Jakarta (VNA) – Indonesian Coordinating Minister for Economic Affairs Airlangga Hartarto and the Republic of Korea’s (RoK) Trade Minister Inkyo Cheong on June 6 signed a memorandum of understanding (MoU) on the implementation of Article 6 of the Paris Agreement to cut carbon emissions.
The agreement was reached on the sidelines of the Indo-Pacific Economic Framework for Prosperity (IPEF) Ministerial-Level Meeting in Singapore on the same day.
Speaking after the signing ceremony, Hartarto said that, to reduce carbon emissions by 31.89% with its own efforts and up to 43.20% with international support, Indonesia is seeking to explore cooperation, both bilaterally and multilaterally.
He welcomed the initiative of the RoK’s Ministry of Trade, Industry, and Energy (MOTIE) to build bilateral cooperation with Indonesia to implement Article 6 of the Paris Agreement.
Under the collaboration, RoK and Indonesian companies will be encouraged to work together to develop projects to reduce carbon emissions in Indonesia, supported by funding subsidies from MOTIE.
In addition, the two countries will obtain carbon credits through Internationally Transferred Mitigation Outcomes (ITMO) from select projects that receive subsidies from MOTIE.
Hartarto expressed his hope that the cooperation with the RoK will significantly contribute to Indonesia's efforts to achieve the targets of enhanced nationally determined contribution (ENDC) by 2030 and net zero emissions (NZE) by 2060 or sooner.
He also expected that the collaboration could support sustainable development in Indonesia by increasing green investment./.
