| Startup Thailand | TH |
GreenTech and Energy Tech:
New Opportunities for Thai Startups
in the Net Zero Era
In a time when environmental issues and climate change are major global challenges, Thailand cannot stand idly by. The national agenda to achieve Net Zero Future by 2065, or net-zero greenhouse gas emissions, requires the cooperation of all sectors. A key driving force in this transition is GreenTech and Energy Tech, technologies poised to bring significant change to both the environment and the economy.
The Startup Connext: GreenTech–Energy Tech event, organized by the National Innovation Agency (NIA), served as an important platform connecting energy and environmental startups with investors, government agencies, and businesses. The goal was to collectively develop capabilities, facilitate business matching, build networks, and empower Thai startups to compete on a global scale.
Accelerating Energy Innovation to Drive the Net Zero Goal
During a panel discussion on “Building Thailand’s Net Zero Future with Innovation,” experts from the GreenTech and EnergyTech sectors shared insightful visions and strategies for moving the country toward its Net Zero target.
Mr. Pariwat Wongsamran, NIA’s Vice President for Innovation Systems, stated that Thailand needs a structural transition and can no longer rely on traditional methods. Private companies, industrial sectors, and exporters must prioritize developing and integrating solutions and innovations in CleanTech, Climate Tech, Energy Tech, and GreenTech into their business models.
The NIA’s role is to create an innovation ecosystem that fosters the growth of these startups. The agency provides support through funding for technology development, accelerator programs, market consultation, and investor connections. It’s expected that over the next 2–3 years, startups in this group that demonstrate their ability to scale up will receive increasing support from both domestic and international sources.
Ms. Thada Varoonchotikul, Manager of the Low Carbon Business Certification Office at the Thailand Greenhouse Gas Management Organization (Public Organization – TGO), provided an overview of Thailand’s greenhouse gas emissions. She noted that the energy sector remains the primary source, accounting for 70% of total emissions, particularly from three key areas: electricity generation, industry, and transportation. It’s crucial for businesses to recognize Thailand’s 2030 emissions reduction target of 30–40% from the projected maximum level, which means a reduction of approximately 100–150 million tons of CO2 equivalent. By 2065, this must be reduced to no more than 120 million tons of CO2 equivalent, in line with the carbon absorption capacity of green spaces. Looking ahead to 2035, the goal is to increase the proportion of new electric vehicle registrations to 69%. This will lead to measures like the expansion of battery swapping and EV fast-charging stations, as well as a target to increase forest area from 80 million rai to 120 million rai to absorb up to 120 million tons of carbon by 2037.
Furthermore, the draft Climate Change Act, currently under review, is expected to be a key turning point. It will create a mandatory mechanism for the private sector to systematically report and manage carbon, pushing businesses to adapt more quickly to avoid risks from environmentally related trade barriers. This law is anticipated to take effect by the end of 2025.
In the environmental startup space, Mr. Suphapong Kittiwattanasak, Co-Founder of MuvMi, discussed his vision for the company. MuvMi is more than just a ride-hailing app; it’s an alternative public transport system designed to reduce urban pollution. It focuses on using domestically produced electric tuk-tuks, emphasizing clean energy and designing routes that align with the needs of local communities and users.
A key challenge for this type of startup is simultaneously managing technology, investment, and market acceptance. Startups need a commercially scalable business model and must forge partnerships with government agencies, the private sector, and communities to bring their projects to life and scale them up. Additionally, startups must effectively educate investors, as GreenTech and Energy Tech businesses require time to prove their results and need sustained support to create widespread change.
Opportunities for Startups
Environmental issues are a global agenda, and while many countries are making progress with systematic startup scaling, Thailand is still in its early stages, especially with new regulations taking effect. However, Thailand has significant growth opportunities through Green Transformation.
There is a high potential for Thailand to create at least one “Unicorn” if it can seriously and continuously support startups in this ecosystem.
Currently, companies seeking to be listed on the stock exchange are required to prepare a greenhouse gas emissions report and set clear Net Zero targets. This presents a “gap” that startups can fill.
Startups and SMEs can develop technologies to reduce greenhouse gas emissions, not just by cutting energy consumption but also by developing alternative energy sources, providing carbon measurement and tracking services, and offering comprehensive offset or carbon management solutions. With their technological diversity and flexibility, startups play a crucial role in driving Thailand toward a sustainable low-carbon economy.
Investors Emphasize the Synergy of Technology and Business
In the panel discussion, “Funding the Next Wave of Climate Solutions,” leading investors shared their views on opportunities and investment trends in GreenTech and Energy Tech startups.
Mr. Worapot Kingkaewkanthong, Head of Investment at Beacon Venture Capital, stated that an investable startup must have the potential to create value, both technologically and commercially. The startup and its team must demonstrate a clear path to generating revenue and expanding into the market. He stressed that sustainable GreenTech development is not just about creating good technology; it must also address clear societal and environmental problems while generating sustainable returns for investors.
Mr. Chayut Jatunvarat, Investment Principal at Innopower, commented that attractive startups should be bold enough to present new, effective solutions to “big and complex” problems like climate change. They also need the potential to scale to an “industrial level” to create a broad positive impact. Investors also place great importance on the “team,” especially founders with deep technological knowledge, a solid understanding of the market, and the ability to adapt quickly to change.
From the perspective of a Corporate Venture Capital (CVC) investor, Mr. Phet Wannisorn, Investment Director at Banpu PCL, explained that CVCs like Banpu focus on investing in startups that can develop technology to extend or enhance the core business of the parent company. He noted that startups should be self-reliant and have enough “resilience” to withstand economic and technological changes. If a startup can integrate AI into its product to make it a core value of the business, it will be a major strength in the eyes of investors, as it increases the product’s potential for future use and growth.
GreenTech and Energy Tech are not merely new opportunities for Thai startups; they are a necessity for tangibly driving the country toward the Net Zero Future by 2065. This transition cannot be achieved by any single entity; it requires collaboration from all sectors—government, private companies, investors, and, most importantly, the courage of Thai entrepreneurs to rise and create clean energy innovations.
Investing in GreenTech and Energy Tech is not just about finance; it’s an investment in the future of the world, and of Thailand.
