Ecobiz.asia – Indonesia’s Ministry of Environment has signed a Mutual Recognition Agreement (MRA) with Verra, the world’s largest independent carbon standard, paving the way for mutual recognition of carbon crediting schemes and expanding the country’s access to global climate finance.
Environment Minister Hanif Faisol Nurofiq said the deal could enable Indonesia to bring as much as 50 million tonnes of CO₂ credits to the international market during the UN climate conference COP30 in Belém, Brazil, this November.
“We have identified several project proponents under Verra’s scheme that could serve as multi-scheme partners,” Hanif told reporters in Jakarta after witnessing the signing on Friday (Oct 3).
The forestry concession holders involved include PT Nusantara Raya Solusi, PT Global Alam Nusantara, PT The Best One Unitimber, PT Gemilang Cipta Nusantara, PT Sinar Mutiara Nusantara, PT Rimba Makmur Utama (Unit I & II), PT Mohairson Pawan Khatulistiwa, PT Menggala Rambu Utama, and PT Annisa Surya Kencana.
Collectively, these projects hold the potential to generate 17.27 million tonnes of CO₂ credits, with issuances targeted by mid-2026. Hanif said the Verra-linked portfolio is significant and has been closely watched by market participants awaiting the agreement.
“Most nature-based solutions are coordinated under Verra’s market. Once Verra signs, flows will follow,” he said.
Alongside the Verra deal, Indonesia also signed a Letter of Intent with Puro Earth. The country has previously concluded MRAs with Plan Vivo, the Global Carbon Council, and Gold Standard. According to Gold Standard, 29 Indonesian projects are registered under its system, 19 of which have been certified, generating around 4.6 million tonnes of CO₂ credits.
Hanif added that Indonesia is also preparing its participation under Article 6 of the Paris Agreement. Fourteen projects have been approved for transition from the Clean Development Mechanism (CDM) to Article 6.4, while another 60 proposals have been submitted under Article 6.2 through a bilateral framework with Japan.
Indonesia signed a separate bilateral deal with Norway on July 25, 2025, in London through the Norwegian Article 6 Climate Action Fund (NACA), pledging 12 million tonnes of CO₂ equivalent from 2026 to 2035.
“With these partnerships, Indonesia aims to present an integrated carbon market at COP30,” Hanif said. “The value depends on how well we convince buyers.” ***
