Jakarta, Indonesia – June 5, 2023 | Indonesian Carbon Trade Association (IDCTA) and Verra agree to fully support and comply with Government of Indonesia’s rules and regulations – supporting Indonesian projects that fight climate change
The Indonesian Carbon Trading Association (IDCTA) and Verra, the administrator of the Verified Carbon Standard (VCS) Program, today announced the formation of a joint task force to support the development of projects in Indonesia that reduce and/or remove greenhouse gases from the atmosphere and are financed through high-quality carbon credits.
The task force has the mandate of ensuring that projects in Indonesia are compliant with both Indonesian law and regulations and VCS Program requirements, thereby enabling them to meet the needs of national and international markets. In particular, the task force will assess and propose procedures that would enable the streamlined registration of projects in both the Indonesian National Registration System and in the Verra Registry.
The task force will consider the recognition of certain Verra methodologies in Indonesia, and procedures for the trading of Indonesian carbon credits as Verified Carbon Units as an initial objective, with a view to considering further consolidation of procedures in the future.
“Verra wholeheartedly endorses the efforts by the Government of Indonesia to establish a National Registration System and other regulations for carbon credits. We welcome the opportunity to work with IDCTA to promote projects and issuance of carbon credits based on high-quality principles. Verra is highly supportive of the effort and focus of the Indonesian government to mitigate climate change and promote sustainable management of its natural environment and hopes to assist in facilitating international investment to accelerate Indonesia’s efforts. As part of this commitment, Verra will work towards harmonizing the SRN with the Verra Registry in a manner consistent with Indonesia laws and regulations.”
Dr. Riza Suarga (external), Chairman of IDCTA stated: IDCTA was formed to promote trading of Indonesian Carbon Credits, both nationally and internationally. IDCTA recognizes the historical role of Verra and other international standards bodies in promoting international investment into sustainable conservation projects, and looks forward to working with Verra to maximize the international trading opportunity, in compliance with all Indonesian laws and regulations.
On June 5 and 6 2023 IDCTA and Verra met with representatives of various government agencies in Indonesia, including the Coordinating Ministry for Maritime & Investment Affairs, Ministry of State-Owned Enterprises, Ministry of Energy and Mineral Resources, Financial Services Authority, and IDSurvey to discuss procedures for the cooperation. Separately, IDCTA has continuously consulted any carbon market updates to the Ministry of Environment and Forestry.
For questions and inquiries, please contact:
Joel Finkelstein, Senior Director, Media and Advocacy
jfinkelstein@verra.org | 202-285-0113