Indonesian President Joko Widodo has inaugurated the nation’s inaugural carbon emission trading system, intending to cultivate a market to subsidise initiatives to curtail greenhouse gas emissions and to secure a significant role in international carbon trade. Indonesia aims for carbon neutrality by 2060 and is one of the leading global greenhouse gas emitters. Thirteen transactions were completed at launch, representing nearly 460,000 metric tonnes of CO2e, priced at USD4.51 per tonne. These transactions were facilitated by the Indonesia Stock Exchange and originated from PT Pertamina Geothermal Energy’s projects in North Sulawesi. Initially, participation in trading will be voluntary, with the carbon market projected to surge to USD194.30bn.
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