Every Monday: issuances, alerts, regulations, and price ticks from Indonesia's carbon market — compiled deterministically from the week's data refresh.
Pekan ini, isu ketertelusuran sawit dan penegakan asap lintas batas bertemu dengan dorongan global pada kredit alam, pembiayaan biodiversitas, dan penghilangan karbon industri.
Indonesia-linked haze scrutiny sharpened while COP17 kept biodiversity credits, nature finance, insurance and subsidy reform in focus. The week’s signal for carbon teams: land-use risk, conservation claims and market design are converging.
Pasar karbon Asia-Pasifik tampak makin ketat, sementara EU dan Article 6 tetap menjadi acuan strategi lintas negara. Isu kabut asap, kredit biodiversitas, dan risiko sosial-ekologi menegaskan bahwa integritas proyek makin menentukan.
Pasar karbon global pekan ini bergerak di sekitar aturan baru, sinyal harga kepatuhan, dan pembiayaan berbasis alam—semuanya relevan bagi Indonesia saat memperkuat tata kelola kredit dan membaca permintaan internasional.
Carbon Pulse’s Canada briefing is a warning for Indonesia: project supply exists, but exchange liquidity and regulatory segmentation can still weaken investment unless domestic compliance demand, registry rules, and international transfer policy are aligned.
Indonesia’s nature-finance agenda moved into focus this week, while global carbon removal, legal standards, EU policy, and nature-linked funding models showed continued market development.
Peat fire risk put Indonesia’s land sector back in focus, while global carbon news highlighted forest finance, ETS design, corporate decarbonisation scrutiny, and new removal supply.
Indonesia’s week featured mangrove restoration, peat-fire readiness, and scrutiny of EV supply chains, while global carbon headlines focused on IPCC timing, aviation offsets, and allowance positioning.
Indonesia’s agricultural credit rules led the local agenda, while CBAM, ETS reform, EU prices, climate finance and nature funding shaped global signals for Indonesian developers, exporters and buyers.
Global rules, EU politics, cookstove integrity, and CDR deals shaped the week, with lessons for Indonesian credit developers watching Article 6, aviation demand, and buyer preferences.
Minggu ini pasar karbon diwarnai sinyal campuran: permintaan removal tetap selektif, integritas kredit makin disorot, EU ETS bergerak oleh energi dan politik, sementara berita hutan serta mangrove penting bagi Indonesia.
Indonesia’s COP31 positioning, renewed scrutiny of palm-linked forest loss, and global rulemaking on aviation offsets, nature disclosure, and removal data shaped this week’s carbon-market watch.
Europe’s ETS and CBAM debates dominated the week, while Article 6 and CCS signals offered lessons for Indonesia on policy credibility, project risk, and export competitiveness.
Indonesia’s carbon watch centered on peat fire prevention and palm-oil supply risk, while global signals from EU, China, Japan, India, and Article 6 showed policy and integrity rules still steering market expectations.
Indonesia’s policy push and fire-risk debate anchored the week, while UN crediting, CDR rules, climate finance, and EU/US market signals shaped the global backdrop.
Global signals mattered for Indonesia this week: EU compliance reforms, voluntary-credit trends, emerging CDR rules, and climate-finance allocation all pointed to a more selective market for developers and buyers.
Indonesia’s peat-fire exposure resurfaced as global carbon news centered on nature finance, credit quality, CDR demand, and policy design from Washington to Brussels.
Indonesia’s forest signal and Southeast Asian finance needs frame a week dominated by EU ETS politics, CCS buildout, biochar delivery risk, and North American cap-and-trade developments.
Global carbon news this week centered on rulemaking, credit supply, and price volatility, with implications for Indonesia’s Article 6 planning, project developers, and compliance-market watchers.
Indonesia’s peatland agenda moved to the center of carbon-market attention, while global signals on Article 6 diplomacy, removal testing, nature credits, and corporate targets shaped demand and integrity debates.
Katingan Mentaya refers to the Katingan Peatland Restoration and Conservation Project in Central Kalimantan, listed on Verra. KarbonLens tracks it among 69 Indonesian carbon projects.
Indonesia’s peat and fire agenda took focus this week, while global signals pointed to tighter carbon regulation, volatile EU benchmarks, and new nature-linked finance models.
