"Indonesia has taken bold and strategic steps to strengthen opportunities for carbon pricing in Indonesia," Environment Minister Hanif Faisol Nurofiq said at the United Nations Climate Change Conference (COP30) in Belem, Brazil, on Tuesday (Nov 11).
He said that the government established a solid governance framework and partnered with several independent credit schemes through Mutual Recognition Agreements (MRA), including Gold Standard, Plan Vivo, Global Carbon Council (GCC), Verra, and Puro Earth, as part of efforts to support carbon pricing.
He also welcomed the results of the inaugural Seller Meet Buyer (SMB) session held at the Indonesian Pavilion on Tuesday (Nov 11).
At the SMB meeting, PT Pertamina successfully sold 37,000 tons of carbon, valued at Rp2.5 billion (approximately US$149 thousand) to Bank Mandiri and CIMB Niaga.
"Through the global climate summit (COP30), we are taking full advantage of it to build market trust by hosting Seller Meet Buyer sessions. This way, our promotional efforts will be more widely recognized," Nurofiq said.
The Indonesian government is targeting transactions of up to 90 million tons of CO2, valued at Rp16 trillion (approximately US$956 million), from carbon trading during COP30.
Carbon trading will focus on three main sectors: energy, Forestry and Other Land Uses (FOLU), and waste.
Through the 2030 FOLU Net Sink initiative, Indonesia aims to ensure carbon absorption from forests and land exceeds emissions, targeting 140 million tons of CO-e sequestration by 2030 through restoration and conservation efforts.
The government continues restoring mangrove and peatland ecosystems while curbing deforestation, which has shown a consistent decline, improving carbon absorption and environmental stability nationwide.
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Translator: Anita Permata Dewi, Cindy Frishanti Octavia
Editor: Azis Kurmala
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