Indonesia's IDXCarbon: an OJK-licensed carbon exchange with four markets, and new rules since July 2026
Run by the Indonesia Stock Exchange under OJK supervision since September 2023, IDXCarbon lists offset units (SPE-GRK) and power-sector allowances (PTBAE-PU). OJK Regulation 10/2026, in force since 6 July 2026, moves units to a new registry (SRUK) and lets foreign carbon units trade.
In brief
IDXCarbon launched on 26 September 2023 under an OJK licence; the Indonesia Stock Exchange operates it and OJK supervises it.
OJK Regulation 10/2026, effective 6 July 2026, amends 14/2023: units move to a new registry (SRUK), and foreign carbon units not in SRUK can be traded. IDX amended its trading rules on 9 July and extended hours to 07:00–19:00 from 13 July.
Trading runs in four markets (Auction, Regular, Negotiated, Non-Regular) in lots of 1 tCO2e, with an IDR 200 tick and a ±20% auto-rejection band on the regular market; fees are 0.11% or 0.22% of value.
OJK counted 113 registered service users in July 2025 and 160 at 30 October 2026; it reported 8 registered projects in July 2025.
Participants and the power-sector scheme
Service-user counts come from OJK press releases. Power-sector figures are from the energy ministry (ESDM).
Registered service users (entities)
Source: Otoritas Jasa Keuangan (OJK). Checked 2026-11-12. All figures from OJK press releases (registered service users since launch on 26 September 2023).
Table of the same figures
| Period | entities | Source (checked) |
|---|---|---|
| Jul 2025 | 113 | Otoritas Jasa Keuangan (OJK) 2026-11-12 |
| Aug 2026 | 159 | Otoritas Jasa Keuangan (OJK) 2026-11-12 |
| Sep 2026 | 160 | Otoritas Jasa Keuangan (OJK) 2026-11-12 |
| Oct 2026 | 160 | Otoritas Jasa Keuangan (OJK) 2026-11-12 |
Power-sector ETS coverage (coal-fired units)
Source: Ministry of Energy and Mineral Resources (ESDM). Checked 2026-11-12. 2023: coal units above 100 MW; 2024 adds coal units of 25 MW or more.
Table of the same figures
| Period | units | Source (checked) |
|---|---|---|
| 2023 | 99 | Ministry of Energy and Mineral Resources (ESDM) 2026-11-12 |
| 2024 | 146 | Ministry of Energy and Mineral Resources (ESDM) 2026-11-12 |
Phase 1 emission intensity caps by coal plant class (tCO2e/MWh)
Source: Ministry of Energy and Mineral Resources (ESDM). Checked 2026-11-12. Allowances (PTBAE-PU) are set from these caps; plants under the cap can sell the difference.
Table of the same figures
| Period | tCO2e/MWh | Source (checked) |
|---|---|---|
| 25–<100 MW | 1.297 | Ministry of Energy and Mineral Resources (ESDM) 2026-11-12 |
| Mine-mouth ≥100 MW | 1.089 | Ministry of Energy and Mineral Resources (ESDM) 2026-11-12 |
| Non-mine-mouth 100–400 MW | 1.011 | Ministry of Energy and Mineral Resources (ESDM) 2026-11-12 |
| >400 MW | 0.911 | Ministry of Energy and Mineral Resources (ESDM) 2026-11-12 |
Timeline
Dates are from OJK, IDX and ministry texts.
From the 2023 launch to the July 2026 rule change
- 2023-02-22Power-sector carbon trading launched by the energy ministry.
- 2023-08-02OJK Regulation 14/2023 on carbon trading through a carbon exchange enacted.
- 2023-09-18OJK grants IDX the carbon exchange operator licence.
- 2023-09-26IDXCarbon launched by the President.
- 2025-01-20International trading of Indonesian carbon units inaugurated.
- 2026-07-06OJK Regulation 10/2026 takes effect; SRUK replaces SRN-PPI; foreign units may trade.
- 2026-07-09IDX amends its carbon exchange rules (Kep-00102 to 00105).
- 2026-07-13Trading hours extend to 07:00–19:00.
- 2027Phase 2 of the power-sector ETS roadmap (2025–2027) ends; Phase 3 runs 2028–2030.
Source: Ministry of Energy and Mineral Resources (ESDM); Otoritas Jasa Keuangan (hosted by IDXCarbon); Indonesia Stock Exchange (IDXCarbon); Otoritas Jasa Keuangan.