Indonesia’s carbon agenda saw renewed focus on protected-area finance, peat-fire risk, and blue-carbon project conditions, while global signals came from North American compliance markets, Amazon politics, and nature-credit governance.
Isu utama pekan ini: reformasi ETS UE, integritas audit VCM, perluasan pasar kepatuhan MENA, serta sinyal proyek pipa/CCS Kanada. Bagi Indonesia, perkembangan ini relevan untuk CBAM, pembiayaan alam, dan strategi kredit karbon berkualitas.
Pekan ini, pasar karbon memberi sinyal campuran: harga kepatuhan tetap bergejolak, kebijakan transisi makin diuji, dan kredit berbasis alam menghadapi sorotan integritas.
Carbon Pulse’s report on rising CITSS accounts in California underscores a key lesson for Indonesia: market depth depends on account formation as much as credit supply. KarbonLens data show issuance is not the bottleneck; active demand and trading routines are.
Sorotan pekan ini: tata kelola Article 6, eligibilitas kredit CORSIA, debat REDD+ yurisdiksi, tekanan EU ETS, dan inovasi removal serta metana yang relevan bagi pelaku karbon Indonesia.
Indonesia’s carbon-market week centered on peat and fire governance, while global signals pointed to larger forest-finance pools, tougher integrity expectations, and emerging demand for removals, efficiency, and nature-linked assets.
The grounded KarbonLens record identifies the project as the Katingan Peatland Restoration and Conservation Project in Central Kalimantan, registered with Verra. Controversy checks should start from that verified identity.
Indonesia’s brief centers on peat and fire governance, while global signals include a WTO test of EU CBAM/ETS, North American compliance shifts, and biodiversity-linked permitting risks.
Pekan ini menyorot penguatan tata kelola gambut Indonesia, aturan klaim hijau UE, perdebatan ETS global, serta sinyal harga dan permintaan di pasar karbon sukarela.
Indonesia menyorot tata kelola gambut, sementara pasar global bergerak lewat agenda Pasal 6, ITMO, harga izin emisi, serta standar baru untuk kredit karbon dan alam.
EU and CBAM debates, Article 6 progress, forest-credit scrutiny, and electrification signals set the tone for Indonesian carbon-market participants watching demand, integrity, and trade exposure.
Borneo peat scrutiny met a busy global carbon week: CDR financing advanced in the US and Brazil, standards bodies adjusted rules, and compliance markets showed mixed signals across RGGI and the EU ETS.
Risiko kabut asap Indonesia, tekanan sawit, dan debat global soal energi rendah karbon membentuk nada pekan ini, dengan implikasi bagi kredit berbasis alam, bahan bakar bersih, dan permintaan izin emisi.
Global carbon policy stayed active this week, with aviation rules, forest integrity, EU allowance demand, and CO2 storage all shaping signals relevant to Indonesian carbon-market participants.
Sinyal pekan ini menunjukkan pasar karbon makin dipengaruhi energi bersih, penghilangan karbon, dan desain kebijakan. Bagi Indonesia, arah PACM, SAF, serta pembiayaan industri hijau layak dipantau.
Global policy, energy security, and Article 6 activity set the tone for Indonesian carbon-market watchers, with allowance prices firmer in Europe, US power rules loosening, and interoperability work gaining pace.
August’s IDXCarbon average price was IDR 78136/tCO2e, with traded volume of 227 tCO2e and traded value of IDR 17737000. Activity broadened versus July, while value was lower.
Pekan ini pasar karbon dibayangi risiko kebakaran gambut Indonesia, dorongan diplomasi BRICS terhadap CBAM, serta aktivitas baru pada kredit pertanian dan metodologi industri.
Global policy signals led the brief: EU ETS and CBAM debates, Article 6 fee design, North American compliance signals, and nature-finance updates all carry lessons for Indonesia’s carbon strategy.
Europe’s ETS debate, North American CCS and compliance updates, and nature-finance pressure shaped the week’s carbon-market read-through for Indonesian stakeholders.
Policy fights in Europe, Article 6 safeguards, and peatland restoration finance dominated this week’s carbon-market signals, with lessons for Indonesia on pricing, project integrity, and regulation.
Mongabay’s North Carolina peatland story underscores the same buyer question facing Indonesia: can peat credits prove durable hydrology gains, not just avoided emissions narratives?
