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Thailand and Switzerland have successfully completed new issuances of Internationally Transferred Mitigation Outcomes (ITMOs) from Energy Absolute’s Bangkok E-Bus Programme (BE-BP). Together, they were the first countries to transfer ITMOs for NDC use in December 2023. The currently transferred and issued emission reductions of BE-BP (2023/2024) record a total of 49,717 ITMOs in the Swiss Emissions Trading Registry. Carbon revenues from the KliK Foundation make the programme, which involves converting the private bus fleet in the Bangkok Metropolitan Area from internal combustion engines to electric vehicles, financially viable.
The transfer and issuance of these ITMOs follow a thorough process in line with the Article 6.2 of the Paris Agreement’s guidelines, the implementation agreement between Thailand and Switzerland and their respective national legislations. The monitoring reports have been verified by an independent third party, which confirmed that all the emission reductions were real and calculated in a way that follow highest standards and ensure environmental integrity.
The ITMOs purchased by the KliK Foundation will be used to fulfil its obligation under the Swiss CO₂ Act. Switzerland intends to use these ITMOs towards achieving its target under the Paris Agreement, as defined in its Nationally Determined Contribution (NDC). With a 2% deduction for Overall Mitigation in Global Emissions (OMGE), the country requires that this portion of ITMOs of the KliK Foundation is being cancelled as a climate benefit and cannot be used to reduce emissions from the Swiss transport sector. To avoid double counting, Thailand has committed to adjust its greenhouse gas inventory by the amount of mitigation outcomes transferred to Switzerland.
"The issuance of the first ITMOs from the Bangkok E-Bus Programme marked an important milestone for the KliK Foundation. These subsequent ITMO transfers are equally significant, as they demonstrate that a robust and repeatable process for issuance and transfer has now been firmly established. With the next monitoring report already in preparation, this operational maturity serves as a proven model that we hope will give confidence to many countries to further engage in greenhouse gas mitigation activities under this cooperative approach."
"We are incredibly proud that the Bangkok E-Bus Programme has established itself as the world’s first mitigation activity to not only issue but continuously deliver ITMOs under Article 6.2 of the Paris Agreement. Successfully transferring the batches of 2023 and 2024 confirms that large-scale urban decarbonisation is not a one-off transaction, but a sustainable reality. By operating over 2,000 electric buses across Bangkok, we have proven that the private sector can drive a tangible transformation from internal combustion engines to clean mobility. Energy Absolute remains steadfast in its commitment to high environmental integrity and transparency, demonstrating that it can achieve national climate targets while delivering cleaner air and a better quality of life for urban commuters."
The Bangkok E-Bus Programme is the first authorised mitigation activity under the bilateral climate agreement between Switzerland and Thailand in accordance with Article 6.2 of the Paris Agreement. As of today, we can count more than 2000 electric buses, introduced by the programme owner Energy Absolute Public Company Limited in the Bangkok Metropolitan Area. To secure the financing, the purchase agreement between Energy Absolute and the KliK Foundation on greenhouse gas emission reductions as ITMOs from this activity was signed on 24 June 2022.
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