Share Price of Ditto (Thailand) Public Company Limited (SET: DITTO) at the time of 12.00 is at THB 11.90, a THB 0.20 or 1.71% increased, with a total trading value of 14.63 million.
Chaithad Kulchokwanich, Deputy Chief Financial Officer of DITTO, announced that the company is currently in talks with several potential partners interested in participating in its forestation projects for carbon credits. The company is aiming to partner with listed companies in the oil and gas sector, which remain unnamed due to non-disclosure agreements (NDAs).
Chaithad explained that the company’s potential partners are assessing their organization’s carbon footprint to determine the amount of carbon credits needed for offsetting after implementing their own emission reduction strategies. Initial estimates suggest a minimum requirement of 170,000 tons of carbon per company.
Regarding DITTO’s ICO Token progress, the company is still awaiting approval from the Securities and Exchange Commission (SEC). The SEC is scrutinizing areas such as the understanding of carbon credits and accounting methods, which are considered delicate issues.
DITTO is in discussions with auditors and expects to secure approval and commence ICO Token sales by late Q2 or early Q3 this year.
Recently, DITTO signed a collaboration agreement with Thoresen Thai Agencies Public Company Limited (SET: TTA), marking TTA as the first to partner in the forestation project covering approximately 740 rai in Rayong province. TTA aims to achieve a carbon credit target of 34,785 tons of CO2 over five years.
The collaboration model involves DITTO providing the land while seeking partners, and TTA investing the initial capital. Upon verification and certification of the carbon credits, TTA will receive priority access to the carbon credits as per the agreement, with DITTO retaining any surplus credits.
Katarat Suksawang, Vice President and Chief Financial Officer of TTA, noted that the initial phase spans 740 rai and is seen as the first step in future similar projects. Additionally, TTA is also collaborating with other communities on smaller-scale afforestation initiatives to support carbon credit endeavors.
The expected carbon credits from the joint project are estimated at over 30,000 tons of CO2. The distribution of credits between TTA and DITTO remains undetermined, pending further negotiations. However, details such as the carbon credit prices, investment figures, or the amount invested in this project are not allowed to be disclosed.
The primary objective is to enhance TTA’s Environmental, Social, and Governance (ESG) goals, emphasizing environmental stewardship (E) as global awareness heightens.
In addition, it supports TTA’s ventures associated with greenhouse gas emissions, such as oil-powered maritime operations. Investing in carbon credits is viewed as a way to uphold social and environmental responsibilities.
Carbon credit is crucial, especially for certain areas of TTA business like shipping. It’s imperative to support carbon credits in alignment with the company corporate responsibility, stated Katarat.
