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Indonesia could reach net-zero emissions by 2055, five years ahead of the government’s goal of 2060, if it receives financial and technology support, Indonesia’s Coordinating Minister for Maritime and Investment Affairs Luhut Pandjaitan said on Tuesday.

The Indonesia Carbon Capture and Storage Center (ICCSC) was established on May 30 with hopes to help propel the country’s agenda to become a regional hub for carbon capture storage (CCS) solution.

Indonesia’s financial regulator said on May 5 that the government plans to launch a carbon exchange in the second half of this year, as part of efforts to boost renewable energy use and achieve net-zero emissions by 2060.

Indonesia's efforts to decarbonize the country's power generation sector took a significant step forward on Feb. 22 when the government initiated the first phase of mandatory carbon trading for coal-fired power plants.

Indonesia plans to issue emission quotas for some coal-fired power plants this month as a first step toward developing a local carbon trading market, energy officials said last week.

The Indonesia Stock Exchange (IDX) is set to work with MetaVerse Green Exchange (MVGX), a Singapore-based digital green exchange, to develop its first carbon credit trading platform in a bid to incentivize domestic high-emitting industries to reduce their

Indonesia’s carbon tax scheme, which was set to go into force in July, could be postponed due to global economic volatility and to give authorities time to prepare, according to a government official.

Indonesia's Ministry of Environment and Forestry has confirmed the suspension of validating certain carbon projects in the country's Sumatra and Kalimantan regions since they didn’t comply with the country’s regulation.

The Indonesian government has decided to postpone the implementation of its carbon tax from April to July due to global economic upheaval and continued disruptions in the energy industry, a government official said over the weekend.