Ministry develops innovative instruments for environmental protection

Ministry develops innovative instruments for environmental protection

Director general of climate change control at the Ministry of Environment and Forestry, Laksmi Dhewanthi, speaking at the STOCKHOLM +50 discussion, which was accessed from Jakarta on Monday (May 30, 2022). ANTARA/Prisca Triferna/kt

Jakarta (ANTARA) - The Ministry of Environment and Forestry is developing innovative financing instruments such as green sukuk or sharia-based bonds for environmental protection and management.

"In addition to strengthening fiscal policy through the public sector, we also encourage the development of innovative financing instruments," director general of climate change control, Laksmi Dhewanthi, informed at virtual public discussion STOCKHOLM +50, accessed from here on Monday.

Several financing instruments and institutions have been developed to support environmental protection and management such as the green sukuk and the Environmental Fund Management Agency (BPDLH), Dhewanthi pointed out.

Moreover, she said, innovative environmental financing is also being encouraged by the increased interest of private investors and enhanced access to global funding for Indonesia.

"Currently, each convention has a financing mechanism and there are much access to global funding that can be utilized," Dhewanthi said.

Furthermore, the strategies need to be combined not only by the government but also by all stakeholders, she added.

The efforts to conserve and manage the environment as well as to achieve the sustainable development goals need to be carried out by all parties, she said.

"Hopefully, we can all continue to collaborate, work together to be able to mobilize various kinds of resources that we need to utilize in achieving these goals," Dhewanthi added.

The importance of mobilizing resources to encourage sustainable development was also underlined by the Minister of Environment and Forestry, Siti Nurbaya Bakar, while opening the discussion.

"Indonesia became the first country in the world in which the government issued Islamic bonds in the form of green sukuk to fund climate change adaptation. The business world with CSR (corporate social responsibility) also mobilizes support for the preservation of nature and society," Bakar remarked.

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