ASIATODAY.ID, DUBAI – President of the Republic of Indonesia, Joko Widodo, said Indonesia needs an investment of more than $1 trillion to achieve net zero emissions (NZE) by 2060.
This was conveyed by President Joko Widodo at the COP28 Climate Change Summit in Dubai, United Arab Emirates (UAE), Friday, December 1 2023.
“Indonesia needs an investment of more than $1 trillion for net zero emissions by 2060,” said President Jokowi.
President Jokowi said that Indonesia wants to work hard to achieve net zero emissions by 2060 or earlier while enjoying high economic growth, poverty and inequality that continue to be reduced significantly and jobs that continue to be created.
However, said Jokowi, developing countries cannot achieve net zero emissions on their own.
Therefore, Indonesia invites collaboration from bilateral partners, private investment, philanthropic support and support from friendly countries.
“We also have a credible innovative financing platform, carbon exchange, energy transition mechanism, sukuk and green bonds, management of environmental funds from result based payments,” he explained.
Jokowi said that multilateral development banks (MDBs) or world development banks must also increase their capacity to finance the energy transition at low interest rates.
President Jokowi emphasized that the Paris Agreement target and net zero emissions can only be achieved if all countries can resolve the issue of funding the energy transition.
“That’s where world problems can be solved,” said President Widodo.
He believes that many developing countries have the same position as Indonesia. According to him, collaborative and inclusive cooperation in the form of real actions is needed to produce real works.
“That is what we must achieve at COP28,” said Jokowi.
So far, Indonesia, despite all its limitations, continues to reduce carbon emissions. Jokowi said that between 2020 and 2022 Indonesia had succeeded in reducing carbon emissions by 42 percent compared to business as usual planning in 2015.
“We are also working hard to improve the management of forestry and other land used—FOLU, as well as accelerating the energy transition towards new, renewable energy,” stressed Jokowi. (AT Network)
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