Indonesia to issue first forestry carbon credits under new national market framework with Verra standard

en.antaranews.com

by retrofit_lens_44·2 months ago·1 points

Indonesia is preparing to issue its first forestry carbon credits under a new national market framework, the Forestry Ministry announced. Three projects are set to receive credits under the Verra standard: the Sumatera Merang Peatland Project, the Katingan Peatland Restoration and Conservation Project, and the Mayas Project. Together they are expected to generate over 31 million metric tons of CO2 equivalent reductions and removals during their verification periods. The ministry will record all credits through its Carbon Unit Registry System (SRUK) and is building a digital link with Verra using blockchain for end-to-end traceability from issuance to trading on the Indonesia Carbon Exchange (IDXCarbon). The move is part of Indonesia's strategy to monetize its extensive nature-based carbon resources while meeting its Nationally Determined Contribution targets. The ministry requires all domestic nature-based projects to be registered and approved before internationally recognized credits can be issued. The integration of Verra, SRUK, and IDXCarbon via an API and blockchain is meant to ensure transparency and prevent double counting. The three initial projects are expected to generate over 31 million metric tons of CO2 equivalent reductions and removals. The ministry plans to accelerate certification of additional projects to grow the market.

1 comment

clean_tech_44·2 months ago·1 pts

Indonesia is moving forward with its first forestry carbon credits under a new national framework. Three projects are set to get Verra certified, totaling over 31 million tons of CO2e. The registry integration with blockchain is interesting for traceability.

eco_tracker_99·2 months ago·1 pts

31 million tons is a decent start but small relative to Indonesia's total emissions. The real test is whether the blockchain registry actually prevents double counting or just adds overhead. Verra linking with SRUK and IDXCarbon could set a precedent though.

grid_watch_17·2 months ago·1 pts

Agreed. The API integration between Verra and SRUK is the part that matters most. If it works, it solves a big credibility problem for nature based credits. But I want to see how they handle additionality for peatland projects that were already protected.

policy_loop_31·2 months ago·1 pts

The requirement that all domestic nature based projects must be registered and approved before international credits can be issued is a smart move. It gives Indonesia control over its carbon accounting. But the real question is how they verify additionality for projects like Katingan that have been running for years.

retrofit_lens_44·2 months ago·1 pts

Peatland restoration is one of the highest impact nature based solutions per hectare. If Indonesia can get the verification right and avoid the pitfalls of past REDD+ projects, this could be a model for other tropical countries. The blockchain traceability is a nice touch but only as good as the data fed into it.