Pekan ini menyoroti sinyal regulasi dari Eropa, dorongan Article 6 di Asia-Afrika, pasokan CDR yang makin diperebutkan, serta risiko kebakaran gambut Indonesia.
Pekan ini, perhatian tertuju pada integritas pasar karbon Riau, pembuktian tambahanitas Pasal 6 di Thailand, serta dorongan kebijakan harga karbon di Eropa yang makin memengaruhi industri, transportasi, dan alam.
Indonesia’s carbon-market week was shaped by geothermal tariff pressure, peat-fire emissions risk, and regional haze diplomacy, while ASEAN Article 6 activity and global integrity concerns kept project quality in focus.
Fires and land-use pressure kept Indonesia’s climate-risk story in focus, while global updates covered ETS readiness, CORSIA credit supply, Verra methodology changes, and adaptation finance signals.
Pekan ini pasar karbon dibayangi tarik-menarik kebijakan EU ETS, negosiasi harga karbon pelayaran, serta risiko kebakaran dan ekosistem yang relevan bagi proyek berbasis alam Indonesia.
ETS Eropa, standar kredit, hidrogen hijau, biodiversitas, dan risiko iklim fisik mendominasi pekan ini. Implikasinya bagi Indonesia: kualitas metodologi, safeguards sosial-lingkungan, dan ketahanan proyek berbasis alam makin menentukan nilai kredit.
Carbon Pulse’s report on EU member-state concerns over ETS reform matters for Indonesia because it shows how quickly buyer jurisdictions can tighten questions on eligible international credits.
Sorotan pekan ini bergerak dari konflik tata kelola sumber daya di Papua Barat Daya hingga tekanan global atas ETS, CBAM, pelayaran, pembiayaan alam, dan penyerapan karbon.
Indonesia’s biodiversity integrity stayed in focus as global news pointed to tighter scrutiny of compliance supply, energy security, carbon removals, and nature-market policy.
Indonesia’s week centred on sustainable-finance labels, forest protection evidence, and trade links, while global carbon markets watched EU price range-trading, UK CBAM rules, Japan’s market design, and nature-credit finance risk.
Indonesia’s week centered on peat and mangrove resilience, while global headlines pointed to changing demand for nature credits, ETS design tensions, and new clean-power rules for large loads.
Indonesia’s carbon-market week centered on blue carbon, peatland fire risk, and biodiesel land-use scrutiny, while global stories highlighted land-finance pledges, soil-credit caution, and ETS policy friction.
Pekan ini, pasar karbon Indonesia perlu membaca arah global: reformasi EU ETS, integritas kredit penghilangan karbon, tekanan iklim pada aset pesisir, serta tantangan membiayai proyek alam.
Indonesia’s carbon-market week centered on haze and forest restoration at home, while global headlines pointed to Article 6 implementation, engineered removals, biodiversity credit caution, and tighter scrutiny of energy and methane.
Kebakaran lahan di Indonesia, kesiapan CBAM, dan standar kredit alam menjadi tema utama pekan ini, dengan implikasi bagi risiko proyek, arus kas eksportir, dan integritas kredit.
Pekan ini pasar karbon Indonesia dibayangi risiko kebakaran lahan, sementara perkembangan CBAM, ETS Eropa, pembiayaan removal, dan pasokan kredit berbasis alam memberi sinyal baru bagi pembeli dan pengembang.
Indonesia’s fire response, China market liquidity, ASEAN grid risks, and Vietnam project development shaped the week, with coral conservation adding a blue-carbon-adjacent signal.
The Mayas Project is a Verra-registered carbon project in West Kalimantan. For users searching mayasproject.com, KarbonLens tracks it alongside 69 Indonesian projects.
Indonesia’s forest-fire response, palm-oil fiscal outlook, and global carbon-credit quality updates shaped the week, alongside signals from US compliance markets and emerging removal pathways.
Sinyal global minggu ini penting bagi Indonesia: harga karbon, risiko kebocoran emisi, pendanaan hijau, biochar, dan kredit biodiversitas makin membentuk arah pasar sukarela maupun kepatuhan.
Indonesia’s carbon-market watchlist this week points to global lessons on price certainty, border-carbon rules, blue carbon, restoration finance, and infrastructure resilience.
