Accelerating Net Zero and Unlocking
Indonesia Carbon Market Potential through
IDXCarbon(Indonesia Carbon Exchange)

Versi 1.02

AGENDA

1. Carbon Pricing
2. Indonesia Carbon Pricing
3. Indonesia Carbon Exchange
4. Join Us

2‘Climate Action Failure’ is Identified as the Most Severe Risk on a
Global Scale Over the Next 10 Years
Top 5 The Most Severe Risks on a Global
Scale Over the Next 10 Years

Source: World Economic Forum Global Risks Perception Survey 2023-2024

One of the largest contributing source of
these environmental risks are due to
Climate Action Failure

Source: https://earthobservatory.nasa.gov/

Source: World Economic Forum Global Risks Perception Survey 2022-2023
3

Net Zero by Mid Century will be the Only Solution to Mitigate the
Climate Change

Source: BloombergNEF Presentation
4

Carbon Pricing is a Critical Tool to Address Climate Change
Annual Earth Surface Temperature (1850-2019)

DISINCENTIVEINCENTIVE

Carbonpricing

Trading mechanism
Source: US National Academy of Sciences

Concentration of greenhouse gases (GHG) creates thegreenhouse effectEarth's surface temperature is increasing to 1˚C higher
than the average temperature in 1961-1990
Mitigation action is needed, one of which is a carbon
pricing mechanism

Emissions Trading
System (ETS)

Crediting / Offsetting
mechanisms

Penalty mechanism

Carbon taxes

Carbon pricing reduces GHG emissions with : Disincentives: additional costs for higher emitters
 Incentives: reduced costs and additional revenue forthose who reduce emissions(‘Polluter pays’ principle)

Source: IDX document

5

There are two types of carbon markets: compliance (ETS) and voluntary (VCM)
Emissions Trading System (ETS)

Carbon Crediting / Offsetting (VCM)
Emission
permit deficit

Emission
permitsurplusUpper emission
limit (cap)Revised annuallyto achieve thenational target

A

B

PTE

$$

Tax
objectEmissions
Business as
usual

Permitted
emissionlevels inthis sector

TradeCompanies with noemission reduction
obligations

Emissions
reduction
efforts

SPE

Sold to reduce
emissionsrecords (e.g., fornet zero targets)

MethodCap and trade (and tax)

Baseline and crediting

Carbon unit

Emissions Technical Approval / Carbon allowance (PTE)

Emission Reduction Certificate / Carbon offset (SPE)

Carbon unit
creation

Number of PTEs by sector is issued in accordance with the Emission
Upper Limit (cap) of sectors covered by ETS
PTEs distribution:‒ Free allocation, depending on historical levels of emissions or
BAU emissions; and / or
‒ Auction

Seller (S) –Buyer (B)Companies with excess emission permits (S)Companies that lack emission permits (B)Source: IDX document

Greenproject

SPEs are issued following:‒ Recognition of emission reduction efforts from a company that
does not have an emission reduction obligation; or‒ Green projects with measured carbon sequestration or avoidanceCompanies that do emission reduction efforts / green projects (S) –Companies that want to obtain carbon offsets (B)6

AGENDA

1. Carbon Pricing
2. Indonesia Carbon Pricing
3. Indonesia Carbon Exchange
4. Join Us

7

Carbon Trading through the Carbon Exchange is one of Available Mechanisms
to Achieve Indonesia’s NDC
Indonesia ratified the Paris
Agreement in 2016

Indonesia set Enhanced NDC (Sep2022): 31.89%-43.20% in 2030

Presidential Regulation 98 of 2021
of Carbon Economic Valuein Achieving NDC
Mechanisms for achieving the NDC:
Mitigation Action

Indonesia Net Zero 2060 or sooner

Adaptation
Carbon Economic Value

Sectors included in the enhanced
NDC scope:
SectorTarget 2030,
of Total BaU

Energy and Fugitive

12.5% –15.5%

Waste

1.4% – 1.5%

IPPU

0.2 – 0.3%

Agriculture

0.3% – 0.4%

Forestry and Other
Land Uses (FOLU)

