Indonesia has a great chance to bolster green economy, such as the renewable energy, which is projected to produce up to 60 percent of (Indonesia's) energy by 2060Jakarta (ANTARA) - Indonesia has huge potential to boost green energy development, as 60 percent of its energy is projected to be supplied from renewable sources by 2060, according to Deputy Finance Minister Suahasil Nazara.
"Indonesia has a great chance to bolster green economy, such as the renewable energy, which is projected to produce up to 60 percent of (Indonesia's) energy by 2060," Nazara said in a statement on Thursday.
While speaking at the 11th Annual International Forum on Economic Development and Public Policy (AIFED) in Nusa Dua, Bali, he said that Indonesia has the largest nickel reserves that are useful as battery material, thereby potentially increasing the commodity's value.
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The deputy minister highlighted the need to set up flexible policies by enhancing data availability, accountability, and fiscal discipline, particularly to face economic stagnation and crises projected in 2023.
Nazara affirmed that the Indonesian government had continued its efforts on structural reform, such as through the implementation of Law on Job Creation and reforms on fund transfer to regions and the financial sector.
Those measures will be consistent with World Bank Lead Economist Habib Rab's instruction on enhancing fiscal reform by accentuating green economy development, Nazara noted.
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The fiscal reform to support the green economy must be pushed by sectoral policies, including on the regulatory and governance aspects, as well as other supporting policies to achieve low-carbon development, he said.
The deputy minister noted that reforms in the financial sector, investment, and trade could benefit efforts to realize a green economy.
Moreover, the climate change mitigation strategy framework could be bolstered by approaches on three pillars of price improvement, commitment to support the green economy, and equitable transition, he said.
Nazara remarked that some 130 countries, including Indonesia, have committed to reducing emissions to achieve net-zero emissions and carbon neutrality.
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Translator: Astrid FH, Nabil Ihsan
Editor: Fardah Assegaf
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