ASIATODAY.ID, NEW YORK – Global Blended Finance Alliance (GBFA), an international platform to address the financing gap for the Sustainable Development Goals (SDGs) and climate action in developing countries, recorded an important moment on Thursday, September 26 2024, on the sidelines United Nations General Assembly (UNGA) in New York.
On this occasion, two leading institutions, namely UNDP and the Tony Blair Institute for Global Change (TBI) joined the Global Blended Finance Alliance (GBFA) platform.
UNDP and TBI signed a Memorandum of Understanding (MoU) with the Indonesian Coordinating Ministry for Maritime Affairs and Investment – the main implementing government partner of the GBFA – as knowledge partners. This step was taken after United in Diversity joined the GBFA platform in the Indonesia International Sustainability Forum (ISF) 2024 in Jakarta.
Indonesia’s Coordinating Ministry for Maritime Affairs and Investment is leading the establishment of the GBFA forum during Indonesia’s G20 Presidency in 2022, together with the Ministry of Foreign Affairs and the Ministry of Finance of the Republic of Indonesia.
Developing countries face an annual financing gap of up to US$3 trillion for climate action and the SDGs. This gap demands stronger efforts to increase financial investment, implement innovative financing mechanisms, and gain commitment from governments and the private sector.
GBFA was established in response to the urgent need for a Southern-led financing platform on the SDGs and climate action. Indonesia’s Coordinating Minister for Maritime Affairs and Investment Luhut B. Pandjaitan, together with the Special Ambassador for GBFA, Mari Pangestu and the Managing Director of TBI Asia Pacific, Jalil Rasheed, witnessed the signing of the MoU at the Office of the Permanent Mission of the Republic of Indonesia to the UN in New York.
Deputy for Coordination of Environmental and Forestry Management at the Indonesian Coordinating Ministry for Maritime Affairs and Investment, Nani Hendiarti, signed the agreement together with Claire Van der Vaeren, Chief, CO Liaison and Coordination (COLAC) representing the UNDP Regional Bureau for Asia and the Pacific, as well as Country Director TBI Indonesia , Shuhaela Haqim.
“This signing will bring GBFA one step closer to creating a more positive impact on a larger scale. This alliance is critical to bridging the financing gap in climate action and advancing the Sustainable Development Goals. “GBFA’s vision as an international organization will specifically support developing countries in structuring their development projects to attract potential investors,” said Luhut, quoted Tuesday, October 1 2024.
Nani Hendiarti emphasized the importance of global collaboration to achieve the positive impact of GBFA.
“Partnering with strategic knowlegde partners is an important step to building mutually beneficial collaboration within GBFA. “As international non-governmental organizations or philanthropic organizations with broad expertise and aligned goals, knowledge partners support GBFA in designing programs, mobilizing funds, and advancing missions and activities that meet international standards,” explained Nani.
Claire Van der Vaeren, Chief, CO Liaison and Coordination (COLAC) of UNDP, stated that UNDP has been a long-term partner of the Government of Indonesia in promoting innovative financing such as blended financing and is looking forward to becoming a partner of GBFA.
“We recognize that the financing gap for the SDGs is huge, and cooperation through the GBFA can contribute significantly to sustainable development by aligning the efforts of the public and private sectors and helping to achieve real development results,” explains Claire.
“I am excited to bring TBI into action with GBFA, as we believe in the power of practical solutions to address the huge financing gaps related to SDGs and climate action, potentially benefiting millions of communities around the world. With strong leadership from the Indonesian Government and the full support of key international partners, we are confident that GBFA can deliver impactful results,” said Shuhaela Haqim, TBI Indonesia Country Director. (AT Network)
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