Mission-based project development company Tradewater has reached a critical milestone in a landmark carbon offset project in Thailand, permanently destroying more than 19 metric tons of ozone-depleting refrigerant gas and preventing the release of over 192,000 tons of carbon dioxide equivalent from entering the atmosphere. This project is the product of a unique public-private partnership between Tradewater and the Thailand Customs Department, and will leverage the voluntary carbon credit market to ensure these refrigerants are safely and permanently destroyed. When completed, this highly impactful project is expected to permanently prevent over 1.14 million tons of carbon dioxide equivalent from escaping into the atmosphere.
CHICAGO, March 21, 2023 /PRNewswire-PRWeb/ -- Mission-based project development company Tradewater has reached a critical milestone in a landmark carbon offset project in Thailand, permanently destroying more than 19 metric tons of ozone-depleting refrigerant gas and preventing the release of over 192,000 tons of carbon dioxide equivalent (CO2e) from entering the atmosphere.
"This milestone represents several years of planning and collaboration with our partners in Thailand. This is a highly impactful project, involving the large-scale destruction of harmful ozone-depleting and global warming gases," said María José Gutiérrez Murray, Senior Director of International Programs at Tradewater. "We're excited to show what's possible when governments, local partners, and a private sector company – Tradewater – come together to address an urgent climate threat."
Destruction of the 19 metric tons represents the first of seven phases in the project, which is a collaboration between Tradewater, Thailand's Customs Department, Industrial Estate Authority of Thailand (IEAT), Bangpoo Environmental Complex (BPEC), Waste Management Siam (WMS), and the Department of Industrial Works (DIW). When completed, this unique public-private partnership is expected to permanently prevent over 1.14 million tons of CO2e from escaping into the atmosphere.
Decades ago, the Montreal Protocol began to phase out production of CFC (chlorofluorocarbon) refrigerant gases. The Thailand Customs Department started seizing disposable cylinders of CFCs improperly imported into the country. Over the years, they seized over 10,000 cylinders containing more than 120 metric tons (120,000 kilograms) of CFCs, a potent ozone-depleting substance and greenhouse gas, and stored them in 42 depots around the country.
In storage, these cylinders remained at risk of leaking into the atmosphere – a common occurrence when cylinders rust and deteriorate – and the Customs Department sought an environmentally responsible solution.
"The Montreal Protocol was a significant step in the fight to protect our ozone layer. However, its focus on end-of-life solutions for the gases it addressed was limited, and there has been insufficient funding to help countries destroy these potent gases—making it very challenging for any remaining stockpiles to be properly disposed of," said Gutiérrez Murray. "We commend the diligence of Thailand's government and local stakeholders, as well as their close collaboration in this unique project."
The Thai authorities had been looking for a solution for many years, and a pathway eventually led them to Tradewater. The Thai Customs Department and Tradewater were introduced in 2020 and began a series of conversations, facilitated by The Creagy Company, and including IEAT, BPEC, DIW, WMS. Global law firm Latham & Watkins and local counsel Thanathip & Partners were retained to provide the legal support necessary for the process. From this dialogue, the unique public-private partnership was established, and Tradewater agreed to organize and finance destruction of the CFC stockpile.
"While complex to coordinate, this project is a testament to the great things that can be accomplished when public and private stakeholders work together to solve a problem," said Gabe Plotkin, COO of Tradewater. "The Thai stockpile is the largest that we have uncovered to date, and we are proud to provide a way to leverage the voluntary carbon credit market to ensure these refrigerants are safely and permanently destroyed."
Tradewater expects to destroy all the refrigerants seized by the Thailand Customs Department by early 2024. It is one of several international projects Tradewater is currently overseeing, thanks to the work of capable and environmentally conscious stakeholders all over the world.
"The problem the Customs Department faced in Thailand is not unique," adds Plotkin. "We hope this project inspires other governments to consider similar partnerships to safely destroy legacy CFCs and stranded refrigerant stockpiles."
About Tradewater:
Tradewater is a mission-based B Corp that creates, develops, and implements high-value projects which permanently prevent the world's most potent greenhouse and ozone-depleting gases from releasing into the atmosphere, taking an integrated approach that results in verifiable, permanent climate impact and sustainable economic benefit through the highest quality carbon offset credits. Learn more at tradewater.us and tradewaterglobal.com.
Media Contact
Taraneh Arhamsadr, Tradewater, 1 (872) 225-2432, [email protected]
Mark Reddy, Tradewater, 312-273-5122, [email protected]
SOURCE Tradewater
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