17.4% – 25.4%

1. Carbon Trading
2. Performance-Based Payments

Regulation of Ministry of Environment andForestry Regulation No. 21 of 2022 concerning the
Implementation of Carbon Economic Value
Carbon Trading: Can be done domesticaly and/or internationally.
 Form of market mechanisms:
a. Emission trading; and  allowance
trading
6
b. GHG emission offset  credits trading Carbon trading could be done through:a. Carbon exchange
b. Direct trading

3. Carbon Levy / Tax
4. Other Mechanism

8

IDX has Obtained the License from OJK to Become a Carbon Exchange
Operator
Law No 4 of 2023 on Financial Sector
Development and Reinforcement
•
•

•
•

•

Carbon unit is defined as securities under thisLaw.
OJK has the authority to regulate secondary
trading of instruments related to the economic
value of carbon on the carbon exchange;
Carbon trading can be conducted domestically
and/or internationally.
Carbon exchange can only conducted by market
operator who has obtained a business permit
from the OJK.
Carbon trading done via the carbon exchange
who meet the requirements and has obtained alicense from OJK.

•
•

•
•
•

•

OJK Regulation No 14 of 2023 on Carbon
Trading through Carbon Exchange
Circular Letter OJK No 12/04/2023 on
Procedures for Organizing Carbon Trading
through the Carbon Exchange

Obtain the license as a Carbon Exchange
Operator.
Provides carbon trading infrastructure.
Issue regulations related to the carbon trading.
(Service Users, Trading, Carbon Unit
Registration, Trade Surveillance).
Issuing Circular Letters regarding carbon
trading. (Standardization of Unit Grouping andUser Fees for Carbon Exchange Services)9Key Milestones for IDXCarbon
PERMEN LHK Nomor 21 Tahun 2022

Peraturan Otoritas Jasa
Keuangan Nomor 14 Tahun 2023

Bursa Efek Indonesia menerbitkan
Peraturan Penyelenggara Bursa Karbon• POJK tentang Perdagangan
Karbon melalui Bursa Karbon.

• Peraturan Pendaftaran,
Peraturan Perdagangan,
Peraturan Pengguna Jasa, dan
Peraturan Pengawasan.

• Peraturan KLHK tentang Tata
Laksana Penerapan Nilai
Ekonomi Karbon.
• Bursa karbon merupakan bursa
efek atau penyelenggara
perdagangan yang telahmemperoleh izin usaha dariotoritas.

21 September 2022

12 Januari 2023

UU Nomor 4 Tahun 2023
• UU tentang Pengembangan dan
Penguatan Sektor Keuangan.

• SE Biaya Pengguna Jasa dan
SE Standardisasi
Pengelompokkan Unit Karbon.

2 Agustus 2023

18 September 2023

20 September 2023

26 September 2023

Pemberian Izin Bursa Efek
Indonesia sebagai
Penyelenggara Bursa Karbon• Tugas pengaturan dan
pengawasan bursa karbon
dilakukan oleh OJK.
• Unit karbon yang dimaksud didalam UU ini merupakan efek
10

Indonesia Carbon Market is Not Only Stores a Vast Potential Economic Value but
also Critical to Help the World meet our Net Zero Target
The potential for carbon trading in Indonesia is huge

Regional and global exchanges also have started carbon trading

Carbon Capture (Utilisation) Storage | CCS/CCUS• 2 gigatons of CO2 in Oil & Gas reservoir• 10 gigatons of CO2 in Saline aquifers

SGX Group

SOURCE : Ministry of Energy and Mineral Resources

Forestry and Other Land Use | FOLU

• 301 million tons of CO2/year in forest• 960 million tons of CO2/year in peatland• 41 million tons of CO2/year in mangroves
SOURCE : Ministry of Environment and Forestry

EnergyEuropean Energy ExchangeIntercontinental
Exchange

Hongkong Exchange• 90 million tons of CO2 in Renewable Energy (RE)• 12 million tons of CO2 from Electric Vehicle (EV)
SOURCE : Ministry of Energy and Mineral Resources“Indonesia’s carbon exchange economic potential may reach 3,000 trillion IDR,” – President of Republic of Indonesia on the launching day of
IDXCarbon

11

AGENDA

1. Carbon Pricing
2. Indonesia Carbon Pricing
3. Indonesia Carbon Exchange Mechanism
4. Join Us

12About IDXCarbon (Indonesia Carbon Exchange)
IDXCarbon/Indonesia Carbon Exchange is the brand name of the Carbon Exchange which is run by theIndonesia Stock Exchange. IDX, through the Indonesia Carbon Exchange, is committed to developing carbon
trading that is transparent, orderly, and in accordance with the world practice so that it can unlock Indonesia's
carbon trading potential.

