Jakarta. Indonesia’s carbon exchange platform IDXCarbon has recorded total carbon trades of nearly 1.6 million tons of CO2 equivalent (tCO2e) worth Rp 77.95 billion ($4.8 million) since its launch in September 2023, the Indonesia Stock Exchange (IDX) said on Tuesday.

IDX President Director Iman Rachman said the platform has expanded its participant base from 16 to 113 entities, with financial institutions and corporations dominating transactions. Meanwhile, carbon retirement activities on the exchange, where purchased carbon credits are permanently removed from circulation to offset emissions, have surged from 6,360 tCO2e to 980,475 tCO2e.

“IDXCarbon has recorded almost 1.6 million tons with a transaction value of Rp 77.95 billion as of July 11,” Iman said after the launch of a carbon trading handbook for the financial sector, developed in collaboration with the Financial Services Authority (OJK).

Iman acknowledged that educating potential participants remains a key challenge for IDXCarbon. He hopes the newly launched handbook will help expand awareness and participation in carbon trading.

IDX aims to double its trading volume to 3 million tCO2e and grow participants to 150 by the end of 2025, reinforcing the platform’s role in supporting Indonesia’s clean energy transition and emission reduction goals.

Currently, IDXCarbon hosts eight registered projects across clean energy and waste management sectors, including biogas initiatives from palm oil mill effluent, and has listed over 3 million tCO2e in certified emission reductions, representing 97% of units registered in Indonesia’s National Registry System for Climate Change Control (SRN-PPI).

“These achievements highlight the strategic role of IDXCarbon in supporting Indonesia’s transition toward clean energy and meeting national emission reduction targets,” Iman said.