Abstract:
Climate change driven by greenhouse gas emissions is one of the most pressing global challenges impacting sustainability across all dimensions. In response, Thailand has initiated the Thailand Voluntary Emission Reduction Program (T-VER) since 2014, aiming to encourage private sector participation in carbon mitigation efforts. However, despite Chiang Mai Province possessing significant potential in terms of economic strength, natural resources, and environmental awareness, as of October 2023, only 20 out of 364 registered T-VER projects nationwide are located in Chiang Mai. This low participation rate is particularly concerning and reveals a critical gap between the provinces potential and actual engagement. It also suggests the presence of unresolved constraints or a lack of comprehensive understanding of project implementation among local organizations. Participation in the T-VER program is not only a contribution to national climate goals, but also a strategic opportunity for businesses. It can enhance organizational image, attract environmentally conscious consumers, improve access to green financing, and create new revenue streams through carbon credit trading. Additionally, involvement in T-VER can help businesses anticipate future regulatory trends and strengthen their long-term competitiveness in both domestic and international markets. Therefore, this research is urgently needed to investigate the key factors influencing organizational decision-making regarding T-VER participation in Chiang Mai. By identifying both opportunities and obstacles through a contextual lens, the study aims to inform the design of targeted, evidence-based policies that can enhance participation, strengthen local engagement, and support the countrys broader goal of achieving carbon neutrality in a sustainable manner. A mixed-methods approach was employed to enhance analytical validity through data triangulation. A total of 17 organizations were surveyed between April and October 2024, including all 12 organizations in Chiang Mai that had joined T-VER and 5 additional organizations familiar with the program but not yet participating. Quantitative data were analyzed using Random Forest to rank variable importance and Ridge Regression to examine the direction of influence. In parallel, qualitative data from in-depth interviews were analyzed using content analysis frameworks including 4M (Man, Machine, Material, Management) and SWOT to capture both internal and external organizational dynamics. Findings from both methods were strongly aligned and mutually reinforcing. Random Forest identified the most influential factors as potential revenue from carbon credits, favorable tax incentives, and clear government policy - highlighting the central role of economic motivation. Ridge Regression further confirmed the positive effect of national carbon footprint policy and tax benefits, while also revealing negative influences from procedural complexity, green consumer pressures, and image-driven motivations. These reflect persistent structural and communicative barriers for some organizations. Qualitative results reinforced these findings: participating organizations exhibited strong leadership, technological readiness, and received practical government support, whereas nonparticipating organizations lacked procedural understanding, skilled personnel, and confidence in the economic return. Integrating both analytical strands provided a comprehensive understanding of organizational decision-making mechanisms and actionable insights for policy intervention. Key policy recommendations include: designing more accessible and appealing tax incentives ; establishing dedicated financial support funds, particularly for SMEs ; developing streamlined one-stop services to reduce procedural burdens ; and enhancing the MRV (Measurement, Reporting, and Verification) system to be more flexible and sector-specific. Improved public communication and targeted outreach are also essential for building trust. If implemented effectively, these measures could significantly expand participation in T-VER and accelerate Thailands progress toward its national Carbon Neutrality goals.