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Indonesia shifts G20 focus to energy security
Indonesia has vowed to focus on energy security in its G20 chairmanship as the transition to clean power appears to have become a lesser concern for many countries.
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Pictured, the main meeting room for the G20 finance ministers meeting in Jakarta on Feb. 16, a day ahead of the event. (AFP/Bay Ismoyo)
The Office of the Coordinating Economic Minister has vowed to focus on energy security in the first round of the G20 sherpa track working groups, as the war between Russia and Ukraine and sanctions imposed on Russia exacerbated an increase in global energy prices.
During a press briefing at the ministerial office, Deputy Coordinating Economic Minister and G20 co-sherpa Edi Prio Pambudi said such an adaption of the agenda was needed to maintain the relevance of Indonesia’s G20 presidency for solving current challenges.
Indonesia’s G20 presidency from the outset has been focused on three thematic pillars: strengthening the global healthcare architecture, digital transformation and energy transition.
"Now it means that, in the discussion of energy, it is not the about energy transition only [but also] energy security. Because in the end, it cannot be done quickly," Edi told reporters on Monday.
Read also: G20 Indonesia and energy transition: Now or never
Edi explained that, due to the war in Ukraine, some G20 member states were considering re-allocating a significant portion of their energy transition budgets to energy subsidies.
Statistics Indonesia (BPS) data shows that crude-oil prices have increased 64.28 percent year-on-year (yoy) to US$103.4 per barrel (bbl), while natural gas prices have risen threefold to $32 per million British thermal units (mmbtu).
