Jakarta (ANTARA) - Finance Minister Sri Mulyani Indrawati and the Coalition of Finance Ministers for Climate Action (CFMCA) discussed the mobilization of funds to finance climate actions during the 28th session of the Conference of the Parties (COP28).

During a meeting held as part of the COP28 high-level event in Dubai, the United Arab Emirates, on Monday (December 4, 2023), the CFMCA agreed that the participation of the private sector in financing climate agendas is vital.

"Plenty of countries are relying on their state budgets to realize energy transition due to fiscal incapability. The budgets will not be sufficient to fund the transition," Indrawati pointed out, according to a statement received from the Finance Ministry here on Wednesday.

Minister Indrawati co-chaired the CFMCA meeting with Dutch Finance Minister/Deputy Prime Minister Sigrid Kaag, the statement added.

She also led a panel discussion during which participants shared their countries' experiences in mobilizing funds for financing climate actions.

The participants also discussed workable measures for funding the clean energy transition, such as issuing green Islamic bonds, formulating sustainable financial regulations, determining carbon prices, and developing concessional finance.

The discussion also covered the Global Stocktake, which has been devised to evaluate the commitment of countries to their nationally determined contributions and their consistency with the Paris Agreement.

At the meeting, Indrawati highlighted Indonesia's Just Energy Transition Partnership and Energy Transition Mechanism Country Platform.

She also underscored Indonesia's success in encouraging Southeast Asian countries to develop the ASEAN Taxonomy for Sustainable Finance during its chairmanship of the Association of the Southeast Asian Nations (ASEAN) this year.

At the end of the discussion, the Indonesian state treasurer extended her appreciation to the participating delegates and Minister Kaag for their support for the event.

"Hopefully, our discussion will help all member countries of the coalition implement energy transition," she said.

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Translator: Agatha O, Tegar Nurfitra
Editor: Azis Kurmala
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