The plan to establish a carbon market in Indonesia as an effort to promote green energy is already within reach. Up until now, there are two strong contenders to become the organizer of the carbon market, namely Indonesia Climate Exchange (ICX) and the Indonesia Stock Exchange (BEI).

The Financial Services Authority (OJK) Circular No. 12 of 2023 regarding the establishment of a carbon market was just issued on Thursday, September 7, 2023. However, this did not hinder ICX from preparing all the necessary documents to fulfill the requirements as the organizer of the carbon market.

ICX is under the auspices of the Indonesia Commodity and Derivatives Exchange (BKDI), which has been one of the organizers of futures or commodity exchanges in Indonesia. The CEO of ICX, Megain Widjaja, hopes that their experience as a commodity exchange organizer will be a major consideration for the government in deciding the implementation of the Carbon Market.

On the other hand, BEI has formally submitted an application to become an organizer immediately after the OJK regulation was issued. Jeffrey Hendrik, the Director of Development at BEI, explained that BEI has been conducting studies since 2022 as part of their preparation for the carbon market in Indonesia.

The Financial Services Authority (OJK) itself has stated that they are currently considering the possibility of having multiple organizers for the carbon market. Inarno Djajadi, the Executive Head of Capital Market, Derivatives, and Carbon Market Supervision at OJK, stated that the economic scale of the carbon market plays a crucial role in determining the effectiveness of one or multiple organizers.

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