Indonesia is moving beyond its compliance carbon market to expand into the global voluntary carbon market, he said after signing a Mutual Recognition Agreement (MRA) with the Plan Vivo Foundation and the Global Carbon Council (GCC).
“The most important thing is to maintain our carbon integrity,” Nurofiq said.
“If the measurement results are flawed, our credibility and the value of our carbon would collapse, ” he added.
Related news: Minister highlights integrity in carbon trading
He said a study has been completed to anticipate fraud in carbon trading, with regulations to be issued through a ministerial decree.
The House of Representatives' (DPR's) Commission XII has also begun drafting a climate change law, which will include provisions to prevent and monitor carbon fraud in the domestic carbon market.
Nurofiq said safeguards are crucial as Indonesia expands its carbon economy through MRAs with three global carbon standards for certification.
In addition to Plan Vivo and GCC, the ministry signed a cooperation agreement with Gold Standard in May.
“We expect those who collaborate with these international schemes under the MRA to uphold the values of the republic and the sovereignty of this nation, and not exploit bureaucratic loopholes for rent-seeking,” Nurofiq said.
Related news: Indonesia seeks carbon trading potential at COP30 in Brazil
Translator: Arie Novarina
Editor: Rahmad Nasution
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