Climate finance commitments remain rhetoric, says Jokowi at G20 Summit
Jakarta, The Gulf Observer: Indonesian President Joko Widodo (Jokowi) has said that climate finance commitments from developed countries to accelerate the transition to a low-carbon economy have remained a rhetoric.
He made the remarks during the G20 Summit in New Delhi, India, on Saturday. His statement referred to climate funding commitments of 100 billion US dollars per year as well as the loss and damage finance facility.
In front of the G20 leaders, Widodo emphasized that accelerating the low-carbon economic transition is one of the pivotal efforts to control global temperatures, which are predicted to continue to soar in the next five years.
“Our earth is sick .. (climate change) will be difficult to stop unless the world neutralizes it massively and radically,” he said.
So far, the implementation of emissions reduction has remained highly insufficient, he added.
Developing countries need technological support and green investment to help accelerate global emissions reduction, Widodo said.
“We, developing countries, want to accelerate emission reduction, but we need support for technology transfer and green investment,” he expounded.
Besides, the emissions reduction fund is also important, he said. Collaboration between the government and the private sector must be continued as it can help achieve a big change.
“Last year in Bali, Indonesia initiated the G20 Bali Global Blended Finance Alliance; the Just Energy Transition Partnership (JETP) scheme must be expanded and enlarged,” he added.
Widodo said that global standards are needed, such as in terms of grouping economic and business activities, to prevent greenwashing practices.
“Such as a taxonomy to prevent greenwashing practices and reform of the multilateral development banks (MDBs) must reflect the representation of its member countries,” he added.
At the meeting, Widodo was accompanied by 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 Indrawati.
