Jokowi: Commitment To Funding For Economic Transition Of Developed Countries Is Still Retoric

President Joko Widodo shook hands with US President Joe Biden at the G20 Summit in Bharat Mandapam, IECC, Pragati Maidan, New Delhi, India, Saturday (9/9/2023) (ANTARA/HO-Biro Press of the Presidential Secretariat/Laily Rachev)

JAKARTA - President Joko Widodo (Jokowi) said the commitment of funding from developed countries to accelerate economic transitions that use low-carbon energy is still limited to rhetoric.

"The commitment to funding developed countries is still limited to rhetoric and on paper, be it climate funding (iklim) of US$100 billion per year as well as loss anddamage funding facilities," Jokowi said in the first meeting of the Indian G20 Summit in Bharat Mandapam, IECC, Pragatai Maidan, New Delhi, India, Saturday, as stated by the Press Bureau of the Presidential Secretariat reported by ANTARA, Saturday, September 9.

In front of the G20 leaders, Jokowi emphasized that accelerating the low-carbon economic transition is one of the efforts that can be made to overcome the increased earth temperature which is predicted to continue to increase in the next five years.

Our Earth is sick, last July, world temperatures reached the highest point and are predicted to continue to rise in the next five years, this will be difficult to contain, unless the world is massively and radically instigating it," he said.

Until now, according to Jokowi, the implementation of emission reduction is still very limited.

Developed countries, said Jokowi, need assistance in technology and green investment to accelerate the decline in emissions in the world.

"We are a developing country, we really want to accelerate emission reduction, but we need support for technology transfer and for green investment," the President said.

In addition, said Jokowi, funding in accelerating emission reduction is also considered important. Cooperation between the government and the private sector must be continued because it is considered to be a great carrier of change to reduce emissions. "Last year in Bali, Indonesia has initiated the 'G20 Bali Global Blended Finance Alliance', this 'Just Energy Transition Partnership' (JETP) scheme must be expanded and enlarged," said Jokowi.

Therefore, the President said that global standards are needed, such as in terms of grouping economic and business activities to prevent "greenwashing" practices.

"Global standards are needed, such as taxonomy to prevent 'greenwashing' practices and reforms of Multilateral Development Bank (MDB) must reflect on the representation of its member countries," the President said.

Also accompanying the President in the meeting were Coordinating Minister for Economic Affairs Airlangga Hartarto, Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan, Minister of Foreign Affairs Retno Marsudi, and Minister of Finance Sri Mulyani.