Indonesia needs US$1 trillion of investment to reach NZE target by 2060: Jokowi
Jakarta, The Gulf Observer: President Joko Widodo said Indonesia needs more than US$1 trillion of investment to enable it to achieve its target of cutting carbon to net-zero by 2060.
He believes that many developing countries share the similar position with Indonesia, Jokowi, as he is known, said at the United Nations Climate Change Conference COP28 in Dubai, United Arab Emirates, on Friday.
To this end, he underlined the importance of having an inclusive collaboration in undertaking concrete actions to produce works for reaching the net-zero emission (NZE) target.
“This is what we must achieve at the COP28,” President Jokowi said, adding that Indonesia is willing to work hard to reach its NZE target by 2060 or earlier than that.
At the same time, Indonesia also wants to enjoy a high economic growth, significant drop in poverty rate and inequality, and ongoing job creation, he said.
However, developing countries are not able to work alone to reach their NZE targets. Therefore, Indonesia calls for collaboration from bilateral partners, private investors, philanthropists, and friendly countries to help achieve the targets, he said.
“We also have credible and innovative financing platform, ‘carbon bourse’, energy transition mechanism, green bonds, and environment fund management related to the Results-Based Payment,” he said.
