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Climate crisis and alternative funding for future climate action
The government estimates the total cost to fulfill the carbon emissions target will reach Rp 3.78 quadrillion (US$240 billion) by 2030.
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All ears: People listen as they attend the United Nations Climate Change Conference (COP27) conference at the Red Sea resort of Sharm el-Sheikh, Egypt, on Nov. 8, 2022. (Reuters/Mohammed Salem)
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ix years after 194 countries ratified the Paris Agreement in 2015, the parties finally succeeded in completing the Paris Rulebook for implementation at last year's United Nations Climate Change Conference (COP26) in Glasgow. This means that the ongoing COP27 in Sharm el-Sheikh, Egypt, will mark the end of the transitional period of the Paris deal and the beginning of concrete implementation in accordance with the agreed-upon set of rules.
COP26 came out with the Glasgow Climate Pact calling for more ambitious Nationally Determined Contributions (NDCs) or Enhanced NDCs (ENDCs). The pact also reemphasizes the need for more serious climate finance solutions to deal with climate adaptation and the issue of loss and damage caused by climate disasters.
For this reason, the Glasgow Climate Pact succeeded in establishing the Glasgow dialogue on funding for loss and damage. It also includes a promise to double adaptation funding and explicitly targets action on reducing fossil fuel use, phasing out coal use and cutting inefficient fossil fuel subsidies.
The European Union recently followed up on the decision by issuing a new plan to ban the sale of cars running on gasoline and diesel starting from 2035, while also accelerating the shift to electric vehicles (EVs) in order to combat climate change. The plan also includes a 55 percent reduction in CO2 emissions (compared with 2021 levels) for new cars sold from 2030, which is much higher than the previous 37.5 percent reduction target.
The executive secretary of the UN Framework Convention on Climate Change (UNFCCC), Patricia Espinosa, has previously underlined several issues that required our immediate attention. One of them is that COP27 must be able to keep the commitments made in COP26, particularly in increasing climate action to achieve the net-zero emission target by the middle of this century.
Unfortunately, the current Ukraine war has resulted in energy, food and economic crises. Russia's invasion of Ukraine has disrupted global supply chains and will slow down the transition to low-emissions development as stated in the Paris Agreement. Many countries see the current debacle as an opportunity to sell fossil fuels. In the meantime, climate disasters continue to occur everywhere, such as extreme heat in Europe and Australia, massive wildfires in the United States and massive floods in Pakistan, China and other parts of the world.
The sixth assessment report (AR-6) for 2022 by the Intergovernmental Panel on Climate Change (IPCC) suggests that the world is unlikely to reach the target of limiting temperature rise to 1.5 degrees Celsius. It will result in climate change impacts that require greater adaptation efforts, especially in terms of reducing vulnerability and increasing resilience against climate disasters.
