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Sri Mulyani calls for global help to foot $365b emissions reduction bill
Indonesia will need US$365 billion in investment to achieve its minimum 29 percent emissions reduction target by 2030.
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Finance Minister Sri Mulyani Indrawati speaks at a webinar on the country’s emissions reduction goals. (Finance Ministry/Faiz)
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inance Minister Sri Mulyani Indrawati has called for international cooperation to help the country fund its emissions reduction commitments as global interest in tackling climate change gains momentum.
Indonesia is committed to slashing emissions by 29 percent relative to a business-as-usual baseline of 2.87 gigatons of carbon emission equivalent (CO2e) by 2030. But with sufficient international support, it plans to reduce emissions by 41 percent over the same period.
Sri Mulyani said the first scenario would require around US$365 billion in investment and the second around $479 billion. In both cases, the government would pay only about 20 percent of the bill.
“These are extraordinary numbers,” Sri Mulyani said in a webinar hosted by the Centre for Strategic and International Studies (CSIS) on Wednesday.
“This means that just like in education, healthcare and infrastructure, we need to consider how we can design policies and frameworks so that public-private, national and global partnerships can fill this financing gap and achieve our climate change commitments.”
The Finance Minister’s comment echoes the government’s stance that Indonesia needs foreign funding to meet its climate change mitigation goals, which now includes achieving net-zero emissions by 2060.
Read also: Indonesia sets net-zero emissions goal ahead of COP26
