释放绿色代币：数字代币如何推动更绿色的未来

Green Tokens Unleashed:HowDigital TokensDrive a Greener Future Executive summary3 Understanding Green Tokens4 Current Situation and the Role ofFinancial Institutions9 Opportunities and Challenges forGreen Tokens in Thailand12 Krungsri Research view 14 References15 Unlessexplicitlystatedotherwise,thispublicationandallmaterialthereinisunder the copyright ofKrungsriResearch. As such, the reuse, reproduction, oralteration of this text or any part thereof is absolutely prohibited without priorwrittenconsent.Thisreportdrawsonawiderangeofwell-establishedandtrustworthysources,butKrungsriResearchcanmakenoguaranteeoftheabsolute veracity of the material cited. Moreover,KrungsriResearch will not beheld responsible for any losses that may occur either directly or indirectly fromany use towhich this reportorthe datacontained therein maybe put.Theinformation,opinions,andjudgementsexpressedinthisreportarethoseofKrungsriResearch, but this publication does not necessarily reflect the opinionsof Bank ofAyudhyaPublic Company Limited or of any other companies withinthe same commercial group. This report is an accurate reflection of the thinkingand opinions ofKrungsriResearch as of the day of publication, but we reservethe right to change those opinions without prior notice. For research subscription, contactkrungsri.research@krungsri.com Executive summary Green tokens are a type of digital asset intended to raise capital from investors or token holders and investin environmental projects. In exchange, green tokens offer a share of potential profits as agreed. They fallunder the category of sustainability-focused digital tokens and are regulated by the Securities andExchange Commission (SEC). With their distinctive feature of being divisible into smaller units, greentokens make it easier for environmental projects to access funding while enabling investors to directlyparticipate in supporting environmental initiatives. They also represent an efficient and relativelytransparent form of fundraising. Although the green token market still faces several challenges due to thenovelty of digital token fundraising, green tokens can be another driving force in promoting the country'stransition to a green economy. Chanatta Thararos Dr. Pimnara Hirankasi Researcherchanatta.thararos@krungsri.com+662 296 2000Ext:10214 Head of Research Division and Chief Economistpimnara.hirankasi@krungsri.com+662 296 6457 Understanding Green Tokens The world is currently facing climate change risks in multiple dimensions, with Thailand being particularlyaffected by rising average temperatures and increasingly severe floods and droughts each year. Thesechallenges impact both people's livelihoods and the country's overall economy. As a result, thegovernment, private sector, and the public are working together to support climate goals and implementadaptation measures. According to data from the United Nations DevelopmentProgramme(UNDP),1/a major challenge shared by all sectors in Thailand is access to funding. Therefore, the financial sector can play a crucial role in helping each sector prepare for global warmingthrough sustainable investing2/or investments in activities that reduce carbon dioxide emissions and othergreenhouse gases. This approach has gained increasing attention in recent years. Interest in sustainableinvesting spans a wide range of investment forms, including traditional options such as mutual funds,bonds, and stocks, as well as alternative investments likeenvironmental digital tokens. Examples of Digital Token Projects in Thailand Box 1:Blockchain and Smart Contract: Technologies Behind Digital TokensBox 2 Blockchain Technology5/is a protocol or method of recording transactions in a computer networkthat connects individual users in a digitally distributed ledger (DLT) format.With blockchain, datais stored in each unit or ‘block’ connected to form a ‘chain,’ hence the name ‘blockchain.’ Sinceeveryone in the network holds the same set of data, there is no need for intermediaries, allowing allparticipants to verify transactions. This makes it difficult to alter the data. Therefore,blockchainstands out for its efficiency, low cost, and high security. Aside from the features mentioned above,blockchain can prevent digital duplication, making itclear who holds the rights and ownership of the data. It also creates digital scarcity, enabling theexchange of value of digital assets within the system. These features allow real-world assets (RWA)to be transformed into the digital world through blockchain recording.The process of convertingownership of real-world assets into digital token form is called Tokenization. Projects that issue digital tokens also utilize smart contracts, which are computer-coded contractsembedded in the blockchain to execute a set of instructions for managing data. Their key feature isthe ability to automatically enforce preset conditions without relying on intermediaries.Smartcontracts used to control digi