JakartaPost-Nov 2
The Indonesia Stock Exchange (IDX) is set to work with MetaVerse Green Exchange (MVGX) to prepare for its first carbon credit trading platform in a bid to incentivize domestic high-emitting industries to reduce their emissions. MVGX, a Singapore-based fintech firm that offers end-to-end carbon-as-a-service solutions backed by a digital asset exchange platform and patent-pending technologies, would provide opportunities for Indonesia’s only stock exchange to explore MVGX’s industry-grade software. Jeffrey Hendrik, IDX director of business development, said the IDX was currently preparing for the possibility of becoming a carbon exchange in Indonesia, noting that the government had recognized the financial services industry’s critical role in strengthening the country’s sustainability commitments. “We believe that this strategic partnership with MVGX can support us in a building robust carbon exchange infrastructure and ecosystem that will underpin the country’s plan to develop a sustainable finance ecosystem,” he said in a statement issued on Tuesday. The government has asked the IDX to handle the implementation of the domestic carbon trading system as the country seeks to put a price on carbon emissions, following countries worldwide that have already done so. Carbon trading is part of Indonesia’s wider carbon pricing policies, which also include a carbon tax and grants for entities lowering their carbon emissions, among other non-trade instruments. Bo Bai, MVGX executive chairman and cofounder, said that carbon markets continued to face challenges, including a lack of transparency, standardization and liquidity. MVGX leverages blockchain technology, which offers a transparent, tamper-proof performance record of all green projects tied to the credits listed on its exchange infrastructure. Read more at: https://www.thejakartapost.com/paper/2022/11/02/idx-mvgx-sign-partnership-deal-to-establish-carbon-trading-platform.html.
