JAKARTA, Nov 12 (Reuters) – Norway has agreed to buy up to 12 million metric tons of carbon credits generated by solar power projects developed by Indonesia’s state-owned utility Perusahaan Listrik Negara, the Indonesian government on Thursday.
• The carbon credits are valued at between $20 to $40 per ton of CO2e, the government said in a statement
• The deal was signed on the sidelines of the United Nations Framework Convention on Climate Change meeting (COP31) in Turkey
• The agreement is expected to provide Indonesia with a sustainable financing mechanism for its energy transition under Article 6.2 of the Paris Agreement, Jakarta said
• This refers to the framework allowing countries to cooperate in reducing emissions through bilateral arrangements
• It enables nations with surplus emissions reductions to transfer them in the form of credits to countries seeking to meet their own climate targets
(Reporting by Gayatri Suroyo; Editing by David Stanway)

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