Europe’s steel lobby is pushing CBAM beyond primary metals. For Indonesia, the signal is clear: export carbon accounting will matter before the domestic carbon market has deep liquidity.
Riau peat fires keep land-sector integrity in focus as global signals on carbon pricing, nature credits, product traceability, and removals sharpen the standards facing Indonesian developers, exporters, and buyers.
Pekan ini pasar karbon bergerak pada dua poros: minat terhadap CORSIA dan Article 6 terus tumbuh, sementara regulasi CCS, ETS, dan kebijakan transisi energi masih menjadi hambatan utama.
A ranked view of Indonesia’s largest issued-credit projects in KarbonLens, showing how peatland, forest, hydro, geothermal, gas-recovery and mangrove activities shape the issuance leaderboard.
Indonesia’s fire-risk backdrop met a global week of tighter carbon-credit governance, shifting US policy signals, and rising emphasis on nature and community data.
Pasar karbon pekan ini diwarnai pengetatan metodologi, kritik aturan VCM, risiko CBAM bagi eksportir, serta kabar konservasi berbasis masyarakat dari Sumatra.
Indonesia’s co-op push, haze risk, regional market design in Africa, and biodiversity finance shaped this week’s carbon-market watch, with accounting integrity and clean-energy economics adding global context.
Indonesia’s market focus turns to forest finance, peat resilience, and outbound project demand, while global policy signals tighten around Article 6, disclosure, removals funding, and EU carbon-market politics.
Indonesia’s carbon-policy agenda stayed focused on Article 6 readiness, while global signals from CBAM, coal policy, carbon capture, and nature finance highlighted rising pressure on project quality and trade exposure.
Sinyal harga CORSIA membaik, pasokan kredit penerbangan bertambah, dan agenda regulasi lintas negara bergerak. Bagi Indonesia, tren ini penting untuk membaca permintaan ekspor, strategi Article 6, dan peluang proyek alam.
Minat pada blue carbon Indonesia naik, tetapi risiko kebakaran gambut, deforestasi rantai pasok, dan tata kelola hak karbon tetap menjadi fokus. Perkembangan global dari China, Australia, India, dan Inggris memberi pembanding regulasi dan pasar.
Mongabay’s field report on community-led environmental practice is a reminder that Indonesian carbon projects need local operating logic, not just approved methodologies.
Pekan ini, risiko kebakaran gambut Indonesia bertemu dengan sinyal kebijakan karbon global: Brasil menyiapkan ETS, Amerika Utara menata insentif CCUS, dan pasar kepatuhan AS bergerak.
Fire risk in Kalimantan and OJK’s insurance work framed Indonesia’s week, while global updates covered registries, ETS design, EU credit-demand uncertainty, and project-integrity lessons.
Global carbon-market signals turned more policy-driven this week, with COP31 messaging, Article 6 activity, CBAM spillovers, and tighter voluntary credit issuance all relevant for Indonesian buyers, developers, and regulators.
Indonesia’s carbon market saw cautious signs of activity while draft agriculture rules pointed to a broader project pipeline. Globally, policy design, removal finance, CBAM changes, and climate-risk capital flows shaped the week’s carbon-market agenda.
Katingan Mentaya searches generally point to the Katingan Peatland Restoration and Conservation Project, a Verra-listed project in Central Kalimantan tracked by KarbonLens.
Indonesia’s carbon-market narrative centered on governance and benefit delivery, while global items pointed to tighter trade carbon rules, aviation exposure and stronger MRV demands for removals and nature-based claims.
EU reform signals, CBAM details, CORSIA pricing, and regional nature-credit moves shaped the week for Indonesian carbon-market participants, with forest jurisdictional models and removal pathways drawing attention.
Indonesia’s carbon week centered on nature finance: Norway-linked forest payments, a Nusantara mangrove pilot, peat fire risk, and community credit models. Globally, buyers watched mCDR delivery risk, CBAM politics, EU ETS cost pressure, and new channels for climate-nature funding.
Indonesia’s SRUK messaging put credibility at the center of the local market, while global updates on Article 6 rules, compliance auctions, CCS, and nature-carbon science showed why integrity tests remain decisive for buyers and developers.
Indonesia’s week centered on SRUK, Norway-backed climate finance, and mangrove project capital, while global stories pointed to tighter scrutiny of prices, nature-market financing, cleaner aviation fuel, and industrial decarbonisation.
