ADB will provide technical assistance to oil companies to develop, implement and monitor their carbon neutral goals and provide training to other energy companies on zero-carbon emission strategies.
12 October 2010: The Asian Development Bank (ADB) is lending up to US$140 million to The Bangchak Petroleum Company Public Company Limited (BCP) to build two solar power plants, for a total of 38MW in central Thailand.
The plants will help the Thai Government achieve its target of getting 20.4% of its primary commercial energy – or 5,608 MW of installed power – from renewable sources by 2022. Currently, renewable sources, including biomass, solar, and hydropower, only contribute 1,754 MW of energy. BCP is a prominent integrated oil refining and marketing company in Thailand. Its largest shareholder is national oil company PTT PCL. BCP has kicked off a zero-carbon strategy under which it will neutralize its carbon footprint by developing large-scale solar power projects and reduce carbon emissions across its operation.
In addition to the loan, ADB is also providing US$400,000 in technical assistance to help BCP develop, implement, and monitor its carbon neutral goals and provide training to other energy companies in zero-carbon emission strategies. [ADB Press Release]