Thailand's biggest banks are testing blockchain-based carbon credit tokens before the country has a mandatory carbon market. KBank ran a pilot that turned T-VER forestry credits from the Doi Tung project into tokens on its Quarix blockchain, while SCB raised 480 million baht through a mangrove credit token linked to around 400,000 tonnes of carbon credits. Both projects keep TGO as the official registry, so the tokens are meant to make retirement and double counting visible rather than replace the existing system. The World Bank is building the Climate Action Data Trust to track credits across registries, and it says one credit can carry around 80 data points. But Veolia warns that clean paper trails do not equal clean projects. Thailand still has landfills without gas capture, and tokenisation only makes the data permanent, it does not make bad data true. For anyone watching carbon market infrastructure, this is a useful look at how banks are preparing for a regulated market in the region.
