"We (Indonesia and Norway) are taking the lead in implementing Articles 6.2 and 6.4 of the Paris Agreement," Indonesia's Environment Minister Hanif Faisol Nurofiq said at COP30 in Belèm, Brazil, on Friday.
Article 6 provides a framework for voluntary cooperation among countries to achieve climate goals through carbon market mechanisms, including the trading of carbon credits.
The mechanism allows countries to buy and sell emissions reductions internationally to help meet their Nationally Determined Contribution (NDC) targets.
Previously, Indonesia and Norway signed a carbon trading cooperation agreement involving state electricity firm PT PLN and the Global Green Growth Institute (GGGI).
Under the agreement, GGGI will purchase 12 million tons of CO₂ from PLN's renewable energy projects.
Indonesia is targeting transactions involving up to 90 million tons of CO₂, estimated at Rp16 trillion (US$957.2 million), during the COP30 conference.
"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," Nurofiq said.
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Translator: Anita Permata Dewi, Katriana
Editor: Anton Santoso
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