Thailand Counts on Crypto To Power One Million Farmlands With Solar

Apr 4, 2022 11:22 AM ET
  • Solar panels' installments in farms will certainly help to reduce electrical energy bills of farmers, reduce greenhouse discharges and also power farm machinery like electric tractors, crushing machines and crop-spraying drones.
  • The Agriculture Ministry will issue a non-fungible token that will allow trade with international investors in Singapore.

The Ministry of Agriculture and Cooperative of Thailand has actually announced strategies to install solar energy panels on a minimum of one countless farms as a pilot project. With this move, the Ministry is targeting to reduce electrical energy bills of farmers by 20-30 percent in next 15-20 years.

Deputy Agriculture Minister Praphat Phothasuthon says that Thailand, like various other countries, is facing an energy crisis owing to climbing gas costs. Sri Lanka, another coastal in the Indian Ocean that depends on tourist revenues as a crucial inflow, currently has an economic emergency situation proclaimed in the country.

The ministry will release a non-fungible token called 'Solar Panels NFT for Thai Farmers' of 697 billion baht that will allow trade with worldwide capitalists in Singapore.

Praphat Phothasuthon educated that money raised from the cryptocurrency will be used to buy top notch solar panels and also will be dispersed to farmers. This is expected to reduce power bills of the farmlands and also detain greenhouse discharges of Thailand somewhat. The minister claims that electrical energy produced from solar setups can power farm machineries like electric tractors, crushing devices and crop-spraying drones.

The project may be even broadened to homes and services of Thailand. The government will initially hold talks with public and economic sectors to boost confidence among global investors.

Thailand has just 11 percent of its energy being used from sustainable sources. According to the Energy Policy and Planning Office (EPPO), Thailand had 55% of its power coming from natural gas in October 2021. Thailand continues to rely greatly on fossil fuels. Thailand Prime Minister Prayut had dedicated at COP-26 kept in Glasgow in 2021 that Thailand will certainly be carbon neutral by the middle of this century. He also claimed that Thailand will certainly end up being net-zero greenhouse emitter by 2065.

Solar energy development is removing in Thailand. World's biggest hydro-solar farm was just inaugurated at Sirindhorn Dam with 720,000 square meters of solar panels setups which can reduce 47,000 tonnes of CO2 yearly. This is the very first of 15 solar farms prepared by the Thailand Government by 2050.

Solar Installers, Manufacturers