Value Proposition
IDXCarbon

Carbon allowances /offsets

Price transparency
Easy and simple way to buy& sellCarbonexchange

Liquidity

Project Owner/Surplus
Allowance Owner

ESG/Net Zerocompanies and
Deficit Allowance
Owner

Payment

Efficient & low cost
Best price according to
supply and demand
13

The Carbon Exchange is the Secondary Trading Platform for
Carbon Units under the Supervisory of the OJK
Users

Compliance Company

Primary Market

Secondary Market

International
Standard

Technical
Ministries

Supervisory
allocation
PTBAEPU

Project Developers

Corporate Buyers

Financial Institutions
and Intermediaries

Issuance of
SPE-GRK

MutualRecognition

SistemRegistri
Nasional(SRN-PPI)

Integration

Indonesia
CarbonExchange
Listing & Trading

14

IDXCarbon – Carbon Market Design
IDX would like to play a central role in Indonesian carbon markets: both facilitating sectoral trading for compliance company and cross sectoral trading to be accessed bydomestic and international carbon credit buyers.

SupplySectoraltrading1(for compliancepurpose)After sectoral NDC
has been met

Crosssectoral
trading(for voluntary
purpose)Allowance•
allocated by related
ministry•
excess fromcompliance company
Carbon credits
generated by project
developers or companies
in the sub-sector

Trading
Carbon Exchange
PTBAE-PU(Allowance)
SPE-GRK(Carbon credits)

DemandBuy/sell PTBAE-PU
Sell SPE-GRK

Compliancecompanies in the
sub-sector
regulated withemissionsallowance

SPE-GRK(Carbon credits)

SPE-GRK intocross-sectoral
trading

Market feature

Excess SPE-GRK allowed into cross-sectoral trading

Excess carbon credits
generated by project
developers or companies
and after claimed by subsectoral NDC

Buy SPE-GRK

Carboncredits
buyers(domestic andinternational)

Settlement

T+0/InstantTrading
Participant

DirectTrading

Clearing

Gross

RiskManagement

PreValidation /pre-funded

Trading Lot

1 ton CO2e

1. only allowed to trade instrument specific to related sector
15

Four Available Trading Mechanism on IDXCarbon
AuctionRegular Trading

Negotiated Trading

Marketplace

Deal outside the
Exchange

Submit project's
details including priceand available volume

Create auction withfloor auction price

Regulators/
Project Developers

Exchange

BuyersSellers
Exchange

Submit preferred
volume and price

buy
order

Buyerssell
order

Exchange

Buyersinput order andseller ID

Sellers

Exchange

Buyer

VolumePrice

Buyer A
Buyer B
Buyer C

100
150
75

800
900
1000

Decide auction
allocation

Regulators/
Project Developers• Regulators/Project Developers create an
auction and submit auction details
including minimum price.

• Buyers will place desirable volume atminimum price or higher.
• Regulators/Project Developers decide
allocation.

Bid
5
7
10

800
900
1000

Ask

1000
1100
1200

• Buy order will queue in bid order
book, sell order will queue in ask
order book.
• Exchange will match the order withprice and time priority.
• The matched price will be the market
price.

Project A

Project B

Project C

Rp5000Rp6000

Rp10000

Browse and buy
project at desirable
volume and at project
Buyersdeveloper's price Exchange

10
15
3

• Buyers and sellers submit ordervolume and price.

Exchange

input order andbuyer ID

Order Book

Auction Book

Project
Developers• Buyers and sellers make deal
outside the exchange.

• Project developers input project andprice in the marketplace.

• Participants submit arranged
volume, price, and counterpart toexecute the trade.

• Buyers browse the project and buy
prefered project with designatedvolume.

