Thailand’s Green Hotel Standard sparks hopes for broader REC awareness

Thailand's new Green Hotel Plus standard is emerging as a potential catalyst for expanding renewable energy certificate (REC) awareness in the hospitality sector, market participants say, as the country prepares to host the Global Sustainable Tourism Conference (GSTC) 2026 in Phuket from March 31 to April 4 next year.

The Department of Climate Change and Environment on June 16 convened a multi-stakeholder meeting with Siam Commercial Bank, Bureau Veritas, Net Zero Carbon, and Wave BCG, joined by over 27 executives and related parties. Chaired by Dr. Pirun Sayasitpanich, director-deneral of the Department, the meeting focused on developing financial mechanisms to support hotel operators seeking Green Hotel Plus certification.

The initiative, which aims to certify 600 hotels by March 2026, is part of a broader effort to decarbonize the hospitality industry and enhance Thailand's positioning as a green tourism destination.

"This is the first time we're seeing a structured government push that connects carbon reduction in tourism. It could be a game-changer for diversifying the buyer base," said a renewable energy consultant.

The Green Hotel Plus standard is expected to help hotels assess their carbon footprints and adopt low-carbon practices. While the program remains in its early stages, participants say it has already helped place RECs on the radar of non-industrial sectors.

"The Green Hotel Plus standard opens up carbon footprint assessment to the hospitality sector and also increases awareness of RECs implicitly," said Chawapol Tangsirichoochuay, climate project manager at Wave BCG, which says its aim is to be the largest carbon credit "warehouse operator" in Southeast Asia.

"While the potential demand for renewable energy certificates is relatively small compared to the industrial sector, the initiative could engage up to 600,000 MWh/year in electricity consumption if all targeted hotels participate," he added.

Chawapol noted that Thailand's ambition to become a green tourism hub aligns with hosting GSTC 2026, a key driver in introducing climate-related accountability into the tourism economy.

"Linking REC procurement to green financing or certification could be a strong motivator. Hotels might not act on sustainability voluntarily, but financial levers can make the business case clear," said a market participant.

Others said the development could broaden the pool of voluntary REC buyers in Thailand, though actual demand growth will depend on how much renewable energy procurement is included or incentivized within certification and financing criteria.

"The key will be implementation. If the standard is well-communicated and supported by clear REC procurement guidelines, we may finally see traction beyond industrial sectors," said a local advisor.

Platts, part of S&P Global Commodity Insights, assessed solar current-year vintage at $1.10/MWh and previous-year vintage at $0.98/MWh as of June 18. Biomass current-year vintage is at $0.68/MWh and previous-year vintage at $0.54/MWh. Hydro current-year vintage is at $1.03/MWh and previous-year vintage at $0.88/MWh.