President Jokowi Holds CEOs Forum Meeting In Glasgow Scotland

President Jokowi holding the CEOs Forum meeting in Glasgow, Scotland. ANTARA/HO-Press Bureau of the Presidential Secretariat

JAKARTA - President Joko Widodo continued his trip to Glasgow, Scotland to attend the COP26 Summit.

Prior to attending the COP26 summit, the President held a CEOs Forum meeting with several large British investors, Monday morning local time.

"I just attended the G20 summit in Rome," said the President, starting the conversation at the meeting, as quoted from a press statement received from the Press Bureau of the Presidential Secretariat, Monday, November 1.

In the meeting held at the hotel where President Jokowi was staying while in Glasgow, the President emphasized the discussion on investment in the green economy.

The President underlined that a few days ago, he had signed a Presidential Regulation concerning the carbon economic value instrument which will regulate the carbon trading mechanism in the future.

"In addition to reducing greenhouse gas emissions, this step also increases development funding. The carbon market must be managed fairly and transparently. Indonesia's climate change control policies also include the transition to a green economy," said the President.

In addition, in the energy sector, Indonesia opens investment opportunities to carry out early retirement from coal plants and replace them with renewable energy.

The government has identified that there are 5.5 GW of coal-fired power plants that can be included in this project with a funding requirement of 25-30 billion US dollars over the next 8 years.

"Indonesia will switch coal plants to renewable energy by 2040, provided that there is cooperation, technology, appropriate economic value, and international funding to assist the energy transition," the President said.

Not only that, but Jokowi also explained that Indonesia has the potential to develop electric vehicles and batteries because Indonesia has mineral wealth, such as nickel, copper, and bauxite/aluminum.

"Currently there are 35 billion US dollars of investment that have been committed and are also ongoing in the battery and electric vehicle chain," said the President.

Indonesia is also building a Green Industrial Park in North Kalimantan covering an area of 13,000 hectares which will use environmentally friendly energy sources such as hydropower and solar panel farms so that the products are environmentally friendly.

The meeting with the CEO is expected to accelerate the realization of the investment commitments of companies attending the meeting, which amounted to USD 9.29 billion, to support the acceleration of the energy transition and a green economy in Indonesia.

"Once again, Indonesia has always carried out its commitments. Indonesia does not like to make rhetoric, but we continue to work to fulfill commitments. In closing, I would like to express my appreciation for the investment commitment of all of you to Indonesia of 9.29 billion US dollars. Indonesia is ready to be a partner which is good for your investment," Jokowi said.

Listening to the President's explanation, the CEOs agreed that Indonesia is an attractive place to invest and also supports Indonesia's leadership in the G20.

"Indonesia has become a very attractive destination for (foreign investment) Foreign Direct Investment. We believe Indonesia will continue to attract investment from all over the world," said one of the CEOs.

Also attending to accompany the President at the meeting were Coordinating Minister for the Economy Airlangga Hartarto, Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Panjaitan, Minister of Foreign Affairs Retno Marsudi, Minister of Finance Sri Mulyani Indrawati, Minister of SOEs Erick Thohir.

Also attending were Minister of Environment and Forestry Siti Nurbaya, Minister of Public Works and Public Housing Basuki Hadimulyono, Cabinet Secretary Pramono Anung, Ambassador of the Republic of Indonesia to the UK Desra Believe, Chairman of KADIN Arsjad Rasjid.

The CEOs who were present on the occasion were engaged in various industries, including in the fields of renewable energy, sustainable commodities, and finance and infrastructure from leading companies including British Petroleum (BP), Jardine Matheson, Mars Wrigley UK, Standard Chartered, HSBC, and Shire Oak.