• Settlement will be done in theexchange• Transaction price will be done at set
price.
16

Product Features
Allowances (PTBAE-PU)

Credits/Offsets (SPE-GRK)

Single Project

Ministry A

Ministry B

Standardized ProductProject A

Project B

Project C

Project A

Certification
Sector A

Sector B

Sector C

Certification

Credits A

Allowance A
Year 2023

Allowance A
Year 202X

Allowance B
Year 2023

Allowance B Allowance C Allowance C
Year 202X
Year 2023
Year 202X

Credits B

Credits A
NBS, NBS International,
TBS,TBS International

via Marketplace,Auction, Nego

via Reg and
Nego Market

via Auction,
Reg, Nego
MarketCompliance
Company
Sector A

Compliance
Company
Sector B

Compliance
Company
Sector C

Credits C

Compliance
Company

Non-Compliance
Company

Project Developers(as Seller)
17

SPE GRK Procedure
IDXCarbon

Ministry of Environment & Forestry (SRN – PPI)

Registration andfilling in general data

Validation of DRAM
by Validator

Creation of Mitigation
Action Report (LCAM)

Issuance of SPE

Become a User of IDXCarbon

Change Status from Available to
Available Carbon Exchange on SRN

Decide which market and what priceyou want to sell
Producing DRAM
(Document of
Mitigation Action Plan)

DRAM Validation
Report from Validator

Verification of Mitigation
Action Report from
Validator

Submit the registration form to
IDXCarbon

Source: Ministry of Environment & Forestry

Sell your Carbon Credit18

I Bought Carbon Credits. Now What?

Sell on Regular/
Negotiated Market

Buy Carbon
Credit on
IDXCarbon

Investor can receive capitalgain for selling the carbon
unit. However, investor can
only sell it on Regular or
Negotiated Market.

View Detail
Projects inyour Wallet/
Inventory
Retired Carbon
Unit to Offset Your
Emissions/
Net Zero Strategy

IDXCarbon will send theretirement request to SRNPPI and will give confirmationof the retired SPE-GRK to theowner.

19

Carbon Unit has Some Distinguished Features compared with
Stock or Bond

Produk
Product

Harga Pasar Perdana
Primary Market Price

Dapat Diperjualbelikan
Tradable

Kecuali lelang kuota emisi
Except for allowance auction

Selama belum retired
Before retired by user

Unit Karbon
Carbon Units

Saham
Stock

Obligasi
Bond

Penggunaan
Retirement

Dividen/Kupon
Dividend/Coupon

Indonesia Carbon Exchange Resume 2023
TRADE VOLUME (tCO2e)

TRADE VALUE (IDR)

NUMBER OF TRADE

494.254

30,907 bn

47 trades

15 First Buyers on theInitial Trading Day
26 September 2023
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.

PT Bank Central Asia Tbk,
PT Bank CIMB Niaga Tbk​,
PT Bank DBS Indonesia,
PT Bank Mandiri (Persero) Tbk,
PT BNI Sekuritas,
PT BRI Danareksa Sekuritas (bagian dari PT
Bank Rakyat Indonesia (Persero) Tbk),
PT CarbonX Bumi Harmoni,
PT MMS Group Indonesia,
PT Multi Optimal Riset dan Edukasi,
PT Pamapersada Nusantara,
PT Pelita Air Service,
PT Pertamina Hulu Energi​,
PT Pertamina Patra Niaga,
PT Truclimate Dekarbonisasi Indonesia,
PT Udara Untuk Semua (Fairatmos).

LISTED PROJECT

Trading Value Composition

88%

Listed Companies(including subsidiaries)

28%

Financial Institution(including banks)

Geothermal Lahendong Unit 5 & 6
PT Pertamina Power Indonesia
864.209 tCO2e

PLTGU Muara Karang
PT PLN Nusantara Power
900.000 tCO2e
CARBON EXCHANGE PARTICIPANT
BUMN & Subsidiaries(non listed)

15%

21%

BUMN/ BUMD
(including subsidiaries)

50%

46
9%

Listed Companies &Subsidiaries
26%

Exchange Members
Others21

AGENDA

1. Carbon Pricing
2. Indonesia Carbon Pricing
3. Indonesia Carbon Exchange Mechanism
4. Join Us

22

Join Us in Accelerating Net Zero Emission
15 Pembeli pada
Perdagangan Perdana
Indonesia Carbon Exchange
26 September 2023

48

Total Registered
User

Statistics as of 15 Feb 2023

Trading Value Composition
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.

