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More than $800m donations in pipeline for Indonesia Environment Fund
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Greenpeace activists wear penguin costumes and hold signs reading 'Iklim berubah, ekosistem laut terancam' (Climate is changing, the ocean ecosystem is threatened) during a protest in Jakarta on Feb. 9, 2020. The protesters urged the government to participate in the International Ocean Treaty to protect marine animals and ecosystems. (JP/Wendra Ajistyatama)
I
ndonesia is in talks to secure US$836 million in green funds to finance environmental protection and climate change mitigation efforts in one of the world’s top greenhouse gas-emitting countries.
The Indonesia Environment Fund (IEF), a government agency, told reporters on Thursday that at least six donors had either agreed to or were discussing the funding plan to finance green projects running between 2021 and 2030.
“Each scheme will have its own specific targets. We will oversee the beneficiary, as requested by the fund holders,” IEF agency head Djoko Hendratto told reporters in an online press conference hosted by the Finance Ministry on Thursday.
The fund is deemed necessary to help Indonesia meet its commitment to reducing emissions by at least 29 percent on its own or up to 41 percent with international support by 2030, as per the country’s nationally determined contribution (NDC) to the landmark 2015 Paris Agreement on climate change.
The Environment and Forestry Ministry, according to its Second Biennial Update Report, estimates that Indonesia will require at least $247 billion over the period of 2018 to 2030 to implement the NDC.
The government has not allocated enough state funding to meet the requirement, leaving an estimated 60-70 percent annual funding gap.
