akar.earthSPE-GRK: Indonesian GHG Emission Reduction Certificates
SPE-GRK explained: what Indonesia's GHG emission reduction certificate is, how it is issued and traded on IDXCarbon, and what it means for forest projects.
SPE-GRK (Sertifikat Pengurangan Emisi Gas Rumah Kaca) is Indonesia’s certificate for a verified greenhouse gas emission reduction or removal from a mitigation action, denominated in tonnes of CO2 equivalent. It is the offset unit of the national carbon economic value framework and one of only two unit types traded on IDXCarbon.
What SPE-GRK is
Indonesia’s carbon economic value (NEK) framework, first set up by Perpres 98/2021 and now anchored in Perpres 110/2025, recognises two kinds of tradable unit. One is the allowance, PTBAE-PU, which caps the emissions of regulated companies. The other is the offset, SPE-GRK, which certifies that a project or programme reduced or removed emissions against a baseline.
IDXCarbon’s own FAQ defines SPE-GRK as a certificate of emission reduction from a verified climate mitigation action, registered in the national registry. Historically that registry was SRN-PPI. Under POJK 10/2026, units traded on the exchange must now be recorded in SRUK, the carbon unit registry system that replaces SRN-PPI for this purpose.
On the exchange, SPE-GRK trades as a standardised product. Units are grouped by classification, for example Nature-based Solution (NBS) or Tech-based Solution (TBS), so a forest or mangrove unit sits in a different bucket from, say, a renewable energy unit.
Who it applies to
SPE-GRK matters to three groups:
- Project developers and proponents that run mitigation actions in Indonesia and want a domestically recognised, tradable unit. IDXCarbon lists “Project Developer/Project Proponent” as a distinct user category.
- Compliance companies that hold emission caps and may use offsets where sector rules allow it.
- Voluntary buyers, Indonesian and, since January 2025, foreign, that want to retire units to support an offset claim.
In forestry, the route to issuance runs through the Ministry of Forestry’s procedure. Permenhut 6/2026 describes an end-to-end flow: mitigation activity, measurement and calculation, validation and verification, recording in the national system, then trading. Each stage has a time limit. Social forestry groups, customary forest holders and communities are named as legitimate participants.
What the rules require
The general pattern for issuing an SPE-GRK under the NEK framework is:
- Design and registration of the mitigation action, including a design document and baseline. Earlier procedure under Permen LHK 21/2022 used a mitigation action design document (DRAM).
- Measurement and calculation using an approved methodology and verifiable evidence.
- Validation and verification by an accredited body.
- Issuance and recording in the national registry, now SRUK.
- Trading and retirement, through the exchange or direct trading.
Two practical points stand out. First, not every reduction automatically becomes a tradable unit: the methodology, evidence and approvals must line up. Second, for foreign transfers, the newer sector rules distinguish units that need government authorisation and a corresponding adjustment from those that do not. Check the sector regulation that applies to your project before you sign an offtake.
We have not found a reliable public fee schedule for SPE-GRK issuance or registry recording. Read the current OJK, IDXCarbon and ministry texts rather than relying on figures in secondary articles.
What it means for developers and buyers
For a forest-carbon developer, SPE-GRK is the domestic path to market. It sits alongside, not in place of, international standards such as the Verra VCS Program. Choosing between them, or running both, depends on who the buyer is and whether an export needs authorisation.
| Question | SPE-GRK (domestic) | International standard credit |
|---|---|---|
| Registry | SRUK (formerly SRN-PPI) | Verra, Gold Standard, Plan Vivo registries |
| Trading venue | IDXCarbon or direct trading | OTC, international exchanges |
| Typical buyer | Indonesian compliance and voluntary buyers, some foreign buyers | International corporates |
| Export rules | Authorisation and corresponding adjustment may apply | Indonesian rules on foreign transfer still apply to the underlying activity |
IDXCarbon’s dashboard reports 10 listed SPE-GRK projects and more than 1.9 million tCO2e of trading volume, without a reference date. That is a small market next to Southeast Asia’s 129 million nature-based credits issued under VCS and Gold Standard to April 2025, so liquidity for forest SPE-GRK is still thin.
For buyers, SPE-GRK offers a regulated venue, OJK supervision and a clear retirement step on the exchange. The diligence questions are the same as for any credit: baseline quality, permanence, leakage and community consent. Our due diligence service applies the same checks to domestic and international units.
Open questions
- Recognition of international credits. POJK 10/2026 widens the scope of “unit karbon” and allows trading of some overseas units. How Verra or Gold Standard credits from Indonesian projects map into SPE-GRK or SRUK is still being worked out through mutual recognition arrangements.
- Transition of legacy units. Units first recorded in SRN-PPI need a clear path into SRUK. Confirm the status of any older unit before purchase.
- Forestry timelines in practice. Permenhut 6/2026 sets stage time limits, but implementation guidance was still being refined in mid-2026.
If you are planning a forestry project that may issue SPE-GRK, start with our Indonesia regulatory navigation work or the wider Indonesia regulation hub.
Frequently asked questions
What does SPE-GRK stand for?
Sertifikat Pengurangan Emisi Gas Rumah Kaca, the Indonesian certificate for a verified greenhouse gas emission reduction or removal. One unit represents one tonne of CO2 equivalent.
Can SPE-GRK be traded on IDXCarbon?
Yes. SPE-GRK is one of the two unit types IDXCarbon lists, alongside PTBAE-PU allowances. Buyers can also retire SPE-GRK through the exchange to support an offset claim.
Is an SPE-GRK the same as a Verra or Gold Standard credit?
No. SPE-GRK is issued under Indonesia's national framework and recorded in the national registry. An international credit only becomes tradable domestically if the rules allow it to be recorded in SRUK, so check the current recognition arrangements.
Which registry records SPE-GRK now?
Since POJK 10/2026, units traded on the exchange must be recorded in SRUK, which replaces SRN-PPI for this purpose. Older units and documents may still refer to SRN-PPI.