akar.earthOJK Supervision of the Carbon Exchange
How OJK supervises Indonesia's carbon exchange: its legal mandate, POJK 14/2023 and POJK 10/2026, and what that oversight means for carbon sellers and buyers.
OJK (Otoritas Jasa Keuangan), Indonesia’s financial services authority, licenses and supervises the carbon exchange and the conduct of trading on it. Its rulebook is POJK 14/2023 as amended by POJK 10/2026, which applies from 6 July 2026; the ministries remain responsible for issuing and registering the carbon units themselves.
What OJK’s role is
Indonesia’s carbon market splits responsibility between two kinds of institution:
- Environmental and sector ministries set caps, approve mitigation actions, issue units and run the registry. These rules come from Perpres 110/2025 and ministry regulations such as Permenhut 6/2026 for forestry.
- OJK regulates the carbon exchange as a financial-market venue: who may operate it, how trading works, how participants are protected and what the operator must report.
The mandate comes from Law No. 4 of 2023 on the development and strengthening of the financial sector (UU P2SK), which placed carbon exchange supervision under OJK. POJK 10/2026 cites UU 4/2023, as amended by UU 4/2026, among its legal bases.
Who it applies to
OJK’s carbon rules apply to:
- The exchange operator. The Indonesia Stock Exchange runs IDXCarbon under an OJK licence and is supervised by OJK.
- Service users trading on the exchange: compliance companies, non-compliance buyers and project developers. See how to become an IDXCarbon service user.
- Any party involved in carbon trading through the exchange, which POJK 10/2026 explicitly brings under consumer-protection principles.
What the rules require
POJK 14/2023
POJK 14/2023 set the original framework for carbon trading through a carbon exchange. It covered licensing of the exchange operator, the units that can be traded, the requirement that units be registered in the national registry, and supervision of trading. IDXCarbon launched under it on 26 September 2023.
POJK 10/2026
POJK 10/2026 was set on 2 July 2026 and promulgated on 6 July 2026. Its main changes, as summarised by OJK and secondary sources:
| Change | Effect |
|---|---|
| Registry | Units traded on the exchange must be recorded in SRUK, replacing SRN-PPI |
| Scope | Wider definition of “unit karbon” |
| Overseas units | Allows trading of carbon units from abroad that are not recorded in SRUK |
| Reporting | Exchange operator reports certain information to the relevant ministry |
| Consumer protection | Applies to every party in carbon trading through the exchange |
| Transition | Exchange may facilitate units in a ministry electronic system for up to three months after promulgation, until SRUK operates |
PADK 6/2026
OJK also issued PADK 6/2026 as technical implementing rules. It covers carbon units, exchange governance, operations, internal control, licensing and reporting. We have not reviewed its article-level detail; read the official text on the OJK website.
What it means for developers and buyers
Market-conduct protection. OJK oversight brings the exchange closer to securities-market standards: rules on disclosure, order handling, settlement and complaints. For buyers, that reduces counterparty and settlement risk compared with informal deals.
No guarantee of unit quality. OJK supervises the venue, not the tonne. A listed SPE-GRK is only as good as its baseline, monitoring and permanence arrangements, which are set under ministry procedures and the methodology used. Buyers still need project-level checks; see our buyer due diligence guide.
Two regulators to track. A forest-carbon developer must satisfy the Ministry of Forestry for issuance and OJK-supervised exchange rules for listing. Changes on either side can shift timelines.
Consumer protection cuts both ways. Sellers listing units should expect more scrutiny of the information they provide. Clear, verifiable project data becomes a compliance matter, not only a marketing one.
How this differs from international venues
Most international forest credits trade over the counter or on private platforms, with the crediting programme’s registry as the only record. Those venues are not supervised as financial markets in the same way. IDXCarbon combines a supervised trading venue with a national registry. For buyers that report to boards or auditors, that combination can simplify evidence of what was bought and retired. For sellers, it means more formal onboarding, disclosure and reporting than a bilateral sale. See IDXCarbon vs international registries for a side-by-side view.
Open questions
- Overseas units. How OJK will treat foreign units not recorded in SRUK, including disclosure and eligibility conditions, needs to be read in PADK 6/2026 and exchange rules.
- Coordination with ministries. The reporting line from the exchange operator to the ministry is new. How data flows between OJK, IDXCarbon and SRUK in practice is still settling.
- Enforcement record. We have not found public OJK enforcement actions on carbon trading to date.
Our Indonesia regulatory navigation service tracks both OJK and ministry rules. For the full picture, see the Indonesia regulation hub.
Frequently asked questions
Why does OJK supervise carbon trading in Indonesia?
Law No. 4 of 2023 on the development and strengthening of the financial sector (UU P2SK) gave OJK the mandate to regulate and supervise carbon trading through a carbon exchange.
Which OJK regulations apply to IDXCarbon?
POJK 14/2023 on carbon trading through a carbon exchange, as amended by POJK 10/2026, which applies from 6 July 2026. OJK also issued PADK 6/2026 as technical rules.
Does OJK decide which carbon units are valid?
No. OJK supervises the exchange and trading conduct. Issuance and registration of units sit with the relevant ministries and the SRUK registry.
Do OJK rules cover direct (off-exchange) carbon trades?
OJK's carbon regulations focus on trading through the carbon exchange. Direct trading is governed by the NEK framework and sector ministry rules; check the sector regulation that applies.