Indonesia, New Zealand Sign LoI to Strengthen Carbon Governance and Market Development at COP30
Belem, The Gulf Observer: Indonesia’s Minister of Environment, Hanif Faisol Nurofiq, has signed a Letter of Intent (LoI) with New Zealand’s Minister of Climate Change, Simon Watts, aimed at enhancing carbon governance and advancing carbon market development in both countries. The agreement was formalized on Tuesday on the sidelines of the 30th United Nations Climate Change Conference (COP30) in Belém.
Minister Nurofiq highlighted the significance of the collaboration, describing New Zealand as a close regional partner. “New Zealand is our neighbor, and we signed this LoI with New Zealand so that we can strengthen carbon governance and the carbon markets,” he said.
He reaffirmed Indonesia’s commitment to implementing a robust carbon governance framework, noting the country’s efforts to accelerate the development of its domestic carbon market as an effective economic tool for reducing greenhouse gas emissions.
During the meeting, both ministers exchanged views on key environmental and climate-related issues of shared concern. Nurofiq emphasized Indonesia’s determination to translate global commitments into measurable action. “We are determined to translate our global commitment into real and measurable actions on the ground,” he stated.
As part of this commitment, Indonesia has formally submitted its Enhanced Nationally Determined Contribution (ENDC), reflecting increased ambition in both climate mitigation and adaptation.
Throughout COP30, Minister Nurofiq has continued a series of bilateral engagements with countries including New Zealand, Finland, China, Germany, Austria, the United Kingdom, Japan, the Democratic Republic of the Congo, Sweden, Brazil, and Norway to strengthen collaborative efforts against climate change.
The Indonesian government has set a target of facilitating transactions of up to 90 million tons of CO₂—valued at approximately Rp16 trillion (US$956.9 million)—through carbon trading during COP30, which runs from November 10 to 21. To support this goal, “Seller Meet Buyer” sessions are being hosted at the Indonesian Pavilion, providing a platform for carbon credit sellers, prospective buyers, and investors to explore opportunities for cooperation.
