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Indonesia must push for fairer carbon market, activists say
Activists warn that companies will misuse the carbon market to avoid reducing their greenhouse gas emissions.
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Carbon sink: A mangrove forest grows near the coast of Bengkalis Island, Riau Islands Province, on June 13, 2021. Indonesia’s vast mangrove forests are able to absorb 33 billion tons of carbon. (Thomson Reuters Foundation/Harry Jacques)
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limate activists have urged Indonesia to play a stronger role in ensuring the global carbon market will not undermine the real greenhouse gas emissions reduction efforts ahead of the upcoming United Nations Climate Change Conference, or COP28, later this year.
The United Arab Emirates will host the 28th UN climate summit in Dubai from Nov. 30 to Dec. 12 this year. The conference’s main focus will be fast-tracking the energy transition, climate financing and adaptation to the impacts of the climate crisis, said Sultan Ahmed Al Jaber, the CEO of the Abu Dhabi National Oil Company and president-designate for COP28, in a statement last Thursday.
The summit was expected to work out the details of the international carbon market mechanism as well as the loss and damage funding mechanism.
Indonesia has keenly anticipated the carbon market, marked by the issuance of a presidential regulation on carbon’s economic value in 2021, days before the COP26.
Last month, the Environment and Forestry Ministry also issued a ministerial regulation detailing the mechanism of carbon trading in the forestry sector. The ministry also penned on Tuesday a memorandum of understanding with the Financial Services Authority (OJK) to further prepare the carbon market.
Read also: Govt allows foreign entities to buy carbon credits from Indonesia
Red flags