Cuaca ekstrem Eropa menekan pembangkit rendah karbon, sementara debat ETS, kompensasi industri, dan standar alam memberi sinyal bagi pelaku Indonesia yang memantau harga, risiko energi, dan pasokan kredit.
Pekan ini: risiko kebakaran Indonesia menguatkan fokus MRV alam, pasar sukarela tetap rapuh, sementara Article 6, ETS, dan standar akuntansi korporasi bergerak cepat secara global.
Permintaan penghilangan karbon mulai dibentuk lewat kebijakan publik di AS dan UE, tetapi risiko implementasi tetap terlihat dari ETS2. Isu alam, hutan, air, dan biodiversitas juga makin penting bagi strategi proyek karbon Indonesia.
Pekan ini menyoroti diskusi pasar karbon di Jakarta, dinamika sawit Indonesia, reformasi ETS Eropa, regulasi penilaian karbon, serta isu sink dan removals.
Indonesia’s blue-carbon pipeline drew attention as mangrove restoration stayed in the policy and corporate spotlight, while global headlines centered on Article 6 design, voluntary-label scrutiny, and softer compliance-market signals.
ANTARA News reports ministerial support for mangrove rehabilitation as a green-growth driver. For carbon markets, the signal is promising, but bankable supply still depends on MRV, tenure clarity, and buyer confidence.
ETS dan kebijakan iklim global kembali bergerak, sementara risiko fisik proyek offset dan kebutuhan listrik bersih memberi sinyal penting bagi pasar karbon Indonesia.
PACM clean-cooking progress, CBAM trade frictions, EU ETS politics, bank nature-risk gaps, conservation, and blue-carbon narratives shaped this week’s carbon-market watch for Indonesia.
EU CBAM debate, removal procurement, nature policy, litigation, and climate-impact risk dominated global carbon-market signals this week, all relevant to Indonesian exporters and project developers watching compliance demand.
EU ETS reform, removal-credit rules, and nature-finance tools set the global tone this week, with implications for Indonesian pricing, project design, and cross-border demand.
Global carbon-market signals this week centred on EU rulemaking, aviation offset eligibility, forest-credit integrity, and rising electricity demand from digital infrastructure, with clear read-throughs for Indonesia’s carbon strategy.
Global policy signals set the tone for Indonesian carbon-market watchers this week, with EU reforms, claims litigation, aviation offsets, and land-use scrutiny shaping price and integrity risks.
Indonesia’s market saw fresh official messaging on unit issuance and new attention to forward supply, while global coverage highlighted MRV technology, compliance-market positioning, and ways older UN credits may find demand.
Indonesia’s registry rollout anchors a week of market-infrastructure news, while Article 6 readiness, EU rulemaking, and nature-finance debates point to a more regulated but still uneven global carbon landscape.
Indonesia sharpened market plumbing with registry and inclusion messages, while global headlines covered EU policy design, exchange activity, voluntary standards, CBAM tensions, and project finance.
Indonesia’s carbon market saw renewed attention on registry governance, while global signals from Europe, Singapore, CDR, and nature finance pointed to tighter rules, uneven demand, and a stronger need for credible data.
Indonesia menunggu aturan pasar karbon energi, sementara pasar global menyoroti volatilitas EUA, integritas kredit tanah, pembiayaan alam, dan gesekan pendanaan iklim.
Indonesia’s carbon agenda intersected with Singapore power-credit talks, EU trade-carbon rules, and renewed scrutiny of aviation offsets and nature risks.
Canada’s planned carbon-credit framework highlights a core lesson for Indonesia: market depth will depend less on project supply alone and more on credible, interoperable rules that buyers can trust.
Indonesia’s commodity governance and EU-linked traceability concerns framed the week, while global updates pointed to broader credit-market experimentation across compliance, water, biodiversity, and finance taxonomies.
Indonesia's reported forestry approvals put export-oriented projects back in focus, while EU CBAM, ETS, and disclosure changes set new signals for exporters and buyers. Nature finance, engineered removals, and climate-risk stories round out this week’s market context.
Sinyal global minggu ini menunjukkan tekanan pada kredit lama CDM, jeda aturan CBAM/ETS Eropa, dan pengawasan lebih ketat atas removals serta nature credits—semuanya relevan bagi strategi pasar karbon Indonesia.
