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Transcript

[Text on screen: UTS Business School: Capacity Development for Indonesia’s Carbon Market]

[Text on screen: Centre for Climate Risk and Resilience teamed up with the Centre of Accounting and Development at Universitas Indonesia.]

[Text on screen: Their goal was to strengthen the development of a carbon market in Indonesia.]

So, both Australia and Indonesia face very significant challenges around decarbonisation. Both countries are very carbon-intensive, and essentially both countries need to work out how we can decarbonise—and how we can decarbonise quickly.

[Text on screen: Central to their strategy is collaborating with local industry and stakeholders.]

There are a number of really essential pillars that need to be in place for a successful carbon policy—a successful carbon market to be in place. There needs to be very strong institutional commitment to it; very strong policy commitment.

What we also really need are localised solutions. And I think this is where, really, this project was so successful, because we were able to directly engage with stakeholders on the ground, we were directly able to talk to market participants and to build those connections—also between academia, industry and policymakers as well—which really showed us the breadth of the expertise that we've got in place, but also all the different solutions that we already know about and how they could potentially be implemented.

[Text on screen: Without a decarbonisation plan, businesses face exposure to direct climate risks, transitional risks, and changing consumer expectations.]

So the project developed information on key mechanisms such as carbon taxation, carbon policy, emissions trading schemes. These are terms not everyone is automatically familiar with. So what we were trying to do in the first instance is to make sure that there was sufficient information available for how carbon taxation works—what does that mean for companies? What does that mean for certain industries? How carbon trading works and how companies can trade carbon certificates, for instance, how carbon markets can be designed in a way that this trading mechanism is set up.

This was without a doubt a fantastic study to be involved with, and it would not have been possible without the support of the Australia Indonesia Institute.

[Text on screen: For further information, contact ccrr@uts.edu.au]

[Text on screen: The Centre for Climate Risk and Resilience at UTS and the Centre of Accounting and Development at Universitas Indonesia acknowledge funding from the Australia-Indonesia Institute.]

[Text on screen: CRICOS 00099F TEQSA PRV12060]

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