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A strong climate target will attract global investors to Indonesia

In practice it means the days of coal, oil and gas to power our homes and businesses are numbered.

Yvo De Boer (The Jakarta Post)
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Geneva
Sat, April 10, 2021

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I

ndonesia has a long and proud record in helping to solve global environmental problems. Nearly 20 years ago Bali hosted the preparatory meetings ahead of the Rio+10 World Summit on Sustainable Development – a landmark moment in the shift towards more sustainable growth.

In 2007 the government generously hosted the Conference of Parties (COP) 13 UN climate summit - a memorably tough meeting - but one that ultimately laid the foundations for the Paris climate deal in 2015.

A country as vast as Indonesia, with populations so close to the sea, and such richly endowed rainforests and biomes cannot fail to note the power and glory of the natural world.

Leaders of the planet's largest predominantly Muslim nation have long stood shoulder-to-shoulder at UN climate and biodiversity summits, as I expect President Joko “Jokowi” Widodo will do again at the COP26 summit this November.

Much has changed since 195 countries - among them Indonesia - signed the Paris Agreement. Five years later the evidence is clear: green investments are accelerating, fossil fuels are edging closer to history, the global economy is demanding more sustainable business models and driving greater accountability.

Major investors are acting. BlackRock's Larry Fink and Blackstone's Stephen Schwarzman are responsible for assets valued at US$9 trillion. Both are shifting portfolios off coal. Countries are shifting targets. China, the European Union and United States are the world's three largest economies: have shown leadership by committing to carbon neutrality in the next 30-40 years.

In practice it means the days of coal, oil and gas to power our homes and businesses are numbered, our economies become more sustainable and the preservation and enhancement of forests becomes increasingly critical.

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