Indonesia and South Korea Join Forces under Article 6, A Green Leap Forward in Carbon Emission Reduction
News
Sulthana Dzakira
Picture Source: Antara
Jakarta – In a significant initiative to combat climate change, Indonesian Coordinating Minister for Economic Affairs, Airlangga Hartarto, and South Korean Trade Minister Inkyo Cheong have signed a Memorandum of Understanding (MoU) focused on the implementation of Article 6 of the Paris Agreement. The agreement, aimed at reducing carbon emissions, was formalized on the sidelines of the Indo-Pacific Economic Framework for Prosperity (IPEF) Ministerial-Level Meeting in Singapore on Thursday, June 6th, 2024.
Minister Hartarto emphasized Indonesia's commitment to reducing carbon emissions by 31.89 percent through national efforts and up to 43.20 percent with international support. "To achieve these ambitious targets, Indonesia is exploring both bilateral and multilateral cooperation," he stated.
The collaboration with South Korea is particularly significant, as it marks a concerted effort to leverage international partnerships to tackle climate change. Hartarto expressed appreciation for the South Korean Ministry of Trade, Industry, and Energy (MOTIE) for initiating this bilateral cooperation. Under the new MoU, companies from both countries will collaborate on developing carbon reduction projects in Indonesia, with financial backing from MOTIE.
A key component of this agreement is the generation of carbon credits through Internationally Transferred Mitigation Outcomes (ITMO) from selected projects receiving MOTIE subsidies. This mechanism not only supports carbon reduction but also facilitates international carbon credit trading, providing financial incentives for sustainable practices.
"MOTIE has been in contact with our Coordinating Ministry for Economic Affairs since last year. Today, we solidify our cooperation with the signing of this MoU," Hartarto remarked. He referenced the new agreement based on the Joint Crediting Mechanism (JCM) established with Japan in the year of 2013, which has successfully facilitated 55 projects in Indonesia, significantly aiding the nation's low-carbon development.
Hartarto is optimistic that the partnership with South Korea will play a pivotal role in meeting Indonesia's enhanced nationally determined contribution (ENDC) targets by 2030 and achieving net zero emissions (NZE) by 2060 or sooner. He emphasized that international collaborations are essential for achieving sustainable development goals and for attracting green investments into Indonesia.
Picture Source: Antara
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