President Joko “Jokowi” Widodo has seized the moment of a global climate conference to announce a presidential regulation that puts a price on carbon emissions.

The regulation forms the basis of Indonesia’s carbon-pricing scheme as one of several measures to deliver on the country’s nationally determined contribution (NDC) and net-zero emission (NZE) targets.

“This presidential regulation on the economic value of carbon is an important milestone in directing Indonesia's policy toward the NDC 2030 and NZE 2060 targets,” Febrio Nathan Kacaribu, head of the Finance Ministry's Fiscal Policy Agency (BKF), said in a statement on Tuesday.

Read also: Indonesia prepares carbon-trading rule ahead of COP26

The signing was announced by the President at the United Nations Climate Change Conference (COP26) in Glasgow, the United Kingdom. According to the State Secretariat the regulation was signed a few days earlier.

The government has not publicly shared details about the new regulation. “Currently, the presidential regulation is in the process of being enacted,” Lydia Silvanna Djaman, law and legislation undersecretary at the State Secretariat, told The Jakarta Post on Tuesday.

According to a copy of the draft obtained by the Post in October, companies will not be allowed to sell their carbon units unless they have followed the reporting and recording procedures for inclusion in the Environment and Forestry Ministry’s national registry.

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