Indonesia's Goal: Complete $20B Climate Plan by COP28

Published on:
by KnowESG
KnowESG_Indonesia's Goal: Complete $20B Climate Plan by COP28
Image courtesy of https://www.todayonline.com/

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.

For more sustainable finance news

To view and compare company ESG Ratings and Sustainability Reports across sectors, follow our Company ESG Profiles page.

Source: The Business Times

Share:
esg
esg
esg
esg

Sustainable Finance Headlines

China, Singapore Strengthen Green Finance Cooperation

China, Singapore Strengthen Green Finance Cooperation

Voyage Foods Secures $52M for Allergen-Free Treats

Voyage Foods Secures $52M for Allergen-Free Treats

Ukraine and Sweden Team Up for Greener Energy Future

GCash Goes Green: New Feature Tracks Carbon Footprint

OTP Group Publishes 2023 Sustainability Report

INFINOX Goes Green in Trading

Most Consumers Want to Save Energy, But Don't Know How

$35 Million for Singapore's Green Finance Workforce

Trade Finance Goes Green with Finastra, TradeSun

SMEs Go Green with North Lanarkshire Grants