Indonesian Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan has said the country will use a 20 billion USD investment package to create a sustainable economy for future generations.
Indonesian Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan. (Photo: ANTARA)
He made the remarks on the sidelines of the ongoing G20 summit held in Bali, Indonesia.
Earlier, US President Joe Biden announced that the US, Japan, the World Bank, the Asian Development Bank (ADB) and the Climate Investment Fund will invest 20 billion USD in Indonesia's energy transition.
The funding will be provided to Sarana Multi Infrastruktur (SMI) under the Just Energy Transition Partnership (JETP) agreement to achieve net zero emissions in Indonesia.
Luhut affirmed that as the world's fourth most populous country, Indonesia has an important role in averting the worst impacts of climate change on the country, society and the environment.
According to the Indonesian official, the energy transition can also help create new environmentally friendly jobs and benefit those who are directly or indirectly affected by climate change.
He also pledged that the Indonesian government will take the lead in drafting a collaborative action plan to promote inclusive investment in the energy transition in the Southeast Asian country within the next six months.
John Morton, a climate adviser to US Treasury Secretary Janet Yellen, announced that over the next six months, his team will work with Indonesia to develop a comprehensive investment plan.