Trillions of US Dollars Required for Addressing Climate Change, Indonesian Minister Says

TEMPO.CO, Tbilisi, Georgia - Indonesia's Finance Minister Sri Mulyani Indrawati said trillions of US dollars need to be allocated to enable community of nations to tackle the impacts of climate change and pave the way for resilient development.

"We need to mobilize trillions of US dollars in a bid to combat climate change and promote resilient development," she remarked at the Board of Governors' Business Session of the Asian Development Bank (ADB) in Tbilisi, Georgia, on Sunday, May 05, 2024.

The business session constitutes a part of a series of activities featured in the 57th ADB Annual Meeting from May 2-5, 2024.

On the occasion, Indrawati extended Indonesia's appreciation to the ADB for becoming the country's loyal partner in various development projects.

The minister praised the ADB for its steadfast efforts to tackle issues related to climate change, health, gender equality, education, and food resilience.

She went on to say that the Southeast Asian region had been a bright spot for the world's economy, owing to its domestic demands and moderate inflation rate.

Countries in the region, however, are also facing threats posed by climate change, in addition to economic challenges, Indrawati said.

"We all share the responsibility to handle climate change. For that reason, the ADB should work hand in hand with governments, private actors, philanthropists, and other financial sources to create effective blended finance," she stated.

Indrawati then stated Indonesia's support for the ADB to transform into a bigger, better, and more effective multilateral development bank.

The ADB has stated its commitment to providing climate finance worth US$100 billion for developing countries among its members for the 2019-2030 period.

She expressed hope that the budget would be used for quality and effective climate projects.

"Now, this is a matter of how to prepare more quality and effective projects," she added.

ANTARA

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