TRANSFORMASI KEBIJAKAN PERDAGANGAN KARBON DI INDONESIA: ANALISIS PERUBAHAN REGULASI DARI PERPRES NOMOR 98 TAHUN 2021 KE PERPRES NOMOR 110 TAHUN 2025 DALAM MENDUKUNG PENCAPAIAN NATIONALLY DETERMINED CONTRIBUTION (NDC)

This study aims to analyze the development of carbon trading policies in Indonesia, identify changes in regulatory substance, and assess the opportunities and challenges of their implementation in supporting the achievement of NDC targets and green economic development. The study uses a qualitative approach with a content analysis method on various policy documents including the 2015 Paris Agreement, Law Number 16 of 2016, Presidential Regulation Number 98 of 2021, Presidential Regulation Number 110 of 2025, Regulation of the Minister of Environment and Forestry Number 21 of 2022, and other supporting regulations. The analysis is conducted through identification, categorization, and interpretation of policy substances related to carbon trading mechanisms, institutional governance, the carbon registry system, and greenhouse gas emission control. The results show that Presidential Regulation Number 110 of 2025 brings significant changes compared to previous regulations by expanding the scope of carbon economic value instruments, strengthening the Carbon Unit Registry System (SRUK), opening access to international carbon trading, and decentralizing authority to technical ministries. However, policy implementation still faces several challenges, including the readiness of the Measurement, Reporting, and Verification (MRV) system, inter-agency coordination, data transparency, and the potential for greenwashing. Therefore, strengthening derivative regulations, increasing institutional capacity, and establishing a more effective oversight system are necessary to ensure carbon trading can optimally contribute to achieving national climate targets and sustainable development.