How it works
How an offset unit reaches the market and is used.
From project to retirement
- Step 1
Project issues units
A mitigation project is registered and its SPE-GRK units are recorded in the national registry.
- Step 2
Listed on IDXCarbon
Units are listed for trading; the registration fee is IDR 0 per tonne.
- Step 3
Trade
Four routes: auction, regular continuous auction, negotiated, marketplace; 1 lot = 1 tCO2e.
- Step 4
Settle and retire
SPE-GRK are retired on IDXCarbon. Power-sector PTBAE-PU allowances are surrendered to the ministry instead.
Source: Indonesia Stock Exchange (IDXCarbon).
Scope
Who runs it and the main rules of the market.
Operator, units and market rules
Source: Indonesia Stock Exchange (IDXCarbon); Otoritas Jasa Keuangan (hosted by IDXCarbon). Checked 2026-11-12.
Table of the same figures
| Item | Rule |
|---|---|
| Operator and supervisor | Indonesia Stock Exchange; supervised by OJK (licence KEP-77/D.04/2023) |
| Units | PTBAE-PU (allowances) and SPE-GRK (offsets) |
| Trading unit | 1 lot = 1 tCO2e |
| Markets (2026 rules) | Auction, Regular, Negotiated, Non-Regular |
| Regular market price rules | Tick size and minimum price IDR 200; ±20% auto-rejection band |
| Hours (from 13 Jul 2026) | 07:00–19:00 exchange time |
| Fees | 0.11% regular and negotiated; 0.22% auction and non-regular; listing IDR 0; withdrawal IDR 25,000 |
| Operator capital | At least IDR 100 billion, not from loans (Art. 13 of 14/2023) |
Credits and offsets
Offset units on the exchange, and how the power-sector scheme sits beside it.
Units, projects and the power-sector scheme
Source: Indonesia Stock Exchange (IDXCarbon); Otoritas Jasa Keuangan (OJK); Otoritas Jasa Keuangan; Ministry of Energy and Mineral Resources (ESDM). Checked 2026-11-12.
Table of the same figures
| Item | Status |
|---|---|
| SPE-GRK groups | 8 standardised groups (from Jan 2025) |
| Registered projects (OJK) | 8 as of July 2025 |
| Authorised for international trade | Groups with "A" (IDNBSA, IDTBSA, IDTBSA-RE) carry government authorisation; international trading opened 20 Jan 2025 |
| Registry | SRUK replaces SRN-PPI under OJK 10/2026 |
| Transition to SRUK | Units in ministry systems may trade until SRUK operates, at most 3 months after promulgation |
| Foreign units | Allowed to trade even if not recorded in SRUK (since 6 Jul 2026) |
| Power-sector ETS, 2023 | 99 coal units from 42 companies |
| Power-sector ETS, 2024 | 146 units (adds coal units ≥25 MW) |
| Power-sector trade, 2023 | 7.1 MtCO2e, IDR 84.17 billion |
| Phase 1 intensity caps | 1.297 / 1.089 / 1.011 / 0.911 by plant class |
All figures
33 figures with numbers, each linked to the official text with the date we checked it.
