The government cited the licence holder, Rimba Raya Conservation, for three offences.
JAKARTA – The future of one of the world’s largest carbon offsets projects is in doubt after the Indonesian government revoked its licence for violating local regulations.
The government cited the licence holder, Rimba Raya Conservation, for three offences: The company transferred its licence to a third party without ministry approval, operated beyond its sanctioned area, and failed to make required payments to the state, according to a statement from the ministry in March.
Carbon offsets are a key component of tackling climate change, allowing polluters to counter their emissions by buying credits from projects like forest reserves in Indonesia. Prices for the credits are expected to soar over the next few decades, creating a market that could be worth as much as US$1 trillion by 2050, according to research provider BloombergNEF.
The developments could also affect Rimba Raya’s business partners. Hong Kong-based InfiniteEarth has an agreement with Rimba Raya to sell the carbon credits and markets the project as its own. The company said in an email that it had registered and validated the Rimba Raya project under Indonesia’s new carbon registry and standard.
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