Yerevan:Thailand has taken a significant role at the CBD COP17 Ministerial Conference, advocating for reforms in economic incentives to promote positive finance for nature. The event saw the participation of Dr. Raveewan Phuridej, Permanent Secretary of the Ministry of Natural Resources and Environment, who presented Thailand's vision and case studies on reforming economic incentives to support biodiversity.
According to Thai News Agency, Dr. Raveewan Phuridej outlined the country's approach to eliminating detrimental subsidies and incentives that negatively impact biodiversity. She highlighted a specific instance involving a breakwater construction project in Phetchaburi province, which was found to harm the ecosystem, leading to increased coastal erosion and reduced biodiversity. In response, the Thai government opted for a more environmentally friendly solution using bamboo barriers, saving over US$17 million in government funds.
The ministerial forum, titled "The Yerevan Call on Incentives Positive to Biodiversity," gathered high-level representatives from various countries, including Armenia, France, Cuba, Guinea, Colombia, Mexico, Botswana, Japan, and Finland. The meeting aimed to promote Target 18 of the Kunming-Montreal Framework on Global Biodiversity, which seeks to eliminate harmful subsidies and increase positive incentives for biodiversity conservation. Various international organizations and the Secretary-General of the Convention on Biological Diversity were also in attendance.
Dr. Raveewan also discussed Thailand's efforts to revise land and building tax policies. The government is addressing issues where landowners use high-value, undeveloped land for monoculture crops to exploit lower tax rates, impacting areas like mangrove forests with high biodiversity. In response, the Thai parliament has approved tax exemptions for green areas, including those registered under the TVER program.
The conference also launched three key mechanisms to support biodiversity finance and conservation. These include the 'Yerevan Call on Incentives Positive to Biodiversity,' which is a political declaration aiming for reform, the 'Friends of Target 18' network to exchange knowledge and support implementation, and the 'Yerevan Biodiversity Finance Challenge,' designed to mobilize resources and develop national-level incentives for biodiversity conservation.