Ken Prasadtyo listed in the 2024 ALB Asia Super 50 TMT Lawyers
We are proud to announce that our partner, Ken Prasadtyo, has been honored as one of
On 2 August 2023, the Financial Services Authority (Otoritas Jasa Keuangan or “OJK”) issued OJK Regulation No. 14 of 2023 on Carbon Trading on Carbon Exchange (“POJK 14/2023”), which came into effect on the date of its issuance. The issuance of POJK 14/2023 constitutes as one of Indonesia’s commitments in addressing climate change that was previously determined in the Enhanced Nationally Determined Contribution of Indonesia that set broad goals of Indonesia on its significant contribution up to 43.20% reduction of emission in 2030 conditionally.
POJK 14/2023 is an implementing regulation of Law No. 4 of 2023 on Development and Strengthening of the Financial Sector, which among other things stipulates that carbon units are considered as securities. In principle, POJK 14/2023 introduces the requirements for carbon units that can be traded on the carbon exchange in the form of certificate or technical approval representing one ton of carbon dioxide which constitutes proof of ownership of such carbon units.
Following the issuance of POJK 14/2023, the Indonesia Stock Exchange (PT Bursa Efek Indonesia or “IDX”) secured a carbon exchange license from OJK through OJK’s Decree No. KEP-77/D.04/2023 dated 18 September 2023. Thereafter, the IDX has issued several decrees to regulate carbon trading on the Indonesia Carbon Exchange (“IDXCarbon”). These include (i) IDX Decree No. KEP-00295/BEI/09-2023 on the Regulation of the Carbon Units Listing on the Carbon Exchange; (ii) IDX Decree No. KEP-00296/BEI/09-2023 on the Regulation of Carbon Units Trading on the Carbon Exchange; and (iii) IDX Decree No. KEP-00297/BEI/09-2023 on the Regulation on Carbon Exchange Users.
In this Client Alert, we are highlighting the key item of carbon trading on the IDXCarbon.
We are proud to announce that our partner, Ken Prasadtyo, has been honored as one of
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