According to Indonesia's president launches carbon emissions trading | Inquirer Business, the first carbon emission trading program in Indonesia was inaugurated by President Joko Widodo on Tuesday with the goal of developing a market to finance initiatives to lower greenhouse gas emissions and establish Indonesia as a significant player in the global carbon trade.
The third-largest rainforest in the world is found in the archipelago of Indonesia, which is also one of the major emitters of greenhouse gases globally. The nation of Southeast Asia has established a goal to become carbon neutral by 2060.
According to a trading board at the Indonesia Stock Exchange, which handles the transactions, thirteen transactions representing carbon credits for almost 460,000 metric tons of carbon dioxide equivalent (CO2e) were sold during the launch, priced at 69,600 rupiah ($4.51) per ton.
According to Indonesia's president launches carbon emissions trading | Inquirer Business, they were all from PT Pertamina Geothermal Energy-owned geothermal plants in North Sulawesi.
The president, referred to as Jokowi, claimed that Indonesia has enormous potential for carbon reduction initiatives and that its carbon market may increase to 3,000 trillion rupiah ($194.30 billion).
Luhut Pandjaitan, a senior minister in charge of managing the rules for carbon pricing, declared during the introduction that trading will first be optional.