The government focuses on accelerating national development by using a new economic model called “BCG,” which is the development of three economies: Bioeconomy, Circular Economy, and Green Economy.
The circular economy is a key strategy related to the four strategic goals of the BCG: Agriculture and Food; Medical and Wellness; Energy, Biomaterial and Biochemical; and Tourism and Creative Economy. The circular economy is expected to contribute an estimated US$4.5 trillion to global economic growth by using fewer resources, as well as creating a sustainable society in the process.
Thailand is undergoing a transition to the circular economy with the realization that the circular economy is a value-based economy contributing to a balance between man and nature. The circular economy is an approach that generates economic growth based on sustainable production and consumption, as well as an approach to achieving the Paris Agreement on the reduction of greenhouse gas emissions. The circular economy is expected to create value for the Thai economy of at least 200 billion baht, or approximately 1% of GDP, by 2030.
Although the circular economy has helped create new markets for green and sustainable businesses, Thailand still faces key challenges that can be regarded as key success factors for driving the circular economy. These challenges are changing attitudes and behaviors and creating an understanding among producers and consumers that waste is a renewable resource if it is separated, stored, recirculated, and utilized. This includes enabling producers and consumers to accept circular economy-related products to create a circular economy marketplace.
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