Jakarta: Coordinating Minister for Maritime Affairs and Investment (Menko Marves) Luhut Binsar Pandjaitan stressed the importance of financing collaboration between developed and developing countries to overcome the climate crisis.
In a video message broadcast during the COP28 event in Dubai, United Arab Emirates, Saturday, December 2, 2023, Luhut revealed this during a session discussing the latest developments of the Indonesian Just Energy Transition Partnership (JETP).
“Again, I just want to emphasize that in my opinion, collaboration between developing countries and developed countries is very important in this program,” he said. BetweenSunday December 3, 2023.
Partnership for a just energy transition
JETP is a US$20 billion clean energy transition partnership involving Indonesia and member countries of the International Partners Group (IPG), consisting of the United States (US), Japan, Canada, Denmark, European Union, Germany, France, Norway, Italian and English.
“The launch of the JETP Comprehensive Investment Plan and Policy (CIPP) marks an important milestone in Indonesia’s commitment to overcoming the climate crisis. It also shows the collaboration between Indonesia as a developing country and developed country,” Luhut said.
Luhut also asked the international community not to take any action business as usual linked to climate finance. Ordinary economic models that demand a return on capital will burden developing countries. Unfortunately, currently available climate finance largely adopts this approach.
“We need to find better ways to mobilize and share technology and capital, so that developing countries can continue to grow and develop,” Luhut said.
Investment planning process
US Deputy Special Envoy for Climate John Kerry said there was no common solution, because what was needed was a tailored solution approach.
“I think JETP has really demonstrated that through the investment planning process and through this dialogue on solutions, and this energy transition has to be done on a case-by-case basis,” Kerry said.
Standard Chartered Group chief executive Bill Winters said government and the financial sector must come together to facilitate the flow of investment into emerging markets.
“We are here to help our clients make this progress. We connect them to cross-border investment flows. We design new and innovative forms of sustainable finance. We provide world-class advisory services through our team dedicated customer,” he added.
Special Presidential Envoy to the Global Alliance for Blended Finance, Mari Elka Pangestu, said the JETP provides an opportunity to make a breakthrough in climate finance.
“Indonesia has demonstrated its commitment to providing a holistic transition framework, this must be balanced with on-target financing and financing from the IPG and the private sector,” said the former Director General of Indonesian Policy. development and partnerships. at the World Bank.
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