Indonesia’s forest-carbon ambitions met a demand-side reality check, while global markets moved on Article 6 infrastructure, jurisdictional REDD+ rules, China policy signals, and Australian credit methods.
Carbon Pulse says Ghana is nearing J-REDD+ issuance. For Indonesia, the signal is competitive: forest supply can gain attention, but IDXCarbon liquidity and eligibility clarity still shape whether local projects convert issuance into demand.
Indonesia’s forestry carbon pipeline gained attention through new capacity-building and official messaging, while global stories pointed to stronger nature-credit, blue-carbon, litigation, and compliance-price signals.
Pekan ini, fokus tertuju pada peluang proyek karbon hutan dan kemitraan dekarbonisasi di Indonesia, sementara pasar global membaca ulang agenda energi Uni Eropa, pembiayaan biru, SAF, DAC, dan pendanaan alam.
Indonesia’s forestry-credit pipeline took center stage as global markets wrestled with EU reform, corporate Scope 3 pressure, and shifting VCM price conventions.
Pasar karbon global pekan ini bergerak lewat pendanaan dekarbonisasi, inovasi MRV, kredit berbasis alam, serta tarik-menarik regulasi yang relevan bagi Indonesia.
Pasar karbon pekan ini ditandai dorongan linkage ETS, persiapan CORSIA, dan perhatian baru pada kualitas proyek berbasis alam—semuanya relevan bagi Indonesia saat memperkuat kerangka pasar, proyek, dan klaim korporasi.
Carbon Pulse’s report on a US forest-carbon developer buying land-management capability points to a practical lesson for Indonesia: execution control may matter more than credit supply.
Indonesia’s transition debate met a global week of tighter scrutiny on forest credits, uneven compliance-market prices, and slow climate diplomacy after Bonn.
Indonesia’s palm oil policy drew regional attention, while global carbon and nature markets saw movement in PES rules, ETS design, biodiversity credits, and carbon-removal partnerships.
Indonesia mulai menguji biodiversity credits di wilayah adat, sementara Uni Eropa menyiapkan telaah ETS dan aturan CBAM yang tetap berat. Di pasar global, sinyal harga, pendanaan hutan, dan energi AI menunjukkan tekanan baru pada strategi dekarbonisasi.
Pekan ini, isu integritas pasok hutan Indonesia bertemu dengan sinyal global: harga karbon Eropa bertahan kuat, Article 6 bergerak di Ukraina, dan kredit berbasis alam makin diuji pasar.
VM0010 is a Verra methodology for improved forest management where a logged forest is converted to protection. For Indonesia, the key question is whether the project can prove a credible logging baseline and durable protection.
IDXCarbon’s 2026-05 headline average price was IDR 60906/tCO2e, with 219 tCO2e traded and IDR 13338600 in traded value. Compared with 2026-04, price, volume, and value all moved lower.
Indonesia’s transport transition, global credit-integrity debates, and carbon infrastructure planning led this week’s carbon-market signals, with policy and project-risk implications for local buyers and developers.
Rimba Raya leads the supplied Indonesian project set with 5657651 tCO2e issued, ahead of Katingan at 3559014 tCO2e and Sumatra Merang at 2638073 tCO2e. The ordered field shows peat and biodiversity projects setting the benchmark, with hydro and geothermal close behind.
KarbonLens tracks 68 Indonesian projects. For the Katingan Mentaya REDD+ search, the record to check is the Katingan Peatland Restoration and Conservation Project in Central Kalimantan, registered with Verra.
KarbonLens mapped 247,000 GFW satellite alerts to Indonesian Verra polygons. Alert density varies 280x across the top 10 projects. Here is what that tells buyers.
Kalimantan Tengah memegang 7 proyek karbon (355.405 ha), terbanyak di Indonesia. Permenhut 6/2026, Perpres 110/2025, dan ribuan alert satelit menentukan arah berikutnya.
Verra is a standard, SRN-PPI is Indonesia's national registry, IDXCarbon is the exchange. They stack, not compete. Here is how a credit moves through all three and where buyers get burned.
Analisis bulanan harga karbon IDXCarbon 2025-2026, anomali Feb 2026, lonjakan volume Desember pasca Perpres 110/2025, dan posisi pasar Indonesia versus EU ETS, K-ETS, NZ ETS.