Pertamina NRE And PGEO Agree To Sale And Purchase Of Carbon 390,000 Tons Of CO2e

Geothermal illustration (Photo: Antara)

JAKARTA - Pertamina New & Renewable Energy (Pertamina NRE) together with its subsidiary, PT Pertamina Geothermal Energy Tbk (PGE) signed an Amendment to the Carbon Credit Trade Agreement (PPKK).

The signing was carried out by the CEO of Pertamina NRE, John Anis, President Director of PGE, Julfi Hadi, and witnessed by the President Director of PT Pertamina (Persero) Simon Aloysius Mantiri.

This collaboration continues Pertamina NRE's contribution in managing carbon loans originating from the 5&6 Lahendong Unit geothermal project located in Tompaso Geothermal Field, North Sulawesi Province, Indonesia.

Since the launch of IDX Carbon on September 26, 2023 until now, Pertamina NRE has recorded sales of 862 thousand tons of carbon credit from Lahendong Unit 5 & 6 for volume 1 and 2.

The sale reached 96 percent of the carbon credit market share in Indonesia and thus strengthened Pertamina NRE's role as a carbon market aggregator in Pertamina Group. Through this agreement, Pertamina NRE sold carbon loans of 390,000 tons of CO2e for volume 3.

"Since being appointed as the aggregator of carbon Pertamina in 2022, Pertamina NRE has actively led the carbon market by controlling 95 percent market share in IDX Carbon and selling almost all available volumes," said Pertamina NRE CEO John Anis, quoted Tuesday, December 17.

John also said that Pertamina NRE will not only focus on geothermal, but will also expand its carbon business portfolio through biogas projects, gas to power, and natural-based solutions (nature-based solutions) in the future.

"Not only for business activities, even for daily activities, such as events or seminars we also offset carbon emissions so that it can be called carbon neutral events," added John.

Meanwhile, PGE President Director Julfi Hadi in his speech said that PGE with a long experience since 2011 for carbon credit, and collaborated with Pertamina NRE to optimize carbon credit potential as a form of new revenue stream.

"The signing of today's agreement amendments is an important step to accelerate the commercialization of our geothermal projects, make them more strategic and attractive to investors," said Julfi Hadi.