In Dubai, Jokowi Says RI Needs Investment Of 1 Trillion US Dollars To Realize Net Zero Emissions

President Jokowi (Photo: Doc. setkab)

JAKARTA - President of the Republic of Indonesia (RI) Joko Widodo (Jokowi) said Indonesia needed investment of more than 1 trillion US dollars to achieve net zero emissions by 2060.

This was conveyed by President Joko Widodo at the COP28 Climate Change Summit in Dubai, United Arab Emirates, Friday (1/12), as shown in a video watched in Jakarta, Saturday.

"Indonesia needs an investment of more than 1 trillion US dollars for net zero emissions 2060," said the President.

The President said that Indonesia wants to work hard to achieve net zero emissions in 2060 or earlier as well as enjoy high economic growth, poverty, and inequality which continues to be significantly lowered and jobs that continue to be created.

However, said Jokowi, developing countries are unable to achieve their own net zero emissions. Therefore, Indonesia invites collaboration from bilateral partners, private investment, philanthropic support, and support from friendly countries.

"We also have a credible innovative financing platform, carbon exchanges, energy transition mechanisms, sukuk and green bonds, environmental fund management from the result based payment," he explained.

Jokowi said that multilateral development banks (MDBs) or world development banks must also increase the capacity of energy transition funding at low interest rates.

The President of the Republic of Indonesia emphasized that the Paris Agreement and net zero emissions targets can only be achieved if all countries can solve the problem of energy transition funding.

"That's where the world's problems can be solved," said President Widodo.

He believes that many developing countries have the same position as Indonesia. According to him, collaborative and inclusive cooperation is needed in the form of real actions to produce real works.

"That's what we have to achieve at COP28," said the Head of State.

So far, Indonesia with all its limitations continues to reduce carbon emissions. Jokowi said that between 2020 and 2022 Indonesia managed to reduce carbon emissions by 42 percent compared to business as usual planning in 2015.

"We are also working hard to improve the management of forestry and other land used FOLU, as well as accelerate the energy transition to new and renewable energy," said the President.