Indonesia's Goal: Complete $20B Climate Plan by COP28
According to Edo Mahendra, the head of the coordinating body in charge of the Just Energy Transition Partnership (JETP), a comprehensive plan for Indonesia's US$20 billion climate initiative might be ready by late October.
JETP represents a financial arrangement established by President Joko Widodo last year, involving prosperous nations and a coalition of global financial institutions.
A preliminary version of the investment scheme has been shared with partnering entities, encompassing the Group of Seven economies alongside Norway, Denmark, and the Glasgow Financial Alliance for Net Zero (GFANZ).
These entities are anticipated to provide their input by September. Following this, the plan will be subject to public consultation.
Should all unfold as planned, a final strategy might be solidified by November, according to Mahendra. This timeline aligns with the commencement of the 28th United Nations Climate Change Conference, also recognised as COP28, set to take place in Dubai on November 30th.
Edo Mahendra, who has a background including roles within the United Nations pertaining to climate change and technology, emphasised the significance of Indonesia's JETP.
He stated, "The spotlight is firmly fixed on Indonesia's JETP because it pioneers a novel approach to energy financing. This is the litmus test for its viability. Given its high-profile nature, the stakes are substantial, and everyone is invested in its success."
Initially slated for August, the plan's introduction has been rescheduled. The core aim of JETP is to offer accessible funding, propelling the Southeast Asian nation towards renewable energy adoption and distancing itself from coal dependency. Nonetheless, notable disparities persist concerning emission targets, funding expenses, and project eligibility criteria.
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Source: The Business Times
