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Finance Ministry Partners With Asian Development Bank to Combat Climate Change

Translator

Najla Nur Fauziyah

Editor

Petir Garda Bhwana

27 July 2023 13:35 WIB

The Finance Ministry Building. TEMPO

TEMPO.CO, Jakarta - Fiscal Policy Agency (BKF) of the Finance Ministry partnered up with Asian Development Bank (ADB) to combat climate change. 

The Head of BKF Febrio Kacaribu said that 80% of disasters in Indonesia are caused by environmental degradation due to climate change. To combat the effects of climate change, he said, transformative regional mixed funding is necessary. "For example, Indonesia is implementing the energy transition mechanism and carbon trading supported by ADB," said Febrio in an official statement on Wednesday, July 26, 2023.

Indonesia and ADB along with other development partners have established a Secretariat for Just Energy Transition Program (JETP) which will support the implementation and institution of a just and affordable energy transition. As the founder, member, and the sixth biggest shareholder of ADB, Febrio said, Indonesia has a role in the direction of ADB's policy in the future. "Since it was established in 1966, Indonesia has collaborated in 996 projects with ADB or equal to US$466.6 billion," Febrio added.

He relayed that currently, Indonesia and ADB are cooperating on a US$4.1 billion project including the cost of funds below the market price, grants, technical assistance, investment in private sectors, and security and trading funds. "Since 2020, Indonesia through Finance Ministry and ADB routinely hold High-Level Policy Dialogue (HLDP) as a strategic discussion forum concerning the purpose and trajectory of priority development in Indonesia," he said.

The 2023 HLDP was held yesterday, Wednesday, July 26, 2023, in the Finance Ministry office, Central Jakarta to discuss the State Strategic Partnership 2025-2029. "ADB appreciates the effort Indonesia carried to face various global challenges at this time, such as the response against a slew of reformations to reach economic transformation and handling climate change, energy transition, and green development," said VP of ADB Ahmed M. Saeed in a statement.

AMELIA RAHIMA SARI

Editor's Choice: Clean Water Crisis Stirred by Climate Change Haunts Jakarta

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Climate ChangeAsian Development Bank | ADBFinance Ministry


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