Southeast Asia NbS Credit Supply in Numbers

Updated 2026-11-02 · 4 min read · By the akar.earth specialist team

Southeast Asia nature-based carbon credit supply in numbers: issuance, available credits, country shares, retirement trends and what they mean for buyers.

Southeast Asia had issued 129 million nature-based carbon credits under VCS and Gold Standard as of April 2025, about 22% of global NbS issuance, with 43 million still available (about 19% of global available supply). Indonesia accounted for 59.3% of the region’s issuance and Cambodia 37.0%, mostly from REDD+.

These figures come from a market analysis by Hamerkop, republished by Singapore’s Economic Development Board. They make the region one of the world’s main sources of nature-based credits and show how concentrated that supply is.

The key numbers

What the numbers tell buyers

Supply is concentrated in avoidance. Most regional credits come from REDD+ projects that avoided deforestation, many on peat. Buyers who want removals will find limited existing stock and should look at forward offtakes from ARR and agroforestry projects. See removals vs avoidance.

A large share has been retired. Rising retirement rates suggest buyers have been absorbing Southeast Asian supply, not leaving it on registries.

Quality signals are positive for Indonesia. BeZero rates 11 ex-post Indonesian projects at an average of A, against B as the most common NbS rating elsewhere. Yet Indonesian credits trade at a fraction of the real cost of abatement. See how nature-based credits are priced.

New supply depends on policy. International carbon financing to Indonesia slowed sharply after a series of regulations aimed at NDC alignment. The 2025 to 2026 framework under Perpres 110/2025, with SRUK and IDXCarbon, is meant to restore a clear route, but buyers should watch implementation.

Indonesia’s pipeline is diversifying

Indonesia’s project pipeline has broadened beyond REDD+ and wetland restoration and conservation into ARR and improved forest management. That matters for three reasons:

1. Removal credits from ARR are in demand and in short supply.
2. Diversification reduces exposure to criticism of any single project type.
3. Smallholder and community projects under Permenhut 6/2026 may add a new class of supply.

How to use these figures

• Treat them as a snapshot from April 2025, under two standards only. They exclude Plan Vivo, ART TREES, domestic SPE-GRK units and other programs.
• Use “credits” consistently; sources label the same figure as Voluntary or Verified Emission Reductions.
• Do not derive per-tonne prices or market value from issuance data.
• Check registries directly for current figures before investment decisions.

Gaps in the data

Published sources do not give reliable Indonesian per-tonne price benchmarks, buyer volumes by segment, or aggregate climate finance flows. Anyone quoting precise figures on these should be asked for the source. Domestic exchange data from IDXCarbon (reported volume of 1.9 million+ tCO2e) covers a different market from international voluntary registries; see IDXCarbon vs international registries.

Other standards and supply routes

The VCS and Gold Standard figures are the best documented, but they are not the only supply. Other routes relevant to the region include:

• Plan Vivo, focused on community-led projects, with PV Climate and PV Nature standards.
• ART TREES, which issues serialised jurisdictional REDD+ credits; FCPF and ISFL credits can move into its registry from the World Bank CATS registry.
• Domestic units such as SPE-GRK in Indonesia, recorded in SRUK and traded on IDXCarbon.
• Emerging standards that are recognised in some national frameworks but have few registered projects so far.

Analysis of 13 international standards across five Southeast Asian countries found activity concentrated in VCS and Gold Standard, with many newer standards still awaiting their first projects. Expect the mix to change as domestic frameworks mature.

Common mistakes

• Comparing regional issuance with demand forecasts drawn from different sources.
• Treating available credits as all equally saleable regardless of vintage and methodology.
• Assuming Indonesia’s share of past issuance predicts future supply under new rules.
• Mixing voluntary registry data with domestic exchange volumes.

See the climate finance hub for related guides, or use our carbon strategy service for a market view tied to your sourcing goals.