The agreement involves Indonesia's state electricity company PT PLN and the Global Green Growth Institute (GGGI).
"We attended the signing of the Framework Agreement between PT PLN and GGGI, which implements the agreement between the Norwegian and Indonesian governments," Environment Minister Hanif Faisol Nurofiq said on the sidelines of COP30 in Belém, Brazil, on Thursday.
He added that both governments are moving quickly to implement Article 6.2 of the Paris Agreement through bilateral cooperation.
Nurofiq explained that GGGI will purchase 12.5 million tons of CO₂ from PLN's renewable energy projects.
"As previously stated, Indonesia is targeting carbon emission reductions through mitigation actions with an estimated potential of 90 million tons of CO₂, of which 12.5 million tons are already committed," he noted.
PLN Director of Transmission and System Planning Evy Haryadi said the Norwegian government will provide financial support for decarbonization by funding renewable energy development and related projects.
Indonesia is targeting transactions of up to 90 million tons of CO₂, valued at Rp16 trillion (around US$957.2 million), from carbon trading during the COP30 conference.
To meet the target, daily Seller Meet Buyer sessions will be held at the Indonesia Pavilion to connect sellers, potential carbon buyers, and investors.
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Related news: Indonesia targets Rp16 trillion in carbon trade at COP30
Translator: Anita Permata Dewi, Cindy Frishanti Octavia
Editor: Anton Santoso
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