Environmentalists have criticized Indonesia’s carbon trading mechanism, which had its first day of trading Sept. 26.
JAKARTA — Indonesia has just launched its first carbon emissions trading market in a bid to fight climate change. Over-emitting companies could also buy carbon credit certificates that are issued for activities or projects that remove carbon from the atmosphere, such as forest conservation. Each metric ton of carbon credit is priced at 69,600 rupiah , far below the cost of similar products in established carbon markets like the European Union.
“Carbon trading is chosen just to allow companies and industrialized nations to keep extracting natural resources, whether by digging up and burning fossil fuels, deforesting or through conservation projects that create conflicts and climate crisis,” said Uli Arta Siagian, the forest campaign manager at the Indonesian Forum for the Environment .
“There’s a lot of junk carbon credits that are not proven to be reducing emissions,” Torry said. “Indonesia is embarrassing itself by taking pride in choosing an instrument that is being put under global scrutiny.”and researchers from Corporate Accountability, a nonprofit transnational corporate watchdog, found that most of the top 50 emission offset projects, those that have sold the most carbon credits in the global market, were likely junk or worthless.
President Joko Widodo inaugurates the opening of the carbon market in Jakarta on September 26, 2023. Image courtesy of the Indonesian Cabinet Secretariat.The Indigenous and local communities whose rights haven’t been officially recognized by the government are prone to be displaced by carbon offset projects, Uli said.
This simplification of permits will put Indigenous and local communities at greater risk of being displaced from their lands, Uli said. The government also needs to limit the amount of carbon credits that could be sold by an entity at the market by stipulating that only residual emissions are allowed to be traded, he said.
Recognizing the rights alone is not enough, said Hariadi Kartodihardjo, a lecturer in forestry policy at the Bogor Institute of Agriculture.
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