SRN-PPI, SRUK and IDXCarbon: How Indonesia's Carbon Infrastructure Fits Together

Indonesia's carbon market runs on three systems that are routinely confused. SRN PPI records climate actions and has done so since November 2016. SRUK, launched on 9 July 2026, records carbon units, including their issuance, ownership, transfer, and retirement. IDXCarbon is the exchange where some of those units trade. These systems serve different purposes and, in two cases, operate under different regulators.

The cleanest way to hold these apart is to ask what each one stores.

SRN PPI stores actions. A mitigation or adaptation activity is registered, described, and linked to Indonesia's NDC accounting. It is the national climate data centre, operated under the Ministry of Environment/BPLH.

SRUK stores units. Every tonne that gets issued receives an identity and is then tracked through its life. Its scope covers GHG emission allowances, domestic SPE-GRK, and internationally-standardised non-SPE-GRK offset credits. It is established under Permen LH/BPLH 10/2026, also under the Ministry of Environment/BPLH.

IDXCarbon stores nothing permanent, as it is merely a venue. Trading rules were overhauled by POJK 10/2026, which operates under OJK, the financial services authority.

That regulator split is the single most common error in secondary commentary, which frequently attributes SRUK to OJK. The registry and the exchange are distinct layers.

Sequence matters, and it runs in one direction. The action is registered first. Units born from that action then live in SRUK. Trading, whether on or off the exchange, comes last.

Off-exchange trades are permitted but must be recorded in SRUK within two working days of the transaction. Trades not recorded inside that window are treated as invalid, which makes this an operational deadline rather than a filing formality.

SRUK tracks the state of a unit, recording whether it is issued, held, transferred, or retired. That lifecycle is what prevents double counting and gives a buyer confidence that the tonne they bought has not been sold to someone else.

What the registry does not record is how well the tonne was measured. Two units with identical registry status can rest on completely different sampling designs, plot densities and uncertainty deductions. For a buyer doing real diligence, registry status is the first check, not the last.

The dual-registry design came from Perpres 110/2025, signed on 10 October 2025, which replaced Perpres 98/2021 and restructured carbon governance across 9 chapters and 103 articles. Separating action accounting from unit accounting lets Indonesia track NDC progress independently of who currently owns a tradable unit, because the two questions have different answers once units start moving across borders

The same regulation opened direct private participation and decoupled voluntary trading from the NDC timeline, which is what reopened international sales.

1. Perpres 110/2025 — https://peraturan.bpk.go.id/ (search "110 Tahun 2025"; accessed 16 Sep 2026)

2. Perpres 110/2025 explainer — https://www.trucarbon.co/perpres-110-2025 (accessed 17 Sep 2026)

3. SRUK explainer — https://www.trucarbon.co/sruk-carbon-unit-registry-explained (accessed 17 Sep 2026)

4. SRUK launch, Permen LH/BPLH 10/2026 and POJK 10/2026 — https://iki-indonesia.id/government-launches-sruk-carbon-unit-registry-permen-lh-bplh-no-10-2026-ojk-issues-pojk-no-10-2026-overhauling-carbon-exchange-rules-idxcarbon/ (29 Jul 2026)

All regulation numbers must be verified against https://peraturan.bpk.go.id before publication.