing to ramp up EV manufacturing, Bangkok is setting its sights on a decarbonized future. The Bangkok E-Bus is a pilot program based on a highly efficient and sustainable strategy.
Some of the key features of this massive project highlighted by the Klik Foundation are:
The current total ownership costs (TCO) for electric buses are notably higher than those for internal combustion engine (ICE) buses. Further, The KliK Foundation intends to use carbon finance obtained through the acquisition of at least 500,000 ITMOs until 2030. The goal is to compensate the cost of total ownership between conventional buses and electric buses included in this project.
Between 2021 and 2022, the team conducted a test run, putting only 120 EVs on the road. However, privately operated bus lines in the Bangkok Metropolitan Region are currently introducing electric buses in phases. It aims to replace all internal combustion engine (ICE) buses from private operators and mitigate fossil fuel combustion.
The KliK financing mitigation initiative will offer valuable perspectives on digitalized MRV systems for GHG reduction activities and establishing EV-friendly infrastructure in Bangkok. This, in turn, will enhance Thailand’s NDC mitigation ambitions.
Value of electric vehicles (EVs) market in Thailand from 2016 to 2022, with forecasts through 2025 (in million U.S. dollars)

Source: Statista
The Bangkok E-Bus program will offer cheaper tickets, the best quality travel experience, increased frequency, and convenient travel routes for general citizens. It would give a huge boost to Bangkok’s economy and Thailand’s climate mitigation goals.
We believe that the success of this Swiss-Thai carbon credit deal should foster confidence and trust in similar agreements. It could be setting a great example for ethical carbon trading in the future.
The post The Swiss-Thai Carbon Credit Deal Ignites EV Revolution in Bangkok appeared first on Carbon Credits.
Carbon Footprint
Climate Impact Partners Unveils High-Quality Carbon Credits from Sabah Rainforest in Malaysia
The voluntary carbon market is changing. Buyers are no longer focused only on large volumes of cheap credits. Instead, they want projects with strong science, long-term monitoring, and clear proof that carbon has truly been removed from the atmosphere. That shift is drawing more attention to high-integrity, nature-based projects.
One project now gaining that spotlight is the Sabah INFAPRO rainforest rehabilitation project in Malaysia. Climate Impact Partners announced that the project is now issuing verified carbon removal credits, opening access to one of the highest-quality nature-based removals currently available in the global market.
Restoring One of the World’s Richest Rainforest Ecosystems
The project is located in Sabah, Malaysia, on the island of Borneo. This region is home to tropical dipterocarp rainforest, one of the richest forest ecosystems on Earth. These forests store huge amounts of carbon and support extraordinary biodiversity. Some dipterocarp trees can grow up to 70 meters tall, creating habitat for orangutans, pygmy elephants, gibbons, sun bears, and the critically endangered Sumatran rhino.
However, the forest within the INFAPRO project area was not intact. In the 1980s, selective logging removed many of the most valuable tree species, especially large dipterocarps. That caused serious ecological damage. Once the key mother trees were gone, natural regeneration became much harder. Young seedlings also had to compete with dense vines and shrubs, which slowed the forest’s recovery.
To repair that damage, the INFAPRO project was launched in the Ulu-Segama forestry management unit in eastern Sabah.
- The project has restored more than 25,000 hectares of logged-over rainforest.
- It was developed by Face the Future in cooperation with Yayasan Sabah, while Climate Impact Partners has supported the project and helped bring its credits to market.
Why Sabah’s Carbon Removals are Attracting Attention
What makes Sabah INFAPRO different is not only the size of the restoration effort. It is also the way the project measured carbon gains.

