Indonesia halts world's largest forest carbon offsets project

Friday 10 May 2024

One of the world's largest carbon offset projects faces an uncertain future after Indonesia revoked its licence for violating local regulations. The Ministry of Environment and Forestry's action targets a project spanning over 36,000 hectares in Central Kalimantan, Borneo. Since 2013, the project has issued more than 30 million credits, as reported by non-profit CarbonPlan.

The government accuses licence-holder PT Rimba Raya Conservation of unauthorised licence transfer, operating outside approved boundaries, and failing to make mandated payments to the state. This action has far-reaching implications for carbon exchanges, traders, and companies that rely on Rimba Raya credits for emissions offsets. It also underscores the risks inherent in complex carbon offset projects and the potential impact of shifting government regulations.

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Source: The Edge Singapore

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