| Item | Value | Source (checked) |
|---|---|---|
| IDXCarbon launch date | 26 Sep 2023, launched by President Joko Widodo | Indonesia Stock Exchange (IDXCarbon) 2026-11-12 |
| Carbon exchange operator licence | OJK Decree KEP-77/D.04/2023, 18 Sep 2023, granted to IDX | Indonesia Stock Exchange (IDXCarbon) 2026-11-12 |
| Trading mechanisms | 4: Auction, Regular, Negotiated, Marketplace | Indonesia Stock Exchange (IDXCarbon) 2026-11-12 |
| Registry connection | Connected to SRN-PPI (Ministry of Environment and Forestry) to avoid double counting | Indonesia Stock Exchange (IDXCarbon) 2026-11-12 |
| Tradable units (FAQ) | PTBAE-PU (allowance) and SPE-GRK (offset); run by IDX, supervised by OJK | Indonesia Stock Exchange (IDXCarbon) 2026-11-12 |
| Surrender of PTBAE-PU | Not done through IDXCarbon (done to the ministry); retirement of SPE-GRK is done on IDXCarbon | Indonesia Stock Exchange (IDXCarbon) 2026-11-12 |
| POJK 14/2023 enacted and promulgated | 2 Aug 2023 (effective on promulgation) | Otoritas Jasa Keuangan (hosted by IDXCarbon) 2026-11-12 |
| Units tradable under POJK 14/2023 (Art. 5) | PTBAE-PU and SPE-GRK | Otoritas Jasa Keuangan (hosted by IDXCarbon) 2026-11-12 |
| Minimum paid-up capital of exchange operator (Art. 13) | IDR 100 billion, not from loans | Otoritas Jasa Keuangan (hosted by IDXCarbon) 2026-11-12 |
| POJK 10/2026 amending POJK 14/2023 | Enacted 2 Jul 2026, promulgated and effective 6 Jul 2026 | Otoritas Jasa Keuangan 2026-11-12 |
| Registry change under POJK 10/2026 | Exchange-traded units must be recorded in SRUK, which replaces SRN-PPI | Otoritas Jasa Keuangan 2026-11-12 |
| Foreign carbon units under POJK 10/2026 | Allows trading of foreign carbon units not recorded in SRUK; expands scope of carbon units | Otoritas Jasa Keuangan 2026-11-12 |
| Transition to SRUK | Trading of units in ministry systems allowed until SRUK operates, max 3 months after promulgation | Otoritas Jasa Keuangan 2026-11-12 |
| Legal basis of POJK 10/2026 | Aligns with Presidential Regulation (Perpres) 110/2025 on carbon economic value instruments | Otoritas Jasa Keuangan 2026-11-12 |
| IDX amended carbon exchange rules (Kep-00102 to 00105/BEI/07-2026) | Issued and effective 9 Jul 2026, approved by OJK letter S-186/PM.01/2026 | Indonesia Stock Exchange (IDXCarbon) 2026-11-12 |
| Listed carbon units under 2026 trading rules | Units in SRUK (Kuota Emisi GRK, SPE GRK, non-SPE GRK) and units not recorded in SRUK | Indonesia Stock Exchange (IDXCarbon) 2026-11-12 |
| Trading hours from 13 Jul 2026 | 07:00–19:00 exchange time (09:00–15:00 during transition) | Indonesia Stock Exchange (IDXCarbon) 2026-11-12 |
| Trading unit | 1 lot = 1 tCO2e | Indonesia Stock Exchange (IDXCarbon) 2026-11-12 |
| Regular market tick size and minimum price | IDR 200 tick; minimum price IDR 200 (auction minimum IDR 1) | Indonesia Stock Exchange (IDXCarbon) 2026-11-12 |
| Regular market auto-rejection band | ±20% from reference price | Indonesia Stock Exchange (IDXCarbon) 2026-11-12 |
| Market segments (2026 rules) | Auction, Regular, Negotiated, Non-Regular | Indonesia Stock Exchange (IDXCarbon) 2026-11-12 |
| Transaction fee: regular and negotiated markets | 0.11% of transaction value (per buyer and seller) | Indonesia Stock Exchange (IDXCarbon) 2026-11-12 |
| Transaction fee: auction and non-regular markets | 0.22% of transaction value | Indonesia Stock Exchange (IDXCarbon) 2026-11-12 |
| Carbon unit registration (listing) fee | IDR 0 per tonne | Indonesia Stock Exchange (IDXCarbon) 2026-11-12 |
| Fund withdrawal fee | IDR 25,000 per withdrawal | Indonesia Stock Exchange (IDXCarbon) 2026-11-12 |
| SPE-GRK standardized groups (from Jan 2025) | 8 groups: IDNBS, IDNBSA, IDNBSI, IDTBS, IDTBS-RE, IDTBSA, IDTBSA-RE, IDTBSI; "A" = authorized for international trading | Indonesia Stock Exchange (IDXCarbon) 2026-11-12 |
| International trading of Indonesian carbon units inaugurated | 20 Jan 2025 by KLH/BPLH, OJK and IDX | Indonesia Stock Exchange (IDXCarbon) 2026-11-12 |
| Power-sector carbon trading launched (ESDM) | 22 Feb 2023 | Ministry of Energy and Mineral Resources (ESDM) 2026-11-12 |
