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Indonesia joins countries seeking faster coal exit
Indonesia and three other countries are named as beneficiaries for a US$2.5 billion coal transition program by the Climate Investment Funds (CIF) to promote clean energy.
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Coal is loaded onto a truck at a coal mining site in South Sumatra in 2012. (Shutterstock/Manggarr)
I
ndonesia is one of four countries to join a pilot program from the Climate Investment Funds (CIF) worth around US$2.5 billion to transition from coal to clean energy.
India, the Philippines, South Africa and Indonesia will be the first beneficiaries of the Accelerating Coal Transition (ACT) investment program. The four countries account for more than 15 percent of coal-related emissions globally.
The CIF says the ACT program is its first-ever program to target emerging economies, helping them finance the shift away from coal, a step considered essential to limit the global temperature rise to 1.5 degrees Celsius by 2030.
"Climate change is a global challenge that needs to be addressed by all parties through leading by example,” Energy and Mineral Resource Minister Arifin Tasrif said in a statement on Thursday.
“Indonesia, with the support from the CIF’s ACT investment program, is committed to reducing and replacing coal power plants with renewables as part of our energy transition efforts," he said.
Read also: Plan for early retirement of coal plants now in high-level talks
The ACT program has been endorsed by the Group of Seven advanced economies and is supported by financial pledges from the United States, the United Kingdom, Germany, Canada and Denmark.
