Indonesia ready to implement MRA on carbon trading with Japan

Baku, Azerbaijan (ANTARA) - Indonesia is ready to implement the Mutual Recognition Arrangement (MRA) on carbon trading with Japan, Indonesian Special Envoy for the UN Climate Change Conference (COP 29) Hashim S. Djojohadikusumo stated.

"The Indonesian government is ready to execute any agreement signed in the MRA," he noted at the Indonesia Pavilion at the Baku Olympic Stadium in Azerbaijan on Tuesday.

At the Indonesia Pavilion, Indonesia and Japan announced the achievement and commencement of the implementation of MRA for bilateral carbon trading cooperation between the two countries.

The MRA agreement is the world's first model of bilateral cooperation between countries within the Paris Agreement framework.

On that occasion, Japan's Vice Minister of Global Environmental Affairs, Yutaka Matsuzawa, said he was glad to be present at the Indonesia Pavilion to discuss further efforts to reduce greenhouse gas (GHG) emissions.

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He affirmed that the discussions could intensify collaboration between the two countries in accelerating the reduction of GHG emissions.

"Based on this MRA, we want to formulate and develop concrete projects for GHG reduction in Indonesia and with such experience, both countries can contribute to global GHG reduction," he explained.

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Indonesia signed the MRA document on October 18, 2024, and Japan on October 28, 2024.

According to the agreement, the MRA would start to take effect on October 28, 2024. The MRA is built on the principle of equality between Indonesia's carbon credit system and its partner countries.

In the carbon credit system agreement, Indonesia and Japan mutually recognize mitigation methodologies, emission reduction calculations, the monitoring, reporting, and verification (MRV) system, and the carbon credit certification.