G20 Bali Summit to emphasize importance of mangrove restoration

G20 Bali Summit to emphasize importance of mangrove restoration

Coordinating Minister for Maritime Affairs and Investment, Luhut Binsar Pandjaitan, visited a mangrove forest in Bali on Thursday (November 25, 2021). (ANTARA/HO Coordinating Ministry for Maritime Affairs and Investment)

Jakarta (ANTARA) - The G20 Summit in Bali in 2022 will emphasize the importance of the Indonesian government's mangrove restoration program, Coordinating Minister for Maritime Affairs and Investment, Luhut Binsar Pandjaitan, has said.

"President Joko Widodo will convey a message to world leaders about the importance of mangrove restoration in generating carbon credits (at the summit)," Pandjaitan remarked while inspecting mangrove plantation sites in Bali on Thursday.

The program has received funding of US$1.2 billion, he said in a written statement in Jakarta on Friday. Countries and world leaders in the forum must take concrete action on mangrove restoration, he added.

Currently, the government is running a mangrove restoration program in an area of 600 thousand hectares and mangrove planting in Bali is part of the mangrove restoration program, the minister said.

"To date and next year, we will restore almost 200 hectares and most of the funds will come from the state budget," he noted.

The extent of mangrove restoration carried out by Indonesia will provide value in the form of carbon credits and prove more valuable for the nation, Pandjaitan informed.

Related news: President to observe mangrove planting, G20 Summit venues in Bali

Therefore, the ministry, along with the state-run electricity company (PLN) and the financial services authority (OJK), is finalizing the derivative rules related to the carbon credit in question, he said.

"We are currently completing derivative rules regarding the implementation of carbon pricing and carbon trading because Indonesia is one of the superpower countries in carbon credits," he added.

Indonesia's high carbon credit will become a strength, he opined. This potential must be managed and utilized optimally, he added. With this, the nation could make hundreds of dollars over the next few years and generate jobs for generations to come, he explained.

The Coordinating Minister said his working visit to Bali was intended to ensure that there are no problems and obstacles during the G20 Summit, which is scheduled to be held in 2022.

Things like handling waste problems and the use of clean energy should be started before preparing for the event, he remarked.

He said he also hopes all preparations and needs related to the G20 Summit will be completed soon.

"Because we have experience with the Annual Meetings of the World Bank Group and the International Monetary Fund (IMF) last time. The obstacles are minor. There are 20 meeting spots (for the G20 Summit), so it is not only in Bali. The target is to finish in August next year," Pandjaitan affirmed.

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