JAKARTA, July 23 (Xinhua) — Indonesia saw carbon transactions worth 36.7 billion rupiah (2.26 million U.S. dollars), an equivalent of 608,000 tons of carbon dioxide, during the nine months through June, according to the Coordinating Ministry for Economic Affairs on Tuesday.

“Carbon trading is expected to be a vital instrument in reducing greenhouse gas emissions and achieving decarbonization targets,” Elen Setiadi, deputy for Business Development and State-Owned Enterprises Innovation at the Coordinating Ministry for Economic Affairs, told a webinar here titled Carbon Trading and Market in Indonesia 2024.

In September 2023 the Indonesian government launched carbon exchange IDXCarbon, the first in the Southeast Asian country, as part of its efforts to reduce greenhouse gas emissions.

Indonesia is committed to reducing emissions by 31.89 percent through its own efforts and 43.20 percent with international assistance by 2030, while aiming for net zero carbon emissions by 2060.