Indonesia: Signing of Mutual Recognition Agreement
in short After months of negotiations, Indonesia and Japan signed a bilateral carbon trading Mutual Recognition Agreement (MRA) on October 18, 2024. The MRA, which takes effect on October 28, 2024, is expected to support Indonesia and Japan in their efforts to achieve climate change mitigation goals and attract investors into the two countries’ carbon industries. The Indonesian Ministry of Environment and Forestry highlighted in its press release that the MRA is one of the first bilateral cooperation programs between countries within the framework of Article 6.2 of the Paris Agreement (which stipulates that any country seeking voluntary cooperation with other countries must apply for a robust accounting to ensure avoidance of double counting). Under the mutual recognition agreement, Indonesian carbon credits will be considered equal to Japanese carbon credits. Mitigation action projects carried out in Indonesia and funded by Japan must comply with Indonesian national environmental regulations and apply the Indonesian Carbon Certification System. Carbon credits generated by approved…
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