Jakarta (ANTARA) - Coordinating Minister for Economic Affairs Airlangga Hartarto stated that climate change has emerged as a major global challenge that should be addressed collectively.

The climate change phenomenon is characterized by an increase in the intensity of heat waves, rising sea levels, crop failures, floods, and the extinction of several species.

"In the report provided by the Intergovernmental Panel on Climate Change (IPCC) in May, it is found that average global temperatures have breached the 1.5-percent threshold," Minister Hartarto remarked in Jakarta, Wednesday.

He affirmed that the challenge to handle climate change has become severe in addition to the fact that global efforts to handle climate change are currently facing setbacks in several sectors due to the Ukraine-Russia war.

Hartarto pointed out that the war had led to an increase in the usage of fossil-based energy rather than renewable energy.

In the midst of the global climate crisis, Indonesia remains committed to helping the world in the efforts to lowering global temperatures through the application of several strategies.

As of September 29, 2022, Indonesia had become one of the 39 countries to have independently slashed emission levels by 31.89 percent in the global efforts to lowering greenhouse gas emissions, in addition to emission levels being cut by 43.2 percent with international support.

In the investment sector, the Indonesian Investment Authority (INA) reported to have received investment commitments worth over US$25 billion for several investment projects in the energy, agriculture, and transportation sectors, he pointed out.

The minister also drew attention to the Job Creation Law, saying that it has helped the country to conduct an overhaul in several regulations in a bid to boost the green and blue economy sectors in line with the environmental, social, and governmental (ESG) aspects.

Furthermore, with Climate Budget Tagging, the government aims to align fiscal policies with the efforts to achieve the target of carbon neutrality by 2060.

"The government has implemented the Climate Budget Tagging in the management of the State Budget (APBN) in order to help the country to address climate change and monitor relevant data," Minister Hartarto concluded.

Related news: Climate Village Program implemented at 6,000 locations: Ministry
Related news: Save the earth by concrete actions to address climate change: Jokowi
Related news: Karnawati to prioritize climate change issue if elected WMO President

Translator: Bayu Saputra, Tegar Nurfitra
Editor: Azis Kurmala
Copyright © ANTARA 2023