ASIATODAY.ID, RIO DE JANEIRO – The Global Clean Power Alliance (GCPA) initiative was officially launched on the sidelines of the G20 Summit in Rio de Janeiro, Brazil on Tuesday, November 19 2024. Indonesia also joined in this launch.
GCPA is an initiative initiated by the UK in an effort to accelerate the global energy transition. This initiative was officially launched by the British Prime Minister, Sir Keir Starmer.
The GCPA initiative aims to address the challenges of clean energy investment in Emerging Markets and Developing Economies (EMDEs) with a broader and more comprehensive approach through a systemic framework involving all stages of development. GCPA focuses on building local-national platforms and strengthening the funding architecture for clean energy projects.
The Alliance recognizes the important role of the private sector in financing the energy transition with specific strategies to attract investment through de-risking financial factors and developing bankable projects. GCPA is a more proactive approach than initiatives that rely solely on public funding
The Indonesian government, represented by the Coordinating Minister for Economic Affairs, Airlangga Hartarto, was also present at the launch of the initiative.
Indonesia is currently accelerating energy transition efforts, one of which is through optimizing new and renewable energy. Indonesia has enormous renewable energy potential, for example geothermal resources (24 GW), hydropower (95 GW), solar power (169 GW), and wind power (68 GW).
By 2040, Indonesia targets to reduce dependence on coal by 33%, increase its renewable energy mix by 42%, and increase renewable energy capacity by 75 GW, all of which is supported by 70,000 km of new transmission networks. To achieve this vision, Indonesia needs an investment of around US$235 billion.
There are 12 countries/regional organizations that joined this alliance for the first time, namely Brazil, Australia, Barbados, Canada, Chile, Colombia, France, Germany, Morocco, Norway, Tanzania and the African Union.
Indonesia is currently also active in several international energy transition cooperation fora, such as the Energy Transition Mechanism, Just Energy Transition Partnership, Asia Zero Emission Community, and Joint Crediting Mechanism.
The launch of GCPA could be an alternative scheme to finance the energy transition program in Indonesia. (AT Network)
Follow Us at Google News and WA Channel