Many forest carbon projects issue credits in annual vintages based on year-by-year growth estimates. Sabah INFAPRO followed a different path. It used a landscape-scale monitoring system and waited until the forest moved through its strongest natural growth period before issuing removal credits.
- This approach gives the credits more weight. Rather than relying mainly on short-term annual estimates, the project measured carbon sequestration over a longer period. That helps show that the forest delivered real, sustained, and measurable carbon removal.
The scientific backing is also unusually strong. Since 2007, the project has maintained nearly 400 permanent monitoring plots. These plots have allowed researchers, independent auditors, and technical specialists to observe the full growth cycle of dipterocarp forest recovery. The result is a large body of field data that supports carbon calculations and strengthens confidence in the credits.
In simple terms, buyers are not just being asked to trust a model. They are being shown years of direct forest monitoring across the project landscape.
Strong Ratings Support Market Confidence
Independent assessment has also lifted the project’s profile. BeZero awarded Sabah INFAPRO an A.pre overall rating and an AA score for permanence. That places the project among the highest-rated Improved Forest Management, or IFM, projects in the world.
The rating reflects several important strengths. First, the project has very low exposure to reversal risk. Second, it has a long and stable operating history. Third, its measured carbon gains align well with peer-reviewed ecological research and independent analysis.
These points matter in today’s market. Buyers have become more cautious after years of debate over the quality of some forest carbon credits. As a result, they now look more closely at durability, transparency, and third-party validation. Sabah INFAPRO’s rating helps answer those concerns and makes the project more attractive to companies looking for credible carbon removal.
The project is also registered with Verra’s Verified Carbon Standard under the name INFAPRO Rehabilitation of Logged-over Dipterocarp Forest in Sabah, Malaysia. That adds another level of market recognition and verification.
A Wider Model for Rainforest Recovery
Sabah INFAPRO also shows why high-quality nature-based projects are about more than carbon alone. The restoration effort supports broader ecological recovery in one of the world’s most important rainforest regions.
Climate Impact Partners said it has worked with project partners to restore degraded areas, run local training programs, carry out monthly forest patrols, and distribute seedlings to support rainforest recovery beyond the project boundary. These efforts help strengthen the wider landscape and expand the project’s environmental impact.
That broader value is becoming more important for buyers. Companies increasingly want projects that support biodiversity, ecosystem health, and local engagement, along with carbon removal. Sabah INFAPRO offers that mix, making it a stronger fit for the market’s shift toward higher-integrity credits.

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Carbon Footprint
Bitcoin Falls as Energy Prices Rise: Why Crypto Is Now an Energy Market Story
Bitcoin’s recent drop below $70,000 reflects more than short-term market pressure. It signals a deeper shift. The world’s largest cryptocurrency is becoming increasingly tied to global energy markets.
For years, Bitcoin has moved mainly on investor sentiment, adoption trends, and regulation. Today, another force is shaping its direction: the cost of energy.
As oil prices rise and electricity markets tighten, Bitcoin is starting to behave less like a tech asset and more like an energy-dependent system. This shift is changing how investors, analysts, and policymakers understand crypto.
A Global Power Consumer: Inside Bitcoin’s Energy Use
Bitcoin depends on mining, a process that uses powerful computers to verify transactions. These machines run continuously and consume large amounts of electricity.
Data from the U.S. Energy Information Administration shows Bitcoin mining used between 67 and 240 terawatt-hours (TWh) of electricity in 2023, with a midpoint estimate of about 120 TWh.

Other estimates place consumption closer to 170 TWh per year in 2025. This accounts for roughly 0.5% of global electricity demand. Recently, as of February 2026, estimates see Bitcoin’s energy use reaching over 200 TWh per year.
That level of energy use is significant. Global electricity demand reached about 27,400 TWh in 2023. Bitcoin’s share may seem small, but it is comparable to the power use of mid-sized countries.
The network also requires steady power. Estimates suggest it draws around 10 gigawatts continuously, similar to several large power plants operating at full capacity. This constant demand makes energy costs central to Bitcoin’s economics.
When Oil Rises, Bitcoin Falls
Bitcoin mining is highly sensitive to electricity prices. Energy is the highest operating cost for miners. When power becomes more expensive, profit margins shrink.
Recent market movements show this link clearly. As oil prices rise and inflation concerns persist, energy costs have increased. At the same time, Bitcoin prices have weakened, falling below the $70,000 level.

