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Global tension hinders recovery, govt, businesses tell world at G20
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Participants chat prior to the opening of the B20 Summit as part of the G20 dialogue, in Nusa Dua, Bali, on Nov. 13, 2022. (AFP/Bay Ismoyo)
Indonesia’s business community and the government have issued calls for peace amid a lack of global cooperation due to geopolitical conflict.
Financial Services Authority (OJK) chairman Mahendra Siregar said geopolitics disrupted the commitments made by the Group of 20 members and other international actors.
“I think it’s clear that the big elephant in the room is geopolitical tension,” Mahendra told forum participants at the Business 20 (B20) forum opened on Sunday in Nusa Dua, Bali.
The B20 represents the business community at the G20, which Indonesia chairs this year. It is organized by the Indonesian Chamber of Commerce and Industry (KADIN).
Sustainable finance is one of the main sectors battered by the tension, he said, as a slowdown in global economic growth affected the flow of financial resources from developed countries to developing ones.
Programs for climate change prevention and poverty eradication in emerging economies, according to Mahendra, are jeopardized by a lack of funding, with effects that will last for years to come.
The OJK chairman called for developing nations to align their climate commitments to their sustainable development goals (SDGs), adding that it was in their “national interest” to do so.