| Power-sector ETS coverage 2023 | 99 coal-fired units from 42 companies (55 PLN Group, 44 IPP), above 100 MW | Ministry of Energy and Mineral Resources (ESDM) 2026-11-12 |
| Power-sector ETS coverage 2024 | 146 units (adds coal units ≥25 MW) | Ministry of Energy and Mineral Resources (ESDM) 2026-11-12 |
| Power-sector carbon trading 2023 result | 7.1 MtCO2e traded, IDR 84.17 billion | Ministry of Energy and Mineral Resources (ESDM) 2026-11-12 |
| Power-sector ETS roadmap phases | Phase 1 2023–2024, Phase 2 2025–2027, Phase 3 2028–2030; ≥100 MtCO2e reduction potential by 2030 | Ministry of Energy and Mineral Resources (ESDM) 2026-11-12 |
| Phase 1 emission intensity caps (PTBAE) for coal plants | 1.297 (25–<100 MW); 1.089 (mine-mouth ≥100 MW); 1.011 (non-mine-mouth 100–400 MW); 0.911 (>400 MW) tCO2e/MWh | Ministry of Energy and Mineral Resources (ESDM) 2026-11-12 |
| Power-sector carbon pricing regulation | Permen ESDM 16/2022 (announced 24 Jan 2023), derived from Perpres 98/2021 | Ministry of Energy and Mineral Resources (ESDM) 2026-11-12 |
| Registered carbon exchange service users, 26 Sep 2023 – 31 Aug 2026 (OJK) | 159 service users | Otoritas Jasa Keuangan (OJK) 2026-11-12 |
| Cumulative carbon exchange volume, 26 Sep 2023 – 31 Aug 2026 (OJK) | 1.98 million tCO2e (table: 1,977,400 tCO2e) | Otoritas Jasa Keuangan (OJK) 2026-11-12 |
| Cumulative carbon exchange value, 26 Sep 2023 – 31 Aug 2026 (OJK) | IDR 93.90 billion | Otoritas Jasa Keuangan (OJK) 2026-11-12 |
| Registered carbon exchange service users, July 2025 (OJK) | 113 service users | Otoritas Jasa Keuangan (OJK) 2026-11-12 |
| Projects registered on the carbon exchange, July 2025 (OJK) | 8 projects | Otoritas Jasa Keuangan (OJK) 2026-11-12 |
| Registered carbon exchange service users, to 30 Sep 2026 (OJK) | 160 service users | Otoritas Jasa Keuangan (OJK) 2026-11-12 |
| Registered carbon exchange service users, to 30 Oct 2026 (OJK) | 160 service users | Otoritas Jasa Keuangan (OJK) 2026-11-12 |
Frequently asked questions
What is IDXCarbon?
Indonesia's carbon exchange, operated by the Indonesia Stock Exchange under an OJK licence and launched on 26 September 2023. It trades power-sector allowances (PTBAE-PU) and offset units (SPE-GRK).
How much has traded on Indonesia's carbon exchange?
The regulator OJK reported that from launch on 26 September 2023 to 31 August 2026 cumulative volume was 1.98 million tCO2e, worth IDR 93.90 billion, with 159 registered service users. We do not show monthly or price data from the exchange.
How are prices set on the regular market?
Under the July 2026 rules the regular market uses a tick size of IDR 200 and a minimum price of IDR 200 (IDR 1 in auctions), and orders more than 20% away from the reference price are rejected automatically. We do not publish traded prices.
What changed in July 2026?
OJK Regulation 10/2026 took effect on 6 July 2026. Units must be recorded in a new registry, SRUK, and foreign carbon units not recorded there may also be traded. IDX amended its trading rules on 9 July, and hours extended to 07:00–19:00 from 13 July.
Who can trade?
Compliance companies holding PTBAE-PU, non-compliance companies offsetting emissions, and project developers selling SPE-GRK. OJK counted 160 registered service users as of 30 October 2026.
How much does it cost to trade?
A transaction fee of 0.11% of value on the regular and negotiated markets (0.22% for auction and non-regular), IDR 0 per tonne to list units, and IDR 25,000 per fund withdrawal.
Does Indonesia also have an emissions trading system?
For the power sector, yes: trading began in February 2023 with 99 coal units, expanded to 146 units in 2024, with a roadmap of Phase 1 (2023–24), Phase 2 (2025–27) and Phase 3 (2028–30).
Not listed yet
Items we could not confirm in an official text are left out on purpose.
- Exchange trading data (monthly volume and value, prices, segment breakdown): left out pending the exchange's data-use terms; only OJK's own cumulative figures are shown.
- Prices and caps for PTBAE-PU allowances: no official figure found.
