POJK 14/2023 on Carbon Trading via the Carbon Exchange

Updated 2026-11-02 · 3 min read · By the akar.earth specialist team

POJK 14/2023 explained: OJK's rule for carbon trading through the carbon exchange, what it covers, and how POJK 10/2026 changed it for forest carbon projects.

POJK 14/2023 is the Indonesian Financial Services Authority (OJK) regulation on carbon trading through a carbon exchange. It created the rulebook under which the Indonesia Stock Exchange launched IDXCarbon on 26 September 2023, and it remains in force today as amended by POJK 10/2026.

What POJK 14/2023 is

The Indonesian title is Peraturan OJK Nomor 14 Tahun 2023 tentang Perdagangan Karbon melalui Bursa Karbon. It exists because Law 4/2023 on financial sector development and strengthening (UU P2SK) brought carbon exchanges under OJK’s supervision. POJK 14/2023 turned that mandate into operational rules.

At a high level, the regulation covers:

• Licensing of the carbon exchange operator (Penyelenggara Bursa Karbon) by OJK.
• What can be traded: carbon units that are recorded in the national registry. On IDXCarbon this meant two products, PTBAE-PU emission allowances and SPE-GRK emission reduction certificates.
• Exchange governance: rules, systems, reporting and internal controls for the operator.
• Market conduct: participation, transparency and supervision of trading.

We do not cite article numbers or fee figures here. Read the official text on the OJK website for those.

Who it applies to

POJK 14/2023 applies directly to the carbon exchange operator and, through the exchange rules, to everyone trading there. IDXCarbon groups its users into three categories:

Forest carbon project developers fall into the third group. See how to become an IDXCarbon service user for the onboarding steps.

What it required and changed

Before 2023 Indonesia had no regulated venue for carbon units. POJK 14/2023 changed that in three ways:

1. A regulated exchange. Carbon units could be traded on a supervised market with defined trading mechanisms: Auction, Regular (Spot), Negotiated and Marketplace.
2. Registry linkage. Only units recorded in the national registry, then SRN-PPI, could trade. That linked exchange trading to government recording and NDC accounting.
3. Retirement on-exchange. Buyers could retire SPE-GRK through IDXCarbon to support an offset claim. Surrender of PTBAE-PU for compliance is done with the ministry, not on the exchange.

In January 2025 the government, OJK and the stock exchange opened IDXCarbon to international trading, under the same OJK framework.

What it means for forest carbon developers and buyers

For developers, POJK 14/2023 gave a domestic sales route, but only for units that had passed through Indonesia’s own process and were issued as SPE-GRK. Credits issued only under an international standard such as the Verra VCS Program could not simply be listed. That is one reason IDXCarbon reports only around 10 listed SPE-GRK projects on its dashboard.

For buyers, the exchange offers a supervised venue, standardised products and an on-exchange retirement record. The trade-off is a small product range. Nature-based units are grouped as NBS, and buyers should still check the underlying project, its methodology and its monitoring quality. Our guide on buyer due diligence lists the checks.

For investors, the exchange’s reported volume (1.9 million+ tCO2e and IDR 93.8 billion+ in value, with no reference date given) shows a young, thin market. Use it as context, not as a price benchmark. See carbon credit pricing.

What POJK 10/2026 changed

POJK 10/2026, set on 2 July 2026 and applying from 6 July 2026, amends POJK 14/2023. The main changes reported by OJK and secondary sources:

• Traded units must be recorded in SRUK, which replaces SRN-PPI for this purpose.
• The scope of “carbon unit” is widened.
• Trading of overseas carbon units not recorded in SRUK is addressed.
• The exchange operator must send certain reports to the relevant ministry.
• Consumer-protection principles apply to all parties trading through the exchange.
• A transition of up to three months lets the exchange facilitate units recorded in a ministry electronic system until SRUK operates.

OJK also issued PADK 6/2026 with technical rules on carbon units, exchange governance, operations, internal control, licensing and reporting.

Open questions

• Consolidated text. OJK publishes the amendment, not always a consolidated version. Read both texts together.
• Overseas units. How foreign-registry units are admitted, and under what conditions, needs checking against PADK 6/2026 and exchange rules.
• Fees and trading rules. These sit in exchange regulations and can change; confirm them with IDXCarbon.

See OJK supervision of the carbon exchange and the Indonesia regulation hub for context, or ask our regulatory navigation team to check a listing pathway for your project.