ASIATODAY.ID, JAKARTA – The G20 Leaders’ Declaration in Bali acknowledged Indonesia’s initiative regarding the Global Blended Finance Alliance (GBFA).
GBFA is implemented as the G20 principles for blended finance to help developing countries accelerate and increase investment for climate action and SDGs, as well as the SDG Indonesia One Platform which is also recognized in the ASEAN Leaders’ Declaration.
The platform has successfully raised more than 62 projects with $3.19 billion in commitments.
Indonesia’s Coordinating Minister for Maritime Affairs and Investment, Luhut Binsar Pandjaitan, said that the formation of the G20 Bali GBFA Secretariat will be inaugurated as an international organization at the 10th WWF side event next May.
Luhut expressed this when giving a keynote speech at the G20 Bali GBFA-China-ASEAN-Capacity Building on Blended Finance recently.
“G20 Bali GBFA is not just an ordinary organization, but a movement. This is necessary to bridge the funding gap to scale up climate action and achieve SGD goals. “This will also support South-South Cooperation and Archipelagic Island States,” said Luhut, quoted Thursday, February 1 2024.
Luhut assessed that the GBFA G20 Bali is important for Indonesia in alleviating poverty and can increase future knowledge through Artificial Intelligent technology.
Apart from that, Indonesia-China has very good long-term relations. Chinese investment has flowed into various sectors in Indonesia and encouraged Indonesia’s economic development and growth,
“China’s interest in involving ASEAN in supporting the G20 Bali GBFA is very significant. “China Development Bank has also partnered with THK in blended finance,” he said.
The Indonesian government with the support of IPG countries and THK partners is working together to realize the energy transition, sustainable infrastructure, waste management, regenerative food and land use, mangrove conservation, Blue Halo S and seaweed, ecotourism, and the health sector.
The G20 Bali GBFA Alliance will be an international organization that is aligned with the Kerta New Era Bali roadmap. As stated by Coordinating Minister Luhut, collaboration, policy alignment and case studies in developing countries will be carried out through partnerships with the world bank, ADB, OECD.
The formation of the G20 Bali GBFA Secretariat will be announced at the 10th WWF side event in Bali next May.
“GBFA G20 Bali –China– ASEAN Capacity Building on Blended Finance is the opening of GBFA G20 Bali activities. “With a shared understanding of the blended finance mechanism, and a strong commitment to move forward, together we can pave the way towards more resilient, inclusive and sustainable development,” explained Luhut.
Flashback to two years ago, Indonesia successfully hosted the Presidency of the G20 and ASEAN in 2023. Luhut said that thanks to these two international events, Indonesia showed its commitment to fostering international cooperation, overcoming global challenges and improving economic prosperity. (ATN)
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