PT Bank Central Asia Tbk,
PT Bank CIMB Niaga Tbk​,
PT Bank DBS Indonesia,
PT Bank Mandiri (Persero) Tbk,
PT BNI Sekuritas,
PT BRI Danareksa Sekuritas (bagian dari PT
Bank Rakyat Indonesia (Persero) Tbk),
PT CarbonX Bumi Harmoni,
PT MMS Group Indonesia,
PT Multi Optimal Riset dan Edukasi,
PT Pamapersada Nusantara,
PT Pelita Air Service,
PT Pertamina Hulu Energi​,
PT Pertamina Patra Niaga,
PT Truclimate Dekarbonisasi Indonesia,
PT Udara Untuk Semua (Fairatmos).

89%

Listed Companies(including subsidiaries)

30%

Financial Institution(including banks)

21%

BUMN/ BUMD
(including subsidiaries)•

Listed Project (SPE-GRK):
Geothermal Lahendong
Unit 5 & 6
864.209 tCO2e
PLTGU Muara Karang
900.000 tCO2e•

Registry: Indonesia Registry (SRN-PPI)•

Traded Volume: 501.910 tCO2e•

Retired Volume: 176.552 tCO2e•

Type: IDTBS (Indonesia Tech Based Solution)•

Closing Price: Rp58.800•

Registered Participants : 48

23

IDXCarbon also Complements the Initiatives in Decarbonization and Net Zerofor Listed Companies
Expected to Attract Investment in the Indonesia Capital Market Sustainability Report Regulation Disclosure

BenefitOJK Regulation No. 51 - 2017:

GlobalInvestors

Increasing demand of ESG Investment:• ESG Integration & Sustainable Investment• Net Zero Initiatives

Implementation of Sustainability Report Obligation for Financial
Services Institutions, Issuers, and Public Companies

SE OJK No. 16 – 2021 (Appendix II):
Technical Guideline of Sustainability Report for Issuers and Plcs

Long Term
Sustainability

Regulatory
Compliance

Listed Companies
Journey to Net Zero / Carbon Neutral
UnderstandCalculate

Disclosed

KPI & Strategy
Reduce Emission

Green
Investment

CarbonOffsetBusiness
Reputation

Attracting
Investment

ESG &CarbonInitiatives•••

Workshop and Socialization
MoU Carbon Calculator dan disclosure dengan BM dan SET
On progress New ESG Website

Green Bonds
ESG Indeks
ESG rating
Sustainable
Stock ExchangeIndonesia
Carbon Exchange

Employee
Engagement & Talent
Attraction

Sustainability ofSupply Chain

Competitive Edge
24

Many Investors Initiatives That Focuses on ESG Investing

140

120

AUM
+1.96x

3,826

Signatories+2.55x

4250

4000

3,038

3750

3500

3250

2,372

100

80

1,501

1,714

3000

2750

1,951

2500

2250

2000

60
1750

1500

1250

40

1000

750
20

62

68.4

81.7

86.3

103.4

121.3

0

500

250

0

2016

2017

2018
AUM (US$ tn)

2019
2020
No. of Signatories

2021

The PRI focuses on incorporating ESG issues into investment.
1.

Asia Investor Group on Climate Change(AIGCC)
Initiative to create awareness among Asia’s asset
owners and financial institutions about the risks
and opportunities associated with climate change
and low-carbon investing.

Principle 1: We will incorporate ESG issues into investment analysis anddecision-making processes.

2.

Principle 2: We will be active owners and incorporate ESG issues into ourownership policies and practices.

3.

Principle 3: We will seek appropriate disclosure on ESG issues by theentities in which we invest.

4.

Principle 4: We will promote acceptance and implementation of the Principles
within the investment industry.

5.

Principle 5: We will work together to enhance our effectiveness in
implementing the Principles.

6.

Principle 6: We will each report on our activities and progress towards
implementing the Principles.

Global Impact Investing Network (GIIN)
Reducing barriers to impact investment bybuilding critical infrastructure and developing
activities, education, and research that help
accelerate the development of a coherent
impact investing industry.
Global Sustainable Investment Alliance (GSIA)
international collaboration of national forum for
responsible investment.

