Indonesia opened its carbon exchange to international buyers on Monday, aiming to raise funds to help meet ambitious domestic climate goals.
Indonesia is one of the world’s biggest polluters and is heavily reliant on coal to fuel its growing economy.
It has made little progress on a multi-billion-dollar investment plan agreed with the United States and European nations in 2022 to wean its power grid off coal.
The government says it wants to build over 75 gigawatts of renewable energy capacity by 2040 but so far has laid out little detail on how it hopes to achieve that.
It hopes that funds raised by carbon credits sales on the exchange will finance some of the green transition.
But carbon credits have come under fire in recent years over revelations of shoddy accounting and even outright fraud in projects.
Some experts expressed skepticism about the exchange however, noting the domestic market had attracted relatively little interest.