JAKARTA -- Chairman of the Board of Commissioners of the Financial Services Authority (OJK) Mahendra Siregar said that OJK is committed to supporting the renewable energy transition in Indonesia. "We are focusing on a formulation called a sustainable taxonomy, the initial stage of which is for the energy transition," said Mahendra Siregar in Jakarta, Tuesday (2/1/2024).

Sustainable taxonomy is a set of criteria used to assess whether an economic activity is sustainable or not. In this case, the energy transition is defined as reducing the use of fossil energy and increasing the use of renewable energy.

The Chairman of the OJK said that in supporting the energy transition, the OJK will provide incentives to companies operating in the renewable energy sector. Mahendra explained that the OJK incentives would be provided in the form of easy registration and grouping of companies that are included in the sustainable energy sector.

OJK is also preparing a transition from the Commodity Futures Trading Supervisory Agency (Bappebti) to the capital market for derivative financial products. This transition will be carried out in stages and is targeted for completion in January 2025.

In this transition, the derivatives exchange will be the responsibility of the chief executive of the derivatives capital markets. Crypto will be handled by the chief executive in charge of the financial sector technology industry.