- Exchange-reported full-year totals for 2023 and 2024: monthly reports before September 2025 were not available.
- The text of OJK Regulation 10/2026 and Presidential Regulation 110/2025: only a summary was readable.
- Carbon tax: not covered here.
- Annual IDXCarbon volume/value for 2023 and 2024 — IDXCarbon Data Monthly page only posts Sep 2025–Oct 2026 reports; idx.co.id press releases for those years returned HTTP 403 to curl/WebFetch.
- Press release on international trading (idx.co.id/en/news/press-release/2305): volumes, buyers, prices — HTTP 403 from idx.co.id; only the opening paragraph on idxcarbon.co.id was readable (no numbers).
- Full text of POJK 10/2026 — ojk.go.id rejected curl ("Request Rejected"); only the OJK abstract PDF was read via WebFetch.
- Perpres 110/2025 text (replacement of Perpres 98/2021, carbon levy, international trade rules) — peraturan.go.id refused connection, BPK JDIH returned 403, kemenkoinfra JDIH PDF returned 404.
- PTBAE-PU (Kuota Emisi GRK) prices or price cap on IDXCarbon — Product page lists no PTBAE-PU series; no PTBAE-PU trades appear in monthly reports; no official price cap found.
- Power-sector installed capacity covered (often cited 33,569 MW) and absolute emission cap — Only seen in news reports; ESDM gatrik PDFs now return an HTML app shell.
- Carbon tax (UU HPP) rate and start date — No official source opened in this pass.
- SRN-PPI registry statistics — srn.menlhk.go.id could not be reached.
Sources
- 99 Unit PLTU Ditargetkan Ikuti Perdagangan Karbon Tahun ini (13 Mar 2023) — Ministry of Energy and Mineral Resources (ESDM) 2026-11-12
- Abstrak POJK 10 Tahun 2026 Perubahan atas POJK 14 Tahun 2023 — Otoritas Jasa Keuangan 2026-11-12
- IDXCarbon — Frequently Asked Questions — Indonesia Stock Exchange (IDXCarbon) 2026-11-12
- IDXCarbon — Press Release list — Indonesia Stock Exchange (IDXCarbon) 2026-11-12
- Kep-00104/BEI/07-2026 Perubahan Peraturan Perdagangan Unit Karbon Melalui Penyelenggara Bursa Karbon — Indonesia Stock Exchange (IDXCarbon) 2026-11-12
- POJK Nomor 14 Tahun 2023 tentang Perdagangan Karbon Melalui Bursa Karbon (salinan) — Otoritas Jasa Keuangan (hosted by IDXCarbon) 2026-11-12
- Press Release PR No: 086/BEI.SPR/09-2023 — IDXCarbon was Officially Launched — Indonesia Stock Exchange (IDXCarbon) 2026-11-12
- SE-00001/BEI.PB2/01-2025 Standardisasi Pengelompokan Unit Karbon — Indonesia Stock Exchange (IDXCarbon) 2026-11-12
- SE-00013/BEI/09-2023 Biaya Pengguna Jasa Bursa Karbon — Indonesia Stock Exchange (IDXCarbon) 2026-11-12
- Siaran Pers 022.Pers/04/SJI/2023 — Kementerian ESDM Terbitkan Aturan Acuan Nilai Ekonomi Karbon Subsektor Listrik — Ministry of Energy and Mineral Resources (ESDM) 2026-11-12
- Siaran Pers 385.Pers/04/SJI/2024 — Transaksi Perdagangan Karbon Tahun 2023 Capai Rp84 miliar — Ministry of Energy and Mineral Resources (ESDM) 2026-11-12
- Siaran Pers SP 103/GKPB/OJK/VII/2025 — OJK launches carbon trading book for the financial sector (15 Jul 2025) — Otoritas Jasa Keuangan (OJK) 2026-11-12
- Siaran Pers SP 166/OJK/DKPU/IX/2026 — RDK Agustus 2026 (7 Sep 2026) — Otoritas Jasa Keuangan (OJK) 2026-11-12
- Siaran Pers SP 185/OJK/DKPU/X/2026 — RDK September 2026 (5 Oct 2026) — Otoritas Jasa Keuangan (OJK) 2026-11-12
- Siaran Pers SP 219/OJK/DKPU/XI/2026 — RDK Oktober 2026 (5 Nov 2026) — Otoritas Jasa Keuangan (OJK) 2026-11-12