PVTIME – On 12 November 2024, Indonesia and Japan agreed to start implementing the Mutual Recognition Arrangement (MRA), a bilateral agreement on cooperation in carbon trading, which was launched at COP29 at the Indonesian pavilion in Baku, Azerbaijan.
This MRA agreement is the first bilateral cooperation between countries around the world under the Paris Agreement, specifically Article 6.2. In the agreement, Indonesia and Japan recognise each other’s mitigation methodologies, calculation of emission reductions, monitoring, reporting and verification (MRV) systems, and certification of carbon credits.
Prior to COP29, Indonesia and Japan had signed the MRA document in October 2024, according to which the MRA entered into force on 28 October 2024, with the aim of submitting it to the United Nations and presenting it at COP29.
Indonesia has been expanding its carbon trading efforts, and this collaboration with Japan will further expand its carbon market and strengthen its emission reduction initiatives, while setting a precedent for broader collaboration on carbon trading in Asia. Indonesia’s carbon market is expected to generate up to US$565 million annually by 2030 as the country expands its carbon trading efforts to meet national emissions reduction targets.2GW! Trina Solar to Supply Modules to Citicore for PV Power Generation in the Philippines.
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