International Corporate Governance Network(ICGN)
investor-led organization established in 1995 topromote effective standards of corporate
governance and investor stewardship to advanceefficient markets.
25

26

Public Companies Pledge to Net Zero Across Sectors
BHP Group | Mining
Market Cap: USD $149.6 bn

Apple | Technology
Market Cap: USD $2.776 tn
2020

Carbonneutralfor
operations since 2020

own

2030

Carbon neutral across
supply chain by 2030

global2020
2050

Carbon neutral for own
operations since 2050

2050

Pursue long-term net zero goal
supply chain by 2050
McDonald | Food
Market Cap: USD $195 bn

Procter & Gamble | Consumer Goods
Market Cap: USD $353 bn
2020
2040

Carbonneutralfor
operations since 2040

own

2040

Carbon neutral across
supply chain by 2040

global2020
2050

achieve net zero emissions acrossits global operations by 2050.
market business teams, franchisees,
suppliers and other partners toconvert ambition to action.

Thousands of Suppliers are Affected of Their Ambitions

Carbon Prices Across the Globe (2023)

2030 Carbon Price Corridor
2023 USD 61—122 per tCO2e

Source: Worldbank

28 28

Pelita Air and Singapore Airlines have Offered Carbon Neutral
Flight Experiences

Singapore Airlines provides
calculator to calculate carbon
emission and provides facility topersonally offset passenger’s
carbon footprint.

29

Creating Carbon Neutral Products ThroughIndonesia Carbon Exchange
What

Flow Carbon Neutral Products Mechanism

New responsible carbon
neutral products using SPEGRK
topromotedecarbonization and widen
customer segment

Perusahaan
Calculate
Emission for
Products /Services

Benefit
Branding & Promotion
Greener Premium
Products for Customer
Buy
Products

Promoting Sustainability
Part of Net Zero
Strategies

Support Indonesia NDC

Customer

Buy & Retiring
SPE-GRK

Sell Carbon
NeutralProducts

Process
Retirement

Proof of Retirementin SRNSTART YOUR CLIMATE JOURNEY NOW AND JOININDONESIA CARBON EXCHANGE TO ACCELERATE YOUR AMBITION
1. Measure
Footprint & Risk

Join Us in IDXCarbon
2. Set roadmap &create targets

3. Reduce carbon
footprint

4. Climate FinanceAction & Carbon Offset

5. Net Zerohttps://idxcarbon.co.id/join-us
31

Thank You
Contact us
support.idxcarbon@idx.co.id

Join ushttps://idxcarbon.co.id/join-us

Disclaimer
The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or of the institutions for which the contributing authors work.
Although every care has been taken to ensure the accuracy of the information contained within the publication, it should not be by any person relied upon as the basis for taking any action or making any decision. The Indonesia Stock
Exchange cannot be held liable or otherwise responsible in anyway for any advice, action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this document.

32

APPENDIX

33

Carbon Neutral x Net Zero x Carbon Negative

Carbon Negative
Net Zero

Carbon Neutral
Measure the emission from
activity, then offsetting by
carbon offset.

Reducing the emission from
activity as much as possible,
then offset the unavoidable
emission left by carbon offset.

The activity remove emission
more than it releases. Also
often called climate positive.

34

Seluruh Pihak yang
Telah Melakukan
Retirement dan
Support dalam
Pencapaian
Penurunan Emisi
Indonesia akan Secara
Transparan
Terpublikasikan diWebsite SRN
Kementerian LHK

https://srn.menlhk.go.id/spe/
35

EU - CARBON BORDER ADJUSTMENT MECHANISM
Initial Products
Coverage:
•
•
•
•
•

Production in EU

Steel
Aluminium
Electricity
Fertilizer
CementCBAM Objectives:• Reduce carbon emissions from imported goods• Promote a level playing field between the EU
and its trading partners• Protect EU companies that have invested ingreen technologies

ETS COST: €75

Production Abroad
CBAM: + €60

ETS COST: €75

CO2 COST: €15
Illustrative purpose only36

WHY JOIN IDXCARBON
Create New Carbon Neutral
Products
Attract new responsible customers segment
through premium carbon neutral products

Accelerate yourNet Zero / Carbon Neutral Strategy• Attract responsible Investors & business partners
through your Net Zero / Carbon Neutral Strategy &Journey – be relevant• Enhance your green projects profit using Carbon Credit

Prepare and Mitigate Impact of(Future) Carbon Tax Policy

Support Indonesia and Global to
Achieve NDC and create better World for
Future Generation

Carbon Tax will be there, be prepared.

Every activity is recorded in SRN and your contribution ismatter.

37