akar.earthIDXCarbon: Indonesia’s Carbon Exchange
IDXCarbon explained: Indonesia's OJK-supervised carbon exchange, what it trades, how it links to SRUK, and what it means for forest-carbon sellers and buyers.
IDXCarbon is Indonesia’s official carbon exchange. It is run by the Indonesia Stock Exchange (IDX, Bursa Efek Indonesia), supervised by the financial services authority OJK, and trades only two unit types: PTBAE-PU allowances and SPE-GRK offsets.
What IDXCarbon is
IDXCarbon launched on 26 September 2023 under POJK 14/2023, OJK’s regulation on carbon trading through a carbon exchange. That regulation was amended by POJK 10/2026, which applies from 6 July 2026 and aligns the exchange with Perpres 110/2025.
The exchange presents itself as part of Indonesia’s contribution to its Nationally Determined Contribution. It describes carbon trading through an exchange as one of the country’s carbon pricing instruments under the carbon economic value (NEK) framework. IDX provides the trading infrastructure; OJK licenses and supervises it.
In January 2025, the government, OJK and IDX opened IDXCarbon to international trading. Foreign institutions can now register as users or trade through an Indonesian intermediary.
What it trades
The tradable universe is deliberately narrow:
| Unit | What it is | Final use |
|---|---|---|
| PTBAE-PU | Emission allowance issued by the ministry to compliance companies | Surrender to the ministry (not done through IDXCarbon) |
| SPE-GRK | Certificate of verified emission reduction from a mitigation action | Retirement for an offset claim (can be done through IDXCarbon) |
SPE-GRK units are grouped by classification, for example Nature-based Solution (NBS) or Tech-based Solution (TBS). A forestry or mangrove unit therefore trades in a different category from an energy unit.
Before POJK 10/2026, IDXCarbon required units to be registered in SRN-PPI, the national climate registry operated by the former Ministry of Environment and Forestry. Under the amendment, units traded on the exchange must be recorded in SRUK, which replaces SRN-PPI for this purpose. Trades settle through the exchange, and ownership is updated in the registry. During the transition, the exchange could facilitate units recorded in a ministry electronic system for up to three months after promulgation, until SRUK was operating.
How trading works
IDXCarbon uses four mechanisms: Auction, Regular (continuous spot) trading, Negotiated Market and Marketplace. Each suits a different kind of deal, from primary allocation to pre-agreed bilateral trades settled on-exchange. See IDXCarbon trading mechanisms for detail.
To trade, a company must register as a service user in one of three categories: Compliance Company, Non-Compliance Company or Project Developer/Project Proponent. The steps and documents are covered in how to become an IDXCarbon service user.
Market size
The exchange’s dashboard reports:
- Trading volume: 1.9 million+ tCO2e
- Trading value: IDR 93.8 billion+
- Listed SPE-GRK projects: 10
- Participants: 159 entities
The site does not give a reference date for these figures, so treat them as indicative. Volume and value also mix allowance and offset trades, so they say little about the price of a forest tonne. For comparison, Southeast Asia issued 129 million nature-based credits under VCS and Gold Standard to April 2025, with Indonesia contributing 59.3% of regional issuance. IDXCarbon is still a small venue relative to Indonesia’s international supply.
What it means for developers and buyers
For project developers, IDXCarbon is the regulated domestic route to market for SPE-GRK. Listing requires that the unit has been issued under the national framework and recorded in SRUK. For forestry, that runs through the Ministry of Forestry’s procedure in Permenhut 6/2026. Thin liquidity means many forest developers will still pair domestic listing with international standards and offtake agreements.
For buyers, the exchange offers OJK supervision, transparent order books on the regular market and a clear retirement step. Quality still varies by project, so exchange listing is not a substitute for project-level diligence. Our due diligence service covers baseline, permanence, leakage and community consent for exchange-listed units too.
For foreign buyers, the main questions are whether a unit is authorised for international transfer and whether a corresponding adjustment applies. Exchange access alone does not answer that.
Open questions
- SRUK integration in practice. How smoothly legacy SRN-PPI units, forestry ministry records and SRUK connect is still being tested.
- International units. POJK 10/2026 allows trading of some overseas units not recorded in SRUK. The scope and conditions should be read in the official text and OJK’s technical rules (PADK 6/2026).
- Liquidity for nature-based units. Ten listed projects is a small base. Price discovery for forest SPE-GRK remains limited.
For the full domestic framework, see the Indonesia regulation hub or compare venues in IDXCarbon vs international registries.
Frequently asked questions
What is IDXCarbon?
IDXCarbon is Indonesia's official carbon exchange, run by the Indonesia Stock Exchange and supervised by OJK. It launched on 26 September 2023.
What can be traded on IDXCarbon?
Two unit types: PTBAE-PU emission allowances and SPE-GRK emission reduction certificates. Units must be recorded in the national registry, now SRUK.
Can foreign buyers use IDXCarbon?
Yes. International trading opened in January 2025. Foreign institutions can register directly, providing an LEI among other documents, or trade through an existing Indonesian user.
How big is IDXCarbon?
The exchange's dashboard reports more than 1.9 million tCO2e of trading volume, more than IDR 93.8 billion in value, 10 listed SPE-GRK projects and 159 participants. It does not state a reference date.