OPTIMALISASI PERAN IDX CARBON DALAM MENDORONG TRANSISI EKONOMI HIJAU DI INDONESIA: ANALISIS TANTANGAN LIKUIDITAS DAN FORMULASI STRATEGI PENGEMBANGAN EKOSISTEM

Abstract

This conceptual paper investigates the critical liquidity stagnation within the newly established Indonesia Carbon Exchange (IDX Carbon). Despite Indonesia's immense carbon sequestration potential, the initial market performance reveals a persistent lack of corporate participation. Utilizing a qualitative-descriptive approach grounded in institutional economics and policy analysis, this study identifies that the current Voluntary Carbon Market (VCM) architecture fails to generate the economic urgency required for high-emission entities to internalize their environmental costs. To overcome this systemic market failure, the paper proposes a “Three-Pillar Ecosystem Strategy”. First, a systematic transition towards a Mandatory Cap-and-Trade system strictly targeting the energy and heavy manufacturing sectors. Second, the synchronization of fiscal disincentives through a Carbon Tax deduction mechanism linked directly to exchange transactions, transforming regulatory burdens into market-driven incentives. Third, the acceleration of Mutual Recognition Agreements (MRA) to integrate domestic credits into global compliance markets, strategically mitigating the risks of the European Carbon Border Adjustment Mechanism (CBAM). The conclusion asserts that a cross-ministerial policy orchestration—shifting the paradigm from voluntary philanthropy to mandatory compliance—is an absolute prerequisite to establishing a highly liquid and impactful carbon market in Indonesia.