Green tech startups touted on world stage

National Innovation Agency sees promise in sustainability trend, writes Suchit Leesa-nguansuk

- Suchit Leesa-nguansuk

Thailand is promoting green tech and climate tech startups on the international stage to capitalise on the accelerating sustainability movement.

According to forecasts by Research and Markets, a data research store, the green technology and sustainability market is set to grow from US$25.5 billion in 2025 to $73.9 billion by 2030.

Growth will be fuelled by artificial intelligence (AI)-driven carbon tracking and blockchain-based sustainability reporting, noted the site.

According to the National Innovation Agency (NIA), the environmental tech sector is expected to grow by an average of 25% a year over the next decade.

This outlook underscores a unique opportunity for Thailand to cultivate and launch a new generation of climate/green tech startups, potentially propelling them to unicorn status, said Krithpaka Boonfueng, executive director of the NIA.

She said the global sustainability movement is gaining momentum.

Small and medium-sized enterprises, startups, and industrial sectors worldwide are rapidly integrating technology to drive sustainable innovation, said Ms Krithpaka.

As a result, startups that develop solutions for environmental preservation and climate change mitigation are attracting increasing attention from both consumers and investors, domestically and abroad, she said.

The NIA is committed to providing comprehensive support, including funding, opportunities and knowledge development, to empower Thai startups to grow and prepare for international expansion, said Ms Krithpaka.

UNICORNS DO EXIST

The state agency is accelerating startup development in the fields of environmental technology and sustainability, with the ambition of nurturing more Thai unicorns in the coming years.

The NIA's Unicorn Factory Thailand project aims to enhance the capabilities of promising startups and unlock new opportunities to propel them onto the global stage.