Friday, June 21, 2024

Indonesia’s Emission Target Stamped with Annual US200 Billion Price Tag

For Indonesia to reach its net zero carbon emissions target in 2060, a report from the Indonesian Ministry of National Development Planning, reveals that the country will need to invest US$150 billion to US$200 billion in low carbon programmes each year for nine years.

Having brought forward its target from 2070 to 2060, in addition to the recently passed carbon tax, it would require the government to phase out fossil fuel subsidies and reallocate some investments to finance its transition.

Assuming that Indonesia could successfully restore and protect its forests peatlands and mangroves, experts from the ministry expect funding from REDD+ and other major bilateral and multilateral donors. Funding from multilateral lenders such as the World Bank and the ASIAN Development can also be expected.

The report also highlighted the need to attract investments in renewable power plants to meet the expectations of rising power consumption.

“The intervention in the energy sector, electric vehicle technology, energy efficiency, sustainable land use and waste management could create 1.8 to 2.7 million jobs in 2030,” Arifin Rudiyanto, Deputy Planning Minister said at the virtual launch of the report.

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