This is not a coincidence. Studies show a direct relationship between Bitcoin prices, mining activity, and electricity use. When Bitcoin prices rise, more miners join the network, increasing energy demand. When energy costs rise, less efficient miners may shut down, reducing activity and adding selling pressure.
This creates a feedback loop between crypto and energy markets. Bitcoin is no longer driven only by demand and speculation. It is now influenced by the same forces that affect oil, gas, and power prices.
Cleaner Energy Use Is Growing, but Fossil Fuels Still Matter
Bitcoin’s environmental impact depends on its energy mix. This mix is improving, but it remains uneven.
A 2025 study from the Cambridge Centre for Alternative Finance found that 52.4% of Bitcoin mining now uses sustainable energy. This includes both renewable sources (42.6%) and nuclear power (9.8%). The share has risen significantly from about 37.6% in 2022.
Despite this progress, fossil fuels still account for a large portion of mining energy. Natural gas alone makes up about 38.2%, while coal continues to contribute a smaller share.

This reliance on fossil fuels keeps emissions high. Current estimates suggest Bitcoin produces more than 114 million tons of carbon dioxide each year. That puts it in line with emissions from some industrial sectors.
The shift toward cleaner energy is real, but it is not complete. The pace of change will play a key role in how Bitcoin fits into global climate goals.
Bitcoin’s Climate Debate Intensifies
Bitcoin’s growing energy demand has placed it at the center of ESG discussions. Its impact is often measured through three key areas:
- Total electricity use, which rivals that of entire countries.
- Carbon emissions are estimated at over 100 million tons of CO₂ annually.
- Energy intensity, with a single transaction using large amounts of power.

At the same time, the industry is evolving. Mining companies are adopting more efficient hardware and exploring new energy sources. Some operations use excess renewable power or capture waste energy, such as flare gas from oil fields.
These efforts show progress, but they do not fully address the concerns. The gap between Bitcoin’s energy use and its environmental impact remains a key issue for investors and regulators.
- MUST READ: Bitcoin Price Hits All-Time High Above $126K: ETFs, Market Drivers, and the Future of Digital Gold
Bitcoin Is Becoming Part of the Energy System
Bitcoin mining is now closely integrated with the broader energy system. Operators often choose locations based on access to cheap or excess electricity. This includes areas with strong renewable generation or underused energy resources.
This integration creates both opportunities and challenges. On one hand, mining can support energy systems by using power that might otherwise go to waste. It can also provide flexible demand that helps stabilize grids.
On the other hand, it can increase pressure on local electricity supplies and extend the use of fossil fuels if cleaner options are not available.
In the United States, Bitcoin mining could account for up to 2.3% of total electricity demand in certain scenarios. This highlights how quickly the sector is scaling and how closely it is tied to national energy systems.
Energy Markets Are Now Key to Bitcoin’s Future
Looking ahead, the connection between Bitcoin and energy is expected to grow stronger. The network’s computing power, or hash rate, continues to reach new highs, which typically leads to higher energy use.
Electricity will remain the main cost for miners. This means Bitcoin will continue to respond to changes in energy prices and supply conditions. At the same time, governments are starting to pay closer attention to crypto’s environmental impact, which could shape future regulations.

Some forecasts suggest Bitcoin’s energy use could rise sharply if adoption increases, potentially reaching up to 400 TWh in extreme scenarios. However, cleaner energy systems could reduce the carbon impact over time.
Bitcoin is no longer just a financial asset. It is also a large-scale energy consumer and a growing part of the global power system.
As a result, understanding Bitcoin now requires a broader view. Energy prices, electricity markets, and carbon trends are becoming just as important as market demand and investor sentiment.
The message is clear. As energy markets move, Bitcoin is likely to move with them.
The post Bitcoin Falls as Energy Prices Rise: Why Crypto Is Now an Energy Market Story appeared first on Carbon Credits.
Carbon Footprint
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